Investment Research Associates - Page 79





                                       - 162 -                                        
         Item                          Carlco          TMT       BWK, Inc.            
         Note to                                                                      
         Beginning                     ($35,629) ($35,629)    ($7,917)                
         Pd 2/86                        35,629         35,629       7,917             
         Ending                        -0-       -0-             -0-                  
                                                                                     
         Investment in stock                                                          
         Beginning                2,040,992      2,243,400       458,221              
         Ending                   2,203,362      2,488,403       494,303              
         Contri. consent dividend                      82,633                         
         Cash additions                162,370         162,370   36,082               
         1987                                                                         

              IRA recorded the 1987 payments from Schnitzer-PMS and Essex             

         and distributions to Carlco, TMT, and BWK, Inc. as follows:                  

         Item                          Carlco          TMT       BWK, Inc.            
         Note to                                                                      
         Beginning       --   --            --                                        
         08/06/87 Essex 2d quarter     ($29,626) ($29,626)       ($6,584)             
         10/08/87 Distr. Essex         29,626          29,626    6,584                
         12/10/87 Essex 3d quarter     (8,229)         (8,229)      (1,829)           
         12/15/88 Distr. Essex           8,229         8,229       1,829              
         Ending    --               --      --                                        
                                                                                     
         Investment in stock                                                          
         Beginning                2,203,362      2,488,403       494,303              
         Additions                                                                    
         01/14/87                      40,690          40,690    9,042                
         05/07/87                      40,690          40,690    9,042                
         09/10/87                      40,690          40,690    9,042                
         10/19/87                      40,690          40,690    9,043                
         12/11/87                      29,553          29,553                         
         Total cash contrib.           192,313         192,313   36,169               
         12/31/87 consent div.                         31,960                         
         Ending                   2,395,676      2,712,677       530,473              
         1988                                                                         

              IRA recorded the 1988 payments from Schnitzer-PMS and Essex             

         and distributions to Carlco, TMT, and BWK, Inc. as follows:                  

         Item                          Carlco          TMT       BWK, Inc.            
         Investment in stock                                                          
         Beginning                $2,395,676     $2,712,677      $530,473             
         Additions                                                                    
         02/03/88                      40,690          40,690    9,042                
         05/12/88                      40,690          40,690    9,042                
         08/05/88                      40,690          40,690    9,042                
         12/13/88                      40,690          40,690    9,043                
         Total                         162,761         162,761   36,169               
         2/31/88 consent div.                          65,093                         
         Ending                   2,558,437      2,940,531       566,642              





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