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       Symbol   Security    Dividend    Price   Yield
       IBM   Int'l Bus. Mach    4.84   50.375  9.6079
       TX    Texaco             3.20   59.750  5.3556
       EK    E Kodak            2.00   40.500  4.9383
       CHV   Chevron            3.30   69.500  4.7482
       XON   Exxon              2.88   61.125  4.7117
       UK    Union Carbide       .75   16.625  4.5113
       S     Sears              2.00   45.500  4.3956
       AXP   American Expres    1.00   24.875  4.0201
       UTX   United Technolo    1.80   48.125  3.7403
       DD    DuPont             1.76   47.875  3.6762
       JPM   JP Morgan          2.40   65.750  3.6502
       Z     Woolworth          1.12   31.625  3.5415
       MO    Philip Morris      2.60   77.125  3.3712
       MMM   Minn M&M           3.20  100.625  3.1801
       WX    Westinghouse        .40   13.375  2.9907
       T     American T&T       1.32   51.000  2.5882
       GE    General Electri    2.20   85.500  2.5731
       IP    Int. Paper         1.68   66.625  2.5216
       BA    Boeing             1.00   40.125  2.4922
       GM    General Motors      .80   32.250  2.4806
       MRK   Merck              1.00   43.375  2.3055
       AA    Alcoa              1.60   71.625  2.2339
       PG    Procter & Gambl    1.10   53.625  2.0513
       ALD   Allied-Signal      1.00   60.500  1.6529
       GT    Goodyear           1.00   68.375  1.4625
       KO    Coca-Cola           .56   41.875  1.3373
       CAT   Caterpillar         .60   53.625  1.1189
       MCD   McDonald's          .40   48.750   .8205
       DIS   Disney              .21   43.000   .4884
       BS    Bethlehem Steel     .00   16.000   .0000
             December 31,1992       1,529.000
                                               3.1210