Ll~~sec news ~~I~estIssue 85-194 u.s. S:CCl)RiT!CS.f!.r.,,:c..·.. 'October 7, 1985

t>CH.,i>J<:":~cmMiL·,

III.ES AID 1ELA1D IlAT1EIS AMENDMENTS TO RULE 15c3-3 ADOPTED

The Commission adopted amendments to the Customer Protection Rule, Rule lSc3-3 under the Securities Exchange Act of 1934, which will exclude the margin debit balances of certain persons who are related to principals of a broker-dealer or affiliated in a certain way with a broker-dealer from the Reserve Formula. The amendments will also exclude from the debit items the amount by which a broker-dealer's margin accounts receivable with a single customer exceeds 25 percent of a broker-dealer's tentative net capital unless the broker-dealer can demonstrate that such debit balances are directly related to credit items in the Reserve Formula. (ReI. 34-22499)

POR FURTHER INPORMATION CONTACT: Julio A. Mojica at (202) 272-2372

CHESLEY' DUNN, INC., OTHERS SANCTIONED

The Commission instituted administrative proceedings under the Securities ExchangeAct of 1934 against Chesley & Dunn, Inc., a Denver, Colorado broker-dealer (Regis-trant), Stephen A. Englese of Montpelier, Vermont, and Roberta Budde of Elizabeth,Colorado, Registrant's former president and former financial principal, respectively. Simultaneously with the institution of proceedings, the Commission approved Offers of Settlement submitted by Registrant, Englese and Budde in which each consented to the findings and sanctions without admitting or denying the Commission's allegations.

The Order found, among other things, that Registrant wilfully violated, and Englese and Budde wilfully aided and abetted violations of, the net capital, broker-dealer recordkeeping, reporting and early warning provisions of the Exchange Act.

The Commission, among other things, revoked Registrant's registration and barred Englese and Budde from associating with a broker or dealer in certain capacities,including as financial principal, with the provisions that they may apply for reasso-ciation after three years. (ReI. 34-22462)

PROCEEDINGS INSTITUTED AGAINST KANAN SECURITIES, INC. AND MALCOLM KANAN

The Commission ordered public administrative proceedings under the Securities Exchange Act of 1934 against Kanan Securities, Inc. (Registrant), a registered New York, New York broker-dealer, and its preSident, Malcolm Kanan (Kanan).

The Order for Proceedings alleges that from about September 28 to about November 19,1984 while it transacted business with its public customers, Registrant, aided and abetted by Kanan: (1) failed to maintain its minimum net capital1 (2) prepared in-accurate net capital computations1 (3) filed with the National Association of Securi-ties Dealers, Inc. (NASD) an inaccurate Part IIA of Form X-17A-S (POCUS Report) for September 30 and October 31, 19841 (4) failed to timely give telegraphic notice of its failure to maintain the required amount of net capital; (5) failed within 24 hours of its failure to maintain the required amount of net capital to file a Part IIA POCUS Report; (6) failed to timely file with the New york Regional Office (NYRO)Part IIA FOCUS Reports1 (7) filed with the NYRO an inaccurate PART IIA FOCUS Report;and (8) failed to amend its Form BD.

A hearing will be scheduled to determine whether the allegations against Registrant and Kanan are true and, if so, to decide what, if any, remedial action is appropriate. (ReI. 34-22463)

PROCEEDINGS INSTITUTED AGAINST JAMES E. CAVALLO

The Commission instituted public administrative proceedings under Sections 15(b) and 19(h) of the Securities Exchange Act of 1934 against James E. Cavallo of Brooklyn, New York, a registered representative employed by a broker-dealer registered with the Commission. The Order for proceedings alleges that from November 1980 to March 1981,Cavallo wilfully violated the antifraud provisions of the Securities Act of 1933 and the Exchange Act by falsely representing to his customers that he possessed material, non-public confidential information concerning an impending takeover of Reserve Oil and Minerals Corporation (ROIL), a company whose stock is traded on the over-the-counter market. The Order further alleges that Cavallo made false representations to his customers concerning a prospective increase in the price-of ROIL stock, the risk of loss in purchases of ROIL stock, and failed to disclose material information re-garding the financial condition of ROIL. A hearing will be scheduled to determine whether the allegations against Cavallo are true and, if so, to determine what, if any, remedial action would be appropriate. (ReI. 34-22464)

