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 FEDERAL RESERVE MONEY SUPPLY REPORT - FEB 26 One Week Ended Feb 16 M-1.........................736.7 up.......2.1 Previous week revised to....734.6 From...734.2 Avge 4 Weeks (Vs Week Ago).735.0 Vs.....733.5 Avge 13 Weeks (Vs week Ago).731.8 Vs.....729.8 Monthly aggregates (Adjusted avgs in billions) M-1 (Jan vs Dec)............737.6 Vs.....730.5 M-2 (Jan vs Dec)..........2,820.1 Vs...2,798.4 M-3 (Jan vs Dec)..........3,513.6 Vs...3,488.1 L...(Dec vs Nov)..........4,141.5 Vs...4,110.5 Domestic Debt(Dec vs Nov).7,604.4 Vs...7,519.8 Reuter 

 FEDERAL RESERVE WEEKLY REPORT 3 - FEB 26 One week ended Feb 25 daily avgs-mlns Govts bought outright....193,374 down....1,342 Govts repurchases............nil unch......... Agencies bought outright...7,719 unch......... Agencies repurchases.........nil unch......... Acceptances repurchases......nil unch......... Matched sales..............4,920 vs......3,788 Including sales with cust..4,369 vs......3,788 Other Fed assets..........16,806 down....1,161 Other Fed liabilities......6,421 up........178 Other deposits with Fed......399 up.........26 Reuter 

 FEDERAL RESERVE WEEKLY REPORT 4 - FEB 26 One week ended Feb 25 Daily avgs-Mlns Foreign deposits.............219 down.......29 Gold stock................11,059 unch......... Custody holdings.........168,348 down......366 Federal funds rate avg......5.95 vs.......6.21 Factors on Wednesday, Feb 25 Bank borrowings............1,239 vs........446 Including extended credits....92 vs........298 Matched sales..............8,250 vs......2,998 Including sales w/cust.....4,392 vs......2,998 Float........................935 vs......2,125 Reuter 

The U.S. Agriculture Department announced the prevailing world market price, adjusted to U.S. quality and location, for Strict Low Middling, 1-1/16 inch upland cotton at 52.69 cts per lb, to be in effect through midnight March 5. The adjusted world price is at average U.S. producing locations (near Lubbock, Texas) and will be further adjusted for other qualities and locations. The price will be used in determining First Handler Cotton Certificate payment rates. Based on data for the week ended February 26, the adjusted world price for upland cotton is determined as follows, in cts per lb -- Northern European Price 66.32 Adjustments -- Average U.S. spot mkt location 10.42 SLM 1-1/16 inch cotton 1.80 Average U.S. location 0.53 Sum of adjustments 12.75 Adjusted world price 53.57 Reuter

The U.S. Agriculture Department said cumulative sugar imports from individual countries during the 1987 quota year, which began January 1, 1987 and ends December 31, 1987 were as follows, with quota allocations for the quota year in short tons, raw value -- CUMULATIVE QUOTA 1987 IMPORTS ALLOCATIONS ARGENTINA nil 39,130 AUSTRALIA nil 75,530 BARBADOS nil 7,500 BELIZE nil 10,010 BOLIVIA nil 7,500 BRAZIL nil 131,950 CANADA nil 18,876 QUOTA 1987 IMPORTS ALLOCATIONS COLOMBIA 103 21,840 CONGO nil 7,599 COSTA RICA nil 17,583 IVORY COAST nil 7,500 DOM REP 5,848 160,160 ECUADOR nil 10,010 EL SALVADOR nil 26,019.8 FIJI nil 25,190 GABON nil 7,500 QUOTA 1987 IMPORTS ALLOCATIONS GUATEMALA nil 43,680 GUYANA nil 10,920 HAITI nil 7,500 HONDURAS nil 15,917.2 INDIA nil 7,500 JAMAICA nil 10,010 MADAGASCAR nil 7,500 MALAWI nil 9,,100 QUOTA 1987 IMPORTS ALLOCATIONS MAURITIUS nil 10,920 MEXICO 37 7,500 MOZAMBIQUE nil 11,830 PANAMA nil 26,390 PAPUA NEW GUINEA nil 7,500 PARAGUAY nil 7,500 PERU nil 37,310 PHILIPPINES nil 143,780 ST.CHRISTOPHER- NEVIS nil 7,500 QUOTA 1987 IMPORTS ALLOCATIONS SWAZILAND nil 14,560 TAIWAN nil 10,920 THAILAND nil 12,740 TRINIDAD-TOBAGO nil 7,500 URUGUAY nil 7,500 ZIMBABWE nil 10,920 Reuter

There were seven grain ships loading and six ships were waiting to load at Portland, according to the Portland Merchants Exchange. Reuter

Iran announced tonight that its major offensive against Iraq in the Gulf war had ended after dealing savage blows against the Baghdad government. The Iranian news agency IRNA, in a report received in London, said the operation code-named Karbala-5 launched into Iraq on January 9 was now over. It quoted a joint statewment by the Iranian Army and Revolutionary Guards Corps as saying that their forces had "dealt one of the severest blows on the Iraqi war machine in the history of the Iraq-imposed war." The statement by the Iranian High Command appeared to herald the close of an assault on the port city of Basra in southern Iraq. "The operation was launched at a time when the Baghdad government was spreading extensive propaganda on the resistance power of its army...," said the statement quoted by IRNA. It claimed massive victories in the seven-week offensive and called on supporters of Baghdad to "come to their senses" and discontinue support for what it called the tottering regime in Iraq. Iran said its forces had "liberated" 155 square kilometers of enemy-occupied territory during the 1987 offensive and taken over islands, townships, rivers and part of a road leading into Basra. The Iranian forces "are in full control of these areas," the statement said. It said 81 Iraqi brigades and battalions were totally destroyed, along with 700 tanks and 1,500 other vehicles. The victory list also included 80 warplanes downed, 250 anti- aircraft guns and 400 pieces of military hardware destroyed and the seizure of 220 tanks and armoured personnel carriers. Reuter

Qtly div 25 cts vs 25 cts prior Pay April one Record March 15 Reuter

U.S. bank discount window borrowings less extended credits averaged 310 mln dlrs in the week to Wednesday February 25, the Federal Reserve said. The Fed said that overall borrowings in the week fell 131 mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs at 304 mln dlrs. The week was the second half of a two-week statement period. Net borrowings in the prior week averaged 451 mln dlrs. Commenting on the two-week statement period ended February 25, the Fed said that banks had average net free reserves of 644 mln dlrs a day, down from 1.34 billion two weeks earlier. A Federal Reserve spokesman told a press briefing that there were no large single day net misses in the Fed's reserve projections in the week to Wednesday. He said that natural float had been "acting a bit strangely" for this time of year, noting that there had been poor weather during the latest week. The spokesman said that natural float ranged from under 500 mln dlrs on Friday, for which he could give no reason, to nearly one billion dlrs on both Thursday and Wednesday. The Fed spokeman could give no reason for Thursday's high float, but he said that about 750 mln dlrs of Wednesday's float figure was due to holdover and transportation float at two widely separated Fed districts. For the week as a whole, he said that float related as of adjustments were "small," adding that they fell to a negative 750 mln dlrs on Tuesday due to a number of corrections for unrelated cash letter errors in six districts around the country. The spokesman said that on both Tuesday and Wednesday, two different clearing banks had system problems and the securities and Federal funds wires had to be held open until about 2000 or 2100 EST on both days. However, he said that both problems were cleared up during both afternoons and there was no evidence of any reserve impact. During the week ended Wednesday, 45 pct of net discount window borrowings were made by the smallest banks, with 30 pct by the 14 large money center banks and 25 pct by large regional institutions. On Wednesday, 55 pct of the borrowing was accounted for by the money center banks, with 30 pct by the large regionals and 15 pct by the smallest banks. The Fed spokesman said the banking system had excess reserves on Thursday, Monday and Tuesday and a deficit on Friday and Wedndsday. That produced a small daily average deficit for the week as a whole. For the two-week period, he said there were relatively high excess reserves on a daily avearge, almost all of which were at the smallest banks. Reuter

