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Issue 83-231 EXCHANGE
J

COMMl~ .. :;i ! December 1, 1983

ADMINISTRATIVE PROCEEDINGS
PROCEEDINGS INSTITUTED AGAINST EXECUTIVE INVESTMENT CORP.
AND JOHN H. KIMMEL III

The Commission instituted public administrative proceedings against Executive

Investment Corp. (EIC), a registered investment adviser located in Lutherville,
Maryland, and John H. Kimmel III, its president. In anticipation of these proceed
ings, EIC and Kimmel submitted Offers of Settlement which the commission accepted.
In the Offers of Settlement, EIC and Kimmel consented to the entry of an Order
Instituting Proceedings, Making Findings and Imposing Remedial Sanctions which
finds that: (a) EIC and Kimmel, without admitting or denying the allegations of
the Order, wilfully violated and aided and abetted violations of the registration,
antifraud, prohibited investment adviser practices, and investment adviser reporting
provisions of the securities laws; and (b) EIC and Kimmel were enjoined against
future violations of these provisions by the u.S. District Court for the District
of Maryland.

In accepting EIC and Kimmel's Offer of Settlement, the Commission revoked EIC's
registration as an investment adviser and barred Kimmel from being associated with
any broker, dealer, or investment adviser. (ReI. 34-20379)

INJUNCTIONS ENTERED AGAINST CHANNEL INDUSTRIES, LTD., OTHERS

The Commission filed a complaint on November 30 in the u.S. District Court for the
District of Columbia against Channel Industries, Ltd., its directors, Robert B.
Greenberg, Lois H. Muller, and N. Norman Muller, and its independent accountant,
Herman L. Freid and B.L. Freid & Co., P.C.

The complaint alleges violations of the antifraud, reporting and recordkeeping pro
visions of the securities laws in a public offering of Channel's stock in April i98l
and with annual reports filed by Channel in 1981 and 1982. Specifically, the c~
plaint alleges that: the registration statement used in Channel's public offering
failed to disclose a loss from operations and a reversal of favorable sales and
cost of sales trends which occurred after the period covered by the financial
statements included in the registration statement; Channel's 1980 and 1981 annual
reports were materially false and misleading; and the examinations of Channel's
financial statements by Freid & Co. did not comply with generally accepted auditing
standards and Freid and Freid & Co. issued materially false and misleading opinions
on Channel's 1980 and 1981 financial statements.

All defendants consented to the entry of injunctions prohibiting further violations.

In addition, the Final Judgment against Freid enjoined him from practicing before
the Commission, with the right to reapply after one year provided certain conditions
are met.
The Final Judgment against Freid & Co. requires it to comply with its undertaking to
have its work as related to its practice before the Commission reviewed by a certi
fied public accountant not unacceptable to the commission or Freid & Co. for one
year after the date of the Final Judgment and to join the American Institute of
Certified Public Accountants SEC Practice Section and to remain a member as long as
it continues to practice before the Commission. (SEC v. Channel Industries, Ltd.,
et al., usoe DC, Civil Action No. 83-3572). (LR-102l3)
 APPROVAL OF PROPOSED RULE CHANGES
The Commission approved proposed rule changes filed under Rule 19b-4 by: The New York
Stock Exchange, Inc. (SR-NYSE-83-46) to amend NYSE Rule 104.15 to delete the current
restriction that permits a member to register as a relief specialist for only one
particular specialist or specialist group. (Rel. 34-20422); The Pacific Stock
.Exchange, Inc. (SR-PSE-83-l0) to revise PSE's rules to accommOdate the trading of
options on stock indices and to introduce trading in options on a specific 100 stock
index called the PSE High Technology Index. (ReI. 34-20423); and The National Asso
ciation of Securities Dealers, Inc. (SR-NASD-83-23) that provides for: (1) revised
Intermarket Trading System (ITS) pre-opening application procedures; (2) an enhanced
computer interface between ITS and three regional stock exchanges; (3) modifications
to the ITS trade-through rule and block policy; and (4) standards for assessing
damages under the ITS Plan. (ReI. 34-20424)

MISCELLANEOUS
SUN SAVINGS AND LOAN ASSOCIATION;
NORWEST MORTGAGE, INC.
Notices have been issued giving interested persons until December 16 to request a
hearing on an application of Sun Savings and Loan Association; and Norwest Mortgage,
Inc., for an order exempting them from certain reporting provisions of Section 13
of the Securities Exchange Act and from the operation of Section 16 of that Act.
(ReI. 34-20405; 34-20411)

SECURmES ACT RECISTRATIONS

The following registration state.ents have been filed with the SIC under the
Securities Act of 1933. The infor.ation noted below bas been taken froa the cover
page and the facing sbeet of the prospectus and registration sta~t and will
appear as follows: Fora, Ra.a, acldressand phone nu.ber (if available) of the
issuer of the security; Title and the number or face ..aunt of the .. curities being
offered; Name of the -.oaging underwriter (if applicable); Whether the offering is
a Rights Offering; File nuaber and date filed; Assigned Branch; If the registration
stateaent is a New Issue; and (5) denoting SRBLP RBGISTRATIOR under Rule 415.

