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EASTERN UTILITIES ASSOCIATES <EUA> UPS PAYOUT

Qtly div 57-1/2 cts vs 54-1/2 cts prior qtr Pay May 15 Record May 1 Reuter 

ITALY'S BUITONI ACQUIRES VISMARA FOOD GROUP

Carlo De Benedetti's food company Industrie Buitoni Perugina Spa said it has acquired the Italian food group Vismara. Buitoni said in a statement that Vismara had 1986 sales of 181 billion lire and net profit of 11 billion lire, employs 950 people and has four subsidaries. Buitoni did not disclose financial details about the acquisition. De Benedetti said last week that his group was negotiating a purchase of an unidentified Italian food firm. Vismara primarily produces a variety of pork products. "The acquisition represents a diversification in a market sector with annual consumption of 8,500 billion lire," Buitoni said. Buitoni also said its consolidated revenue during the first quarter of this year was 429 billion lire, up 51 pct from the comparable 1986 period. As reported, Buitoni's consolidated revenue rose last year to 1,623 billion lire from 1,177 billion in 1985. Net profit rose to 18.5 billion lire from 448 mln lire in 1985. Reuter 

MCGRAW-HILL <MHP> DIVESTS SOUTH AFRICAN UNIT

McGraw-Hill Inc said it has sold its McGraw-Hill Book Co South Africa Pty Ltd subsidiary to a local management group for an undisclosed amount of cash and halted the sale of all products and services to South Africa. The company said the divestiture follows a resolution of its board in February that cited increased political and social unrest within South Africa and the refusal of the South African government to abolish the apartheid system. Reuter 

OAK ONDUSTRIES <OAK> TO BUY ELECTRONICS FIRM

Oak Industries Inc said it agreed to buy the stock of Electronic Technologies Inc of New York for an undisclosed amount of cash. Electronic Technologies manufactures quartz crystal components, Oak said. It said the acquisition is part of its ongoing stategy to restructure its core businesses through cost reduction programs and the purchase of compatible companies. Reuter 

PEOPLES HERITAGE BANK <PHBK> 1ST QTR NET

Shr 51 cts vs not given Net 4,661,000 vs 2,499,000 NOTE: Includes net securities gains of 663,000 dlrs vs 1.2 mln dlrs from. Company converted to stock ownership in December 1986. Reuter 

REVLON GROUP AGREES TO MERGE WITH MACANDREWS AND FORBES GROUP FOR 20.10 DLRS/SHR CASH

U.S. TRUST CO <USTC> RAISES BROKER LOAN RATE

U.S. Trust Co said it raised its broker loan rate to 7-3/4 pct from 7-1/2 pct, effective immediately. Bankers Trust Co <BT>, which also quotes its broker loan rate publicly, raised its rate to 7-1/2 pct earlier today. Reuter 

FIRESTONE <FIR> IN AGREEMENT WITH CHAIRMAN

Firestone Tire and Rubber Co said Chairman John Nevin entered into a new employment agreement allowing him to continue as an executive or consultant with the company until he becomes 65 years old in February 1992. Firestone said Nevin has agreed to remain as chief executive officer until its board elects a successor. The company was not immediately available for comment. In the release, Firestone said while Nevin serves as chief executive, he will be paid his current salary and will continue to be eligible for supplemental compensation. Firestone said Nevin will serve as a consultant to the company after a new chief executive is found and until Nevin becomes 65. Firestone said it agreed that during this period, Nevin will be paid a fee not less than the pension which he would have been entitled to if he retired. It also said Nevin agreed not to engage in a competitive business until he becomes 67. On February 17, Firestone granted Nevin an option to buy 100,000 shares of the company's common at 34.19 dlrs a share. Reuter 

(CORRECTED)-CRAZY EDDIE <CRZY.O> SETS RIGHTS

Crazy Eddie Inc said its board has adopted a defensive shareholder rights plan and said it has reacived inquiries on a friendly merger. It said under the plan, shareholders of record as of April 21 will receive a right to purchase under certain circumstances at a price of 42 dlrs 0.01 preferred share for each common share held. The rights expire April 9, 1997. The company said the rights would be exercisable 20 business days after a party were to acquire 20 pct or more of Crazy Eddie common stock or announce a bid for 30 pct or more. Adds dropped year of rights expiration. Reuter 

BIOTECH ELECTRONICS INC <ION.TO> 3RD QTR NET

Shr eight cts vs one-half ct Net 508,000 vs 21,000 Revs 7.2 mln vs 7.4 mln Nine mths Shr 28 cts vs 11 cts Net 1,523,000 vs 567,000 Revs 26.2 mln vs 22.6 mln Note: period ended February 28. REUTER Reuter 

TEXSCAN TO FILE REORGANIZATION PLAN

<Texcan Corp> said it reached an agreement in principle with its major creditors on a reorganization plan to lift it out of bankruptcy. The plan proposes Texcan to pay its bank debt partially through a 15 mln dlr secured obligation, to pay its general trade debt of two mln dlrs, and to satisfy subordinate debenture holders through issuance of 45 pct of the stock of the reorganized corporation, it said. Texcan said its bank debt will be paid to United Bancorp of Arizona's <UBAZ> United Bank of Arizona and Security Pacific's Corp's <SPC> Security Pacific Bank. Subordinated bondholders also will have the right to subscribe to buy an additional 40 pct of the common stock of the reorganized corporation for three mln dlrs under an arrangement to be announced in a few weeks, Texscan said. Total debt claims have been filed in the Chapter 11 proceeding of 110 mln dlrs, it said. Texscan said its existing stock will be extinguished under the proposed reorganization plan. The company said it filed for reorganization Nov 22, 1985. Reuter 

NOMURA REPACKAGES DANISH ISSUE AS ZERO-COUPON BOND

Nomura International Ltd said it is using a special purpose issuing vehicle, "Lives 2 Ltd," to repackage part of the Denmark's 7-1/8 pct dollar straight issue launched by Nomura on January 8 this year and due 1992, into a zero coupon 17 billion yen bond priced at 82-1/4 pct. The notes and swap agreement are secured by a charge on 97 mln dlrs of the Denmark bond. The new bond is due March 5, 1992. Payment date on the issue, which will be listed in Luxembourg, is April 24 and the first coupon will be short. Fees comprise 85 basis points for selling with 70 for management and underwriting. Denominations are 10 mln yen. REUTER 

RHONE-POULENC PLANS DRUG RESEARCH SPENDING

(Rhone Poulenc Pharma Inc) said it plans to spend 29 mln dlrs over the next five years for research and development in Canada. It said the investment depends upon passage of a federal government bill which proposes greater protection for holders of drug patents. The company said it will spend 7.9 mln dlrs to upgrade its Montreal operations. It said the new patent law would give drug companies reasonable protection from generic drug copying of new compounds. Reuter 