American Express Co remained silent on market rumors it would spinoff all or part of its Shearson Lehman Brothers Inc, but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock. American Express stock got a lift from the rumor, as the market calculated a partially public Shearson may command a good market value, thereby boosting the total value of American Express. The rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend. American Express closed on the New York Stock Exchange at 72-5/8, up 4-1/8 on heavy volume. American Express would not comment on the rumors or its stock activity. Analysts said comments by the company at an analysts' meeting Tuesday helped fuel the rumors as did an announcement yesterday of management changes. At the meeting, company officials said American Express stock is undervalued and does not fully reflect the performance of Shearson, according to analysts. Yesterday, Shearson said it was elevating its chief operating officer, Jeffery Lane, to the added position of president, which had been vacant. It also created four new positions for chairmen of its operating divisions. Analysts speculated a partial spinoff would make most sense, contrary to one variation on market rumors of a total spinoff. Some analysts, however, disagreed that any spinoff of Shearson would be good since it is a strong profit center for American Express, contributing about 20 pct of earnings last year. "I think it is highly unlikely that American Express is going to sell shearson," said Perrin Long of Lipper Analytical. He questioned what would be a better investment than "a very profitable securities firm." Several analysts said American Express is not in need of cash, which might be the only reason to sell a part of a strong asset. But others believe the company could very well of considered the option of spinning out part of Shearson, and one rumor suggests selling about 20 pct of it in the market. Larry Eckenfelder of Prudential-Bache Securities said he believes American Express could have considered a partial spinoff in the past. "Shearson being as profitable as it is would have fetched a big premium in the market place. Shearson's book value is in the 1.4 mln dlr range. Shearson in the market place would probably be worth three to 3.5 bilion dlrs in terms of market capitalization," said Eckenfelder. Some analysts said American Express could use capital since it plans to expand globally. "They have enormous internal growth plans that takes capital. You want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road," said E.F. Hutton Group analyst Michael Lewis. "They've outlined the fact that they're investing heavily in the future, which goes heavily into the international arena," said Lewis. "...That does not preclude acquisitions and divestitures along the way," he said. Lewis said if American Express reduced its exposure to the brokerage business by selling part of shearson, its stock might better reflect other assets, such as the travel related services business. "It could find its true water mark with a lesser exposure to brokerage. The value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company," he said. Lewis said Shearson contributed 316 mln in after-tax operating earnings, up from about 200 mln dlrs in 1985. Reuter

U.S. M-1 money supply rose 2.1 billion dlrs to a seasonally adjusted 736.7 billion dlrs in the February 16 week, the Federal Reserve said. The previous week's M-1 level was revised to 734.6 billion dlrs from 734.2 billion dlrs, while the four-week moving average of M-1 rose to 735.0 billion dlrs from 733.5 billion. Economists polled by Reuters said that M-1 should be anywhere from down four billion dlrs to up 2.3 billion dlrs. The average forecast called for a 300 mln dlr M-1 rise. Reuter

General Binding Corp said it reached a marketing agreement with Varitronic Systems Inc, a manufacturer and marketer of electronic lettering systems. Under terms of the agreement, General Binding will carry Varitronics' Merlin Express Presentation Lettering System, a portable, battery-operated lettering system which produces type on adhesive-backed tape. Reuter

Liberty All-Star Equity Fund said it declared an initial dividend of five cts per share, payable April two to shareholders of record March 20. It said the dividend includes a quarterly dividend of three cts a share and a special payout of two cts a share, which covers the period from November three, 1986, when the fund began operations, to December 31, 1986. The fund said its quarterly dividend rate may fluctuate in the future. Reuter

Coca-Cola Co's Entertainment Business Sector Inc unit said it formed a joint venture with an affiliate of World Film Services to acquire, produce and distribute television programming around the world. World Film Services was formed by chairman John Heyman in 1963 to produce films. Reuter

Ford Motor Co said its Ford Motor Credit Co on April One will redeem 4.0 mln dlrs of its 8.70 pct debentures due April 1, 1999. It said the debentures are redeemable at a price of 100 pct of the principal. Because April 1, 1987 is an interest payment date on the debentures, no accrued interest will be payable on the redemption date as part of the redemption proceeds. Debentures will be selected for redemption on a pro rata basis, Ford said. Reuter

Sterling Software Inc said it received consent of a majority of the holders of its eight pct convertible sernior subordinated debentures required to purchase shares of its common. The company said it may now buy its stock at its discretion depending on market conditions. Reuter

Schult Homes Corp announced an initial public offering of 833,334 units at five dlrs per unit, said Janney Montgomery Scott Inc and Woolcott and Co, managing underwriters of the offering. They said each unit consists of one common share and one warrant to buy one-half share of common. The warrant will entitle holders to buy one-half common share at 5.50 dlrs per full share from March one, 1988, to September one, 1989, and thereafter at 6.50 dlrs per full share until March 1991, they said. Reuter

Fluor Corp said its Fluor Daniel unit received a contract from Union Carbide Corp <UK> covering design, procurement and construction of a 108 megawatt combined cycle cogeneration facility in Seadrift, Texas. The value of the contract was not disclosed. Reuter

Suffield Financial Corp said Jon Googel and Benjamin Sisti of Colonial Realty, West Hartford, Conn., purchased 175,900 shares of its stock for 3,416,624. The company said the purchase equals 5.2 pct of its outstanding shares. Reuter

<High Point Financial Corp> said it filed a registration statement with the Securities and Exchange Commission covering six mln dlrs principal amount of redeemable subordinated debentures due March one and cancellable mandatory stock purchase contracts requiring the purchase of 6.66 mln dlrs in common no later than March one. It said the offering will be underwritten by Ryan, Beck and Co, West Orange, N.J. Reuter

High feed prices will cause the Chinese to reduce hog herd growth and pork production this year, the U.S. Agriculture Department said. In its World Production and Trade Report, the department said hog numbers at the start of 1987 were estimated at 331.6 mln head, up slightly from 1986, and 10 mln head above earlier projections for 1987. Pork production in 1986 was up 4.2 pct to 17.25 mln tonnes, slightly below earlier estimates, it said. For 1987, production is projected to fall to 17.05 mln tonnes. Feed prices at the end of January were reported 35 to 40 pct above year-ago levels, the department said. Reuter

Landmark Bancshares Corp said it expects its stock to begin trading on March 26 on the New York Stock Exchange. The company, whose stock has traded on the American Stock Exchange since November 1984, said it will retain its symbol, LBC, when trading begins on the Big Board. Reuter

(Ivaco Inc) said price pressure on steel products, particularly in the U.S., and the recent increase in the value of the Canadian dollar is expected to result in "minimal" first quarter earnings. It said subsequent quarters should show substantial improvement from first quarter levels but 1987 earnings will not reach 1986 levels as long as those conditions continue. Ivaco earlier reported 1986 profit rose to 44.1 mln dlrs, after a one mln dlr extraordinary gain, from 35.1 mln dlrs the previous year. It said demand for the company's products are continuing at high levels and sales are expected to show further growth. Revenues last year rose to 1.94 billion dlrs from 1.34 billion dlrs in 1985. Reuter

U.S. grain carloadings totaled 26,108 cars in the week ended February 21, down 2.2 pct from the previous week but 22.8 pct above the corresponding week a year ago, the Association of American Railroads reported. Grain mill product loadings in the week totalled 11,382 cars, down 1.8 pct from the previous week but 7.6 pct above the same week a year earlier, the association said. Reuter