CIVIL PROCEEDUICS

TEMPORARY RESTRAINING ORDER ISSUED AGAINST PAPAHO CORP., OTHERS

The Los Angeles Regional Office announced that following a complaint filed by the Commission on September 11, U.S. District Judge Manuel L. Real issued a temporaryrestraining order against Papaho Corporation, Paul H. Byus, Pauline F. Byus and Michael D. Byus enjoining them from further violations of the registration and anti-fraud provisions of the Securities Act of 1933 and the antifraud proviSions of the Securities Exchange Act of 1934. Judge Real also froze defendants' assets and appointed a temporary receiver for Papaho.

The complaint alleges that since the latter part of 1983, the defendants raised over $6 million through the sale of unregistered securities, namely investment contracts,and used the funds for the operation of a ponzi scheme. The complaint further alleges that the defendants failed to disclose to investors the risks of investing in Papaho, that returns reported to investors were not in fact earned, that returns paid to investors were paid with the funds of other investors, that the defendants paid per-sonal expenses with investors' funds, and that Papaho maintains no books or records respecting certain of its alleged investments. (SEC v. Papaho Corp., et al., COCA, Civil Action No. 85-6001 MLR). (LR-l0891)

COMPLAINT NAMES INTERNATIONAL RECOVERY, INC.AND DONALD C. COMO

The San Francisco Branch Office filed a complaint on September 27 in the Central District of California seeking permanent injunctions against International Recovery,Inc., and its president, Donald C. Como. International Recovery and Como were chargedwith violations of the registration and antifraud provisions of the securities laws in the offer and sale from approximately 1981 through 198~ of at least $9.85 million of investment contracts consisting of units of mineral aggregate coupled with a con-tract to mine and develop the aggregate. According to the complaint, the defendants allegedly misrepresented and omitted to state material facts regarding, among other things, International Recovery's financial condition, the amount of gold and silver ore that could be mined, the availahility of income tax deductions and the use of in-vestor proceeds. (SEC v. International Recovery, Inc. and Donald C. Como, CDCA, CD-85-6381-LEW). (LR-10893) ,

INVES111ENT COMPANY ACT RELEASES

PROVIDENTMUTUAL VARIABLE LIFE INSURANCE COMPANY

An order has been issued exempting Providentmutual Variable Life Insurance Company,several separate accounts of Providentmutual, and ~arket Street Fund, Inc. from: Sec-tion 17(a) of the Investment Company Act to permit certain transactions and a reor-ganization of the separate accounts; Sections 9(a), 13(a), 15(a) and 15(b) of the Act and Rules 6e-2(b)(15) and 6e-3(T)(b)(15) to permit mixed and shared funding7 and Sections 26(a) and 27(c)(2) to permit the deduction of the cost of insurance in vari-able life insurance policies. The order will also permit certain transactlons in the reorganization. (Rel. IC-14744 - Oct. 3)

NEWS DIGEST, October 7, 1985 2

.. II COMPANY ACT RELEASES

PUBLIC SERVICE COMPANY OP OKLAHOMA

A notice has been issued giving interested persons until October 28 to request a hear-ing on a proposal by Public Service Company of Oklahoma, subsidiary of Central and South West Corporation, to make a tender offer for $50 million of a series of its first mortgage bonds. (ReI. 35-23853 - Oct. 4)

PENNSYLVANIA ELECTRIC COMPANY

A notice has been issued glvlng interested persons until October 28 to request a hear-ing on a proposal by Pennsylvania Electric Company (Penelec), subsidiary of General Public utilities Corporation, to issue an aggregate of up to $85 million of its first mortgage bonds to The Cambria County Industrial Development Authority. The first mortgage bonds will be issued by Penelec to the trustee under the Authority Trust Indenture to finance the costs associated with certain pollution control facilities presently being constructed or to be constructed in Penelec's Front street, Homer City, Seward, Shawville, Warren and Williamsburg coal-fired generating stations. (ReI. 35-23854 - Oct. 4)

SOUTHWESTERN ELECTRIC POWER COMPANY

A notice has been issued giving interested persons until October 28 to request a hear-ing on a proposal by Southwestern Electric Power Company, subsidiary of Central and South West Corporation, to dispose of certain utility assets and to indemnify the terms of the sales agreement. (ReI. 35-25855 - Oct. 4)

