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<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8914" NEWID="4001">
<DATE>11-MAR-1987 18:04:17.59</DATE>
<TOPICS></TOPICS>
<PLACES><D>canada</D></PLACES>
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d f BC-INCO-SEES-NO-MAJOR-IM 03-11 0133</UNKNOWN>
<TEXT>
<TITLE>INCO SEES NO MAJOR IMPACT FROM DOW REMOVAL</TITLE>
<DATELINE> TORONTO, March 11 - </DATELINE><BODY>Inco Ltd said it did not expect its
earlier reported removal from the Dow Jones industrial index to
make a major impact on the company's stock.
"We don't think that individuals or institutions buy our
shares because we were one of the Dow Jones industrials,"
spokesman Ken Cherney said in reply to a query.
Inco closed 1-3/8 lower at 19-3/8 in second most active
trading on the Toronto Stock Exchange.
The Wall Street Journal, which selects the index, said Inco
was dropped to make the index more representative of the
market. Inco, the non-Communist world's largest nickel
producer, was a member of the index since 1928.
Replacing Inco and Owens-Illinois Inc will be Coca-Cola Co
and Boeing Co, effective tomorrow.
Nickel analyst Ilmar Martens at Walwyn Stodgell Cochran
Murray Ltd said Inco's removal from the index would likely
spark short-term selling pressure on the stock.
"Some investors who have Inco may suddenly say, 'well,
because it's not now a Dow stock, we should eliminate that
investment,'" said Martens, although he added the move was
unlikely to have a serious long-term impact on Inco stock.
Inco has struggled in recent years against sharply lower
nickel prices. Its net earnings fell to 200,000 U.S. dlrs in
1986 from 52.2 mln dlrs the previous year.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8915" NEWID="4002">
<DATE>11-MAR-1987 18:06:47.22</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
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<UNKNOWN>
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d f BC-FORMER-EMPIRE-OF-CARO 03-11 0107</UNKNOWN>
<TEXT>
<TITLE>FORMER EMPIRE OF CAROLINA <EMP> EXEC SENTENCED</TITLE>
<DATELINE> NEW YORK, March 11 - </DATELINE><BODY>Mason Benson, former president and
chief operating officer of Empire of Carolina Inc, a toy maker,
today was sentenced in Manhattan federal court to a year and
one day in jail for his involvement in a kickback scheme.
Benson pleaded guilty to charges of conspiracy, tax
evasion, filing false corporate tax returns and defrauding the
company's shareholders. He was also fined 5,000 dlrs.
Benson was charged with demanding kickbacks from sales
representatives who were asked to turn over a portion of their
commisisons as a condition for doing business with Empire.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8916" NEWID="4003">
<DATE>11-MAR-1987 18:09:39.66</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
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<UNKNOWN>
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h f AM-AIDS 03-11 0095</UNKNOWN>
<TEXT>
<TITLE>DOCTORS FIND LINK BETWEEN AIDS, SMALLPOX VIRUS</TITLE>
<DATELINE> BOSTON, March 11 - </DATELINE><BODY>In a discovery that could complicate the
search for an AIDS vaccine, a team of U.S. Army doctors said
they have uncovered a potentially-fatal interaction between the
AIDS virus and a virus used to protect against smallpox.
Physicians at the Walter Reed Army Institute of Research
said a 19-year-old man, who apparently had been exposed to the
AIDS virus, developed a pox-like disease and died after
receiving the smallpox vaccine. The military now tests recruits
for AIDS before vaccinating them.
The findings, reported in The New England Journal of
Medicine, are significant because scientists have begun working
on an AIDS vaccine that relies on the smallpox vaccine.
"Our case report raises provocative questions concerning
the ultimate safety of such vaccines," said the group led by
Dr. Robert Redfield.