Industrial Equity (Pacific) Ltd, a Hong Kong investment firm, said it raised its stake in Wrather Corp to 816,000 shares, or 11.3 pct of the total outstanding common stock, from 453,300 shares, or 6.3 pct. In a filing with the Securities and Exchange Commission, Industrial Equity, which is principally owned by Brierley Investments Ltd, a publicly held New Zealand company, said it bought 362,700 Wrather common shares between Feb 13 and 24 for 6.6 mln dlrs. When it first disclosed its stake in Wrather earlier this month, it said it bought the stock for investment purposes. Reuter

Shr loss 6.48 DLS VS PROFIT 23 CTS Net loss 110.6 mln vs profit 4.1 mln Revs 74.0 mln vs 152.0 mln Year Shr loss 6.52 dlrs vs profit 3.87 dlrs net loss 111.2 mln vs profit 64.2 mln Revs 501.0 mln vs 776.0 mln Reuter

Diamond Shamrock Corp said that effective today it had cut its contract prices for crude oil by 1.50 dlrs a barrel. The reduction brings its posted price for West Texas Intermediate to 16.00 dlrs a barrel, the copany said. "The price reduction today was made in the light of falling oil product prices and a weak crude oil market," a company spokeswoman said. Diamond is the latest in a line of U.S. oil companies that have cut its contract, or posted, prices over the last two days citing weak oil markets. Reuter

Liebert Corp said its shareholders approved the merger of a wholly-owned subsidiary of Emerson Electric Co <EMR>. Under the terms of the merger, each Liebert shareholder will receive .3322 shares of Emerson stock for each Liebert share. Reuter

Coleco Industries Inc said it expects to return to profitability in 1987. Earlier, Coleco reported a net loss of 111.2 mln dlrs for the year ended December 31 compared to a profit of 64.2 mln dlrs in the year earlier. In a prepared statement, the company said the dramatic swing in operating results was due primarily to the steep decline in sales of Cabbage Patch Kids products from 600 mln dlrs to 230 mln dlrs. Coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year. Products from the new acquisitions and other new product introductions are expected to enable it to return to profitability, it said. At the annual Toy Fair earlier this month, vice president Morton Handel said analysts' 1987 projected earnings of 90 cts a share on sales of 600 mln dlrs are reasonable. Reuter

Olin Corp said its board will elect in April John Johnstone Jr as its chief executive officer. The company said he will succeed John M Henske, who is also chairman. It said Johnstone, 54, is now president and chief operating officer. Henske, 53, has served as CEO since 1978 and chairman since 1980. He will continue as chairman until his retirement in June 1988. Reuter

 FEDERAL RESERVE WEEKLY REPORT 1 - FEB 26 Two weeks ended Feb 25 daily avgs-mlns Net free reserves.............644 vs.....1,337 Bank borrowings...............680 vs.......425 Including seasonal loans.......81 vs........56 Including extended loans......299 vs.......265 Excess reserves.............1,025 vs.....1,497 Required reserves (adj)....55,250 vs....55,366 Required reserves..........55,513 vs....56,208 Total reserves.............56,538 vs....57,705 Non-borrowed reserves......55,859 vs....57,281 Monetary base.............244,199 vs...244,925 Reuter 

 FEDERAL RESERVE WEEKLY REPORT 2 - FEB 26 Two weeks ended Feb 25 Total vault cash...........25,237 vs....27,327 Inc cash equal to req res..22,834 vs....24,680 One week ended Feb 25 Daily avgs-Mlns Bank borrowings...............614 down.....131 Including seasonal loans.......88 up........14 Including extended loans......304 up........10 Float.........................511 down.....320 Balances/adjustments........2,101 down......67 Currency..................206,490 down.....519 Treasury deposits...........4,208 down......63 Reuter 

Gulf Applied Technologies Inc said it sold its subsidiaries engaged in pipeline and terminal operations for 12.2 mln dlrs. The company said the sale is subject to certain post closing adjustments, which it did not explain. Reuter

A group of affiliated Miami-based investment firms led by Fundamental Management Corp said it raised its stake in Robeson Industries Corp to 238,000 shares, or 14.6 pct of the total, from 205,000 or 12.8 pct. In a filing with the Securities and Exchange Commission, the group said it bought 32,800 Robeson common shares between Jan 26 and Feb 9 for 175,691 dlrs. The group said it may buy more shares and plans to study Robeson's operations. Afterwards it may recommend that management make changes in its operations. Fundamental Management Chairman Carl Singer was recently elected to the Robeson board. Reuter

A study on grain certificates due out shortly from the Government Accounting Office (GAO) could show that certificates cost the government 10 to 15 pct more than cash outlays, administration and industry sources said. Analysis that the GAO has obtained from the Agriculture Department and the Office of Management and Budget suggests that certificates cost more than cash payments, a GAO official told Reuters. GAO is preparing the certificate study at the specific request of Sen. Jesse Helms (R-N.C.), former chairman of the senate agriculture committee. The report, which will focus on the cost of certificates compared to cash, is scheduled to be released in mid March. The cost of certificates, said the GAO source, depends on the program's impact on the USDA loan program. If GAO determines that certificates encourage more loan entries or cause more loan forfeitures, then the net cost of the program would go up. However, if it is determined that certificates have caused the government grain stockpile to decrease, the cost effect of certificates would be less. GAO will not likely suggest whether the certificates program should be slowed or expanded, the GAO official said. But a negative report on certificates "will fuel the fire against certificates and weigh heavily on at least an increase in the certificate program," an agricultural consultant said. The OMB is said to be against any expansion of the program, while USDA remains firmly committed to it. Reuter

venezuela is seeking a 'constructive and flexible' attitude from its creditor banks in current talks to reschedule 21 billion dlrs in foreign debt, finance minister manuel azpurua told a press conference. He declined to comment on meetings this week in new york between public finances director jorge marcano and venezuela's 13-bank advisory committee except to say, "they are progressing." Azpurua said venezuela has shown solidarity with brazil's decision to suspend payments, but each country must negotiate according to its own interest. Asked to comment on chile's agreement with its creditors today, which includes an interest rate margin of one pct over libor, azpurua said only, "that is good news." According to banking sources, the banks' latest offer to venezuela is also a one pct margin as against the last february's 1-1/8 pct rescheduling accord and the 7/8 pct Venezuela wants. Azpurua said four basic elements are being negotiated with the banks now: spread reduction, deferral of principal payments due in 1987 and 1988, lenghtening the 12-1/2 year repayment schedule, and debt capitalization schemes. Azpurua said the governent plans to pay 2.1 billion dlrs in public and private debt principal this year. It was due to amortize 1.05 billion dlrs under the rescheduling, and pay 420 mln dlrs in non-restructured principal, both public sector. He said venezuela's original proposal was to pay no principal on restructured debt this year, but is now insisting that if it makes payments they be compensated by new bank loans. The banking sources said the committee has been prepared to lower amortizations to around 400 mln dlrs this year, but that no direct commitment was likely on new loans. "debtors and bank creditors have a joint responsibility and there will be no lasting solution unless a positive flow of financing is guaranteed," azpurua said. However, he appeared to discard earlier venezuelan proposals for a direct link between oil income and debt payments, "because circumstances change too quickly." At the same time, he said the government is presently studying possible mechanisms for capitlizing public and private sector foreign debt, based on experience in other countries. The rules would be published by the finance ministry and the central bank. Reuter

Shr profit 10 cts vs loss seven cts Net profit 286,870 vs loss 156,124 Revs 10.0 mln vs 7,577,207 Year Shr profit five cts vs profit 42 cts Net profit 160,109 vs profit 906,034 Revs 38.1 mln vs 31.2 mln Avg shrs 2.9 mln vs 2.2 mln NOTE: 1986 year includes 53 weeks. Reuter