TEXACO NETHERLANDS UNAFFECTED BY CHAPTER 11 FILING

Texaco Petroleum Maatschaapij (Netherlands) BV said its operations were unaffected by yesterday's move by Texaco Inc <TX.N> to file for protection under Chapter 11 of the U.S. Bankruptcy code. A Texaco spokesman said the Dutch unit, wholly owned by Texaco Inc through holding companies, had its own financial relationship with banks, its own distribution facilities and refinery, and bought its own crude oil and products. There had been no negative reaction from trading partners to the U.S. Move, although there was some negative influence on publicity, he said. "The Dutch operations are not dependent on the U.S. For money or products. We are informing our customers that our business is not affected in any way," the spokesman said. He said trading partners had not made demands for stricter credit terms than was normal in the international oil markets. Spot market traders at Dutch arms of other major companies said they were acting as usual towards Texaco so far, but some were maintaining contact with their headquarters' credit control offices. One trader said his company hoped to meet representatives of Texaco personally to clarify the position. Reuter 

PORTUGUESE CONSUMER PRICES UP 1.4 PCT IN MARCH

Portugal's consumer prices rose 1.4 pct in March after a one pct increase in February and a 1.2 pct rise in March 1986, the National Statistics Institute said. The consumer price index (base 100 for 1976) rose to 772.0 from 761.3 in February and compared with 703.4 in March 1986. This gave a year-on-year March inflation rate of 9.8 pct against 9.5 pct in February and 12.2 pct in March 1986. Measured as an annual average rate, inflation in March was 10.9 pct compared with 11.1 pct in February. The government forecasts annual inflation of about eight pct this year. REUTER 

DEST <DEST.O> EXPECTS HIGHER 4TH QTR SALES

Dest Corp said it expects a 17 pct increase in revenues for its fourth quarter ended March 31 compared with the 4.8 mln dlrs reported for the same quarter a year earlier. The company said the increase is due to increased demand for its PC Scan product family. The scanning products are used with desktop publishing systems, Dest also said. Reuter 

MYERS INDUSTRIES INC <MYE> 1ST QTR NET

Shr 22 cts vs 18 cts Net 803,708 vs 642,534 Sales 21.0 ln vs 18.8 mln NOTE: Per share figures adjusted for ten pct stock dividend paid August 1986. Reuter 

GTE CORP 1ST QTR SHR 78 CTS VS 86 CTS

RESDEL <RSDL.O> TO MERGE WITH SAN/BAR <SBAR.O>

Resdel Industries said it and San/Bar Corp has agreed to merge San/Bar into Resdel. The arrangement calls for San/Bar to spin-off assets of its Break-Free division to shareholders then exchange its own shares for Resdel stock at a ratio of one Resdel share for each San/Bar share held, Resdel said. Reuter 

MIDLANTIC <MIDL.O> TO ACQUIRE COUNTY BANCORP

Midlantic Corp said it agreed to acquire County Bancorp for about 23 mln dlrs in an agreement calling for County Trust Co, a County Bancorp subsidiary, to merge into Midlantic National Bank/North. Midlantic said it will pay 83.73 dlrs a share in cash, or 2.36 times County Bancorp's March 31 book value, for each of County's about 276,0000 shares outstanding. It said it received an option from three principal shareholders for 40 pct of County's outstanding. The acquisition is expected in the third quarter of 1987 and is subject to regulatory and shareholder approvals. Reuter 

PEOPLE'S SAVINGS BANK OF BROCKTON <PBKB.O>

Net 646,000 vs 470,000 Assets 173.0 mln vs 152.9 mln NOTE:Quarter ended March 31. The company completed conversion from mutual to stock form in October 1986, raising 14.1 mln dlrs in net proceeds through the sale of 2.3 mln shares of common stock. Reuter 

MICRO GENERAL CORP <MGEN.O> 4TH QTR LOSS

Period ended December 28. Shr nil vs loss six cts Net loss 6,319 vs loss 265,651 Revs 1,117,778 vs 1,090,001 Avg shrs 6,874,383 vs 4,323,614 Year Shr nil vs loss 10 cts Net profit 4,323 vs loss 432,458 Revs 4,711,350 vs 4,256,708 Avg shrs 6,837,871 vs 4,322,816 Reuter 

U.S. AUTOWORKERS SET FOR TOUGH BARGAINING ROUND

The United Automobile Workers Union, UAW, is asking local leaders to back a renewed drive for higher wages in upcoming bargaining with the car and other major industries while acknowledging that futher job losses are inevitable as traditional U.S. manufacturing shrinks. The UAW will begin bargaining this summer on new contracts covering some 380,000 members at General Motors Corp, the world's largest corporation, and nearly 110,000 members at Ford Motor Co, the number two U.S. automaker. National UAW labor contracts at both companies expire at midnight September 14. The union is expected to chose one of the companies as a possible strike target in early September to concentrate its efforts. UAW president Owen Bieber was loudly cheered by some 3,000 local delegates at a special bargaining strategy convention yesterday when he declared the union is ready to go to "war" against the major auto makers in support of its goals. "It takes two to make peace, but only one to make war ... and if it's war, the UAW will be ready for it. War against the insecurity of layoff," the UAW chief said. In a 101-page document proposing its 1987 collective bargaining program, the leadership of the 1.1 mln member union urged "full resumption of our traditional wage formula" as "a top priority in this round of bargaining." But the union concedes that increased foreign competition, new technology and shifts to low-cost offshore production by U.S. manufacturers will continue to cut the number of workers in the motor vehicle and agricultural equipment industries. Union leaders told Reuters the 1987 round of bargaining with GM and Ford will be one of the most difficult in the 51-year history of the union in view of GM's announced goal to close plants it deems non-competitive and to increase its purchase of parts from outside suppliers as part of a massive program to reduce its costs by 10 billion dlrs and reverse the profits decline it suffered the last two years. At Ford, where a record 3.3 billion dlrs in profits last year swelled its cash reserves past eight billion dlrs, analysts say the company's healthy position could make it a tempting target for the union in its drive to increase wages. Labor executives for both GM and Ford have said they will oppose any attempt to return to annual general wage increases that were dropped in 1982 when the Detroit-based industry was mired in a deep recession. But the UAW, pointing to a three pct pay increase to be implemented later this year in the contract it negotiated with Chrysler Corp after a 1985 strike, said it intends to seek full reinstatement of annual percentage wage increases in this year's bargaining with GM and Ford. Reuter 

GTE CORP <GTE> 1ST QTR MAR 31

Shr 78 cts vs 86 cts Net 265.0 mln vs 283.0 mln Revs 3.7 billion vs 3.6 billion Avg shrs 329.0 mln vs 319.0 mln Reuter 

