NATIONAL DISTILLERS &lt;DR> SEES SECOND QTR GAIN
  National Distillers and Chemical Corp
  expects to realize a second quarter after-tax gain of four dlrs
  per share from the 545 mln dlr sale of its spirits business to
  American Brands Inc &lt;AMB>.
      National Distillers' stock rose 1-1/8 to 65-1/2, after an
  opening delay on the New York Stock exchange for an imbalance
  of orders.
      "I think the sales price was higher than most people
  expected," said John Henry of E.F. Hutton Group.
      A company spokeswoman said the four dlr per share gain will
  be included in second quarter net, which compares with 31 cts
  per share last year, including the spirits and wine business
      "They netted over 700 mln dlrs for spirits and wine. That
  will ease their interest cost burden," said Henry.
      National Distillers sold its wine business last month to
  Grand Metropolitan PLC's Heublein Inc for 128 mln dlrs.
      Henry said he had anticipated National Distillers would net
  only 600 mln dlrs at the most from the sale of the two liquor
  businesses.
      Henry said the company recovered from the sales the cost of
  buying Enron Chemicals in the fourth quarter last year.
  National Distillers paid 570 mln dlrs cash for Enron and
  assumed 34 mln dlrs in debt. National Distillers said at the
  time it bought Enron it would sell the spirits and wine
  businesses, moving more into the chemical area.
      For 1986, two thirds of income were from chemicals and
  propane. National Distillers earned, excluding the liquor
  businesses, 2.21 dlrs per share for 1986. Income from
  discontinued operations, including the liquor businesses, was
  67 cts per share.
  