(S-18) THANDS RESOURCES CORP., 919 Third Ave., New York, NY 10022 (212) 371-8170
30,000,000 units. Underwriter: Brooks, Hamburger, Satnick, Inc., 80 Broad St.,
New York, NY 10004 (212) 344-9515. The company develops, constructs and operates
coal mines. (File 2-87897-NY - Nov. 16) (Br. 3 - New Issue)
(S-18) STERLING MINERALS CORPORATION, 8 West Paseo Redondo, Tucson, AZ 85705 (602)
623-.4601 - 10,000,000 units. Underwriter: Norbay Securities, Inc., 36-35 Bell Blvd.,
Bayside, NY 11361 (212) 423-2500. The company intends to explore for and mine gold.
(File 2-87799-LA - Nov. 14) (Br. 5 - New Issue)
(S-18) AMERICAN COMPUTER SYSTEMS AND SERVICES, INC.: 845 West End Ave., New York, NY
10025 (212) 269-2540 - 6,250,000 units. Underwriter: North Hills Investors, Inc.,
98 Cutter Mill Rd., Great Neck, NY 11021 (516) 482-5370 - (212) 357-8276. The com
pany intends to lease personal computer systems. (File 2~B794l-NY - Nov. 18)
(Br. 9 - New Issue)
(S-18) INFISY,SYSTEMS, INC., 1400 East North Belt, Suite 100, Houston, TX 77032(713)
590-5241 - 1,430,000 shares of common stock. Underwriter: Canarim Investment Corpor
ation Ltd. The company develops, markets, services and supports integrated turnkey
computer systems. (File 2-87994-FW - Nov. 18) (Br. 6 - New Issue)
(S-18) WELLINGTON 1984 OIL & GAS DEVELOPMENT PROGRAM, 5580 LBJ Fr~eway, Suite 525, .
Dallas, TX 75240 (214) 239-0400 - not more than 500 nor less than 100 units of
limited partnership interests. (File 2-88009-FW - Nov. 22) (Br. 9 - New Issue)

4 NEWS DIGEST, December 1, 1983

(5-6) MASSACHUSETTS TAX EXEMPT UNIT TRUST, SERIES 81, 60 State St., Boston, MA 02109
10,000 units. Depositor: Moseley, Ha11garten, Estabrook & Weeden Inc. (File 2-87999
- Nov. 30) (Br. 16 - New Issue)

(S-l) CAPITAL RESOURCES, INC., 600 Carillon Tower West, 13601 Preston Rd., Dallas, TX
75240 (214) 233-0444 - 1,000,000 shares of common stock. (File 2-88023 - Nov. 22)
(Br. 8 - New Issue)

(5-14) P.N.B. FINANCIAL CORPORATION, P.O. Box 599, 320 North Main St., Kingfisher, OK
73750 (405) 375-5911 - 88,000 shares of common stock. (File 2-88039 - Nov. 23)
(Br.

(N-lA) TAYLOR INCOME FUND, 200 East Randolph Dr., Chicago, IL 60601 (312) 861-2000
an indefinite number of Portfolio A units. (File 2-88046 - Nov. 23) (Br. 17 - New
Issue)

(5-11) GENERAL HOMES FINANCE CORPORATION, 7322 Southwest Freeway, Houston, TX 77074
$200 million of GNMA-co11atera1ized obligations. Underwriter: Salomon Brothers Inc.
(File 2-88076 - Nov. 23) (Br. 1 - New Issue) [5]

(5-8) PEOPLES DRUG STORES, INCORPORATED, 6315 Bren Mar Dr., Alexandria, VA 22312 (703)
750-6100 - 375,000 shares of common stock. (File 2-88077 - Nov. 23) (Br. 4)

(S-8) MOTOROLA, INC., 1303 East Algonquin Rd., Schaumburg, IL 60196 (312) 397-5000
200,000 shares of common stock. (File 2-88096 - Nov. 25) (Br. 7)

