📄 reut2-017.sgm
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Spain is being affected by a two-month-old wave of strikes
for wage rises. Government officials note wage settlements so
far this year have yielded average increases upwards of six
pct, while unions say the figure is higher then seven pct.
REUTER
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="NOT-USED" CGISPLIT="PUBLISHED-TESTSET" OLDID="21678" NEWID="17028">
<DATE>21-APR-1987 13:00:06.84</DATE>
<TOPICS><D>crude</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
Y
f1842reute
u f BC-API-SAID-STATISTICS-T 04-21 0036</UNKNOWN>
<TEXT>
<TITLE>API SAID STATISTICS TO BE RELEASED TONIGHT</TITLE>
<DATELINE> NEW YORK, April 21 - </DATELINE><BODY>The American Petroleum Institute said
it plans to release its weekly report on U.S. oil inventories
tonight, even though last Friday was a holiday.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1671" NEWID="17029">
<DATE>23-APR-1987 18:32:18.42</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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r f BC-GCA-<GCA>-COMPLETES-F 04-23 0102</UNKNOWN>
<TEXT>
<TITLE>GCA <GCA> COMPLETES FINANCIAL RESTRUCTURING</TITLE>
<DATELINE> ANDOVER, Mass., April 23 - </DATELINE><BODY>GCA Corp said it completed its
previously announced plan of financial restructuring under
which Hallwood Group Inc <HWG> took a 14 pct interest in the
company, a maker of semiconductor manufacturing equipment.
The company said it also implemented a one-for-50 reverse
stock split.
Under terms of the plan, the company exchanged about 109
mln dlrs in debt to creditors and suppliers for 43 mln dlrs in
cash, and warrants to purchase 2.2 mln shares of its common
stock. GCA also raised 71.7 mln dlrs through the sale of common
stock.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1670" NEWID="17030">
<DATE>23-APR-1987 18:34:33.58</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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u f BC-SEC 04-23 0098</UNKNOWN>
<TEXT>
<TITLE>SEC WARNS SECURITIES DEALERS ON HIGH MARK-UPS</TITLE>
<DATELINE> WASHINGTON, April 23 - </DATELINE><BODY>The Securities and Exchange
Commission reminded securities dealers that its mark-up
disclosure requirements also applies to transactions on
zero-coupon securities.
Dealers and brokers are required by U.S. securities law to
disclose their mark-ups if they are excessive, the SEC said in
a public notice.
Further, excessive mark-ups on securities transactions,
whether disclosed or not, violate the rules of the national
Association of Securities Dealers Inc and Municipal Securities
Rulemaking Board, it said.
In a separate action, the SEC filed a friend-of-the-court
brief in a private civil case involving a complaint against
Merrill Lynch over excessive mark-ups on zero-coupon bonds. The
case is being appealed to the U.S. Appeals Court.
The lower court dismissed the complaint, finding antifraud
provisions of securities laws do not prohibit undisclosed
excessive mark-ups on securities transactions.
The SEC is urging the appeals court to reverse the
decision, citing its nearly 50 year-old position that
undisclosed excessive mark-ups by securities dealers violate
the general antifraud provisions of securities laws.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1672" NEWID="17031">
<DATE>23-APR-1987 18:37:03.79</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>canada</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
E F
f3044reute
u f BC-SOUTHAM-INC-<STM.TO> 04-23 0043</UNKNOWN>
<TEXT>
<TITLE>SOUTHAM INC <STM.TO> 1ST QTR NET</TITLE>
<DATELINE> TORONTO, April 23 -
</DATELINE><BODY>Oper shr 32 cts vs 37 cts
Oper net 18.9 mln vs 21.6 mln
Revs 352.1 mln vs 323.0 mln
Note: 1987 net excludes extraordinary gain of 2.8 mln dlrs
or five cts shr from sale of surplus property.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1673" NEWID="17032">
<DATE>23-APR-1987 18:45:40.42</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f3052reute
r f BC-LOCTITE-CORP-<LOC>-3R 04-23 0044</UNKNOWN>
<TEXT>
<TITLE>LOCTITE CORP <LOC> 3RD QTR MARCH 31 NET</TITLE>
<DATELINE> NEWINGTON, Conn., April 23 -
</DATELINE><BODY>Shr 96 cts vs 53 cts
Net 8,663,000 vs 4,798,000
Revs 89.7 m ln vs 66.8 mln
Nine mths
Shr 2.33 dlrs vs 1.67 dlrs
Net 21.1 mln vs 15.1 mln
Revs 241.3 mln vs 192.8 mln
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="NO" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1674" NEWID="17033">
<DATE>23-APR-1987 18:56:03.00</DATE>
<TOPICS></TOPICS>
<PLACES><D>usa</D><D>japan</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM V
f3056reute
u f BC-U.S.-CONGRESS-STILL-A 04-23 0104</UNKNOWN>
<TEXT>
<TITLE>U.S. CONGRESS STILL ANGRY WITH JAPAN - ABE</TITLE>
<DATELINE> NEW YORK, April 23 - </DATELINE><BODY>Special Japanese envoy Shintaro Abe
said in a brief interview with Reuters that the feeling in the
U.S. congress is "very severe" against Japan.
However, Abe said he believed that neither Congress nor the
Reagan administration wants to undermine relations with Japan.
He said the Reagan administration showed "relative
understanding" of how Japan is trying to alleviate its U.S.
trade imbalance. Abe said he was convinced "Congress and the
administration had the same view that the relationship between
Tokyo and Washington should not be undermined."
