THIS PAPER DOCUMENT IS BEING SUBMITTED PURSUANT
TO RULE 902(g) OF REGULATION S-T


               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                                
                                                
                          SCHEDULE 13D
                       (Amendment No. 01)
                                
                                                
            Under the Securities Exchange Act of 1934
                                 
                   TREDEGAR INDUSTRIES INC.                
                        (Name of Issuer)
                                
                        
             Common Stock Par Value $1.00 Per Share     
                (Title of Class and Securities) 
                                
                                                
                           894650100                  
              (CUSIP Number of Class of Securities)
                                                
                                                
                                                
              James E. McKee, Gabelli Funds, Inc.,
     One Corporate Center, Rye, NY  10580-1434 (914)921-5294
    (Name, Address and Telephone Number of Person Authorized
             to Receive Notices and Communications)
                                
                                                
                        OCTOBER 7, 1994                       
     (Date of Event Which Requires Filing of this Statement)
                                

If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this State-
ment because of Rule 13D-1(b)(3) or (4), check the following box:
                                                        ____     
                                                       /___/ 


Check the following box if a fee is being paid with this Statement:
                                                       _____
                                                      /   /

_________________________________________________________________

CUSIP No. 884425109                                        13D
_________________________________________________________________
(1)  NAMES OF REPORTING PERSONS 
      S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
      Gabelli Funds, Inc.            I.D. No. 13-3056041
_________________________________________________________________
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
                                                       ____
                                                  (a) /___/
                                                       ____
                                                  (b) /___/
_________________________________________________________________
(3)  SEC USE ONLY
_________________________________________________________________
(4)  SOURCE OF FUNDS*
      OO-Funds of investment company clients
_________________________________________________________________
(5)  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
     REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)          _____
                                                     /    /
_________________________________________________________________
(6)  CITIZENSHIP OR PLACE OF ORGANIZATION
      New York
_________________________________________________________________ 
                                        : (7) SOLE VOTING POWER
                                        :     19,067 (Item 5)
                                        :________________________
                                        : (8) SHARED VOTING POWER
 NUMBER OF SHARES BENEFICIALLY          :     None  (Item 5) 
 OWNED BY EACH REPORTING                :________________________
 PERSON WITH                            : (9) SOLE DISPOSITIVE 
                                        :     POWER
                                        :     19,067 (Item 5)
                                        :________________________
                                        :(10) SHARED DISPOSITIVE 
                                        :     POWER
                                        :     None  (Item 5)  
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      19,067 (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
     EXCLUDES CERTAIN SHARES*                         _____
                                                     /  x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
      0.17%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
      HC, IA, CO
_________________________________________________________________
              *SEE INSTRUCTIONS BEFORE FILLING OUT! 
_____________________________________

CUSIP No. 884425109                                        13D
_________________________________________________________________
(1)  NAMES OF REPORTING PERSONS 
      S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
      GAMCO Investors, Inc.              I.D. No. 13-2951242
_________________________________________________________________
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
                                                       ____
                                                  (a) /___/
                                                       ____
                                                  (b) /___/
_________________________________________________________________
(3)  SEC USE ONLY
_________________________________________________________________
(4)  SOURCE OF FUNDS*
      OO-Funds of investment advisory clients
_________________________________________________________________
(5)  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
     REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)          _____
                                                     /  x /
_________________________________________________________________
(6)  CITIZENSHIP OR PLACE OF ORGANIZATION
      New York
_________________________________________________________________ 
                                        : (7) SOLE VOTING POWER
                                        :     54,207 (Item 5)
                                        :________________________
                                        : (8) SHARED VOTING POWER
 NUMBER OF SHARES BENEFICIALLY          :     None 
 OWNED BY EACH REPORTING                :________________________ 
 PERSON WITH                            : (9) SOLE DISPOSITIVE 
                                        :     POWER
                                        :     54,359 (Item 5)
                                        :________________________ 
                                        :(10) SHARED DISPOSITIVE 
                                        :     POWER
                                        :     None  
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
      54,359 (Item 5)
_________________________________________________________________

(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
     EXCLUDES CERTAIN SHARES*                         ____
                                                     /___/
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
     0.50%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
      IA, CO
_________________________________________________________________
              *SEE INSTRUCTIONS BEFORE FILLING OUT!  
_______________________________________