(N-1A) VANGUARD SPECIALIZED PORTFOLIOS, 1300 Morris Dr., P.O. Box 1100, Valley Forge, PA
19482 - an indefinite number of shares. (File 2-88116 - Nov. 29) (Br. 18 - New
Issue)

(5-14) FIRST COMMONWEALTH FINANCIAL CORPORATION, 601 Philadelphia St., Indiana, PA 15701
(412) 349-3400 - 1,151,808 shares of common stock. (File 2-88119 - Nov. 28) (Br. 1)

(5-8) DOME PETROLEUM LIMITED, 3300 The Dome Tower, Toronto~ Dominion Sq., 333 - 7th
Avenue S.W., Calgary, Alberta T2P 2Zl Canada (403) 260-5567 - 20,000 common shares.
tFile 2-88120 - Nov. 28) (Br. 4)
(S-3) THE SUPERIOR OIL COMPANY, First City National Bank Bldg., Houston, TX 77002 (713)
751-4111 - 4,000,000 shares of common stock. Underwriter: Morgan Stanley & Co.
Incorporated. (File 2-88121 - Nov. 28) (Br. 3)

(5-1) COMTREND INVESTMENTS, L.T.D. SERIES tl0l, 1077 North 1010 East, Orem, UT 84057
$2,000 Class A, $4,000 Class B, and $4,000 Class C partnership units at $100 per
share, each. (File 2-88122 - Nov. 28) (Br. 2 - New Issue)

tS-8) SENSORMATIC ELECTRONICS CORPORATION, 500 N.W. 12th Ave., Hillsboro Plaza, Deerfield
Beach, FL 33441 (305) 427-9700 - 125,000 shares of common stock. (File 2-88124 -
Nov. 28) (Br. 7)

(5-1) NEWTRON PHARMACEUTICALS, INC., 155 Knickerbocker Ave., Bohemia, NY 11716 (516)
567-9112 - 500,000 common shares. Underwriter: Edward A. Viner & Co., Inc. The
CompCUlY manufactures and sells generic drugs. (File 2-88126 - Nov. 29) (Br. 4
New Issue)
(S-l} TRANS LOUISIANA GAS COMPANY, INC., 201 Rue Ibervil1e, Lafayette, LA 70508 (318)
234-4782 - 270,000 shares of common stock. Underwriters: Lehman Brothers Kuhn Loeb
Incorporated and Howard, Weil, Labouisse, Friedrichs Incorporated. The company pur
chases, distributes and sells natural gas. (File 2-88128 - Nov. 29) (Br. 8)

(S-l) NCNB CORPORATION, One NCNB Plaza, Charlotte, NC 28255 (704) 374-5000 - 4,000,000
shares of common stock. (File 2-88129 - Nov. 29) (Br. 1)
(S-14) MAXWELL LABORATORIES, INC., 8835 Balboa Ave., San Diego, CA 92123 (619) 279-5100
527,497 shares of common stock. (File 2-88130 - Nov. 29) (Br. 8)

lS-8} BRANCH INDUSTRIES, INC., 114 Fifth Ave., New York, NY 10011 (212) 255-7700
1,881,600 shares of common stock. (File 2-88131 - Nov. 29) (Br. 4)

(S-2) COLLINS FOODS INTERNATIONAL, INC., 5400 Alla Rd., Los Angeles, CA 90066 (213)
827-2300 - 30,000 units. Underwriters: Bear, Stearns & Co. and Montgomery Securities.
The company owns and operates 248 franchised Kentucky Fried Chicken units. (File
2-88132 - Nov. 29) (Br. 3)

5
NEWS DIGEST, December 1, 1983
 ACQUISITIONS OF SECURITIES
Companies and individuals must report to the commission within ten days on Schedule
13D if after the acquisition of equity securities of a public company their benefi
cial interest therein exceeds five percent. Persons eligible to use the short form
(Schedule l3G) may in lieu of filing a Schedule l3D file a Schedule l3G within 45
days after the end of the calendar year in which the person became subject to Sec
tion l3(d) (1). Companie~ and individuals making a tender offer must have on file
at the time the tender offer commences a Schedule 14D-l.
Below is a list of recent filings of Schedules 13D and l4D, which includes the
following information: column 1 - the company purchased (top), and the name of the
purchaser 1 Column 2 - the type of security purchased, Column 3 - the type of form
'filed, Column 4 - the date the transaction occurred, Column 5 - the current number
of shares (in 000' s) owned (top) and the current percent owned, Column 6 - the
CUSIP number (top) and the prior percent owned1 and Column 7 - the statu8 of the
filing, i.e., new, update, or revision.