Shr 16 cts vs 13 cts Pay April 15 Record March 31 Reuter

Shr loss 1.98 dlrs vs loss 5.24 dlrs Net loss 23.3 mln vs loss 44.8 mln Revs 13.6 mln vs 29.6 mln Note: 1986 net includes nine mln dlr extraordinary loss for oil and gas writedowns and unrealized foreign exchange losses vs yr-ago loss of 32.5 mln dlrs. Reuter

Thomson McKinnon Mortgage Assets Corp, a unit of Thomson McKinnon Inc, is offering 100 mln dlrs of collateralized mortgage obligations in three tranches that include floating rate and inverse floating rate CMOS. The floating rate class amounts to 60 mln dlrs. It has an average life of 7.11 years and matures 2018. The CMOs have an initial coupon of 7.0375 pct, which will be reset 60 basis points above LIBOR, said sole manager Thomson McKinnon. The inverse floater totals 4.8 mln dlrs. It has an average life of 13.49 years and matures 2018. These CMOs were given an initial coupon of 11-1/2 pct and priced at 104.40. Subsequent rates on the inverse floater will equal 11-1/2 pct minus the product of three times (LIBOR minus 6-1/2 pct). A Thomson officer explained that the coupon of the inverse floating rate tranche would increase if LIBOR declined. "The yield floats opposite of LIBOR," he said. The fixed-rate tranche totals 35.2 mln dlrs. It has an average life of 3.5 years and matures 2016. The CMOs were assigned a 7.65 pct coupon and par pricing. The issue is rated AAA by Standard and Poor's and secured by Federal Home Loan Mortgage Corp, Freddie Mac, certificates. Reuter

Period ended December 31. Shr 25 cts vs 20 cts Net 801,000 vs 703,000 Revs 6,318,000 vs 3,926,000 Reuter

Qtly div ten cts vs ten cts Pay April 1 Record March 9 Reuter

OPEC may be forced to meet before a scheduled June session to readdress its production cutting agreement if the organization wants to halt the current slide in oil prices, oil industry analysts said. "The movement to higher oil prices was never to be as easy as OPEC thought. They may need an emergency meeting to sort out the problems," said Daniel Yergin, director of Cambridge Energy Research Associates, CERA. Analysts and oil industry sources said the problem OPEC faces is excess oil supply in world oil markets. "OPEC's problem is not a price problem but a production issue and must be addressed in that way," said Paul Mlotok, oil analyst with Salomon Brothers Inc. He said the market's earlier optimism about OPEC and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices. But some other analysts were uncertain that even an emergency meeting would address the problem of OPEC production above the 15.8 mln bpd quota set last December. "OPEC has to learn that in a buyers market you cannot have deemed quotas, fixed prices and set differentials," said the regional manager for one of the major oil companies who spoke on condition that he not be named. "The market is now trying to teach them that lesson again," he added. David T. Mizrahi, editor of Mideast reports, expects OPEC to meet before June, although not immediately. However, he is not optimistic that OPEC can address its principal problems. "They will not meet now as they try to take advantage of the winter demand to sell their oil, but in late March and April when demand slackens," Mizrahi said. But Mizrahi said that OPEC is unlikely to do anything more than reiterate its agreement to keep output at 15.8 mln bpd." Analysts said that the next two months will be critical for OPEC's ability to hold together prices and output. "OPEC must hold to its pact for the next six to eight weeks since buyers will come back into the market then," said Dillard Spriggs of Petroleum Analysis Ltd in New York. But Bijan Moussavar-Rahmani of Harvard University's Energy and Environment Policy Center said that the demand for OPEC oil has been rising through the first quarter and this may have prompted excesses in its production. "Demand for their (OPEC) oil is clearly above 15.8 mln bpd and is probably closer to 17 mln bpd or higher now so what we are seeing characterized as cheating is OPEC meeting this demand through current production," he told Reuters in a telephone interview. Reuter

Cenergy Corp reported fourth quarter net income of 790,000 dlrs or seven cts per share on revenues of 7.7 mln dlrs. For the year it reported a net loss of 6.5 mln dlrs or 70 cts per share as a result of writedowns in the book value of its oil and gas properties in the first two quarters. Revenues were 37 mln dlrs. Following the company's fiscal year ended March 31, 1985, it changed to a calender year end. For the nine months ended Dec 31, 1985, it reported a loss of 63.4 mln dlrs or 6.54 dlrs per share on revenues of 47.6 mln dlrs, which it said was a result of noncash writedowns of oil and gas properties. For the year ended March 31, 1985, Cenergy reported net income of 3,705,000 dlrs or 36 cts per share on revenues of 71 mln dlrs. The company said its reserves during the year fell to five mln barrels from 6.4 mln barrels of oil and to 60.1 bilion cubic feet of gas from 63.7 BCF. It said these reserves did not disappear but are available to produce as prices recover. Reuter

Two-for-one stock split Pay May 12 Note: split is subject to approval of shareholders at April 23 annual meeting. Company also said it will increase dividend on post-split shares to six cts from five cts. Reuter

Torchmark Corp said its board authorized the purchase from time to time of a significant portion of its 7-3/4 pct convertible subordinated debentures. As of February 25, it said there were outstanding 150 mln dlrs of the principal amount of debenures. The company also said it plans to redeem the debentures on June eight. It also declared a regular quarterly dividend of 25 cts per share on its common payable May one to shareholders of record April 10. Reuter

Painewebber Group Inc said it will redeem all its outstanding 8-1/4 pct convertible subordinated debentures due 2008. It said it will redeem all the debentures for 1,060.50 dlrs plus accrued interest to the redemption date of March 30. The notes can be converted into common stock at a price of 42.35 dlrs per share. Reuter

R.P. Scherer Inc said it registered with the Securities and Exchange Commission a proposed public offering of 1.2 mln shares of convertible exchangeable preferred stock at 25 dlrs a share. In addition, the company said it is offering 200,000 preferred shares to Richard Manoogian, a Scherer director at 25 dlrs a share. Manoogian said he will buy the 200,000 shares. Proceeds from the offering will be used to repay debt and to fund research and development, it said. Underwriters are led by Goldman, Sachs and Co. Reuter

<Parlux Fragrances Inc> said it completed the offering of 420,000 unis at 10 dlrs each through underwriters R.C. Stamm and Co and Rosenkrantz Lyon and Ross Inc. Each unit consists of two shares of common stock and one redeemable warrant, which entitles the holder to buy an additional common share for six dlrs between Feb 26, 1988 and Feb 26, 1992. The company creates and markets fragrances and beauty products, including the "Anne Klein" line, through department and specialty stores. Reuter

Shr loss six cts vs not available Net loss 562,231 vs profit 10,253 Revs 8,871,874 vs 9,549,308 Year Shr loss 60 cts vs loss nine cts Net loss 5,058,145 vs loss 766,185 Revs 34.3 mln vs 35.5 mln Reuter

Qtly div three cts vs three cts prior Pay April three Record March 13 Reuter

A senior official of Drexel Burnham Lambert Inc and his father told the Securities and Exchange Commission they have acquired 258,591 shares of Epsilon Data Management Inc, or 9.4 pct of the total outstanding. Kenneth Thomas, senior vice president-investments at Drexel's Los Angeles office, and his father, retired university professor C.A. Thomas, said they bought the stake for 2.1 mln dlrs primarily for investment purposes. They said they may buy more stock or sell some or all of their stake, depending on market conditions, but have no plans to seek control of the company. Reuter

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Bio-Technology General Corp <BTGC> - Offering of 25 mln dlrs of convertible senior subordinated notes due March 1997 through Drexel Burnham Lambert Inc. Reuter

Varian Associates Inc and <Siemens A.G.> said they signed a letter of intent to form and jointly operate a nuclear magnetic resonance imaging spectroscopy business in Fremont, Calif. The systems are smaller than magnetic resonance imaging equipment currently used in clinical examinations, the companies said. They also said the products resulting from the venture are intended for use in small animal research, certain limited medical research and materials testing. Reuter