CUSIP No. 884425109                                        13D
_________________________________________________________________
(1)  NAMES OF REPORTING PERSONS 
     S.S. OR I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS
     Mario J. Gabelli                  I.D. No. ###-##-####
_________________________________________________________________ 
(2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
                                                       ____
                                                  (a) /___/
                                                       ____
                                                  (b) /___/
_________________________________________________________________
(3)  SEC USE ONLY
_________________________________________________________________
(4)  SOURCE OF FUNDS*
      None 
_________________________________________________________________
(5)  CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS
     REQUIRED PURSUANT TO ITEMS 2(d) or 2(e)          ____
                                                     /    /
_________________________________________________________________
(6)  CITIZENSHIP OR PLACE OF ORGANIZATION
      USA 
_________________________________________________________________ 
                                        : (7) SOLE VOTING POWER
                                        :     None   (Item 5)
                                        :________________________
                                        : (8) SHARED VOTING POWER
 NUMBER OF SHARES BENEFICIALLY          :     None  
 OWNED BY EACH REPORTING                :________________________ 
 PERSON WITH                            : (9) SOLE DISPOSITIVE 
                                        :     POWER
                                        :     None   (Item 5)
                                        :________________________ 
                                        :(10) SHARED DISPOSITIVE 
                                        :     POWER
                                        :     None  
_________________________________________________________________
(11) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
     None   (Item 5)
_________________________________________________________________
(12) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 11
     EXCLUDES CERTAIN SHARES*                         _____
                                                     /  x /
_________________________________________________________________
(13) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11
      0.00%
_________________________________________________________________
(14) TYPE OF REPORTING PERSON*
      IN
_________________________________________________________________

              *SEE INSTRUCTIONS BEFORE FILLING OUT!
Item 1.   Security and Issuer

          This Amendment No. 01 to Schedule 13D on Tredegar
Industries Inc. (the "Issuer") is being filed on behalf of the
undersigned to amend the Schedule 13D, as amended (the "Schedule
13D") which was originally filed on July 12, 1994. Unless otherwise
indicated, all capitalized terms used herein but not defined herein
shall have the same meaning as set forth in the Schedule 13D.