SELF.fIEflULATORY ORUJIZATIOIS

NOTICE OF PROPOSED RULE CHANGES

Proposed rule changes have been filed under Rule 19b-4 by: The Chicago Board OptionsExchange, Inc. (SR-CBOE-85-41) to amend Rule 6.2 to reverse the sequence of openingrotations in equity options. (ReI. 34-22491)~ The American Stock Exchan~e, Inc. (SR-Amex-85-30) to list and trade European-style Treasury blll optlons t at would onlybe exercisable at the time of their expiration. (Rel. 34-22492); and The National Association of Securities Dealers, Inc. (SR-NASD-85-28) which would amend its Rules of Pair PractIce to clarlfy the supervisory and oversight responsibilities of member firms in the area of private securities transactions by persons associated with a member firm. (ReI. 34-22494)

ACCELERATED APPROVAL OF PROPOSED RULE CHANGES

The Commission approved, on an accelerated basis, the following proposed rule changesfiled by The New York Stock Exchan!e, Inc.: (SR-NYSE-85-32) to provide that stop and stop limit optlons orders may be e ected by quotations in addition to being elected by transactions. (Rel. 34-22495); (SR-NYSE-85-30) to enumerate in its Rules several data elements (~, time of transaction, identity of contra-brokers, and type of account) that must be captured at the time of an option transaction. (ReI. 34-22496); and (SR-NYSE-85-28) to permit stoc~ options specialists and their associated personsto (1) engage in nonmaterial business transactions with the issuer of stocks under-lying specialty options (issuers) or with insiders of the issuer, (2) accept special-ty option orders from small pension and profit-sharing funds, (3) participate as selling group members in firm commitment underwriting syndicates for the distribution of nonconvertible senior securities of iss~ers~ and (4) make recommendations for t~e purchase or sale of stocks underlying specialty options, so long as such recommenda-tions are contained in research reports similar to those described in Rule 139(b}under the Securities Act of 1933. (ReI. 34-22497)

APPROVAL OF PROPOSED RULE CHANGE

The Commission approved a proposed rule change filed by the New York Stock Exchange,Inc. (SR-NYSE-85-26) to increase the size of orders eligible for entry in the NYSE's SuperDOT system and to change the reference price which is assigned to market orders through the SuperDOT system. (ReI. 34-22498)

NEWS DIGEST, October 7, 1985 3

TRUST .DEITURE ACT RELEASES

STORAGE EQUITIES, INC.

An order has been issued under the Trust Indenture Act of 1939 on an application by Storage Equities, Inc. that the trusteeship of Trust Services of America, Inc. 1s not so likely to involve a material conflict of interest as to make it necessary to dis-qualify Trust Services from acting as trustee under a ninth supplemental .indenture to an existing indenture qualified under the Act. (ReI. TI-1040)

SECURITIES ACT REGISTRAnONS

The following registration statements have been filed with the SEC under the Securl~ ties Act of 1933. The reported information appears as follows: Porm, Name, Addr ... and Phone Number (if available) of the issuer of the security; Title and the nuaber and/or face amount of the securities being offered, Name of the managing underwriter or depositor (if applicable); File number and date filed, Assigned Branch, and a designation if the statement is a New Issue.

S-IB ROWLEY SCHER REPROGRAPHICS INC. 10501 HANNA ST. P 0 lOX I+U. laTSVIUE. "0 2018' (lOU 595-5130 - 70.000 C"20.000' COMMON STOCK. 815.500 U4.893.OOO) COMION STUCa. 71.000 1$771 WARRANTS. OPTIONS OR RIGHTS. 77.000 ($554,4001 COMMON STOCK. CPILI 33-473-W - SEP. 251 18R. 12 - NEW ISSUEI

S-1 FIRSTCORP INC, 300 S SALISIURY ST. RALEIGH, NC 27601 (9191 828-12.1 - 15.500.000($15,500.0001 CONVERTIBLE DEBENTURES AND NOTES. IFILE 33-484 - SEP. 261 CIR. II

N-IA NCC FUNDS, 2100 CENTRAL flATIONlL BANK BLDG, CLEVELAND, Oft "114 12161 443-UOO -INDEFINITE SHARES. IFILE 33-488 - SEP. 26. (BR. 18 - NEW ISSUE.

