SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
Horsehead Resources Dev Inc.
- ------------------------------------------------------------
(Name of Issuer)
Common Stock
- ------------------------------------------------------------
(Title of Class of Securities)
440699106
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(CUSIP Number)
Check the following box if a fee is being paid with this
statement. [ ]
1. Name of Reporting Person(s) CoreStates Financial Corp
SSN or IRS Identification
No (s) of Above Person(s) 23-1899716
2. Check the Appropriate Box
If a Member of a Group
(See Instructions) [ X ]
3. SEC Use Only
4. Citizenship or Place of
Organization Pennsylvania
Number of Shares Beneficially
Owned by Each Reporting Person with
5. Sole Voting Power 16,250,000
6. Shared Voting Power -0-
7. Sole Dispositive Power -0-
8. Shared Dispositive Power -0-
9. Aggregate Amount Beneficially
Owned by Each Reporting Person 16,250,000
10. Check if the Aggregate Amount
in Row 9 Excludes Certain Shares
(See Instructions)
11. Percent of Class Represented by
Amount in Row 9 44.8424%
12. Type of Reporting Person(s)
(See Instructions) HC-BK
Item 1.
(a) Name of Issuer Horsehead Resources Dev Inc.
(b) Address of Issuer's Principal Executive Offices
110 East 59th Street
34th Floor
New York, NY 10022
Item 2.
(a) Name of Person Filing: CoreStates Financial Corp.
(b) Address of Principal Business Office or, if none, Residence
Broad & Chestnut Streets
Philadelphia
(c) Citizenship Pennsylvania
(d) Title of Class of Securities
(e) CUSIP Number 775371107
Item 3. If this Statement is filed pursuant to Rules 13d-1(b)
or 13d-2(b), check whether the person filing is a:
(a) [ ] Broker or dealer registered under Section 15 of the Act.
(b) [ ] Bank as defined in Section 3(a)(6) of the Act.
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act.
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act.
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940.
(f) [ ] Employee Benefit Plan, Pension Fund, which is subject
to the provisions of the Employee Retirement Income
Securities Act of 1974, or Endowment Fund.
(g) [X] Parent Holding Company, in accordance with
Section 240.13-1(b) (1) (ii) (H).
(h) [ ] Group, in accordance with Section 240.13d-1(b)
(1) (ii) (H).
Item 4. Ownership
As of September 30, 1996, the reporting person filing this
statement through its wholly owned subsidiary, CoreStates
Bank, N.A., beneficially owned the following amounts and
percentages of securities of the above named issuer:
(a) Amount Beneficially Owned 16,250,000
(b) Percent of Class 44.8424%
(c) Number of Shares as to which such person has the:
(i) sole power to vote or to direct the vote 16,250,000
(ii) shared power to vote or to direct the vote -0-
(iii) sole power to dispose or to direct the
disposition of -0-
(iv) shared power to dispose or to direct
the disposition of -0-
Item 5. Ownership of Five Percent or Less of a Class N/A
Item 6. Ownership of More then Five Percent on Behalf of
Another Person
CoreStates Bank, N.A., New Jersey National Bank and
Meridian Bank hold the options reported above under
various trust and custodial arrangements.
Item 7. Identification and Classification of the Subsidiary
which Acquired the Security Being Reported on By the
Parent Holding Company
CoreStates Bank, N.A., a bank as defined
in Section 3(a) (6) of the Act.
Item 8. Identification and Classification
of Members of the Group N/A
Item 9. Notice of Dissolution of Group N/A
Item 10. Certification
By Signing below, I certify that, to the best of my
knowledge and belief, the securities referred to above
were acquired in the ordinary course of business and
were not acquired for the purpose of and do not have effect
of changing or influencing the control of the issuer of
participant in any transaction have such purposes
or effect.
After reasonable inquiry and to the best of my knowledge
and belief, I certify that the information set forth in
this statement is true, complete, and correct.
Date: November 12, 1996
Mark Stalnecker, Executive Vice President