Item 2.   Identity and Background
          This statement is being filed by Mario J. Gabelli ("Mr.
Gabelli") and various entities which he directly or indirectly
controls or for which he acts as chief investment officer.  These
entities, except for Lynch Corporation ("Lynch"), Spinnaker
Industries, Incorporated ("Spinnaker", formerly known as Safety
Railway Services Corporation), Western New Mexico Telephone Company
("Western New Mexico"), Entoleter, Inc. ("Entoleter"),  Lynch
Telecommunications Corporation ("Lynch Telecom"), Lynch Telephone
Corporation ("Lynch Telephone") and Inter-Community Telephone
Company ("Inter-Community") (collectively, "Lynch and its affili-
ates"), engage in various aspects of the securities business,
primarily as investment adviser to various institutional and
individual clients, including registered investment companies and
pension plans, as broker/dealer and as general partner of various
private investment partnerships.  Certain of these entities may
also make investments for their own accounts. 
          The foregoing persons in the aggregate often own benefi-
cially more than 5% of a class of equity securities of a particular
issuer.  Although several of the foregoing persons are treated as
institutional investors for purposes of reporting their beneficial
ownership on the short-form Schedule 13G, the holdings of those who
do not qualify as institutional investors may exceed the 1%
threshold presented for filing on Schedule 13D or implementation of
their investment philosophy may from time to time require action
which could be viewed as not completely passive.  In order to avoid
any question as to whether their beneficial ownership is being
reported on the proper form and in order to provide greater
investment flexibility and administrative uniformity, these persons
have decided to file their beneficial ownership reports on the more
detailed Schedule 13D form rather than on the short-form Schedule
13G and thereby to provide more expansive disclosure than may be
necessary. 
          (a), (b) and (c) - This statement is being filed by one
or more of the following persons: Gabelli Funds, Inc. ("GFI"),
GAMCO Investors, Inc. ("GAMCO"), Gabelli Securities, Inc. ("GSI"),
Gabelli & Company, Inc. ("Gabelli & Company"), Gabelli Performance
Partnership L.P. ("GPP"), GLI, Inc. ("GLI"), Gabelli Associates
Fund ("Gabelli Associates"), Gabelli Associates Limited ("GAL"),
Gabelli & Company, Inc. Profit Sharing Plan (the "Plan"); Gabelli
International Limited ("GIL"), Gabelli International II Limited
("GIL II"), Gabelli International Gold Fund Limited ("GIGFL"), ALCE
Partners, L.P. ("ALCE"), Gabelli Multimedia Partners, L.P.
("Multimedia Partners"), Mr. Gabelli, Lynch, Spinnaker, Western New
Mexico, Entoleter, Lynch Telecom, Lynch Telephone and Inter-
Community. Those of the foregoing persons signing this Schedule 13D
are hereafter referred to as the "Reporting Persons".  
          GAMCO, a majority owned subsidiary of GFI, is an
investment adviser registered under the Investment Advisers Act of
1940, as amended ("Advisers Act").  GAMCO is an investment manager
providing discretionary managed account services in the equity area
for employee benefit plans, private investors, endowments and
foundations. 
          Gabelli & Company, a wholly-owned subsidiary of GSI, is
a broker-dealer registered under the Securities Exchange Act of
1934, as amended ("l934 Act"), which as a part of its business
regularly purchases and sells securities for its own account.  
          GLI, a wholly-owned subsidiary of GSI, is a general
partner of G&R Partners, a Delaware partnership ("G&R"), which, in
turn, is the general partner of Gabelli-Rosenthal & Partners, L.P.,
a Delaware limited partnership ("G-R"), whose primary business
purpose is to do friendly leveraged buyouts.  At the present time,
G-R's sole business purpose is to monitor its existing portfolio
investments.
          Gabelli Associates is a New York limited partnership
whose primary business purpose is risk arbitrage investments.  GSI
and Mr. Gabelli are the general partners of Gabelli Associates. 
          GAL is a corporation whose primary business purpose is
risk arbitrage investments.  Shares of GAL's Common Stock will be
offered to persons who are neither citizens nor residents of the
United States and may be offered to a limited number of U.S.
investors.  GSI is the investment manager of GAL.
          GSI, a majority-owned subsidiary of GFI, is a Delaware
corporation which as a part of its business regularly purchases and
sells securities for its own account.  It is the immediate parent
of Gabelli & Company.  
          GFI is the ultimate parent company for a variety of
companies engaged in the securities business, each of which is
named above.  In addition, GFI is an investment adviser registered
under the Advisers Act.  GFI is an investment adviser which
presently provides discretionary managed account services for The
Gabelli Equity Trust Inc., The Gabelli Asset Fund, The Gabelli
Growth Fund, The Gabelli Convertible Securities Fund, Inc., The
Gabelli Value Fund Inc., The Gabelli Small Cap Growth Fund, The
Gabelli Equity Income Fund, The Gabelli ABC Fund, The Gabelli
Global Telecommunications Fund, Gabelli Gold Fund, Inc., The
Gabelli Global Multimedia Trust Inc., The Gabelli Global Convert-
ible Securities Fund, Gabelli Capital Asset Fund, Gabelli Interna-
tional Growth Fund, Inc. and The Gabelli Global Interactive Couch
PotatoTM Fund, which are registered investment companies.
          The Plan, a qualified employee profit sharing plan,
covers substantially all employees of GFI and its affiliates. 
          GPP, a Delaware limited partnership, is a limited
partnership whose primary business purpose is investing in
securities.  Mr. Gabelli is the general partner and chief invest-
ment officer of GPP. 
          GIL is a corporation whose primary business purpose is
investing in a portfolio of equity securities and securities
convertible into, or exchangeable for, equity securities in order
to achieve its investment objective of significant long-term growth
of capital.  Shares of GIL's common stock are offered to persons
