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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
SCHEDULE 13D
UNDER THE SECURITIES EXCHANGE ACT OF 1934
(AMENDMENT NO. 5 )*
TALLEY INDUSTRIES, INC.
_______________________
(Name of Issuer)
COMMON STOCK
____________
(Title of Class of Securities)
874687 10 6
______________
(CUSIP Number)
Patrick J. Gilmartin, One William Street,
New York, New York, 10004 (212) 425-3220
_________________________________________
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
November 14, 1996
(Date of Event which Requires Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13G to report
the acquisition which is the subject of this Schedule 13D, and is filing this
schedule because of Rule 13d-1(b)(3) or (4), check the following box |_|.
Check the following box if a fee is being paid with the statement |_|. (A fee is
not required only if the reporting person: (1) has a previous statement on file
reporting beneficial ownership of more than five percent of the class of
securities described in Item 1; and (2) has filed no amendment subsequent
thereto reporting beneficial ownership of five percent or less of such class.)
(See Rule 13d-7.)
NOTE: Six copies of this statement, including all exhibits, should be filed with
the Commission. See Rule 13d-1(a) for other parties to whom copies are to be
sent.
*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter
disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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SCHEDULE 13D
CUSIP NO. 874687 10 6 PAGE 2 OF PAGES
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1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
John J. McMullen ###-##-####
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) |_|
(B) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) /_/
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY 1,002,930
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------
8 SHARED VOTING POWER
702,919
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9 SOLE DISPOSITIVE POWER
1,705,849
--------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,705,849
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
11.5
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TYPE OF REPORTING PERSON*
14
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.
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SCHEDULE 13D
CUSIP NO. 874687 10 6 PAGE 3 OF PAGES
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1 NAME OF REPORTING PERSON
SS. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
Wells Fargo Bank, N.A.
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP* (A) /_/
(B) /X/
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3 SEC USE ONLY
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4 SOURCE OF FUNDS*
N/A
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5 CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT
TO ITEMS 2(d) or 2(e) /_/
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6 CITIZENSHIP OR PLACE OF ORGANIZATION
United States
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NUMBER OF 7 SOLE VOTING POWER
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
--------------------------------------------
8 SHARED VOTING POWER
702,919
--------------------------------------------
9 SOLE DISPOSITIVE POWER
--------------------------------------------
10 SHARED DISPOSITIVE POWER
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11 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
702,919
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12 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN
SHARES* /_/
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13 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
4.7
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14 TYPE OF REPORTING PERSON*
BK
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SCHEDULE 13D
(Amendment No. 5)
This Amendment No. 5 amends the joint statement of John J. McMullen
("JJM") and Wells Fargo Bank, N.A. (the "Trustee") on Schedule 13D
dated March 17, 1988, as amended by Amendment No. 1 dated May 9, 1990, and as
amended and restated in its entirety by Amendment No. 2 dated February 14, 1996,
as amended by Amendment No. 3 dated June 3, 1996, and as amended by Amendment
No. 4 dated July 10, 1996. Except as amended by this Amendment No. 5, the joint
statement of JJM and Trustee is unchanged.
Item 4 is amended by adding the following:
Pursuant to the Voting Trust Agreement and instructions from
JJM, Goldman, Sachs & Co. ("Goldman") transferred 100,000 shares of the
issuer to each of two major educational institutions, as gifts to those
institutions. Those transfers were effective on or about November 14,
1996. Further dispositions of the 200,000 shares of the issuer so
transferred are free and clear of the restrictions contained in the
Voting Trust Agreement, except for the obligation on the part of the
educational institutions to transfer the shares only in Qualified
Sales, as such term is defined in the Voting Trust Agreement.
Item 5 is amended by adding the following:
Reference is made to cover pages 2-3 for information amending Item 5(a)
and (b).
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Signature
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.
Dated: November 29, 1996
/s/ JOHN J. MCMULLEN
_________________________
John J. McMullen
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SIGNATURE
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.
DATED: NOVEMBER 29, 1996
WELLS FARGO BANK, N.A.,
AS TRUSTEE
BY: /s/ Kathleen Jakubowicz
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KATHLEEN JAKUBOWICZ
ASSISTANT VICE PRESIDENT