N-1A CALIFORNIA INVESTMENT TRUST I. 44 MONTGOMERY ST STE 2265, SAN FRANCSICo. CA 9410.14151 398-2727 - INDEFINITE SHARES. (FILE 33-499 - SEP. 271 CIR. 16 - MEW ISSUE.

N-lA CALIFORNIA INVESTMENT TRUST II... MONTGOMERY ST STE 2265. SAN FRANCISCO. CA "1M 1~15) 398-2727 - INDEFINITE SHARES. .FILE 33-500 - SEP. 271 CBR. 16 - NEW ISSUE.

S-8 LASER PRECISION CORP. 17819 &JLLETTE AVE. IRVINE. CA 92714 (714. 660-1801 - 200 .... ($588,000) COMMON STOCK. IFILE 33-501 - SEP. 27. IBR. 8)

S-1 LASER PHOTONICS INC. 12351 RESEARCH PKWY, ORLANDO, FL 32826 (3051 211-.103 -~24,"7 1$2,308.991.60 I CDMON STOCK. 650,000 I$4, • .,.000. COMMON STOCK. 650.000113,536,0001 COMMON STOCK. (FILE 33-502 - SEP. 271 18R. II

S-8 CALIFORNIA MICROWAVE INC, 990U,JlANOR AVE, SUNNYVALE, CA 94086 .408. 732-4000 -200.000 ($2,000.0001 COMMON STOCK. (FILE 33-503 - SEP. 27) IIR. I.

S-11 FFM FINANCE CDRP, 1100 N MARKET ST. STE 780. WILMINGTON. DE 19801 - 750 ($75.000.000) PREFERRED STOCK. (FILE 33-504 - SEP. 271 (aR. 11 - NEW ISSUE.

5-6 WRL SERIES LIFE ACCOUNT. 201 HIGHLAND AYE. CIO WESTERN RESERVE LIFE ASSURANCE CO. LARGO, FL 33540 - INDEFINITE SHARES. DEPOSITOR:,WESTERN RESERve LIFE ASSURANCE CO OF OHI. IFILE 33-506 - SEP. 271 (8R. 16 - Naf IS""

N-IA WRL SERIES FUND INC. 201 HIGHL~ND AVE, LARGO, FL 33540 1813. 585-6565 -INDEFINITE SHARES. (FILE 33-507 - SEP. 271 IIR. 16 - NEW ISSUE.

S-8 BPI SYSTEMS INC, 3001 BEE CAYE RD, AUSTIN, TX 78746 15121 328-S400 - 700.000 1'1,575,0001 COMMON STOCK. IFILE 33-508 - SEP. 271 CIR. 9.

s-~ ENERGY OIL PARTNERS LP. 1960 I_OUST.fAL CIR, LONGMONT, CO 10501 130J. 716-4Jt4 -32,371.645 ($21,696.0111 LIMITED PARTNERSHIP CERTIFICATE. (FILE 33-511 - SEP. 211 (aR. 3 - NEW ISSUE I

S-8 FIRST MISSISSIPPI CORP, 700 N ST. ~ACKSON. MS 39205 C6011 948-7550 - 109.100 COMMON STOCK. 109.700 PREFERRED STOCK. 953.018 ($953,011.751CCNVERTIBLE DEBENTURES AND NOTES. (FILE 33-512 - SEP. 271 UR. 11

S-4 C8lT 8ANCSHARES INC, 1148 BROADWAY. COLUMBUS. GA 31901 C4(4) 571-2197 - 44 .... ($1.001,903.20) COMMON STOCK. (FILE 33-513 - SEP. 27. IIR. I.