who are neither citizens nor residents of the United States and may
be offered to a limited number of U.S. investors.  The investments
of GIL are managed by Mr. Gabelli who is also a director and
Chairman of the Board of Directors of GIL.
          GIL II is a corporation whose business purpose is
investing primarily in a portfolio of equity securities and
securities convertible into, or exchangeable for, equity securities
in order to achieve its investment objective of significant
long-term growth of capital.  Shares of GIL II's common stock are
offered to persons who are neither citizens nor residents of the
United States and may be offered to a limited number of U.S.
investors.  The investments of GIL II are managed by Mr. Gabelli
who is also a director and Chairman of the Board of Directors of
GIL II.
       ALCE is a Delaware investment limited partnership that seeks
long-term capital appreciation primarily through investments in
public and private equity securities.  GSI is a general partner of
ALCE.
       Multimedia Partners is a Delaware investment limited
partnership whose objective is to provide long-term capital
appreciation by investing primarily in public and private multime-
dia communications companies.  GSI is a general partner of
Multimedia Partners.
       Lynch, an Indiana corporation, is a diversified public
company traded on the American Stock Exchange.  Its subsidiaries
are engaged in communications, services, and manufactured products. 
Spinnaker, a Delaware subsidiary of Lynch, is also a public company
and its stock is traded through the NASDAQ System.  Spinnaker
manufactures and sells industrial-process and air pollution control
equipment.  Another of Lynch's subsidiaries, Western New Mexico,
provides telephone services in a service area in Southwestern New
Mexico.  Inter-Community, which is also a subsidiary of Lynch,
provides local telephone services in an area 40 miles west of
Fargo, North Dakota.   Lynch and Spinnaker actively pursue new
business ventures and acquisitions.  Lynch and its affiliates make
investments in marketable securities to preserve capital and
maintain liquidity for financing their business activities and
acquisitions (not in the case of Western New Mexico) and are not
engaged in the business of investing, reinvesting, or trading in
securities.  Mr. Gabelli is Chairman of Lynch and owns beneficially
24.39% of the shares of Common stock of Lynch, including shares
obtainable upon the conversion of the Convertible Debentures of
Lynch.  
          Mr. Gabelli is the majority stockholder and Chairman of
the Board of Directors and Chief Executive Officer of GFI and the
Chief Investment Officer for each of the Reporting Persons.  GFI,
in turn, is the majority stockholder of GAMCO.  GFI is also the
majority stockholder of GSI.  Gabelli & Company is a wholly-owned
subsidiary of GSI.  GLI is a wholly-owned subsidiary of GSI.
          The Reporting Persons do not admit that they constitute
a group. 
          GFI, GAMCO, Gabelli & Company and GLI are New York
corporations and GSI is a Delaware corporation, each having its
principal business office at One Corporate Center, Rye, New York
10580-1434. GPP is a Delaware limited partnership having its
principal business office at 8 Sound Shore Drive, Greenwich,
Connecticut 06830.  Gabelli Associates is a New York limited
partnership having its principal business office at One Corporate
Center, Rye, New York 10580-1434. GAL and GIL are corporations
organized under the laws of the British Virgin Islands having their
principal business office at c/o MeesPierson (Cayman) Limited,
British American Centre, Dr. Roy's Drive-Phase 3, George Town,
Grand Cayman, British West Indies.  GIL II is a corporation
organized under the laws of the British Virgin Iskands having their
principal business office at c/o Coutts & Company (Cayman) Limited,
West Bay Road, Grand Cayman, British West Indies.  Lynch is an
Indiana corporation having its principal business office at 8 Sound
Shore Drive, Greenwich, CT 06830.  Spinnaker is a Delaware
corporation having its principal business office at 251 Welton
Street, Hamden, CT 06511. 
          For information required by instruction C to Schedule 13D
with respect to the executive officers and directors of the
foregoing entities and other related persons (collectively,
"Covered Persons"), reference is made to Schedule I annexed hereto
and incorporated herein by reference. 
          (d) and (e) -  On December 8, 1994, the SEC instituted
and simultaneously accepted offers for the settlement of an
administrative proceeding against Gabelli & Company and GAMCO.  The
order instituting the proceeding included a finding, which Gabelli
& Company and GAMCO neither admitted nor denied, that they failed
to implement and maintain policies and procedures reasonably
designed to prevent the misuse of material, nonpublic information
by not sepecifically addressing the special circumstances that
arose from their affiliation with Lynch Corporation, a public
company.  To resolve this matter, Gabelli & Company and GAMCO
agreed to cease and desist from violating Section 15(f) of the 1934
Act and Section 204A of the Advisers Act, respectively.  They
further agreed to each pay a civil penalty in the amount of
$50,000, and to retain, and adopt the recommendations of, an
independant consultant regarding their Section 15(f) and Section
204A policies and procedures.  
          On December 13, 1991, the Virginia State Corporation
Commission entered an order of settlement in final disposition of
matters arising from an allegation that GAMCO had transacted
business in Virginia as an investment adviser without having been
registered as such under Virginia Code Section 13.1-504A or an
exemption therefrom.  GAMCO consented to the entry of the order
without admitting or denying the allegation and without a hearing. 
The terms of the order provide that GAMCO would pay a fine and
costs totalling fifty-five thousand dollars and would not transact
business in Virginia as an investment adviser unless it was
registered as such under section 13.1-504A or was exempt from
registration.  
     (f) - Reference is made to Schedule I hereto. 