MITEL <MLT> HAS TWO NEW PRODUCTS

Mitel Corp said it introduced two new digital telephone switching systems and additional applications software for its current product line. The new SX-2000s digital private branch exchange is a smaller version of the SX-2000, directed at line capacities of 100 to 500 telephone extensions. The other new product is the even smaller SX-50 for 30 to 100 telephones, with software specifications designed for the hotel and motel industry. Mitel said it has developed new software packages to "extend the data capabilities of the SX-2000 to high speed applications found in an IBM-type environment." Reuter 

GTE POSTS PRE-TAX LOSS OF 121 MLN DLRS IN 1ST QTR FOR 50 PCT SHARE OF US SPRINT

GROUP RAISES SCANDINAVIA FUND <SCF> STAKE

A shareholder group consisting of foreign investment firms and investors said it raised its stake in Scandinavia Fund Inc to 2,607,900 shares, or 40.0 pct of the total outstanding from 2,309,700 shares, or 35.4 pct. In a filing with the Securities and Exchange Commission, the group also said it is considering an informal offer made by Scandinavia Fund President Bjorn Carlson on March 31 which would grant it representation on the company's board. The group includes VBI Corp, a Turks and Caicos Islands investment firm, and Ingemar Rydin Industritillbehor AB, a Swedish investment firm, and Erik Martin Vik, a Norwegian investor, and Vik's son, Alexander. The group said VBI and the elder Vik bought a combined 298,200 Scandinavia Fund common shares since March 13 at prices ranging from 9.500 to 10.000 dlrs a share. Reuter 

SQUARE D CORP <SQD> 1ST QTR NET

Shr 79 cts vs 73 cts Net 22,901,000 vs 21,042,000 Sales 336.1 mln vs 334.1 mln Reuter 

TRITON <OIL> SAYS PARIS BASIN RESERVES UP 39 PCT

Triton Energy Corp said proven reserves of the Villespedue oil field in France's Paris Basin were estimated at a total of 67.5 mln barrels on March one, up 39 pct from 48.7 mln barrels on May 31, 1986. Triton said its 60 pct owned <Triton Europe Plc> subsidiary has a 50 pct interest in the field which is located 50 miles east of Paris. The other 50 pct is held by <Total Exploration S.A.>, the field's operator. Reuter 

TALKING POINT/IBM <IBM>

International Business Machines Corp has started the year aggressively, but industry analysts said the company still faces some tough rounds in its fight to stop a two-year earnings slump. "I am more impressed with what's happening at IBM than I have been in a long time," said PaineWebber analyst Stephen Smith. "But they're not out of the woods yet," he added. At 1.30 dlrs a share, IBM's first-quarter net income easily topped most estimates on Wall Street, which had ranged from an even dollar to 1.20 dlrs. Most analysts said they were pleasantly surprised by IBM's performance. But they indicated that IBM's chances for a full recovery hinged on several key factors whose impact will not be felt until later in the year. These include the success of IBM's new personal computer line, introduced two weeks ago, and its 9370 minicomputers, which will begin volume shipments in July. In addition, IBM has said the full benefits of its early-retirement program and other cost-cutting moves will emerge as the year progresses. Analysts noted that IBM chairman John F. Akers was relatively more upbeat in assessing the company's outlook than he has been for nearly a year. "Although the worldwide economic situation remains unsettled, there are some encouraging signs in our business," Akers said, pointing to, among other things, higher first-quarter shipments. "We remain optimistic about the prospects for both the industry and IBM," he said. "Akers was most encouraging," said PaineWebber's Smith. A weak dollar, a lower tax rate and strong mainframe computer sales all contributed to the better-than-expected first-quarter results, analysts said. "Shipments of the 3090 mainframes were very strong in March," after a weak January and February, said Ulric Weil of Washington-based Weil and Associates. Sales of the top-of-the-line mainframes, commonly called the Sierras, "bailed out the whole quarter," Weil said, adding, "If this continues, it augers well for the rest of the year." REUTER...^M 

SUNCOOK BANK MEETING ENJOINED BY COURT ORDER

BankEast Corp <BENH> said a state Superior Court enjoined <Suncook Bank> from delivering any notices of shareholder meetings until it produces a shareholder list. The order effectively prevents Suncook from holding any shareholder meetings until BankEast has a copy of its shareholder list, BankEast said. The order also gives BankEast, which is eyeing a takeover of the bank, 30 days to communicate with its shareholders of Suncook, it said. BankEast, which said it is a substantial stockholder in Suncook Bank, said the order came from the Merrimack County Superior Court. At the same time, it said the Bank of New Hampshire Corp's <BNHC> Bank of New Hampshire also has made a bid for Suncook Bank. Reuter 

MICRO MASK INC <NMS.O> 2ND QTR MAR 31 OPER LOSS

Oper shr loss 20 cts vs loss 63 cts Oper net loss 439,000 vs loss 1,347,000 Sales 6,303,000 vs 5,062,000 Six mths Oper shr loss 43 cts vs loss 1.02 dlrs Oper net loss 934,000 vs loss 2,333,000 Sales 12.1 mln vs 9,878,000 Note: oper data does not include 1986 losses from discontinued operations of 60,000 dlrs, or three cts per shr, in qtr and 151,000 dlrs, or seven cts per shr, in six mths. Reuter 

JAPANESE CRUSHERS BUY CANADIAN RAPESEEED

Japanese crushers bought 3,000 to 4,000 tonnes of Canadian rapeseed in export business overnight for last half May/first half June shipment, trade sources said. Reuter 

IRVING BANK <V> 1ST-QTR NET HURT BY BRAZIL

Irving Bank Corp said a six pct drop in first-quarter net income from a year earlier was largely the result of placing medium- and long-term loans to borrowers in Brazil and Ecuador on non-accrual status. Income in the first three months fell to 28.60 mln dlrs from 30.43 mln in the same 1986 period. Earnings per share dropped to 1.51 dlrs from 1.62. Irving put 215 mln dlrs of Brazilian and 33 mln dlrs of Ecuadorean loans on non-accrual, reducing first-quarter net income by a total of 4.4 mln dlrs after tax. Irving estimates full year net would be reduced by 15.3 mln dlrs after tax if no cash interest payments are received on these loans during the remainder of 1987. Also adversely affecting earnings were losses on the trading of securities and higher non-interest expenses, although these were partly offset by increased trust income, profits from foreign exchange trading and investment securities gains, the bank said. The allowance for loan losses was 224.8 mln dlrs, up from 185.2 mln a year earlier. The provision for loan losses was 21.8 mln versus 19.5 mln in the first quarter of 1986. Reuter 