Du Pont Co said the U.S. District Court for Delaware ruled that Phillips Petroleum Co had infringed on its patent covering certain melt-processable ethylene copolymer resins and polyethylene pipe systems. It also said the court ruled that Phillips infringed on various claims of its patent and enjoined Phillips from making, selling, or using any products covered by the patents. It said the court ordrered an accounting to determine damages due for past infringement by Phillips. Reuter

Nova, the Canadian company that owns 56 pct of Husky Oil Ltd, said it received government approval for a transaction under which <Union Faith Canada Holding Ltd> would buy a 43 pct stake in Husky. Nova said the Minister of Regional and Industrial Expansion, Michel Cote, ruled that Union Faith's purchase of the Husky stake would not result in Husky ceding control to a non-Canadian company. It said this ruling was a key condition in completing the deal. Union Faith is equally owned by <Hutchison Whampoa Ltd> and <Hong Kong Electric Holdings Ltd>. Under the agreement with Union Faith, Husky will become a private company with Union Faith and Nova each holding 43 pct of its stock. Nine pct of Husky would be owned by relatives of Li Ka-Shing, chairman of Hutchison, and five pct by the Canadian Imperial Bank of Commerice. Reuter

Presidential Airways Inc said its joint marketing and services agreement with Texas Air Corp's <TXN> Continental Airlines unit was approved by the U.S. Department of Justice. According to the agreement, Presidential Airways will operate scheduled service under the name "Continental Express." The company, however, will remain independent. Reuter

The Army said it will renegotiate a 400 mln dlr contract with ITT Corp for jam-proof field radios after recent tests indicated the radios will work properly. Full production of 44,600 of the Single Channel Ground and Airborne Radio System (SINCGARS) sets has been delayed since the contract was let in 1983. The radios did not meet specifications of operating for 1,250 hours before failing. The Army said recent tests have indicated better reliability and that the contract will be renegotiated. REUTERS

Oper shr 27 cts vs 29 cts Oper net 13.5 mln vs 14.6 mln Revs 104.6 mln vs 110.3 mln 12 mths Oper shr 4.10 dlrs vs 3.66 dlrs Oper net 205 mln vs 186.8 mln Revs 1.4 billion vs 1.3 billion NOTE: 1986 12 mths oper net excludes extraordinary gain of 21.7 mln dlrs or 46 cts per share from sale of Virginia service territory to Virginia Power. Reuter

Torchmark Corp is raising 200 mln dlrs through an offering of sinking fund debentures due 2017 yielding 8.65 pct, said lead manager First Boston Corp. The debentures have an 8-5/8 pct coupon and were priced at 99.73 to yield 100 basis points over the off-the-run 9-1/4 pct Treasury bonds of 2016. Non-refundable for 10 years, the issue is rated A-2 by Moody's and AA by Standard and Poor's. A sinking fund starts in 1998 to retire 76 pct of the debentures by maturity, giving them an estimated maximum life of 22.4 years. Merrill Lynch co-managed the deal. Reuter

Suffield Financial Corp said the Federal Reserve Board approved its application to acquire Coastal Bancorp <CSBK>, Portland, Me. Suffield said it still needs the approval of the superintendent of Maine's banking department. Reuter

Qtly div four cts vs four cts Pay April 3 Record March 23 Reuter

Oper shr 2.16 dlrs vs 2.07 dlrs Oper net 8,037,000 vs 7,710,000 Revs 136.4 mln vs 133.3 mln Note: 1986 net excludes extraordinary gain of 13 mln dlrs or 3.50 dlrs shr from sale of <Camco Inc> shares vs yr-ago loss of 4.3 mln dlrs or 1.14 dlrs shr. Reuter

Qtly div 51 cts vs 51 cts Pay April 9 Record March 25 (Santa Anita Realty Enterprises Inc) Reuter

Qtly div 40 cts vs 40 cts Pay March 31 Record March 16 Reuter

Oper shr five cts vs 36 cts Oper net 508,000 vs 3,450,000 Revs 296.7 mln vs 298.0 mln Note: former name Marshall Drummond McCall Inc. Results include extraordinary gains of 952,000 dlrs or 11 cts per share in 1986 and 2,569,000 dlrs or 29 cts in 1985 from income tax reduction. Reuter

(Marshall Steel Ltd), formerly Marshall Drummond McCall Inc, said it will report a 17 mln dlr net gain before taxes this year from the sale of its Drummond McCall division, which was sold effective January one. Reuter

Oper shr 21 cts vs 18 cts Oper net 659,000 vs 523,000 Revs 7,866,000 vs 5,503,000 Avg shrs 3,141,217 vs 2,925,294 12 mths Oper shr 70 cts vs 46 cts Oper net 2,075,000 vs 1,358,000 Revs 25.9 mln vs 19.3 mln Avg shrs 2,980,247 vs 2,925,294 Note: Excludes tax gain of 295,000 dlrs for qtr and year. Reuter

BanPonce Corp said it privately placed 30 mln dlrs of its 8.25 pct senior notes due 1992 through Lincoln National Investment Management Co, New York Life Insurance Co and Dillon Read and Co Inc. It said proceeds will be used to increase working capital, for general corporate purposes, and for possible future acquisitions. - Corrects dollar figure of notes placed in item appearing Feb 25. Reuter

The Federal Deposit Insurance Corp (FDIC) said three troubled banks in Texas and Louisiana were merged with healthy financial institutions. The FDIC said it subsidized the merger of Central Bank and Trust Co, Glenmora, La., with the healthy Peoples Bank and Trust Co, Natchitoches, La., after state regulators notified it that Central was in danger of failing. Central had assets of 28.3 mln dlrs. The FDIC said the deposits of the failed Farmers State Bank, Hart, Tex., were assumed by Hale County State Bank, Plainview, Tex. Farmers, with 9.6 mln dlrs in assets, was closed by Texas bank regulators. The deposits of the failed First National Bank of Crosby, Crosby, Tex., with total assets of 8.2 mln dlrs, were assumed by Central Bancshares of the South Inc, Birmingham, Ala., after First National was closed by federal bank regulators, the FDIC said. The number of federally insured banks to fail so far this year now totals 32, the FDIC said. Reuter

Olin Corp said John W. Johnstone Jr, 54, president and chief operating officer, will succeed John M. Henske as chief executive officer on April 30. Henske, 63, will continue as chairman until he retires in June 1988, Olin said. Reuter

Daewoo Motor Corp, the Korea-based joint venture between Daewoo Group and General Motors Corp <GM>, said it will boost its 1987 imports of U.S. goods to 200 mln dlrs from 104 mln dlrs in 1986. The company said U.S. imports will account for about 35 pct of its total planned imports of 565 mln dlrs in 1987. Last year, U.S. goods accounted for about 19 pct of the company's imports, up from 6.5 pct in 1985. The products slated for import include automobile and machinery parts, catalytic converters, fuel injection systems and electronic emission testing systems, it said. Reuter

Brazil's 14-bank advisory committee expressed "grave concern" to chief debt negotiator Antonio Padua de Seixas over the country's suspension of interest payments, according to a telex from committee chairman Citibank to creditor banks worldwide. Bankers said the diplomatic phrase belied the deep anger and frustration on the committee over Brazil's unilateral move last Friday and its subsequent freeze on some 15 billion dlrs of short-term trade and interbank lines. Seixas, director of the Brazilian central bank's foreign debt department, met the full panel on Tuesday and Wednesday. Seixas, who met again this morning with senior Citibank executive William Rhodes and representatives from committee vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc, told the banks that the government was preparing a telex to explain and clarify the freeze on short-term credits. The telex could be sent to creditors as early as today, bankers said. Despite the rising tempers, bankers said there are no plans for Brazilian finance minister Dilson Funaro to meet commercial bankers during his trip to Washington on Friday and Saturday. Funaro will be explaining Brazil's actions to U.S. Treasury Secretary James Baker, Federal Reserve Board chairman Paul Volcker and International Monetary Fund managing director Michel Camdessus before travelling to Europe at the weekend. Meanwhile, bankers were to hear in New York this afternoon what impact Brazil's hard line would have on Argentina, with an initial presentation from Argentine Treasury Secretary Mario Brodersohn on his country's request for 2.15 billion dlrs in new loans and a multi-year rescheduling agreement. Argentina has threatened to emulate Brazil's payments moratorium if the banks do not grant its request. Reuter