Item 5.   Interest In Securities Of The Issuer
          (a)  The aggregate number and percentage of Securities to
which this Schedule 13D relates is 73,426 shares, representing .67%
of the 8,429,725 shares outstanding in the Issuer's most recently
filed Form 10-Q dated June 30, 1995. The Reporting Persons benefi-
cially own those Securities as follows:
                              Shares of           % of
                              Common              Class of
Name                          Stock               Common  
                                      
GFI:
  As Principal                       0                0.00%
  As Agent                      19,067                 .17%       
     
                                      
GAMCO                                                             
  As Principal                       0                0.00%
  As Agent                      54,359                 .50%
                    

Mario J. Gabelli                     0                0.00%

          Mr. Gabelli is deemed to have beneficial ownership of the
Securities beneficially owned by each of the foregoing persons and
GFI is deemed to have beneficial ownership of the securities owned
beneficially by each of the foregoing persons other than Mr.
Gabelli. 
          (b) Each of the Reporting Persons and Covered Persons has
the sole power to vote or direct the vote and sole power to dispose
or to direct the disposition of the Securities reported for it,
either for its own benefit or for the benefit of its investment
clients or its partners, as the case may be, except that GAMCO
Investors, Inc. does not have authority to vote 152 of the reported
shares, and except that GFI has sole dispositive and voting power
with respect to the 19,067 shares of the Issuer held by the The
Gabelli Asset Fund, The Gabelli Equity Trust, Inc., The Gabelli
Growth Fund, The Gabelli Convertible Securities Fund, Inc., The
Gabelli Value Fund Inc., The Gabelli Small Cap Growth Fund, The
Gabelli Equity Income Fund, The Gabelli Global Interactive Couch
PotatoTM Fund, The Gabelli Global Convertible Securities Fund,
Gabelli Gold Fund, Inc., The Gabelli Global Multimedia Trust Inc.,
The Gabelli ABC Fund, The Gabelli Global Telecommunications Fund,
Gabelli Capital Asset Fund, and/or Gabelli International Growth
Fund, Inc., so long as the aggregate voting interest of all joint
filers does not exceed 25% of their total voting interest in the
Issuer and in that event, the Proxy Voting Committee of each Fund
shall respectively vote that Fund's shares, and except that, at any
time, the Proxy Voting Committee of each such Fund may take and
exercise in its sole discretion the entire voting power with
respect to the shares held by such Fund under special circumstances
such as regulatory considerations, and except that the power of Mr.
Gabelli and GFI is indirect with respect to Securities beneficially
owned directly by other Reporting Persons. 
          (c) Information with respect to all transactions in the
Securities which were effected during the past sixty days by each
of the Reporting Persons and Covered Persons is set forth on
Schedule II annexed hereto and incorporated herein by reference. 
          (e)  This Amendment No. 1 reflects the exchange of
673,968 shares for cash distributed to the Reporting Persons on
October 7, 1994 in connection with a dutch auction.  As a result,
the Reporting Persons ceased to be the beneficial owner of 5% or
more of the Issuer's common stock on October 7, 1994.


Signature      
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct. 
Dated:    October 3, 1995

                                   GABELLI FUNDS, INC.



                                   By:_________________________
                                      James E. McKee            
                                      General Counsel

 
                                   
                                   GAMCO INVESTORS, INC.  