ALZA <AZA> PLANS DEBENTURE OFFERING

Alza Corp said it plans to make an offering in Europe of 75 mln dlrs principal amount of 15-year convertible subordinated debentures. The company said it expects the annual coupon rate of the bonds to be between 5-1/2 pct and 5-3/4 pct. It said the bonds will be convertible into Alza common stock at an expected premium of between 17 and 22 pct of the share price on the pricing date. Alza also said it expects the debentures will be listed on the Luxembourg Stock Exchange. Reuter 

MORGAN STANLEY ISSUES WARRANTS INTO JAPANESE FIRM

Morgan Stanley (Jersey) Ltd is issuing 45,000 covered equity warrants exercisable into shares of Japan Synthetic Rubber Co Ltd at an issue price of 212 Swiss francs per warrant, lead manager Morgan Stanley SA said. The initial exercise price is 494 yen per share and final maturity is February 4, 1992. The issue price represents a premium of 6.57 pct over the stock's closing price of 653 yen. Each warrant is exercisable into 100 shares of common stock of Japan Synthetic Rubber. The exercise period is June 5, 1987 to February 4, 1992. REUTER 

ALLEGHENY/WESTERN ENERGY <ALGH.O> UPS PAYOUT

Qtly div 7-1/2 cts vs six cts prior Pay June 3 Record May 15 NOTE: Full name Allegheny and Western Energy Corp. Reuter 

STANDARD <SRD>,MOBIL <MOB>PLAN OFFSHORE PLATFORM

Standard Oil Co said a contract has been awarded to <CBS Engineering Inc> for a drilling and production platform to be installed in Ewing Bank Block 826 in the Gulf of Mexico where Standard and Mobil Corp each own a 40 pct interest. Standard said its Standard Oil Production Co subsidiary will operate the platform which is being designed to produce 15,000 barrels of oil and 50 mln cubic feet of gas daily. The platform is now expected to be installed in the summer of 1988. Other owners are Kerr-McGee Corp <KMG> with 16.66 pct and <Prudential Insurance Co of America> with 3.34 pct. Reuter 

MOODY'S DOWNGRADES TEXACO'S 8.2 BILLION DLRS OF DEBT TO 'CAA'

UNITED TELECOMMUNICATIONS INC 1ST QTR SHR 13 CTS VS 47 CTS

<COAST R.V. INC> 1ST QTR NET

Shr profit one ct vs loss 28 cts Net profit 23,000 vs loss 725,000 Sales 20.6 mln vs 18.5 mln Avg shrs 3,959,011 vs 2,608,571 Reuter 

U.S. FEBRUARY TRADE TO BE REPORTED ON NEW BASIS

The February monthly merchandise trade figures to be reported Tuesday by the Commerce Department will be on a new basis reflecting more recent data, so avoiding future revisions of the monthly figure, Commerce officials said. The overall January deficit of 14.8 billion dlrs will be revised, but the February figure will be a final one, officials said. Previously, the initial monthly figure has had to be revised in subsequent months because of the time lag between the report and the compiling of final estimates on imports and exports. The reporting of the February trade data was delayed several weeks to permit gathering latest figures on imports and exports to give a clearer picture of the monthly trade balance. Reuter 

REVLON <REV> AND MACANDREWS AND FORBES TO MERGE

<MacAndrews and Forbes Group> and Revlon Group Inc <REV> said that they have entered into a definitive mergewr agreement where MacAndrews will acquire Revlon at 20.10 dlrs per common share in cash. MacAndrews said it increased its offer to purchase all Revlon common shares to 20.10 dlrs a share, from its April 1 offer of 18.50 dlrs a share. Following consummation of the offer, a unit of MacAndrews will merge into Revlon and each remaining share will be converted into the right to receive 20.10 dlrs per share in cash, the companies said. Revlon said its board of directors unanimously approved the merger agreement. MacAndrews and Revlon also said they have reached a settlement with the plaintiff in the pending litigation challenging acquisition of the shares by MacAnrews. The companies said the tender offer and withdrawal rights will expireon Tuesday April 28, unless extended. MacAndrews said it will promptly file revised tender offer material with the Securities and Exchange Commission. Drexel Burnham Lambert Inc is acting as dealer-manager for the offer, the companies said. Revlon currently has about 42 mln shares outstanding. The current offer price is about 782 mln dlrs, a company spokesman said, up from the previous offer of 720 mln dlrs. On April 1, MacAndrews and Forbes, owned by Ronald Perelman, offered 18.50 dlrs a share for the 63 pct of Revlon shares he did not already own. Since the offer was made over a dozen shareholder lawsuits were brought against Revlon alleging the original offer was too low. But, the companies said these lawsuits have been settled in the amended offer. Reuter 

REAL ESTATE FIRM CUTS INTERMAGNETICS<INMA> STAKE

Roland International Corp, a Coconut Grove, Fla., real estate development company, said it cut its stake in Intermagnetics General Corp to 308,400 shares, or 4.8 pct of the total outstanding, from 358,400 shares, or 5.6 pct. In a filing with the Securities and Exchange Commission, Roland said it sold 50,000 shares on Feb 4 at 5.13 dlrs each. As long as Roland's stake in Intermagnetics General is below five pct, it is not required to report any further dealings in the company's stock. Reuter 

DATA TECHNOLOGY SETS INITIAL STOCK OFFERING

Data Technology Corp said it registered with the Securities and Exchange Commission to make an initial public offering of 1,700,000 shares of common stock. It said all the shares will be offered by the company at an anticipated price of between eight and ten dlrs per share. The offering will be managed by Hambrecht and Quist Inc and Smith Barney, Harris Upham and Co Inc. Data Technology designs, develops and markets intelligent storage controllers and chips sets, primarily for use in IBM-compatible personal computers. Reuter 

DHL WORLDWIDE EXPRESS BROADENS NETWORK

<DHL Worldwide Express> added 35 overseas and 10 domestic service centers to its delivery network. The private air express company said one of the additions includes the German Democratic Republic (East Germany), bringing to eight the number of Eastern Bloc countries it serves. Reuter 

USG <USG> TO ASK INCREASE IN AUTHORIZED SHARES

USG Corp in a proxy for its May 13 annual meeting said it will ask shareholders to increase the authorized common shares to 300 mln from 100 mln and the preferred shares to 36 mln from 12 mln. The company said it there were insufficient shares available for a two-for-one stock split, although it said there were no plans to take such action. It said the availability of additional shares could discourage an attempt to obtain control of the company. But USG said it is unaware of any pending takeover attempt. As of April 1, 1987, USG said there were 51,128,191 shares of its common stock outstanding. It said 784,350 shares were reserved for issuance under various stock option plans. Of the 12 mln authorized shares of preferred stock, it said 124,641 shares of 1.80 dlrs Convertible Preferred Stock was issued and outstanding and an additional 6,800,000 shares were reserved for issuance as Junior Participating Preferred Stock, Series A, 1.00 dlr par value a share. USG also said shareholders will be asked to approve an amendment to its restated certificate of incorporation that includes staggered election of directors and the requirement of an 80 pct vote on certain mergers and asset sales or leases. The company also is asking shareholders to approve an amendment limiting the liability of directors. Reuter 