Liquefied natural gas imports from Algeria are unlikely to happen in 1987 even though its economically feasible, U.S. industry analysts sources said. Youcef Yousfi, director-general of Sonatrach, the Algerian state petroleum agency, indicated in a television interview in Algiers that such imports would be made this year. "Contract negotiations, filing with the U.S. government and the time required to restart mothballed terminals will delay the import until 1988/1989," Daniel Tulis, a natural gas analyst with Shearson Lehman Bros. said. Sonatrach is currently negotiating with two of its former customers, Panhandle Eastern <PEL> and Distrigas, a subsidiary of Cabot Corp <CBT> to resume LNG export, company officials told Reuters. A third, El Paso Gas, a subsidiary of Burlington Northern <BNI>, has expressed no interest. Industry analysts said some imports of Algerian LNG were feasible. "On a marginal cost basis, the companies that have made capital investment to handle LNG import can operate profitably even in the current price environment," Frank Spadine, an energy economist with Bankers Trust, said. Analysts did not forsee a major impact from Algerian imports on U.S. prices which are currently soft but expected to trend higher by the end of 1987. A decline in gas drilling and the time lag to bring Gulf of Mexico productions onstream will tighten gas supplies and firm prices, Shearson's Tulis said. In this context, Algerian LNG import would be a source of supplemental supply to U.S. domestic production, he added. Company sources currently in talks with Algeria agree, saying that Algerian LNG would only serve to meet peak demand. Company sources also said that any negotiations with Algeria would emphasize looser arrangements which would relate volumes to market requirements and prices to U.S. spot market values. Reuter

The chairman of the Senate Agriculture subcommittee on credit said the panel will consider a farm credit rescue package by Easter even if the system and its regulator do not ask for help by then. "We're going to have a bill to markup, I guarantee you, before the Easter recess," Sen. David Boren (D-Okla.) said. Senate Majority leader Robert Byrd (D-W.Va.) wants recommendations on farm credit presented by April 11, when Congress is scheduled to break for Easter, Boren said. Boren urged the Farm Credit Administration (FCA), the system's regulator, to quickly make a formal request for aid. Under the 1985 Farm credit law passed by Congress, the FCA, as regulator, is to certify when the system has exhausted all its capital and needs federal government help. However, FCA chairman Frank Naylor said because much of the system's remaining capital is tied-up in legal action, he could not technically certify a rescue is needed this year and perhaps not even in 1988. The other Republican member of the three-man FCA board, Marvin Duncan, agreed. But Boren urged that even if FCA cannot technically certify aid is needed, it should request help informally. "We all know we need a capital infusion," Boren said. Boren and the FCA officials spoke at a hearing on the plight of the farm credit system. Also at the hearing, Brent Beesely, chief executive of the Farm Credit Council representing the system, said that at the end of 1986 the system had only 1.5 billion dlrs in working capital remaining after losses of 4.6 billion dlrs over the last two years. While he did not ask for government aid, Beesley indicated the situation is serious in some of the 12 system districts. "A significant number of banks and associations in the most economically depressed areas have and will continue to suffer extraordinary losses," Beesley said. Jim Billington, Democratic member of the FCA board, said the troubles of the system have encouraged the flight of some one billion dlrs per month from the system as borrowers repay loans. The system's total portfolio shrank to 54.6 billion dlrs by the end of last year from 66.6 billion the previous year. FCA board members said both borrowers and holders of bonds in the system need to be assured their money is safe. Naylor suggested the need for a federal assurance to bondholders. "The bondholders have no worry at this time," Billington said. Naylor said several proposals for revamping the farm credit system are circulating. The proposals range from consolidation of the system into a centralized national lender, to de-centralizing into semi-independent institutions. But He and the system spokesman Beesley were cautious about proposals for a secondary market on farm loans. Those proposals would package farm loans for resale to investors. Naylor and Beesley said a secondary market set-up outside the farm credit system would hurt the system. But Beesley said a secondary market with the farm credit system as its agent could be developed without Congressional legislation. Reuter

The Tower Commission's scathing comments on President Reagan's embattled chief of staff Donald Regan could signal the death knell to his White House tenure, but the impact of its strong criticism on two other top officials was less clear. Regan has come in for tough criticism for his handling of Reagan's worst political crisis since details of the covert arms sales to Iran and diversion of profits to Nicaraguan rebels first emerged last November. But criticism of the roles of Secretary of State George Shultz and Defense Secretary Caspar Weinberger, who said they opposed the Iran arms initiative yet failed to end it, had been muted until the release of the Tower Commission report. "Their obligation was to give the president their full support and continued advice with respect to the program or, if they could not in conscience do that, to so inform the president," the report said after a three-month probe. "Instead, they simply distanced themselves from the program. They protected the record as to their own positions on this issue. They were not energetic in attempting to protect the president from the consequences of his personal commitment to freeing the hostages." The report saved some of its most scathing language for Regan, a gruff former Wall Street executive and close personal friend of Reagan whose autocratic rule in the White House angered some top Reagan officials and, perhaps more importantly, Reagan's wife Nancy. "More than almost any chief of staff of recent memory, he asserted personal control over the White House staff and sought to extend this control to the national security adviser," said the report. Washington analysts said Regan's departure now appeared to be only a matter of timing. Many expected the president to announce it when he addresses the nation on the Tower Commission's findings next week. With Regan's departure apparently imminent and Poindexter and other key figures in the scandal already out of office, the report's tough criticism of Shultz and Weinberger could turn the spotlight on their future. Senate Republican leader Robert Dole, a key Reagan ally, told reporters the report disclosed "colossal blunders" and said people who had not served the president well should step aside, but he did not specify who should go. "It would seem to me that if you don't protect the president, you don't serve the president well, then you should move on," the Kansas Republican, a likely presidential candidate next year, said. One Republican strategist said he believed Regan would not be the only White House official to leave in the near future. Reuter

Switzerland's economy, combining low unemployment, financial stability and a large external payments surplus, is in excellent condition and faces a satisfactory future, the Organisation for Economic Cooperation and Development, OECD, said. This reflected the success of stable and relatively tight fiscal and monetary policies followed by the government, it said. The OECD, in its annual report on Switzerland, picked out some signs of a slowdown in activity and a slight pick-up in inflation this year, but said these gave no cause for concern. The study forecast a decline in Gross Domestic Product growth to 1.75 pct this year from an estimated two pct in 1986 and a small rise in consumer price inflation to 1.25 pct after last year's sharp fall to 0.75 pct from 3.6 pct in 1985. But it said job creation should continue to absorb a modest increase in the workforce, leaving the unemployment rate unchanged at around one pct, the lowest in the 24-industrial nation OECD area. Assuming an average exchange rate of 1.71 Swiss francs to the dollar this year, against 1.69 in the second half of 1986, the report forecast a 2.75 pct rise in exports and a 3.5 pct rise in imports this year after rises of 3.25 pct and 6.5 pct respectively in 1986. The faster growth of imports compared with exports this year and last, reflecting buoyant private consumption, meant that the contribution of the foreign payments balance to GDP would shrink in both years. But "given Switzerland's large external surplus, there should be no concern if domestic demand grows faster than GDP...Which, if only in a small way, would contribute to improving international balances," the OECD said. Real private consumption appeared to have been unusually buoyant last year, with a 3.25 pct growth rate, after several years of relative weakness, it noted. In 1987 private consumption was expected to slow somewhat to a 2.25 pct growth rate, but should still outstrip overall GDP, it added. The outlook for investment in plant and machinery remained bright into 1987, and with capacity use at near record levels last year there was scope for rationalisation and modernisation in both the industry and service sectors, it said. As a consequence, growth in machinery and equipment investment is likely to decelerate only slightly this year after vigorous growth in 1986. But the report raised a questionmark over the prospects for tourism and the banking industry, two major service sector earners of foreign exchange. The long-term appreciation of the Swiss Franc, and the accelerating deregulation of foreign banking markets, could lead to a loss of international market share for both, it said. Particularly for the banks, "recent developments in international financial markets give rise to the question whether the Swiss financial system, which has shown substantial flexibility in the past, is adapting itself at the speed required ... To preserve its competitive position," it said. REUTER

