BRIEF TRANSMISSIONS

Correction: August 1987 MTR incorrectly described arrangements for providing commodity futures data to users of new Texas Cattle Feeders Association network. Commodity News Services, Inc. doesn't have agreement with Orion Network Enterprises, Inc. to provide data via TCFA terminals, but is discussing possible agreement and working on software. Only data source for TCFA terminals currently is Bonneville/Market Information, Inc., which has installed almost 50 sites since network began operation.

Fallout from recent reorganization at ADP Brokerage Information Services Group (MTR, August 1987) arrived in form of about 200 layoffs. Most let go were in sales, sales support, and administration in former brokerage services unit. Move wasn't unexpected, as merger of sales units from several former divisions produced no shortage of redundancy.

Meanwhile, ADP reports record revenues and earnings for fiscal 1987. Net for year was $132 million ($1.76/share) on sales of $1.38 billion. In 1986 ADP earned $106 million ($1.45/share) on revenue of $1.2 billion. Chairman Josh Weston forecasts better than 20 percent earnings per share growth in fiscal 1988, with revenue growth expected to exceed ten percent. August 31st Prudential-Bache research report estimates brokerage services group earned $59.5 million on revenue of $350 million in 1987, will earn $67.8 million on $399 million in revenue in fiscal 1988.

GM-E on Back Page of MTR?: Electronic Data Systems unit of General Motors Corp. confirms it is developing real-time quote service, one source says in conjunction with Morgan Stanley. EDS won't elaborate.

Financial Information Services Division of Information Industry Association will sponsor New York seminar October 21st on "Coping with the International Opportunities." Program will focus on problems of international financial information collection and distribution, feature Ian Sharp of I.P. Sharp, Bill Howard of Telekurs, Tom Haley of NYSE, George Sacerdote of A.D. Little, and Joe Rhyne of Quotron.

Compuserve, Inc. has tested FM sideband delivery for Goldman, Sachs and Co. research in possible move to compete with First Call Corp. "We are investigating and have tested the use of FM sideband for the delivery of data and text as an adjunct to our traditional means of delivery," says Ed Zier, who markets Compuserve network to financial sector. "The delivery of equity research on Wall Street is definitely viewed as a potential information base [for] this technology." Zier declines to confirm Goldman is client for FM test, but other sources certify it is. Compuserve provides private database services to third-party customers. For Goldman it supports "Research Portable," which clients can access on dial-up basis. First Call, jointly owned by International Thomson and seven large brokerage firms, provides daily service of late-breaking analyst reports. Goldman isn't on First Call, but not for lack of effort on First Call's part. Sources report Goldman system would have wider reach than First Call, which aims at very largest institutional investors. Besides top tier, Goldman system would also serve smaller money managers and private investors.

Omaha-based Dataline, Inc. has become latest futures quote vendor to adopt C-band satellite as vehicle for reaching farm dish market. Dataline contracted with Tulsa-based United Video, Inc. for 4800 bits/second satellite channel to supplement company's existing sideband network of FM stations in midwest (MTR, March 1987). Firm, which is publicly traded, claims over 13,000 customers for $19.95/ month low-end commodity quote service. Monthly fee for satellite service is somewhat higher, but includes hardware to attach to satellite receiver output. Other firms using C-band to deliver futures data include Commodity Communications Corp. and Satellite Data Network.

After numerous delays, Security Pacific Corp. is ready to launch electronic system for trading over-the-counter options on government securities. Although Secpac proposal has been described as electronic exchange, participants will negotiate over telephone after viewing prices on screens. Secpac doesn't plan to install own terminals, says Stephen Lynner, managing director at Security Pacific Options Services Corp. RMJ Securities, Inc.'s network will be used to distribute prices to primary dealers, while Telerate, Inc.'s system will disseminate quotes to retail community. Under agreement with Telerate, no other quote vendor will be permitted to carry Secpac options prices.

Contel ASC subsidiary of Contel Corp. signed definitive agreement to acquire Equatorial Communications Co. for $3.75/share, making total purchase price about $56 million. Contel increased offer from $3.50 during Equatorial board meeting last month. $3.50 offer had replaced earlier $4.00 offer that included byzantine buyout provision for Martin Marietta Corp.'s 36 percent interest (MTR, July 1987). Martin Marietta has agreed to new arrangement. Deal is subject to various regulatory approvals, but is expected to close by year's end.

International Stock Exchange of London has imposed monthly fee of 30 pounds sterling ($49) per terminal carrying SEAQ International service, which distributes prices for 650 non-U.K. equities. New fee also applies to ISE's own Topic network, but $1,250/month charge per Topic terminal has been reduced by equivalent amount, says Tudor Morgan, branch manager at Topic Services Inc. in New York. Reuters Holdings PLC sent letter urging subscribers to use its contributed equities service to avoid the new SEAQ fee.

Moving Around: Timothy Cronin, vice president, market information systems, Wang Laboratories, Inc., appointed president, Wang Financial Information Services Corp., replacing Larry Jones....Edward Markham, director of sales, IBM Information Network, joins Agridata Resources, Inc. as president and COO....Robert Fitzsimmons, ex-Bank of America, and Lee Purcell, ex-Tullett and Tokyo, join Telerate as manager of information services and head of international fixed-income services, respectively....James Ryan, ex-Standard & Poor's Trading Systems, joins Data General Corp. as vice president, Information Management Group.