4 NE~~ DIGEST,October 1, 1985

3-11 CORPORATE PENS ION INVESTOMe 689 F I F T H AVE, NEY YORK, MY 10022 (2121 88&-7700 - tOO*OOO (S20Oe00Oe000) L IMITED PARTNERSHIP CERTIFICATE. ( F I L E 33-514 - SEPm 2 7 1 ( BRm 5 - NEY ISSUE)

S-8 CITIZENS L UWTHERN GEORGIA CORP. 35 BROAD ST NU, ATLANTA* GA 30303 (404) 581-2121 - 750*000 (S12*380*#)4m12) COMMON m m ( F I L E 33-515 - SEP. 2 7 ) (BRm 1 1

S-4 TCA CABLE TV IMC* 3 0 2 7 S E L W 323e TYLER* TX 75701 ( 2 1 4 ) 595-3701 - l r 9 4 4 r 5 8 5 (144 r239 r309 ) COMMON STOU(r l F l L E 33-516 - SEP. 2 7 ) (BR. 7)

So8 FUR VAULT 1K. 350 SEVEN'TH AVE. HEY VOW* NY 10001 (212 ) 7 3 6 8 6 2 0 - 3 0 0 r 0 0 0 t S2e812e300) COMMON STOCK. ( F I L E 3+517 - SEP. 2 7 1 (BR. 1)

S-8 EPSCO INC. 411 PROVIDEKE HMV* YSTWWDe MA 02090 ( 6 1 7 ) 329-1500 - 249,000 ( U e 0 3 6 r 3 3 2 1 COMMON STOCK- ( F I L E 33-518 - SEPm 2 7 1 ( B R 8)

S-8 HOME DEPOT INC* 6 3 0 0 QOERS FERRY RD NU* ATLANTA. GA 30339 1404 ) 952-5504 - 8OOeOOO tS9*200*000 ) C O W N STUCK* ( F I L E 33-519 - SEPI 2 7 ) (BRm 10)

5-1 GAREN STATE BANCSHARES INC* Y WUNTY L I N E L BEWETTS WILLS Roe JACKSON* NJ 0 8 5 2 7 taD11 928-1000 150*000 (S2*025*000) COMMON STUCK- ( F I L E 33-543 - SEP- 21) dB% 2 1

IO-1P CITIUS GbMMA FUNC INC, 19TH F L 745 F IFTH AVE, NEW YORUT NY 1 0 1 5 1 ( 2 1 2 ) 888-6800 - INCEFINITE SkARES. ( F I L E 32-505 - SEP. 30) (BR. 1 8 - NEW ISSUE 1

5-4 FCURTH FINANCIAL CORP, 100 N BROADIIAY* WICHITA, US 67202 ( 3 1 6 ) 261-4444 - 2 r 0 1 8 r 9 2 5 ($53,249,147) connoN STOCK. (FILE 33-520 - SEP. 30 ) (BR. 1 )

!j-4 USPCI INC* 2000 CLASSEN C l R BLOC* STE 400 SOUTH* CKLAHCMA C I T Y * OK 73106 (405 ) 528-8371 - 424r6SC (S500,OCO) COMMON STOCK. ( F I L E 33-522 - SEP. 30) (eP. 8 )

S-8 CIAGNCSTIC INC* 315-27TH AVE S E I MINNEAPCLIS CN 55414 (612 1 379-8083 - 1001 000 1~537 ,500 ) ccnnoh: STOCK. (FILE 3 3 5 3 2 - SEP. 30) (BR. 4 )

S-1 SCfTHS TRANSFER CORP, Pet . BOX 1000, STAUNTONI YA 2 4 4 0 1 (703 ) 248-6231 - 4 ~ 8 0 3 r 9 2 2 (S33rOS9r023) CCHPON STOCK. ( F I L E 3 3 5 3 6 - SEP. 3 0 ) (BR. 4 - NEW ISSUE)

Companies and i n d i v i d u a l s must r e p o r t t o t h e Commission w i t h i n t e n days on Schedu l e 13D i f a f t e r t h e a c q u i s i t i o n o f e q u i t y s e c u r i t i e s o f a pub i c company t h e i r b e n e f i c i a l i n t e r e s t t h e r e i n exceeds f i v e p e r c e n t . Pe r sons e l i g i b l e t o use t h e s h o r t form (Schedule 13G) may i n l i e u o f f i l i n g a Schedule 13D f i l e a Schedule 13G w i t h i n 45 d a y s a f t e r t h e end o f t h e c a l e n d a r y e a r i n which t h e pe r son became s u b j e c t t o S e c t i o n 1 3 ( d ) ( l ) . Companies and i n d i v i d u a l s making a t e n d e r o f f e r must have on f i l e a t t h e time t h e t e n d e r o f f e r commences a Schedule 1 4 ~ - 1 .

