TALMAN HOME FEDERAL PREFERRED OFFERING STARTS
Lead underwriters Morgan Stanley Group
Inc <MS>, <Goldman, Sachs and Co> and <Salomon Inc> said an
offering of 1,000 shares of market auction preferred stock of
<Talman Home Federal Savings and Loan Association of Illinois'>
Talman Finance Corp C unit is underway at 100,000 dlrs a share.
    It said the initial dividend rate is 4.35 pct and the
diovidend will be reset every 49 days in a Dutch auction
process.  The first Dutch action date is May 12.
 Reuter