FIRST COMMERCE CORP <FCOM> 1ST QTR NET

Shr 40 cts vs 31 cts Net 5,151,000 vs 4,078,000 Reuter 

DATAPRODUCTS <DPC> TO BUY IMAGING SOLUTIONS

Dataproducts Corp said it signed a letter of intent to acquire the Imaging Solutions Inc unit of Reliance Electric Co under undisclosed terms. This acquisition will give it all rights to proprietary solid and liquid ink technologies which had been developed by a joint venture operated by it and Exxon Corp <XON>, Dataproducts said. It said Imaging Solutions, formerly named Exxon Printing Systems Inc, had been a Reliance Electric Co subsidiary. But Reliance recently became an independent company as the result of a leveraged buyout from its former owner, Exxon. Reuter 

JANNOCK <JN.TO> ACQUIRES HALF-STAKE IN PRINTER

Jannock Ltd said its Jannock Imaging Co Ltd unit acquired a 50 pct stake in Arthurs-Jones Lithographing Ltd, of Toronto, for undisclosed terms. It said the acquisition would lift Jannock Imaging revenues to 50 mln dlrs this year. It did not specify Arthurs-Jones' 1986 revenues. Reuter 

PRESIDENTIAL AIRWAYS <PAIR.O> UNIT ADDS SERVICE

Presidential Airways said its Continental Jet Express will begin daily non-stop service between Dulles International Airport here and Akron/Canton, Ohio, and the Lexington/Frankfort area of Kentucky. Presidential reiterated its marketing agreement with Texas Air Corp's <TEX> Continental Airlines on Jan 12 which calls for Presidential to do business as Continental Jet Express. Reuter 

NORTHERN TRUST <NTRS.O> FILES SHELF

Northern Trust Corp said it filed with the Securities and Exchange Commission to offer up to 150 mln dlrs of debt securities. The company said it may sell the securities through underwriters, who may include Goldman Sachs and Co, or directly to other purchasers. Proceeds will be used for general purposes, which may include possible acquisitions, refunding outstanding securities and repaying short-term debt, the bank holding company said. Reuter 

NORTHERN TRUST <NRTS> FILES FOR SHELF DEBT

Northern Trust Corp said it filed with the Securities and Exchange Commission a shelf registration statement covering up to 150 mln dlrs of debt. Proceeds will be used for possible future acquisitions, the repayment of outstanding debt and general corporate purposes. The company said Goldman, Sachs and Co may underwrite the deal. Reuter 

MARK IV INDUSTRIES INC <IV> 4TH QTR FEB 28 NET

Shr 30 cts vs 17 cts Net 2,526,000 vs 1,452,000 Revs 71.9 mln vs 25.2 mln Year Shr 1.20 dlrs vs 68 cts Net 10.2 mln vs 4,738,000 Revs 291.5 mln vs 83.0 mln Avg shrs 8,511,000 vs 6,983,000 NOTE: Current periods include gain of 299,000 dlrs in qtr and 1.2 mln dlrs in year from changes in pension accounting. Year-ago shr figures restated for 3-for-2 splits paid June 1986 and January 1987. Reuter 

PACIFIC NUCLEAR SYSTEMS <PACN.O> WINS CONTRACT

Pacific Nuclear Systems Inc said its Nuclear Packaging Inc unit won a contract with the U.S. Department of Energy worth up to 2.3 mln dlrs. The company said the initial phase of the contract was awarded for 1.2 mln dlrs, with an optional second phase for 1.1 mln dlrs. Under the pact, Pacific Nuclear will design, license and fabricate two truck casks and trailers for defense program wastes. The contract wil begin immediately, with the first cask delivery planned for May, 1989. Reuter 

AEQUITRON <AQTN> WRONGFUL DEATH SUIT DISMISSED

Aequitron Medical Inc said that a wrongful death suit in which the company was named as a defendant has been voluntarily dismissed with prejudice by the plaintiffs. The suit, asking one mln dlrs in damages, was originally filed in U.S. district court in Atlanta in August 1986, it said. It alleged that the defective performance of an Aequitron respiration and heart rate monitor resulted in the death of an infant in October 1985. Under terms of the settlement, the plaintiffs released their rights to any further legal proceedings against Aequitron, it said. In return, Aequitron said it agreed to release the plaintiffs from any claims for costs or attorneys fees. "The dismissal with prejudice, and the plaintiffs' retraction of all claims against Aequitron, support our original contention that this suit was without merit," the company said. Reuter 

ELECTROHOME <EL.X.TO> TO SELL UNIT

Electrohome Ltd said it agreed to sell certain assets of the computer service sector of its AABEX service division to Canadian General Electric Co Ltd <CGE.TO>. Terms were not disclosed. The closing date is expected to be May 1, 1987. Reuter 

SALICK HEALTH CARE INC <SHCI.O> 2ND QTR NET

Period ended February 28. Shr 14 cts vs 10 cts Net 741,000 vs 510,000 Revs 5,980,000 vs 4,836,000 Six Mths Shr 29 cts vs 20 cts Net 1,556,000 vs 1,080,000 Revs 12.2 mln vs 9,214,000 Reuter 

LASER PHOTONICS INC <LAZR.O> CLOSES SALE

Laser Photonics Inc said it completed a previously announced sale of 615,385 shares, or 18 pct, of its common stock to a group of investors for one mln dlrs. A 400,000 dlrs loan made by the investors was repaid out of the proceeds, it said. It also said it restructured its board to include three members designated by the investors, including Pierre Schoenheimer, Roger Kirk and Leonard Lichter. Reuter 

AMSOUTH BANCORP <ASO> SETS EXCHANGE RATIO

AmSouth Bancorp said it will issue about 3,166,000 shares of stock to acquire First Tuskaloosa Corp. Under a previously announced merger agreement, Amsouth offered 66 dlrs a share in Amsouth stock for First Tuskaloosa. The company said First Tuskaloosa shareholders will receive 1.978825 shares of Amsouth stock for each First Tuskaloosa share held when the merger is effected April 17. First Tuskaloosa has assets of more than 425 mln dlrs. Amsouth's assets are about six billion dlrs. Reuter 

VOPLEX CORP <VOT> 1ST QTR MAR 31

Shr 25 cts vs 23 cts Net 670,105 vs 599,107 Revs 21.4 mln vs 20.1 mln Reuter 

ROYAL PALM SAVINGS <RPAL.O> NAMES PRESIDENT

Royal Palm Savings said it named Joseph Burgoon as president, a position which has been vacant since Jay Rosen left it in December 1985 to pursue other business ventures. Burgoon most recently served as executive vice president and chief operating officer of Cardinal Federal Savings Bank of Cleveland. Reuter 