The U.S. Agriculture Department is not actively considering offering subsidized wheat to the Soviet Union under the export enhancement program (EEP), senior USDA officials said. However, grain trade analysts said the proposal has not been ruled out and that an offer might be made, though not in the very near future. "The grain companies are trying to get this fired up again," an aide to Agriculture Secretary Richard Lyng said. "But there just isn't much talk about it, informally or formally." Most analysts interviewed by Reuters were more confident than USDA officials that bonus wheat would be offered to the Soviets, even though U.S. officials did not make such an offer when they held grain talks with Soviet counterparts earlier this week. But administration and private sources agreed that if the Reagan administration did decide to offer subsidized wheat to Moscow, it could take several months. "I just don't see any proposal like that sailing through any interagency process," the aide to Lyng said. "An export enhancement offer is not consummated overnight," said one former USDA official, who noted that the administration took three months to decide in favor of selling China wheat under the subsidy program. An official representing a large grain trade company said deliberations within USDA might be nudged along by members of Congress, a number of whom urged USDA this week to make a wheat subsidy offer to the Soviets. But Lyng's aide said that during a day-long visit to Capitol Hill yesterday, House members did not press the secretary on the subsidy question a single time. The administration's interagency trade policy review group, comprised of subcabinet-level officials, has not been asked to clear a request to offer Moscow wheat under the EEP, officials at the U.S. Trade Representative's Office said. In their talks this week, the two sides discussed the administration's previous EEP offer but did not talk about any new initiative. One USDA official who took part in the consultations this week described them as an exchange of "calm, basic, factual economics." Another USDA official said there was "not even an informal suggestion or hint" that the Soviets would live up to their pledge to buy four mln tonnes of wheat this year if they were granted more favorable terms. USDA and private sources agreed that consideration of an EEP initiative by interagency review groups likely would be delayed because of disarray within the White House stemming from the Iran arms affair. Reuter

The U.S. Treasury said it was willing to participate with several other industrial countries in providing a 500 mln-dlr short-term bridge loan to Argentina. The Treasury announcecement did not name the other countries nor the amount of financing the United States was willing to supply. Argentina announced a wage and price freeze on Wednesday night and is negotiating with New York bankers for about 2.15 billion dlrs in new loans and other financing. "Our willingness to participate in this multilateral short-term financing indicates our support for Argentina's economic program to achieve sustainable growth and a viable balance of payments position," the Treassury statement said. In announcing a four-month wage and price freeze, Argentine officials said the country needed "a more serene climate" to carry out structural changes in the economy. But Argentina did not suspend interest payments on its foreign debts, as neighboring Brazil did last week. The Treasury said the U.S. share of bridge financing for Argentina would come from its Exchange Stabilization Fund. The one-page statement noted the International Monetary Fund expressed confidence in Argentina's economic policies and prospects by approving a new stand-by financing arrangement for it on February 18. "Argentina is expected to qualify for IMF balance-of-payments financing which would enable Argentina to repay a multilateral bridge loan and support the implementation of its economic program," the statement said. The latest Argentine action marked the second time in less than two years its government has used a wage and price freeze to restrain inflation. The debt talks in New York are being headed by Argentine Finance Minister Mario Brodersohn and are expected to last for several days. Along with new financing, Argentina reportedly wants lower interest rates on an existing total 53 billion dlrs in foreign debt and elimination of foreign banks' control over how some of the money is loaned in Argentina. Reuter

(E.H. Industries (Canada) Inc) said it plans to bid its EH101 helicopter to replace Canada's fleet of Sea King aircraft. It said it is joining with (Bell Textron of Canada), Canadian Marconi Co (CMW), (IMP Group), and (Paramax Electronics Inc) and is supported by (Augusta S.P.A.), (Sikorsky Aircraft), and (Westland Group) in the bid. The Eh101, aimed at detecting and engaging submarines, was designed for use by the British and Italian navies and is due to enter service in 1992, E.H. said. Reuter

Shr 75 cts vs 52 cts Net 1,699,124 vs 1,177,786 Revs 45.6 mln vs 31.6 mln 12 mths Shr 2.22 dlrs vs 2.20 dlrs Net 5,057,292 vs 4,961,085 Revs 130.2 mln vs 126.7 mln Reuter

American Travellers Corp said its American Travellers Life Insurance Co unit has expanded its operations. The company said the unit has begun marketing in Maryland, Idaho and the District of Columbia. Reuter

<Versatile Corp> said it agreed in principle to sell its Alberta-based Versatile Noble Cultivators Co division to Vicon Inc, of Ontario, for undisclosed terms. The division manufactures tillage and spraying equipment. Reuter

(Groupe Videotron Ltd) said it agreed to buy 50 pct of (Groupe Promexpo Inc), a company which specializes in product exhibits, for three mln dlrs. Reuter

Shr 81 cts vs 66 cts Net 5,011,000 vs 2,314,000 Revs 57.3 mln vs 17.6 mln Note: results include extraordinary gains of 1,593,000 dlrs or 26 cts a share in 1986 and 451,000 dlrs or 13 cts a share in 1985. Reuter

Rohr Industries Inc said it has agreed on a three-year labor contract with the International Association of Machinists and Aerospace Workders, ending a strike that began ten days ago. Under the pact, 4,600 union members at Rohr's Chula Vista and Riverside plants will receive lump sum payments of ten pct, six pct and six pct annually, with the first payment going out in April. Rohr will also increase the pension benefit to 24 dlrs per month for each eligible year of service. Reuter

Brazil's 14-bank advisory committee expressed "grave concern" to chief debt negotiator Antonio Padua de Seixas over the country's suspension of interest payments, according to a telex from committee chairman Citibank to creditor banks worldwide. Bankers said the diplomatic phrase belied the deep anger and frustration on the committee over Brazil's unilateral move last Friday and its subsequent freeze on some 15 billion dlrs of short-term trade and interbank lines. Seixas, director of the Brazilian central bank's foreign debt department, met the full panel on Tuesday and Wednesday. Seixas, who met again this morning with senior Citibank executive William Rhodes and representatives from committee vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc, told the banks that the government was preparing a telex to explain and clarify the freeze on short-term credits. The telex could be sent to creditors as early as today, bankers said. Despite the rising tempers, bankers said there are no plans for Brazilian finance minister Dilson Funaro to meet commercial bankers during his trip to Washington on Friday and Saturday. Funaro will be explaining Brazil's actions to U.S. Treasury Secretary James Baker, Federal Reserve Board chairman Paul Volcker and International Monetary Fund managing director Michel Camdessus before travelling to Europe at the weekend. Meanwhile, bankers were to hear in New York this afternoon what impact Brazil's hard line would have on Argentina, with an initial presentation from Argentine Treasury Secretary Mario Brodersohn on his country's request for 2.15 billion dlrs in new loans and a multi-year rescheduling agreement. Argentina has threatened to follow Brazil in declaring a payments moratorium if the banks do not grant its request. Reuter