Below is a l i s t o f r e c e n t f i l i n g s o f Schedu l e s 1311 and 14D, which i n c l u d e s t h e f o l l o w i n g i n fo rma t ion : Column 1 - t h e company purchased ( t o p ) , and t h e name o f t h e p u r c h a s e r ; Column 2 - t h e t y p e o f s e c u r i t y purchased ; Column 3 - t h e t y p e o f form f i l e d ; Column 4 - t h e d a t e t h e t r a n s a c t i o n o c c u r r e d ; Column 5 - t h e c u r r e n t number o f s h a r e s ( i n 0 0 0 ' s ) owned ( t o p ) and t h e c u r r e n t p e r c e n t owned; Column 6 - t h e CUSIP number ( t o p ) and t h e p r i o r p e r c e n t owned; and Column 7 - t h e s t a t u s o f t h e f i l i n g , i.e., new, upda t e or r e v i s i o n .

E !.'E N T 5: : : I: I I I . C i-1.5. I F' - . F 1 L I Nl: .FOF:W 11H-y '.;OC.Ir{ED PRIOP:: iTFfTl-IS

C:LASK:A AIR GROUP IIJS: I:: 0 M 1 1:1llt;591U SOSNOFF MHRTIN TOBY ET AL 1 '3 [I q :,- 1 7 , 7 .. %-. .=, c .-n r r. t. .- 1 . 1 NEhl

RRMHDA S:DF:P COll 1::: I : I ~ E I J : ~ . ' - : ~ ~ FRIEDMHN LEONHRD ET AL 1 3 ~ 4 ...' 2 5 ....' E: T; 12:. 5 1 . : LIPDATE

RSARC:O IIJC: COH 4 ? L 4 - l:l.1.::4 1 3 1 111 WEEKS PETROLEUM LTD ET AL 1 3 ~ _ , ,-.. . L,.-l 1 ,3 . ':: q ..- =, .$ ,. o c 13.O 1-IF'D+TE

ASTRO DRILLING C:D COM 1, , :; , - - (14 5, '3 1:1 !:I 1 1:1

CONTINENTRL I L L I N O I S CRP ET AL, ' 13CI ,?;.,' 1 2,,'5:5 ~ t : . 7 6 6 . 8 I-IF'D~TE - -

ERAINTECH INC CON 1 . 9 - , -s '- 1 I:I 5 I:I~ I:I 1 0 NICDLET INSTPUMENT 13D 9 ,... 1 8 ,.... 5 5 54.5 35.2 I-IPDHTE

ACQUISITION REPORTS CONT.