                                   By:_______________________
                                      Douglas R. Jamieson      
                                      Chief Operating Officer and      
                                      Executive Vice President  
                       

                                 
                                   
                                   MARIO J. GABELLI




                                   By:___________________________
                                      James E. McKee            
                                      Attorney-in-Fact
                                                                 



                                                       Schedule I


              Information with Respect to Executive
            Officers and Directors of the Undersigned 

          Schedule I to Schedule 13D is amended, in pertinent
part, as follows:

          The following sets forth as to each of the executive
officers and directors of the undersigned: his name; his business
address; and his present principal occupation or employment and
the name, principal business and address of any corporation or
other organization in which such employment is conducted.  Unless
otherwise specified, the principal employer of each such in-
dividual is Gabelli Funds, Inc., Gabelli & Company, Inc., or
GAMCO Investors, Inc., the business address of each of which is
One Corporate Center, Rye, New York 10580, and each such
individual identified below is a citizen of the United States. 
To the knowledge of the undersigned, during the last five years,
no such person has been convicted in a criminal proceeding
(excluding traffic violations or similar misdemeanors), and no
such person was a party to a civil proceeding of a judicial or
administrative body of competent jurisdiction as a result of
which he was or is subject to a judgment, decree or final order
enjoining future violations of, or prohibiting or mandating
activities subject to, federal or state securities law or finding
any violation with respect to such laws except as reported in
Item 2(d) of this Schedule 13D. 


Gabelli Funds, Inc. 

Directors: 

     Mario J. Gabelli


     Richard B. Black              Chairman of Raster Image
                                   Processing Systems; Chairman
                                   ECRM; Director of Archetype
                                   and Oak Technology; Director
                                   of The Morgan Group, Inc.;
                                   General Partner of KBA Part-  
                                   ners, Parker Plaza
                                   400 Kelby Street,
                                   Fort Lee, NJ 07029

     Charles C. Baum               Chairman, Director and Chief
                                   Executive Officer of The
                                   Morgan Group, Inc.;
                                   Secretary & Treasurer
                                   United Holdings              
                                   2545 Wilkens Avenue
                                   Baltimore, MD  21223

     Dr. Eamon M. Kelly            President
                                   Tulane University
                                   218 Gibson Hall
                                   6823 St. Charles Avenue
                                   New Orleans, LA  70118

Officers:

     Mario J. Gabelli              Chairman, Chief Executive
                                   Officer and Chief Investment
                                   Officer
     
     Stephen G. Bondi              Vice President - Finance

     James E. McKee                Vice President, General 
                                   Counsel and Secretary

     Steven M. Joenk               Executive Vice President
                                   and Chief Financial Officer

     Joseph J. Frazzitta           Assistant Secretary


GAMCO Investors, Inc.

Directors:
     Douglas R. Jamieson
     Joseph R. Rindler, Jr.
     Regina M. Pitaro
     Joseph J. Frazzitta
     F. William Scholz, II

Officers:
     
     Mario J. Gabelli              Chief Investment Officer

     Douglas R. Jamieson           Chief Operating Officer and
                                   Executive Vice President 

     Joseph J. Frazzitta           Vice President and Chief
                                   Financial Officer
  
     James E. McKee                Vice President, General       
                                   Counsel and Secretary

Gabelli Securities, Inc.

Directors:

     Charles C. Baum               See above-Gabelli Funds, Inc.


     Joseph R. Rindler             Managing Director
                                   GAMCO Investors, Inc.
                                   One Corporate Center
                                   Rye, NY  10580

     David M. Perlmutter           Perlmutter & Associates
                                   200 Park Avenue, Suite 4515
                                   New York, N.Y.  10166

     Stephen G. Bondi              Acting Chief Operating Officer
                                   and Vice President


Advisors:

     Vincent J. Amabile
     Robert Blake

Officers:

     Stephen G. Bondi              Acting Chief Operating Officer
                                   and Vice President

     Joseph J. Frazzitta           Vice President - Finance

     James E. McKee                Secretary


Gabelli & Company, Inc.

