Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: TUESDAY, November 21, 1995                   TAG: 9511210057
SECTION: BUSINESS                    PAGE: B-6   EDITION: METRO 
SOURCE: 
DATELINE:                                 LENGTH: Medium

IN BUSINESS

A&E Supply Co., which sells architectural and engineering supplies, will open Dec. 1 at First Street and Kirk Avenue, in the downtown space formerly occupied by Roanoke Book & Stationery.

Cason Newbern of Copty & Co., who handled leasing of the first floor space, said the company will rent 4,500 square feet. The owner of the building, Lakeland Masonic Lodge, uses the upper floors.

Al Hopper, an owner of A&E, said the company also has outlets in Richmond and Newport News. He is a native of Vinton. Hopper said the company deals in recyclable blueprints.

- Staff report

First Interstate rejects takeover

LOS ANGELES - First Interstate Bancorp said it rejected the sweetened buyout bid from Wells Fargo & Co., setting the stage for a rancorous proxy battle over Los Angeles' last major financial institution.

First Interstate directors met over the weekend to discuss San Francisco-based Wells' latest hostile offer, which was made a week after First Bank Systems of Minneapolis, Minn., announced its intentions to purchase First Interstate in a friendly merger. The bid was rejected Monday.

William Siart, First Interstate chairman, said in a letter to shareholders that although the Wells offer is roughly $5 a share more, the First Bank bid has less risk, brings more long-term value and gives shareholders a larger slice of the combined company that reaches across 21 states.

Wells Fargo said last week that if its revised offer is rejected, it will go directly to First Interstate investors with a tender offer to acquire their shares.

- The New York Times

Microsoft on-line not hot as expected

REDMOND, Washington - Microsoft Corp. said Monday its Microsoft Network on-line service has 525,000 subscribers, a slower start than industry executives expected. The world's largest maker of software for personal computers said it dropped plans to temporarily suspend enrollment at 500,000 and will pursue its on-line competitors at full speed.

Some analysts and industry executives expected Microsoft to gain 500,000 subscribers within weeks of the Aug. 24 unveiling of Microsoft Network because it was included with the company's popular Windows 95 operating system.

- Bloomberg Business News

Memo: NOTE: Slightly different version ran in New River edition.