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1675" NEWID="17034">
<DATE>23-APR-1987 18:59:23.50</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
F
f3060reute
u f BC-GLENFED-INC-<GLN>-3RD 04-23 0070</UNKNOWN>
<TEXT>
<TITLE>GLENFED INC <GLN> 3RD QTR MARCH 31 NET</TITLE>
<DATELINE> GLENDALE, Calif., April 23 -
</DATELINE><BODY>Oper shr 1.54 dlrs vs 82 cts
Oper net 33.7 mln vs 17.66 mln
Revs 473.1 mln vs 419.0 mln
Nine mths
Oper shr 4.60 dlrs vs 2.39 dlrs
Oper net 100.4 mln vs 51.0 mln
Revs 1.38 billion vs 1.21 billion
Assets 18.5 billion vs 15.5 billion
Deposits 13.00 billion vs 11.29 billion
Loans 15.04 billion vs 12.56 billion
Note: Oper net excludes extraordinary loss 6,636,000 and
11.9 mln for 1987 qtr and nine mths on prepayment of borrowings
from the Federal Home Loan Bank Board.
Oper also excludes tax credits of 15.8 mln vs 5,954,000 for
qtr and 17.8 mln vs 11.6 mln for nine mths.
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1676" NEWID="17035">
<DATE>23-APR-1987 19:00:51.40</DATE>
<TOPICS><D>earn</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
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f3062reute
r f BC-HORIZON-INDUSTRIES-IN 04-23 0053</UNKNOWN>
<TEXT>
<TITLE>HORIZON INDUSTRIES INC <HRZN> 2ND QTR NET</TITLE>
<DATELINE> CALHOUN, Ga., April 23 - </DATELINE><BODY>Qtr ended April four
Shr profit eight cts vs loss 22 cts
Net profit 341,000 vs loss 903,000
Revs 58.4 mln vs 46.3 mln
Six mths
Shr profit 35 cts vs loss 19 cts
Net profit 1,466,000 vs loss 767,000
Revs 121.4 ln vs 95.9 mln
Reuter
</BODY></TEXT>
</REUTERS>
<REUTERS TOPICS="YES" LEWISSPLIT="TEST" CGISPLIT="TRAINING-SET" OLDID="1677" NEWID="17036">
<DATE>23-APR-1987 19:02:27.01</DATE>
<TOPICS><D>money-supply</D></TOPICS>
<PLACES><D>usa</D></PLACES>
<PEOPLE></PEOPLE>
<ORGS></ORGS>
<EXCHANGES></EXCHANGES>
<COMPANIES></COMPANIES>
<UNKNOWN>
RM V
f3063reute
u f BC-/FED-DATA-PROVIDE-NEW 04-23 0097</UNKNOWN>
<TEXT>
<TITLE>FED DATA PROVIDE NEW EVIDENCE OF TIGHTER POLICY</TITLE>
<AUTHOR> By Alan Wheatley, Reuters</AUTHOR>
<DATELINE> NEW YORK, April 23 - </DATELINE><BODY>U.S. banking data released today are
too distorted to draw sweeping conclusions about monetary
policy, but they do support the market's assumption that the
Federal Reserve has started to tighten its grip on credit,
economists said.
"It's clear that the Fed has firmed somewhat. Discount
window borrowings, net free reserves, the Fed funds rate
average and the pattern of reserve additions are all consistent
with a modest tightening," said Dana Johnson of First Chicago
Corp.
Johnson, and several other economists, now estimate that
the Fed funds rate should trade between 6-1/4 and 6-3/8 pct.
Discount window borrowings in the week to Wednesday were
935 mln dlrs a day, producing a daily average for the two-week
statement period of 689 mln dlrs, the highest since the week of
December 31, 1986, and up from 393 mln dlrs previously.
Moreover, banks were forced to borrow a huge 5.2 billion
dlrs from the Fed on Wednesday - the highest daily total this
year - even though unexpectedly low Treasury balances at the
Fed that day left banks with over two billion dlrs more in
reserves than the Fed had anticipated.
However, economists said it is almost certain that the Fed
is aiming for much lower discount window borrowings than
witnessed this week. They pointed to two factors that may have
forced banks to scramble for reserves at the end of the week.
First, economists now expect M-1 money supply for the week
ended April 29 to rise by a staggering 15 to 20 billion dlrs,
partly reflecting the parking in checking accounts of the
proceeds from stock market sales and mutual fund redemptions to
pay annual income taxes.
As banks' checking-account liabilities rise, so do the
reserves that they are required to hold on deposit at the Fed.
Required reserves did indeed rise sharply by 2.5 billion
dlrs a day in the two weeks ended Wednesday, but economists
said the Fed may not have believed in the magnitude of the
projected M-1 surge until late in the week and so started to
add reserves too late.
Second, an apparent shortage of Treasury bills apparently
left Wall Street dealers with too little collateral with which
to enagage in repurchase agreements with the Fed, economists
said. Thus, although there were 10.3 billion dlrs of repos
outstanding on Wednesday night, the Fed may have wanted to add
even more reserves but was prevented from doing so.
"It's not at all inconceivable that the Fed didn't add as
much as they wanted to because of the shortage of collateral,"
said Ward McCarthy of Merrill Lynch Economics Inc.
McCarthy estimated that the Fed is now targetting
discount-window borrowings of about 400 mln dlrs a day,
equivalent to a Fed funds rate of around 6-3/8 pct.
After citing the reasons why the Fed probably has not
tightened credit to the degree suggested by the data,
economists said the fact that the Fed delayed arranging
overnight injections of reserves until the last day of the
statement period was a good sign of a more restrictive policy.
Jeffrey Leeds of Chemical Bank had not been convinced that
the Fed was tightening policy. But after reviewing today's
figures, he said, "It's fair to say that the Fed may be moving
toward a slightly less accommodative reserve posture."
Leeds expects Fed funds to trade between 6-1/4 and 6-3/8
pct and said the Fed is unlikely to raise the discount rate
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