Directors:

     James G. Webster, III         Chairman 

     Joseph J. Frazzitta           Vice President and
                                   Chief Financial Officer

Officers:

     James G. Webster, III         Chairman 

     Joseph J. Frazzitta           Vice President-Finance and
                                   Chief Financial Officer

     Stephen G. Bondi              Vice President 

     Walter K. Walsh               Compliance Officer

     James E. McKee                Secretary


GLI, Inc.

Directors:

     Mario J. Gabelli              See above-Gabelli Funds, Inc.


Officers:

     Mario J. Gabelli              Chairman and Chief Investment
                                   Officer

     Stephen G. Bondi              Vice President




Gabelli Associates Limited

Directors:

     Mario J. Gabelli              See above-Gabelli Funds, Inc.

     MeesPierson  (Cayman)         British American Centre   
     Limited                       Dr. Roy's Drive- Phase 3
                                   Georgetown, Grand Cayman   
                                   Cayman Islands, British        
                                   WestIndies

     MeesPierson  (Cayman)         British American Centre   
     Limited                       Dr. Roy's Drive- Phase 3
                                   Georgetown, Grand Cayman   
                                   Cayman Islands, British             
                                   WestIndies
     
Officers:

     Mario J. Gabelli              Chief Investment Officer

     Kevin Bromley                 Vice President, Treasurer and
                                   Assistant Secretary

     Sandra Wight                  Secretary and Assistant Treasurer


Gabelli International Limited

Directors:

     Mario J. Gabelli              See above-Gabelli Funds, Inc.
   
     MeesPierson  (Cayman)         British American Centre   
     Limited                       Dr. Roy's Drive- Phase 3
                                   Georgetown, Grand Cayman   
                                   Cayman Islands, British West Indies


Officers:

     Kevin Bromley                 Vice President, Treasurer, and      
                                   Assistant Secretary                 
                                   MeesPierson (Cayman) Limited
                                   British American Centre  
                                   Dr. Roy's Drive- Phase 3   
                                   Georgetown, Grand Cayman    
                                   Cayman Islands, British West Indies

     Sandra Wight                  Secretary and Assistant Treasurer
                                   Assistant Secretary                 
                                   MeesPierson (Cayman) Limited
                                   British American Centre  
                                   Dr. Roy's Drive- Phase 3   
                                   Georgetown, Grand Cayman    
                                   Cayman Islands, British West Indies


Lynch Corporation
8 Sound Shore Drive
Greenwich, CT  06830

Directors:

     Paul J. Evanson               President               
                                   Florida Light & Power Co.
                                   P.O Box 14000
                                   700 Universe Blvd.
                                   Juno Beach, Fl 33408

     Bradley J. Bell               Vice President & Treasurer
                                   Whirlpool Corp.
                                   2000 M. 63 North
                                   Administrative Center
                                   Benton Harbor, MI  49022

     Morris Berkowitz              Business Consultant
                                   163-43 Willets Point Blvd.
                                   Whitestone, NY 11357

     Richard J. Boyle              Chairman, The Boyle Group
                                   6110 Blue Circle Drive  
                                   Suite 250 
                                   Minnetonka, MN 55343

     Mario J. Gabelli              See above-Gabelli Funds, Inc.

     Paul Woolard                  Business Consultant
                                   116 East 68th Street
                                   New York, NY 10021

     E. Val Cerutti                Business Consultant          
                                   Cerutti Consultants 
                                   227 McLain Street
                                   Mount Kisco, NY   10549

     Ralph R. Papitto              Chairman of the Board
                                   AFC Cable Systems, Inc.
                                   50 Kennedy Plaza
                                   Suite 1250
                                   Providence, RI  02903

Officers:

     Mario J. Gabelli              Chairman and Chief Executive   
                                   Officer

     Joseph H. Epel                Treasurer

     Robert E. Dolan               Chief Financial Officer 

     Carmine Ceraolo               Assistant Controller

     Robert A. Hurwich             Vice President-Administration,
                                   Secretary and General Counsel

Spinnaker Industries, Inc.
600 N. Pearl Street 
Suite 2160
Dallas, TX  75201

Directors:

     Joseph P. Rhein               5003 Central Avenue     
                                   Ocean City, NJ  08226
                                   
     Richard J. Boyle              The Boyle Group, Inc.             
                                   6110 Blue Circle Drive
                                   Suite 250           
                                   Minnetonka, MN  55343

     Ned N. Fleming, III           Boyle, Fleming, 
                                   George & Co., Inc.            
                                   600 N. Pearl Street
                                   Suite 2160
                                   Dallas, TX  75201

     Mario J. Gabelli              See above-Gabelli Funds, Inc.