HADSON CORP <HADS.O> COMPLETES ACQUISITION

Hadson Corp said it completed the acquisition of 85 pct of the Seaxe Energy Corp's <SEAX.O> common stock for 182,415 shares of Hadson's stock. Seaxe is engaged in international oil and gas exploration and development primarily in the Paris basin of France. Reuter 

HUGH KEITH <HKME.O> COMPLETES ACQUISITION

Hugh Keith Mobile Enterprises Ltd said it completed the acquisition of 59 acres of land adjacent to its mobile home park near Stuart, Fla., for 850,000 dlrs in cash and notes. Reuter 

ARRAYS <ARAY> COMPLETES MERGER

Arrays Inc said it completed its merger with Haba Systems Inc. Terms of the merger called for each share of Arrays to be exchange for a share of Haba in a transaction valued at 4.1 mln dlrs, the company said. Both companies produce and market microcomputer software. Reuter 

CONSUL <CNSL.O> EXTENDS EXCHANGE DEADLINE

Consul Restaurant Corp said it extended the deadline of its exchange offer for its 13 pct convertible debentures due 1992 to 1700 CDT April 24. The offer originally was scheduled to expire April 13. It said investor response to the offer has been favorable, but a higher exchange level is needed if the company is to meet its 90 pct acceptance level. On March 16 Consul offered to exchange each 1,000 dlr face value of bonds for 10 shares of preferred stock, convertible after Dec 1, 1987 into a total of 500 shares of common stock. In addition, tendering and non-tendering investors will receive the bonds' May One interest payment in common stock. Reuter 

MICHAEL FOODS NAMES PRESIDENT

Michael Foods Inc, a newly formed multi-regional food processing and distribution company, said it named Richard Olson as president and chief executive officer. Olson, a former vice president of food service for Pillsbury Co <PSY>, most recently was president of Fil-Mor Express Inc, a transportation company. Michael Foods' three subsidiaries in 1986 had combined sales of 153.3 mln dlrs. Reuter 

FRANKLIN MASSACHUSETTS SETS MONTHLY PAYOUT

Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin Massachusetts Insured Tax-Free Income Fund. Reuter 

FRANKLIN MINNESOTA SETS MONTHLY PAYOUT

Mthly div 6.6 cts vs 6.6 cts prior Pay April 30 Reord April 15 NOTE: Franklin Minnesota Insured Tax-Free Income Fund. Reuter 

FRANKLIN INSURED SETS MONTHLY PAYOUT

Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Insured Tax-Free Income Fund. Reuter 

FRANKLIN OHIO SETS MONTHLY PAYOUT

Mthly div 6.1 cts vs 6.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Ohio Insured Tax-Free Income Fund. Reuter 

FRANKLIN PUERTO RICO SETS MONTHLY PAYOUT

Mthly div 7.1 cts vs 7.1 cts prior Pay April 30 Reord April 15 NOTE: Franklin Puerto Rico Tax-Free Income Fund. Reuter 

FRANKLIN CALIFORNIA SETS MONTHLY PAYOUT

Mthly div 6.5 cts vs 6.5 cts prior Pay April 30 Reord April 15 NOTE: Franklin California Insured Tax-Free Income Fund. Reuter 

BANK OF ENGLAND TO MONITOR WHEN-ISSUED TRADING

The Bank of England will step up reporting requirements for primary dealers in U.K. Government gilts during the when-issued trading period in between the date an auction is announced and the date the sale is actually held. In its document on the auctions, the Bank said "The Bank is content for such (when-issued) trading to cevelop subject to certain conditions, in particular for predential supervision of the credit risk to which the gilt-edged market makers and Inter-dealer brokers may become exposed." The Bank is widely expected to require dealers to report wehn-issued trading positions on a daily basis. When-issued trading presents certain unusual risks because dealers are buying and selling a security that technically does not exist although there is no uncertainty about when it will be issued. Still, the fact there is no physical delivery possible presents certain credit risks as well. The Bank is widely expected to expand its reporting requiremenmts for unsettled trades, requiring firms to report unsettled when-issued trades one day after they occur. Normally, unsettled trades must be reported three days after they occur. REUTER 

CANADA STOCKS/DOME PETROLEUM LTD <DMP>

Dome Petroleum Ltd shares moved higher in the U.S. and Canada after TransCanada PipeLines Ltd <TRP> made a 4.3 billion Canadian dlr bid for Dome and Dome said it is in talks with two other unidentified companies. Market speculation is that the other two potential bidders are not Canadian companies and DuPont's <DD> Conoco and Atlantic Richfield Co <ARC> are mentioned as possibilities, Wilf Gobert of Peters and Co Ltd said. Dome rose 1/4 to 1-1/8 on the American Stock Exchange. TransCanada PipeLines was down 1/4 at 15-3/4 on the New York Stock Exchange. Dome was the most active stock on the Toronto exchange at 1.50 dlrs per share, up 37 cts. Gobert characterized the market action in Dome as "awfully optimistic" but said investors are hoping for a competing offer to the shareholders. TransCanada PipeLines' offer is to Dome management, not to shareholders. However, it proposes issuing new equity in a subsidiary that would operate Dome assets. Current Dome shareholders would own 20 pct of the new subsidiary. Reuter 

UNITED TELECOMMUNICATIONS INC <UT> 1ST QTR NET

Shr 13 cts vs 47 cts Net 13,492,000 vs 46,417,000 Revs 720.2 mln vs 793.6 mln Avg shrs 99,085,000 vs 96,804,000 NOTE: Per-share results reflect payment of preferred dividend requirements Reuter 

HOECHST PLANS OFFERING TO FINANCE MERGER DEBT

Hoechst Celanese Corp, a recently formed subsidiary of Hoechst AG of Frankfurt, West Germany, filed with the Securities and Exchange Commission for a 500 mln dlr debt offering to repay part of its merger debt. Hoechst, which acquired Celanese Corp on Feb 27, said it plans to offer 200 mln dlrs of notes due 1997 and 300 mln dlrs of debentures due 2017 to repay part of the debt incurred in the takeover. A group led by First Boston Corp will underwrite the offering, the company said. Reuter 

FIRST PENNSYLVANIA CORP <FPA> 1ST QTR NET

Shr 15 cts vs 13 cts Net 8,753,000 vs 7,804,000 Avg shrs 32.6 mln vs 23.2 mln NOTE: Includes gains of 4.1 mln dlrs or 12 cts vs 3.3 mln dlrs or 15 cts from tax loss carryforwards. Reuter 