EVENT SHRS(OOO)/ CUSIP/ FILING

FORM DATE %OWNED PRIOR% STATUS

AME~IC~ PAC CO~P COM 2,952 02874010

ltIEIHIN
JOHN E 13D 47.5 17.5 UPDATE

ASAME~A INC COM h 288 0434111 0

CAISSF DF DEPOT DU QUEBEC 13D 5.2 0.0 NEW

CERTIFIED GROCERS OF CAL COM CL B 7 15703099

FRYS FOOD STORES ET AL 13D 5.6 0.0 NEW

DR PEPPER CD COM 4,150 23612910

FO~STMANN LITTLE & CD 13D 17.9 0.0 NEW

ENF~GY CAP DEY CORP COM NEW 4,000 29290520

LLEWELYN SECURITY PORTOFOLIOS 13D 11/15/83 16.1 0.0 NEW

EXFTER OIL LTD CL ~ h 020 3018211 0

SUN COMPANY 13D 48.6 0.0 NEW

FIRST BANKS~ES CORP S C COM 744 31928810

SOUTH CAROLINA NATL CORP 13D 29.4 0.0 NEW

FIRST MIDWEST FINL CORP COM 77 32087710

CONSECUTIYE INC ET AL 13D 6.2 0.0 NEW

FL DR IDA GUl F RLTY TR SH BEN INT 291 34073410

GREENE JEROME L ET AL 13D 14.6 0.0 NEW

HASTING MFG CD COM 12 41839810

TBK PARTNFRS ET AL 13D 2.2 1.4 UPDATE
kAISER STL CO~P COM h 561 48309810
_'AeOBS IRM I N L ET AL 13D 21.5 22.9 UPDATE

KELER INDS INC COM o 48765610

HAR~IS ASSOCIATES INC 13D 0.0 9.1 UPDATE

PEABODY INTl CORP COM 2,593 70456210

CHESAPEAKE INS CD LTD ET AL 13D 24.3 24.1 UPDATE
PEARCE URSTADT MAYER & GREER CL A 52 70473510
LAt"RFNCFGEORGE H C ET AL 13D 6.3 0.0 NEW
RIHT FINCL CORP COM 107 749!)8710
OLGER DAVID F ET AL 13D 5.0 0.0 NEW
STRAloiBRIDGE
&. CLOTHIER COM 173 86320010
FIDELITY INTL LTD 13D 7.6 6.0 UPDATE
STRAIoIBRIDGF$. CLOTHIER COM 173 86320010
FI'If(
CORP 13D 7.6 6.0 UPDATE

6 NEWS DIGEST, December 1, 1983

ACQUISITIOO REPORTS CONT.

SUPERIOR OTL CO COM 23.096 86827310

I<'ECI<'
-HOIo.IFlP!1
P. ET Fll 13D 11/25/83 18.1 8.6 UPDATE

TOPPS CHEMING GUM I~iC COM 1,401 89078410

FORSTMFlNN LITTLE & CO 'i3D' .fl/16/83" -. 38.5 O. 0 NEW
TOPPS CHHIING GUM INC COM 607 89078410
FRIEDMAN PHOEBE ET AL 13!t 11/16/83 16.7 0.0 HEW

TOPPS: CHEltlJNG GUM INC COM 241 89078410

SHORIN ARTHUP T 13!1 11/16/83 6.6 6.6 UPDATE

TOPPS: CHFI.oIJNGGUM INC COM 179 89078410

SHOR II'~ EDMARD E 13D IUIE ....
ss 4.9 6.4 UPDATE

TOPPS CHFMING GUM INC COM 163 89078410

SHORIN JOEL J 13D 11/16/83 4.5 5.7 UPDATE

TnpPS: CI4Et.lII'IG
GUM IHC COM 211 89078410
STARR AL ITA 13D 11/16/83 5.8 5.9 UPDATE

UNITED TFLEVISJON INC COM 5.509 91306610

CHRIS CRAFT INDS: INC ET AL 13D 11/15/83 47.1 34.0 UPDATE

MENTE'X INTL INC COM 3,412 95067510

2'EFF !<:'ALMAN8, SORENSEN JAMFS 13D 11/1 Eo/83 9.8 0.0 HEW

RECENT 8K FILINGS
Form 8-K is used by companies to file current reports on the following events:

Item 1. Changes in Control of Registrant.

Item 2. Acquisition or Disposition of Assets.
Item 3. Bankruptcy or Receivership.
Item 4. Changes in Registrant's Certifying Accountant.
Item 5. Other Materially Important Events.
Item 6. Resignations of Registrant's Directors.
Item 7. Financial Statements and Exhibits.

