SOUTHLAND &lt;SLC> TARGETED IN SEC INVESTIGATION
  Southland Corp said it was told the 
  Securities and Exchange Commission ordered a private
  investigation into Southland stock trading and statements made
  by the company this year.
      "Southland has been advised that the Commission has issued
  a private order of investigation concerning the trading of
  Southland stock during various times in 1987 and the issuance
  of various public statements by Southland," Southland said in a
  proxy statement to shareholders.
      Southland did not elaborate on the SEC order of
  investigation, and company officials could not be reached for
  comment late Tuesday.
      The SEC has a long-standing policy against confirming or
  denying the existence of investigations.
      The proxy statement, filed with the Securities and Exchange
  Commission, is required for a November 5 shareholders meeting
  called to approve the previously announced acquisition of
  Southland by a company controlled by Southland chairman John
  Thompson and members of his family.
      Earlier this year, a group led by Thompson acquired
  majority ownership of Southland through a 77 dlrs a share
  tender offer for 31.5 mln shares of Southland common stock.
      If the merger is approved, common stock still outstanding
  will be converted into the right to receive 61.32 dlrs a share
  in cash plus a fraction of a share of preferred stock.
  