Texaco Canada said it lowered the contract price it will pay for crude oil 64 Canadian cts a barrel, effective today. The decrease brings the company's posted price for the benchmark grade, Edmonton/Swann Hills Light Sweet, to 22.26 Canadian dlrs a bbl. Texaco Canada last changed its crude oil postings on Feb 19. Reuter

Dow Chemical Co's <DOW> Merrell Dow Pharmaceuticals Inc unit said a jury found that Bendectin did not cause the birth defects of a seven-year old boy whose mother took the drug during pregnancy. The anti-nausea drug has been used to treat morning sickness and was discontinued in 1983 amid allegations that the drug caused birth defects. Merrell said that to date there have been 12 other trials involving the drug, 10 in the U.S. and two in West Germany. It said verdicts or judgements in favor of the company were obtained in eight of the trials, one of which included about 1,150 plaintiffs. In two trials, Merrell said, verdicts were in favor of the plaintiffs. In one, it said, the trial judge overruled the jury's verdict and issued a judgement in favor of the company and a three judge panel of the Court of Appeals overturned the trial judge's ruling. Merrell is now awaiting a rehearing of this case by the full Court of Appeals. Of the remaining two trials, one ended in a mistrial and in the other the jury was unable to reach a verdict. At one point about 1700 lawsuits had been filed alleging the drug caused birth defects, said a company spokesman. He said about 300 lawsuits are pending. Bendectin was first introduced in the early 1950s, and the Merrell spokesman said a valid application to make and market the drug is with the Food and Drug Administration should the company decide it wants to reintroduce it. Reuter

The U.S. Agriculture Department probably will not offer a two dlr per bushel bonus payment to corn farmers for any erodible cropland they enrolled in the conservation reserve program last year, an aide to USDA Secretary Richard Lyng said. Sen. Charles Grassley (R-Iowa) said yesterday that Lyng had indicated he would consider giving those farmers the same two dlr bonus offered corn farmers who are signing up for the 1987 program this month. But the aide to Lyng said it was doubtful that the department would offer a retroactive bonus to farmers who enrolled land in the 10-year conservation reserve last year. "How are you going to stop the tide," he said, referring to demands that would follow from other commodity groups. Reuter

Marathon Petroleum Co said it reduced the contract price it will pay for all grades of crude oil one dlr a barrel, effective today. The decrease brings Marathon's posted price for both West Texas Intermediate and West Texas Sour to 16.50 dlrs a bbl. The South Louisiana Sweet grade of crude was reduced to 16.85 dlrs a bbl. The company last changed its crude postings on Jan 12. Reuter

The Nuclear Regulatory Commission (NRC) proposed to ease evacuation standards for nuclear plants, which could lead the way to the licensing of controversial plants in New York and New Hampshire. The NRC voted 4-1 to offer the rule for 60 days of public comment before it reconsidered it and set emergency evacuation standards of its own. Local authorites at the plants at Shoreham, Long Island, N.Y., and Seabrook, N.H., had refused to take part in evacuation planning, as required under existing NRC rules. They had claimed the region was too populated for any safe evacuation plan, holding up the NRC's authority to issue full power licenses of the two multi-billon dollar plants. A group of prominent politicians, led by New York Governor Mario Cuomo, charged at a public meeting on the proposed plan on Tuesday that NRC members were more interested in protecting the utilties'investments than protecting public safety. An NRC spokesman said after the meeting that the agency had not yet scheduled a meeting to vote on the proposed plan. In a statement today announcing its vote, the commission said the proposed rule change would enable the NRC to act in cases where local authorities refused to take part in emergency evacuation planning. Reuter

Shr 2.31 dlrs vs 1.96 dlrs Net 119.0 mln vs 101.0 mln Revs 10.03 billion vs 8.88 billion Reuter

U.S. farmers who in the past have grown oats for their own use but failed to certify to the government that they had done so probably will be allowed to continue planting that crop and be eligible for corn program benefits, an aide to Agriculture Secretary Richard Lyng said. Currently a farmer, to be eligible for corn program benefits, must restrict his plantings of other program crops to the acreage base for that crop. Several members of Congress from Iowa have complained that farmers who inadvertantly failed to certify that they had grown oats for their own use in the past now are being asked to halt oats production or lose corn program benefits. USDA likely will allow historic oats farmers to plant oats but not extend the exemption to all farmers, Lyng's aide said. Reuter

New Zealand's broadly defined, seasonally adjusted M-3 money supply grew an estimated 3.6 pct in December after rising a revised 2.4 pct in November and 4.04 pct in December last year, the Reserve Bank said in a statement. It said unadjusted M-3 increased to an estimated 30.07 billion N.Z. Dlrs from a revised 28.30 billion in November and 25.53 billion in December 1985. Year-on-year M-3 rose 17.77 pct from a revised 15.34 pct in November and 20.50 pct in December 1985. Narrowly defined year-on-year M-1 growth was 15.89 pct against a revised 27.52 pct in November and 12.3 pct a year earlier. M-1 grew to an estimated 5.03 billion dlrs against a revised 4.77 billion in November and 4.34 billion in December 1985. Year-on-year private sector credit grew 30.68 pct in December against a revised 22.30 pct in November and 23.2 pct in December 1985. Private sector credit grew to 22.24 billion dlrs from a revised 20.92 billion in November and 17.01 billion in December 1985. Reuter

Circuit Systems Inc said it has bought all of the stock of (Ionic Industries Inc) in exchange for 3,677,272 shares of its common. Following the exchange there will be 4,969,643 shares of Circuit Systems stock outstanding. Ionic holders will own about 74 pct of the outstanding stock of Circuit Systems, it said. Ionic, a maker of circuit boards, had revenues of 8.4 mln dlrs and pretax profits of 232,000 dlrs in 1986, up from revenues of 5.9 mln and pretax profits of 204,000 dlrs in 1985, Circuit Systems said. Reuter

The sharp decline in soybean crush ratios seen in the last few weeks, accelerating in recent days, has pushed margins below the cost of production at most soybean processing plants and prompted many to cut output of soybean meal and oil. The weekly U.S. soybean crush rate was reported by the National Soybean Processors Association this afternoon at 21.78 mln bushels, down from the 22 mln bushel plus rate seen over the past two months when crush margins surged to the best levels seen in over a year. Active soymeal export loadings at the Gulf had pushed soybean futures and premiums higher, prompting a pick-up in the weekly crush number. However, much of that export demand seems to have been met, with most foreign meal users now waiting for the expected surge in shipments of new crop South American soymeal over the next few months. U.S. processors are now finding domestic livestock feed demand is very light for this time of year due to the milder than normal winter, so they steadily dropped offering prices in an attempt to find buying interest, soyproduct dealers said. Soybean meal futures have also steadily declined in recent weeks, setting a new contract low of 139.70 dlrs per ton in the nearby March contract today. "Many speculators down here bought March soymeal and sold May, looking for no deliveries (on first notice day tomorrow, which would cause March to gain on deferreds)," one CBT crush trader said. "But they've been bailing out this week because the March has been acting like there will be a lot delivered, if not tomorrow, then later in the month," he added. As a result of the weakness in soymeal, the March crush ratio (The value of soyproducts less the cost of the soybeans) fell from the mid 30s earlier this month to 22.6 cents per bushel today, dropping over five cents in just the last two days. The May crush ended today just over 17 cents, so no processors will want to lock in a ratio at that unprofitable level, the trader said. Hopefully, they will now start to cut back production to get supplies in line with demand, he added. With futures down, processors are finding they must bid premiums for cash soybeans, further reducing crush margins. A central Illinois processor is only making about 30 cents for every bushel of soybeans crushed at current prices, down sharply from levels just seen just a few weeks ago and below the average cost of production, cash dealers said. Most soybean processing plants are still in operation, with little talk of taking temporary down-time, so far. But processors will start halting production in the next few weeks it they continue to face unprofitable margins, they added. Reuter