The report also throws into question the belief held by
some scientists that the smallpox vaccine, which exposes people
to a milder, protective form of the disease known as cowpox,
could be further modified to protect people against a host of
other diseases.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8917" NEWID="4004">
<DATE>11-MAR-1987 18:13:59.93</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
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<UNKNOWN>
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f0860reute
d f AM-CANCER 03-11 0107</UNKNOWN>
<TEXT>
<TITLE>BIRTH CONTROL PILLS HELP PREVENT CANCER - STUDY</TITLE>
<DATELINE> BOSTON, March 11 - </DATELINE><BODY>Doctors at the Centers for Disease
Control in Atlanta said they have new evidence that birth
control pills can help provide long-term protection from cancer
of the ovary, even if the pills are only taken for a few
months.
The study, reported in the New England Journal of
Medicine, also found that all the various types of oral
contraceptives on the market were equally effective in lowering
the rate of ovarian cancer.
The researchers estimated that the use of birth control
pills in this country probably prevented about 1,700 cases of
ovarian cancer in 1982.
As more and more women who have taken oral contraceptives
"move into the age groups that are at highest risk for
epithelial ovarian cancer we may witness a declining incidence
of this serious disease," they said.
Specifically, the team led by Dr. Howard Ory found that
"oral contraceptive use, even for a few months, reduces the
risk of epithelial ovarian cancer by 40 percent for women 20 to
54 years of age.
"The effect probably takes from five to ten years to
become apparent, but it persists long after the use of oral
contraceptives ends. Moreover, protection exists regardless of
the formulation of oral contraceptive used," they said.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8918" NEWID="4005">
<DATE>11-MAR-1987 18:14:49.93</DATE>
<TOPICS><D>interest</D><D>retail</D><D>ipi</D></TOPICS>
<PLACES><D>usa</D></PLACES>
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<UNKNOWN>
RM C
f0861reute
u f BC-fin-futures-outlook 03-11 0103</UNKNOWN>
<TEXT>
<TITLE>U.S. ECONOMIC DATA KEY TO DEBT FUTURES OUTLOOK</TITLE>
<AUTHOR> By Brad Schade, Reuters</AUTHOR>
<DATELINE> CHICAGO, March 11 - </DATELINE><BODY>U.S. economic data this week could be
the key in determining whether U.S. interest rate futures break
out of a 3-1/2 month trading range, financial analysts said.
Although market expectations are for February U.S. retail
sales Thursday and industrial production Friday to show healthy
gains, figures within or slightly below expectations would be
positive for the market, the analysts said.
"You have to be impressed with the resiliency of bonds
right now," said Smith Barney Harris Upham analyst Craig
Sloane.
Treasury bond futures came under pressure today which
traders linked to a persistently firm federal funds rate and a
rise in oil prices. However, when sufficient selling interest
to break below chart support in the June contract failed to
materialize, participants who had sold bond futures early
quickly covered short positions, they said.
"Everyone is expecting strong numbers, and if they come in
as expected it won't be that bad for the market," Sloane said.
Sloane said the consensus estimate for the non-auto sector
of retail sales is for a rise of 0.6 to 0.7 pct.
Dean Witter analyst Karen Gibbs said a retail sales figure
below market forecasts would give a boost to debt futures, and
she put the range for the non-auto sector of retail sales at up
0.8 to 1.2 pct.
Industrial production and the producer price index Friday
both are expected to show increases of about 0.5 pct, she
added.
Retail sales "will tell us whether or not we will be able
to fill the gap," Gibbs said, referring to a chart gap in June
bonds between 100-26/32 and 101-3/32 created Friday. June bonds
closed at 100-4/32 today.
Also key to debt futures direction, in addition to the
federal funds rate, is the direction of crude oil prices, said
Carroll McEntee and McGinley Futures analyst Brian Singer.
"A higher fed funds rate and firm oil prices precluded the
market from breaking out of the trading range the last time the
market approached the top of the range," Singer said.