<CLARK COPY INTERNATIONAL> BUYS W. GERMAN STAKE

Clark Copy International Corp said it acquired a majority interest in Datagraph GMBH of Lich, West Germany. The acquisition was made through Clark Copy's majority owned subsidiary Interactive Computer Aids of Norway. No price was disclosed for the acquisition. Clark Copy said worldwide sales for Datagraph, which makes color graphics workstations, were 10 mln dlrs for the year ended Dec. 31, 1986. Reuter 

ENTRE COMPUTER CENTERS INC<ETRE.O> 2ND QTR LOSS

Ended Feb 28 Shr loss 29 cts vs profit 10 cts Net loss 2,733,000 vs profit 911,000 Revs 21.5 mln vs 18.5 mln Six mths Shr loss 23 cts vs profit 26 cts Net loss 2,154,000 vs profit 2,445,000 Revs 37.8 mln vs 37.7 mln Reuter 

GTE <GTE> CITES LOSS OF SPRINT

GTE Corp said the decline in its first quarter net income reflects a 121 mln dlr loss from its 50 pct share ownership of U.S. Sprint's operations. This loss is an increase from the 60 mln dlrs loss reported on operations GTE owned a year ago quarter and prior to entering a joint venture with United Telecommunications <UT> in July 1986. Under the joint venture, each company owns 50 pct of Sprint. Earlier, the company reported net income declined to 265.0 mln dlrs from 283.0 mln dlrs in the first quarter a year ago. Theodore Brophy, chairman of GTE said, "we expect US Sprint's losses to diminish later this year as customer traffic migrates to the new fiber-optic network for long distance telecommunications. The reason for the higher losses reflect lower prices as well as higher operating costs related, in part, to the fraudalent use of the network. Operating income of its telephone operations, which account for 91 pct of the total, rose eight pct to 736.0 mln dlrs. Revenues from telephone operations rose eight pct to 2.9 billion dlrs. Reuter 

PENN PACIFIC <PPAC.O> TO SELL DEBT OUTSIDE U.S.

Penn Pacific Corp said it plans to place about two mln dlrs of convertible debentures with persons outside the U.S. through Euro Continental Securities. The offering will not be registered within the U.S., the company said. It also said it is discussing placing additional convertible debentures with London-based financial institutions. Reuter 

GOODYEAR <GT> TO SELL CELERON

Goodyear Tire and Rubber Co said it expects to sell its Celeron Corp oil and gas subsidiary for about two billion dlrs in about two months. After the company's annual meeting, Rober Mercer, Goodyear's chairman and chief executive officer, also said Goodyear expects to report a profit of more than one dlr a share from continuing operations in the first quarter. In the same year-ago period, Goodyear reported a loss of 64 cents a share from continuing operations. Mercer said about seven companies are interested in buying Celeron and they may form a consortium to buy the unit. Celeron consists of oil and gas reserves and an almost complete pipeline linking drilling operations in Santa Barbara, Calif., to Texas refineries. Mercer said Celeron's reserves would not be sold separately from the pipeline. Concerning speculation that two billion dlr price tag for Celeron was too high, Mercer said "There is no fire sale going on here and we can continue to keep Celeron as a profitable operation throughout the year." Mercer said the expected 1st quarter operating profit was based on the new share total after Goodyear's share repurchase last year to fend off Sir James Goldsmith's hostile takeover bid. Reuter 

PROPOSED OFFERINGS RECENTLY FILED WITH THE SEC

The following proposed securities offerings were filed recently with the Securities and Exchange Commission: Northern Trust Corp <NTRS> - Shelf offering of up to 150 mln dlrs of debt securities, including senior and subordinated securities, on terms to be determined at the time of the sale through Goldman, Sachs and Co. GardenAmerica Corp <GACO> - Secondary offering of 489,764 shares of common stock through Montgomery Securities. Reuter 

BANKAMERICA <BAC> NAMES NEW GROUP VICE CHAIRMAN

BankAmerica Corp said it named Richard Rosenberg as vice chairman and head of a newly designated California Banking Group. Rosenberg had been president and chief operating officer of BankAmerica's Seafirst Corp. Seafirst Chairman Richard Cooley will resume the additional duties of president. Rosenberg will report directly to BankAmerica Chairman A.W. Clausen. He will be responsible for BankAmerica's California banking activities and will serve on the bank's Managing Committee and on its Money and Loan Policy Committee. BankAmerica said the creation of the California Banking Group is a refinement of what had been called the Retail Bank and is intended to improve the development and delivery of services and products in California. BankAmerica President and Chief Operating Officer Thomas Cooper had been acting as head of California Operations previously. BankAmerica said Cooper will continue to lead its aggressive cost reduction and operating improvements program. Before joining Seafirst, Rosenberg had been vice chairman of Crocker National bank and before that of Wells Fargo Bank. Reuter 

NEW ENGLAND SAVINGS BANK <NESB> 1ST QTR NET

Shr 44 cts vs not given Net 3,499,000 vs 2,295,000 NOTE: Converted to stock ownership Aug 1, 1986. Reuter 

AMERICAN NATIONAL CORP <FNB> 1ST QTR NET

Net 12.8 mln vs 12.2 mln Loans 2.8 billion vs 2.5 billion Deposits 3.2 billion vs 2.9 billion Assets 4.5 billion vs 3.8 billion NOTE: American National Corp is a wholly-owned subsidiary of First Chicago Corp. Reuter 

AB ASTRA SHARE SPLIT TO WIDEN FOREIGN OWNERSHIP

AB Astra <ASTS.ST> said it was proposing a two-for-one share split and the issue in June of a new series of foreign-targeted shares with lower voting rights as part of a strategy to internationalise the company. The deal, which requires Swedish government approval, will raise the percentage of foreign voting rights allowed in the medical group to 22.5 pct from 20 pct, Astra said. An extraordinary meeting of Astra's board proposed the creation of B free shares open to foreign buyers with one tenth of a voting right per share. At present, Astra stock consists of one series of restricted shares and one of free shares. Reuter 

CHAMBERS DEVELOPMENT <CDV> SIGNS PACT

Chambers Development Co Inc said it signed an easment and license agreement with the Passaic County Utilities Authority for the disposal of nonhazardous solid waste from Passaic County, N.J. Chambers said it expects the agreement to generate 12 mln dlrs a year throughout its term. The company said according to the agreement it will accept municipal waste generated in Passaic County for disposal until the county's planned waste-to-energy facility is operational within the next five years. Chambers said it and the Passaic Authority also entered into agreements with <Penpac Inc> who will transport the waste to Chambers' landfills. The company said all agreements are sunbject to approval of the New Jersey Board of Public Utilities and the New Jersey Department of Environmental Protection. Reuter 

