SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
Date of Earliest Event Reported
December 9, 1997
Interra Financial Incorporated
(Exact name of registrant as specified in its charter)
DELAWARE
(State or other jurisdiction of incorporation of organization)
1-8186 41-1228350
(Commission File Number) (IRS Employer
Identification Number)
Dain Bosworth Plaza, 60 South Sixth Street,
Minneapolis, Minnesota 55402-4422
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (612) 371-7750
<PAGE>
Item 5. OTHER EVENTS
Reference is made to Exhibit 99 filed herewith.
Item 7. FINANCIAL STATEMENTS AND EXHIBITS
Exhibit 99 Press release regarding Interra Board authorizing
600,000 share repurchase plan.
<PAGE>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of
1934, the registrant has duly caused this report to be signed on
its behalf by the undersigned thereunto duly authorized.
INTERRA FINANCIAL
Registrant
Date: December 10, 1997 By Daniel J. Reuss
------------------- -------------------
Daniel J. Reuss
Senior Vice President,
Corporate Controller
and Treasurer
(Principal Accounting
Officer)
<PAGE>
INTERRA FINANCIAL AND SUBSIDIARIES
INDEX OF EXHIBITS
Exhibit No.
- -----------
99 Press release regarding Interra Board authorizing
600,000 share repurchase plan.
EXHIBIT 99
INTERRA BOARD AUTHORIZES
600,000 SHARE REPURCHASE PLAN
MINNEAPOLIS, December 9, 1997 -- Interra Financial (NYSE:IFI),
parent company of Dain Bosworth of Minneapolis and Rauscher
Pierce Refsnes of Dallas, announced that its board today
authorized the repurchase of up to 600,000 shares of Interra
common stock from time to time at prevailing prices on the open
market, by block purchases, or in privately negotiated
transactions. The repurchased shares will be used for the
company's employee stock incentive and other benefit plans, or
for other corporate purposes.
The repurchase program will commence after completion of the
existing 100,000-share plan, of which 33,000 shares remain.
Interra also repurchased 600,000 shares of its stock between
April 1994 and July 1996.
"We believe repurchase of Interra stock is an excellent
investment and an important part of managing our capital," said
Irving Weiser, chairman and chief executive of Interra. "In
addition, despite the fact that Interra shares have appreciated
70 percent in value this year, we are trading at a discount to
our peer group."
According to Financial Service Analytics (FSA), an independent
securities-industry research firm, Interra closed on December 8
at 13.4 times trailing 12-month earnings, excluding third-
quarter restructuring charges, compared with the median of 16.9
times earnings for FSA's index of 10 "mid-cap" securities firms.
Interra announced in October that it is combining its Dain and
Rauscher subsidiaries into one full-service brokerage firm on
January 2, 1998. Interra took a one-time after-tax charge of 72
cents per share against third-quarter earnings to cover the
restructuring.
Interra's stock price closed at $59.94 on December 9. There are
12,306,796 shares outstanding.
Interra Financial, which becomes Dain Rauscher Corporation on
January 2, is the nation's tenth largest full-service securities
firm with 3,600 employees. Founded in 1909, the Minneapolis-
based company provides advice and services to individual
investors in 21 western states, and investment banking services
to corporations and municipalities nationwide. Through its St.
Louis-based Correspondent Services unit, the company markets
clearing and trade settlement services to 180 non-affiliated
broker-dealers in the U.S. and abroad. The company's broker-
dealers are members of the New York Stock Exchange and other
major stock and option exchanges as well as the Securities
Investor Protection Corp. The company's common stock will trade
after Jan 2, 1998 on the New York Stock Exchange under the symbol
DRC.
###
CONTACT: Neal St. Anthony (612) 371-2934