In order for bonds to break above the top of the range,
which is just below 102 in the June contract, "the crude oil
rally needs to run its course and pull back a little bit,"
Singer said. "Fed funds are already easing back down toward the
six pct level."
The recent surge in oil prices has also been a concern to
Manufacturers Hanover Futures analyst Jim Rozich, but the rally
may be nearing a top around 18.50 dlrs per barrel, he said.
Rozich said he is looking for the June bond contract to
ease to 99-6/32 and find support.
"I'm not quite ready to jump on the bullish bandwagon yet.
The jury is still out this week," Rozich said.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8919" NEWID="4006">
<DATE>11-MAR-1987 18:15:09.97</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
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<UNKNOWN>
C G L M T
f0863reute
d f AM-AID 03-11 0106</UNKNOWN>
<TEXT>
<TITLE>U.S. "ACTION PROGRAM" FOR SUB-SAHARAN AFRICA</TITLE>
<DATELINE> WASHINGTON, March 11 - </DATELINE><BODY>The Reagan administration,
responding to last year's United Nations special session on
Africa, today outlined a U.S. "action program" for sub-Saharan
Africa focusing heavily on economic reform and self-help.
A White House statement announced establishment of "a
long-term U.S. goal for all U.S. economic programs and policies
in sub-Saharan Africa: to end hunger in the region through
economic growth, policy reform and private sector development."
The statement said the "program of action" was recommended by
a White House task force set up last September.
In a series of recommendations, the task force called for
new efforts to address Africa's heavy debt burden and said U.S.
food aid should stress production incentives to reinforce
African nations' economic reform and productivity.
It also said better African access to world markets should
be promoted to reward good performance and enable African
nations to earn their way toward economic growth.
The U.S. private sector should be mobilized to provide
"private, voluntary and corporate involvement of a humanitarian
It said donor countries "should negotiate, through the
existing International Monetary Fund/World Bank coordination
process, framework agreements with each sub-Saharan African
country to establish long-term structural adjustment and reform
programs."
The task force called for a separate budget account for
U.S. bilateral aid "in order to focus better on rewarding
economic performance and increasing the flexibility of U.S.
assistance programs for incentive economic reforms and private
sector development."
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TRAIN" CGISPLIT="TRAINING-SET" OLDID="8920" NEWID="4007">
<DATE>11-MAR-1987 18:16:09.87</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
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<UNKNOWN>
F A RM
f0867reute
r f BC-UNUSUAL-TEXAS-INSTRUM 03-11 0091</UNKNOWN>
<TEXT>
<TITLE>UNUSUAL TEXAS INSTRUMENTS <TXN> PREFERRED PRICED</TITLE>
<DATELINE> NEW YORK, March 11 - </DATELINE><BODY>In a novel type of financing, Texas
Instruments Inc marketed a three-part, 225 mln dlr issue of
convertible money market preferred stock through Shearson
Lehman Brothers Inc as sole manager.
Shearson, which originated the new convertible concept,
said each of the three tranches totaled 75 mln dlrs. In the
first, a 2.85 pct dividend was set on the stock with a strike
price of 190 dlrs that represented a 15 pct premium over the
common stock price when terms were set.
Also included were 4.36 pct dividend preferred with a 220
dlr strike price and 33 pct premium and 4.49 pct dividend
preferred with a 235 dlr strike price and 42 pct premium.
Texas Instruments common closed at 167.25 dlrs, up 2-1/8.
Ronald Gallatin, managing director at Shearson, said that
"demand for the offering was unbelievable, especially for the
first tranche."
He said that Shearson originated the concept of auction
money market preferred stock three years ago. The conversion
feature of this issue is the new wrinkle.
Commenting on the first tranche, Gallatin noted that the
original pricing talk called for a dividend in the four to 4.20
pct area. This was gradually cut to 2.85 pct because of intense
demand, saving the issuer money in financing costs.
The Shearson official said that virtually all buyers of the
first tranche received less than they wanted. He said the
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