CORRECTED-<NATIONAL WESTMINSTER BANK USA>1ST QTR

Net 17.7 mln vs 15.3 mln NOTE: <National Westminster Bank PLC> subsidiary. Loan loss provision 13.8 mln vs 13.0 mln Investment securities gains 2,003,000 dlrs vs 169,000 dlrs. Figures in dollars. Corrects name to subsidiary from parent. Reuter 

TURKEY SEEN UNLIKELY TO JOIN EC THIS CENTURY

Turkey, which tomorrow will formally apply to join the European Community, faces major obstacles in its bid and is unlikely to become the bloc's 13th member before the year 2,000, EC officials said. Turkey's move comes as no surprise, but some officials said the application from a relatively poor country with most of its territory in Asia rather than Europe was likely to spark a long process of soul-searching among the EC's current members about what kind of European Community they wanted in the long term. Officials echoed the view of diplomats in Ankara that Turkey's move put the EC in the dilemma of wanting to make clear it values Ankara as an ally in the NATO alliance, but sees huge problems in accepting it as a fellow EC member. They said industrialised Community members have tried to dissuade Turkey from making the long-discussed formal application until the EC had had more time to digest the accession of Spain and Portugal last year. Several also feel Ankara and the EC should first fully implement a 23-year-old association agreement between them before Turkey becomes a full member. REUTER 

THE ONE BANCORP <TONE> 1ST QTR NET

Shr 76 cts vs 51 cts Net 5,952,000 vs 4,374,000 Avg shrs 7,837,511 vs 7,446,356 NOTE: Includes gains of 1.3 mln dlrs vs 239,000 dlrs from benefit of tax loss carryforwards. Includes operations of Bank of Hartford, acquired Feb 23. Year-ago shr figures reflect 2-for-1 split on April 15, 1986. Reuter 

NOR-QUEST <NQRLF> MAKES BID FOR NORTHAIR <NRM.TO>

Nor-Quest Resources Inc said it will make a takeover offer to acquire all shares of Northair Mines Ltd on the basis of one Nor-Quest share plus one dlr for two shares of Northair. Nor-Quest said it plans to bring Northair's Willa Mine in the Nelson area of British Columbia into production using Nor-Quest's recently acquired 1200-ton per day mill located in the area. Reuter 

MORGAN STANLEY ISSUES WARRANTS INTO JAPANESE FIRM

Morgan Stanley (Jersey) Ltd is issuing 45,000 covered equity warrants exercisable into shares of Japan Synthetic Rubber Co Ltd at an issue price of 212 Swiss francs per warrant, lead manager Morgan Stanley SA said. The initial exercise price is 494 yen per share and maturity is February 4, 1992. The issue price represents a premium of 6.57 pct over the stock's closing price of 653 yen. Each warrant is exercisable into 100 shares of common stock of Japan Synthetic Rubber. The exercise period is June 5, 1987 to February 4, 1992. REUTER 

ARISTECH <ARS> SAYS 1ST QTR SHR ESTIMATE RIGHT

Aristech Chemical Corp chairman and chief executive officer Thomas Marshall said analysts' estimates of its 1987 fiscal year earnings of 2.25 dlrs to 2.50 dlrs per share are about right. Addressing a gathering of analysts and institutional investors, Marshall also said that analysts' estimates of its first qtr earnings - 50 cts to 55 cts per share - were "in the ballpark." Marshall said the full year estimates represent more than a 32 pct increase over 1986's fiscal year net of 1.70 dlrs per share. He also said the first quarter estimates were 70 pct higher than 1986's first quarter net of 29 cts per share. Marshall attributibuted the first quarter earnings growth to several factors, including sustained demand in Aristech's major domestic markets and continued growth in exports. Aristech plans to spend approximately 200 mln dlrs over in capital investments over the next three years, Marshall added. Reuter 

UNITED TELECOM <UT> REPORTS US SPRINT LOSS

United Telecommunications Inc said its lower first quarter earnings included a loss of 63,055,000 dlrs from its equity in US Sprint. US Sprint was formed July 1, 1986, as a partnership which combined United Telecommunications' long distance voice and data operations with those of GTE Corp <GTE>. Earlier, United Telecommunications reported first-quarter earnings of 12.6 mln dlrs, or 13 cts a share compared to 46.4 mln dlrs, or 47 cts a share a year ago. Revenues declined to 720.2 mln dlrs from 793.6 mln dlrs. United Telecommunications said the transition of US Sprint's nationwide fiberoptic network is proceeding ahead of schedule. It said the transition to the fiber network from interim networks would not only reduce operating costs in the second half of 1987, but also assist in controlling unauthorized network use. Reuter 

ITALY'S BNL SIGNS ACCORD WITH TWO SOVIET BANKS

State bank Banca Nazionale Del Lavoro, BNL, said it signed a joint venture accord with the Bank for Foreign Trade of the USSR and the State Bank of the USSR in the financial services field. BNL said in a statement that the banks will provide a broad range of corporate finance services for joint Italian-Soviet industrial ventures. The bank said it is studying the formation of a jointly owned company with the Soviet banks. Earlier today, state bank Banca Commerciale Italiana, BCI, said it and Mediocredito Centrale will sign a financial services joint venture with Soviet banks Gosbank and Vneshtorgbank. REUTER 

APOLLO COMPUTER <APCI.O> IN PACT WITH INFERENCE

Apollo Computer Inc said it has entered into a joint marketing agreement with <Inference Corp> whereby Apollo will join with Inference to market Inference's Automated Reasoning Tool software on Apollo workstations. Reuter 

CANADA APPROVES U.S. GAS EXPORTS BY PROGAS

ProGas Ltd was issued an export licence to sell 10.3 billion cubic meters of natural gas to Ocean State Power Co of Burrillville, Rhode Island, the federal energy department said. The sale, covering a 20 year period beginning May 1, 1989, was previously recommended by the National Energy Board. Contract terms were not released. Reuter 

TEXACO'S <TX> DEBT DOWNGRADED TO CAA BY MOODY'S

Moody's Investors Services Inc said it downgraded about 8.2 billion dlrs of debt of Texaco Inc and its units. Moody's cited Texaco's filing under Chapter 11 of the Bankruptcy Code on Sunday. The filing was made in the names of Texaco Inc, Texaco Capital Inc and Texaco Capital N.V., Moody's noted. The ratings downgraded to Caa from Ba-1 included Texaco's senior unsecured debt, Texaco Capital Inc's and Texaco Capital N.V.'s senior unsecured debt and industrial revenue and pollution control bonds. Moody's reduced to Caa from Ba-3 Texaco Capital N.V.'s convertible subordinated Eurodebentures. The agency said they also lowered to Caa from Ba-1 the ratings on Getty Oil Co's notes and Getty Oil International N.V.'s Eurobonds. Pembroke Capital Co Inc's debt remains under review. Moody's noted that Texaco guaranteed these debt issues when they were first brought to market. Reuter