ITT PROFITS UP 13% FOR FIRST QUARTER; MSG DEAL NOT INCLUDED

     ITT Corp., owner of Madison Square Garden, the Knicks and
the Rangers, posted a first quarter profits increase of 13%.
Although the company's $1.09B acquisition of MSG was not
completed in time to be included in first quarter results, the
company's profit gains were led by "double-digit percentage gains
from it's manufacturing, hotel and entertainment operations"
(Paul Tharp, N.Y. POST, 4/20).  According to this morning's WALL
STREET JOURNAL, the company is "in the midst of an ambitious
restructuring that analysts say will lead to the company being
split into three separate companies," based on divisions of
insurance, manufacturing and entertainment.  Sources say that ITT
is "likely to take such a step by midyear" (WALL STREET JOURNAL,
4/20).