1ST NORTHN SV6S'LN ASSN WIS COM 90 .3]'58].310KNUTSON D ~ SAWYER J ET AL 13D 11.2 10.0 UPDATE

GUARANTY NATL CORP COM 6,08] 40119010 ORION CAPITAL CORP 13D 100.0 100.0 UPDATE

HORIZON CDRP COM 707 44041610 SHAMROCK ASSOCIATES 13D 10.c: 9.1 UPDATE

HUDSON GEN CORP COM 98 44378410 LlJt'ITSAMUELD JR ET AL 13D B.O 0.0 NEW

IPM TECHNOLOGY INC COM PAR $0.25 230 449B2020 FRIEDMAN PHILLIP C ET AL 13D 9/18/85 10.6 0.0 NEW

KMI CDNTINENTAL CUMUL PFD SERIES C (I 48256820 KIEWIT INVESTMENT 14D-l 10/ 1/85 N/A N/A NEW

KMI CONTINENTAL CUMUL PFD o 482SE,830KIEWIT INVESTMENT 14D-l 1(1/ 1/85 N/A N/A NEW

LITTLEFIELD ADAMS , CO COM 55 53758110 DALFEN ARTHUR 13D S.1 5.6 UPDATE

PRIMA ENERG'r'CORP COM 1,400 74190110 JAMES ROBERT G 13D 5.0 0.0 NEW

RORER GROUP INC COM 1,965 77675510 CLORE ALAN E ET AL 13D 9.2 0.0 NEW

SCM CORP COM 3.417 78401510 HANSON TRUST PLC ET AL 13D 34.3 34.3 UPDATE

SHEFFIELD EXPL COM 27.660 82118010 MORGENS GROUP ET AL rsn 44.0 29.1 UPDATE

THE 1411 HLDG CO COM 9,140 88335010 JAMES JEREMY E ET AL 13D 78.6 1.2 UPDATE

WHEELING PITTSBURGH STL CDRP COM 1.74c: 96315010 PAULSON ALLEN E 13D 34.2 ]3.7 UPDATE

WORTHEN BKG CORP COM o 98180110 STEPHENS INC 13D 0.0 0.0 NEW

CESSNA AIRCRAFT CO COM 4,125 15717710 CAC ACQUISITION/GEl'lLDYNAMICS 20.9 20.9 UPDATE

HUBCO INC COM 194 40438210 HUDSON FINL ASSOC ET AL 11.3 11.3 uPDATE

INVESTMENT RESOURCES & TECH COM 572 4E,144110BELSKY IRA M 10.5 11.5 UPDATE

INVESTMENT RESOURCES ~ TECH COM 401) 46144110FORSTMANN DOROTHY L 13D 9/ 2--'-85 7.7 7.7 UPDATE

INVESTMENT RESOURCES & TECH CDM :;:.29846144110FOF'STMANN J ANTHON'r'ET AL 58.3 58.6 0PDATE

INVESTMENT RESOURCES 'TECH COM 569 46144110 SPEAR CHARLES M 13D 2-'-85 10.5 11.5 UPDATE':;./

PACIFIC LMBR CO COM 994 69452910 MXM CORP/MA>C:XAMGROUP 14D-l 10-'-2-'-E:5 4.6 0.0 MEW

PACI(AGEMACH'r'CD COM 4, 69512210 INIlUSTRIALEQUITY LTD ET AL 13D 6.3 5.1 UPDRTE

6 NEWS DIGEST, October 7, 1985

F'OF'EP GFOUF INC CON 1. ,365 7767551 111 S:LOPE ALAN E ET HL 13D 3,'1 7 / 8 5 3 . L cv O.I:I R G . I . I ~ ] ~ ~

TRhN gl,la'.i I lJTL COHP CUM 4ct, ~9.2 0 15 1 11 PiORTEI( INC' 14D-1 l o / 2.,'35 7.1 11.3 CIPIIATE

UNITED Et.IEFilS'I W E . INC: COM 18r9e,2 '~~ I : I~~ I : I~ I : I

MIDCOP4 clOLIIItJl5 CORP 14D- 1 1 o.., 2.p.85 $3. 2 18. 5 !-IPDATE

klE5 TERN F I NANIS I A L I:OFP C OM 11 7 95780151 I:I f lOFPI I -1OE C 13D 7/2 I]/ 85 7. E. 6.4 UF'IlHTE

U1rJf.i EPiTEPPRI ',:ES CIOM SH BEN I N T 1,377 - i 4 2 e ..* 1 111 E:ANl3ERTEF DEE R 13D 6 ..x 2 7 ...a 5 3 I:! . 5 26.8 ClPDhTE

hI1Nr.r ENTEHPRISE.5: COM SH BEN I N T 4 3742821 111 EANSEFTER L E E R 13D 6/27/25 29.6 26. 1 clPIlPTE

!?I1 N1.I ENTEPPRI SES NELSON TEIl D

COM SH BEN I N T 1,288 '97428210 13D 6/'27,85 3 11 . ;3 36.8 LIPDATE

RECENT 8K FIUNGS Form 8-K is used by companies t o f i l e c u r r e n t r e p o r t s on t h e f o l l o w i n g e v e n t s :

I t em 1 . Changes i n C o n t r o l o f R e g i s t r a n t . I tem 2. A c q u i s i t i o n o r D i s p o s i t i o n o f Assets. Item 3. Bankrup tcy o r R e c e i v e r s h i p . Item 4. Changes i n R e g i s t r a n t ' s C e r t i f y i n g Accountan t . I t e m 5. Other M a t e r i a l l y I m p o r t a n t Eventu. Item 6. ~ e s i g n a t i o n s o f R e g i s t r a n t ' s D i r e c t o r s . Item 7. F i n a n c i a l S t a t e m e n t s and E x h i b i t s .