The companies listed below have filed 8-K reports for the date indicated and/or amend
ments to 8-K reports previously filed, responding to the item(s) of the form specified.
Copies of the reports may be purchased from the Commission's Public Reference Section
(in ordering, please give the date of the report). An in\~ice will be included with
the requested material when mailed.

COMPANY HEMS NO. DATE

ALASKA MUTUAL BANCORPORATION 5 11/10/83

AMERICAN FINANCIAL CORP 5 11/21183
AMERICAN GENETICS INTERNATIONAL INC 5 11/12183
AMERICAN HOUSING PARTNERS 2 11/10/83
AMERICAN MEDICAL BUILDINGS INC 5 11/15/83
AMERICAN SURGERY CENTERS CORP 2,7 , 11/14183
BANKAMERICA CORP 5 11/17/83
CADENCE INDUSTRIES CORP 2,7 11/09/83
CENTER BANtORP INC 5 05/01183
CENTRAL MAINE POWeR CO 7 11121/83
CENTURI INC 2 10/01/83
CIRCLE K CORP/NE. 5,7 10108/83
COLLINS KEITH PETROLEUM CORP 1 11/llt/83
COLORADO GASAHOL INC 5 11/11/83
COLUMBIAN Oil & GAS DRILLING PROGRAM 198 5 11/10/83
COLUMBIAN OIL & GAS DRILLING PROGRAM 198 5 11/10/83
COLUMBIAN OIL & GAS DRILLING PROGRAM 198 5 11/10/83
COM VU CORP 5 10/21t/83
COMPUTER RESEARCH INC 7 10120/83 AMEND
·CONSOLIDATED CAPITAL INSTITUTIONAL PROPE 5 11115/83
CURTICE BURNS INC 5,7 11/10/83

NEWS DIGEST, December 1, 1983 7

RECENT 8K FILINGS CONT.
DATUCON CORP 5,7 11/11/83
DOUBLE R fAST fOODS INC 2,5,7 11/04/83
fINANCIAL TRANS CORP 5,1 11/10/83
fIRST CITY PROPERTIES INC 2,7 07129/83 AMEND
fIRST GENERAL RESOURCES al 5,7 10/03183
fIRST NATIONAL 8A&ORP IINI 4 U/08/83
FIRSTBANK OF ILLIHDI6 CO 5 11/23/83
fLAG ENTERPRISES INC 1,2,6,7 11/16183
flEXWA TT CORP 2,7 11/14/83
fLORIDA PARK BANKS INC 5.6,7 11/01183
fOOTHILL GROUP INC 5 11/16183
GENERAL RECREATION INC 4,7 11/10/83
GREAT WESTERN fINANCiAL tDRP 7 10/07183 AlIENO
HERITAGE BANCORP/CAI 5 11121183
HERlEY MICROWAVE SYSTEMS INC 4,7 OCJ/26/83
HITTMAN CORP 2,5,7 11110183
HORIlON HEALTH CORP 1,5,7 1U2Z183
IDAHO POWER CO 5 11/10183
INTERNATIONAL CLt~lCAL LABORATORIES INC 5 11/23/83
MAGMA POWER CO IN~I 5 07127183
MCNEIL REAL ESTATE FUND XIV LTD 5 10/31183
NELSON THOMAS INC 2,7 10/26183
NESCO RESOURCES 1NC 1,2,5,6,7 10/01183
PETRO LEWIS OIL & NATURAL GAS INCOME PRO 5,7 10124183
PICO PRODUCTS INC 2,7 11/11183
PITTOCK fINANCIAL SERVICES INC 5 11/07183
REPRO MED SYSTEMS INC 5 11/02183
SAGA CORP 7 07127183 AlIENO
SAVIN CORP 5 09/23183
SCHICK INC 1,2,7 11/0CJ/83
SCIENTIfIC S~STEMS SERVICES INC/FLI 5,7 11106/83
SELIGMAN & LATZ IMC 2 U/14183
SOG 1981-A LTD 4 11/11/83
SOG 1982-A LTD 4 1l/1l/83
SOG 1982-B LTD 4 11/11183
SPORTS ARENAS INC 5 11/07183
SUPERIOR Oil CO IMVI 5,7 11/23/83
TECHNOLOGY INC 5,7 11/1l/83
TERA CORP 1,2,6 12/31182
TERA CORP 5,7 03/)1183
VERMONT RESEARCH CORP/NEW 5 l1/17/83
WESTPORT CO 5,7 11/03/83
WIUEK INC 7 ll/01l83
YUBA NATURAL RESOuaceS INC 5 11/04/83

8 NEWS DIGEST, December 1, 1983