The companies l i s t e d below have f i l e d 8-K reports f o r t h e d a t e i n d i c a t e d and /or amendments t o 8-K r e p o r t s p r e v i o u s l y f i l e d , r e s p o n d i n g t o t h e i t e m ( s ) o f t h e form s p e c i f i e d . C o p i e s o f t h e reports may b e purchased from t h e Commission 's p u b l i c R e f e r e n c e Room (when o r d e r i n g , p l e a s e g i v e t h e d a t e o f t h e r e p o r t ) . An i n v o i c e w i l l b e i n c l u d e d w i t h t h e r e q u e s t e d m a t e r i a l when m a i l e d .

CQMP AN Y I l E M S NC. D A T E

ACACEMY I N S U R A N C E CROUP I N C 5 39/30/85 A R K A h S P S POWER & L I G H T CO 5 09 /26 /85 A S S C C I A T E D BPNC CCPP 5 09/18/85 A T L P S VAN L I N E S I h C 5 09/30/85 B A L b h C E COMPUTER CCRP 5 09 /23 /85 B E K E P I N D U S T R I E S CCRP 5 09/30/8 5 BSC P E C I C A L CGRP 5 1C/O2/85 C A R O I F F C O H M U N l C A T l O N S I N C 2 r 7 33 /29 /84 AMEND CARC I F F COMHUNICAT I O N S I N C 2 1 7 37 /03 /84 AMEND CARC I F F COHMUN I C A T 1 a N S I N C 2 97 12/31/84 AHENG C E h T E N N I A L B E N E F I C I A L CORP 2 1 7 06 /18 /85 AMEND C F R Y S L ER CbP I T A L CCRP 4 09 /20 /85 C I T I Z E & S & S O U T k E R h CCRP 5 r 7 09/17/85 C C L L A T E R A L I Z E C MORTGAGE S E C U R I T I E S COUP 5 r 7 09 /30 /85 CCNSCL I D A T E D CAP I T b L INCOME TRUST 5 10/02/85 D A Y l C N POWER & L I E k T C C 5 97 10/01/85 E N Z C h I N C 5 39/26/85 G E N E P P L HOST CORP NC I T E M S 09/26/8 5 I D E b L E A S I C I N C ~ J S T R I E S I N C 5 r 7 39/30/85 L C U I S I P N A POkER & L I G k 7 CO / L A / 5 09/20/8 5 L G U I S V I L L E GPS & E L E C T R I C C O / K Y / 5 09/30/85 H E R P I L L L Y N C k & CC I N C 5 091 26/85 P I O C L E SOUTH E N E R C k I N C 5 09 /29 /85 M I C C L E SOUTk U T I L I T I E S I N C 5 09/20/85 M I S S I S S I P P I P O k E R & L I G H T CO 5 04 /25 /85 NAFCC F I N A N C I b L CRCUP I N C 5 1 7 10/02/85

RECENT 8K FILINGS CONT.

NATIONAL PAY TELEP~ONE CORP NEW CRlEANS PUBLIC SERVICE INC Cil SECURITIES INC OWENS CORNING FIBERGLAS CORP PAINE WEBBER INCOME PROPERTIES SIX LTD P PETX PETROLEUM CORP PtEeMONT MANAGEME~T CO INC POflTEC INC RIC 11 LTD RIDGEWAY EXCD INC SAGA CORP SFN CGMPANIES INC SCUT~WEST REAllY LTD SUDeURY HOLDINGS INC SUNRISE MEtICAL INC SUNTRUST BANKS INC TONKA CORP TU INTERNATIONAL INC YOICEMAll INTERNATICNAl INC WEes eEL E INVESTMENT PROPERTIES INC WESCO FINANCIAL CCRP XERtx CORP ICNtERVAN CORP

It 5 5 2,7 5 5 5 5,7 2,7 5 5,7 7 2,7 2,7 7

le/01l8509126/8509/30/8509/1818508/28/85 0'130/8510/02185Otl16/8509126/85Ot/19/8509110/8506/30185 06130/8509118/8512131184

AMEND

AMEND

AMEND 5,75 3 5 2,7 5

09124/8509/24/8509/30/8510/0111509/1811509114115

5 5

10/04/8509/20/85

NEWS DIGEST, October 7, 1985 8