Officers:

     James W. Toman                Controller          

     Ned N. Fleming, III           President

     Richard J. Boyle              Chairman and
                                   Chief Executive Officer

     Robert A. Hurwich             Secretary

     Mark A. Matteson              Vice President, Corporate
                                   Development


Entoleter, Inc.
251 Welton Street
Hamden, CT  06517

Directors:

     Ned N. Fleming, III           See above-Spinnaker

     Mark A. Matteson              See above-Spinnaker

     James W. Toman                See above-Spinnaker

     Robert P. Wentzel             See above Entoleter

     James Fleming                 230 Saugatuck Avenue, Unit 8
                                   Westport, CT  06880

Officers:


     James W. Toman                Chief Financial Officer
                                   and Secretary

     Robert P. Wentzel             President

     Anthony R. Massaro            Vice President-Manufacturing



Western New Mexico Telephone Company
314 Yankee Street
Silver City, NM  88062

Directors:

     Jack C. Keen                  Chairman

     Jack W. Keen                  President

     Dr. Brian E. Gordon           Vice President

     Mary Beth Baxter              Secretary & Treasurer

     Robert E. Dolan               See above-Lynch Corporation

     Robert A. Hurwich             See above-Lynch Corporation

     Carmine Ceraolo               See above-Lynch Corporation


Officers:

     Jack C. Keen                  Chairman of the Board

     Jack W. Keen                  President

     Jack L. Bentley               Executive Vice President

     Dr. Brian E. Gordon           Vice President

     Charles M. Baxter             Sr. Vice President-Operations
     
     Mary Beth Baxter              Secretary & Treasurer

     Robert A. Hurwich             Assistant Treasurer


Inter-Community Telephone Company
P.O. Box A
Nome, ND  58062

Directors:

     Mary J. Carroll               See above-Lynch Corporation

     Carmine P. Ceraolo            See above-Lynch Corporation
                                   
     Robert E. Dolan               See above-Lynch Corporation

     Joseph H. Epel                See above-Lynch Corporation

     Robert A. Hurwich             See above-Lynch Corporation

     Leone A. Nilsen               President

     Roger J. Nilsen               P.O. Box 146
                                   Hannaford, ND 58448

     Duane A. Plecity              Secretary

     Harry B. Snyder               P.O. Box 131
                                   Buffalo, ND  58011
                                   
     Robert Snyder                 200 Broadway South
                                   Buffalo, ND  58011




Officers:

     Leone A. Nilsen               President
     
     Robert Snyder                 Vice President 
     
     Duane A. Plecity              Secretary
     
     Harry B. Snyder               Treasurer

     Joseph H. Epel                Assistant Treasurer

     Robert A. Hurwich             Assistant Secretary


Lynch Telecommunications Corporation
8 Sound Shore Drive
Greenwich, CT  06830

Directors:

     Richard A. Kiesling           2801 International Lane
                                   Suite 207
                                   Madison, WI  53740           

     Jack C. Keen                  See above-Western New Mexico
                                   Telephone Company

     Robert A. Snyder              See above-Inter-Community
                                   Telephone Company


Officers:

     Robert A. Hurwich             Secretary

     Mary Beth Baxter              Treasurer and 
                                   Assistant Secretary

     Robert E. Dolan               Controller


Lynch Telephone Corporation
8 Sound Shore Drive
Greenwich, CT  06830

Directors:

     Robert E. Dolan               Controller

     Jack C. Keen                  Chairman



Officers:

     Jack C. Keen                  Chairman

     Jack W. Keen                  President

     Robert A. Hurwich             Secretary

     Mary Beth Baxter              Treasurer and 
                                   Assistant Secretary

     Robert E. Dolan               Controller


     




                           SCHEDULE II
                   INFORMATION WITH RESPECT TO
       TRANSACTIONS EFFECTED DURING THE PAST SIXTY DAYS OR
        SINCE THE MOST RECENT FILING ON SCHEDULE 13D (1)

                                        SHARES
                                        PURCHASED      AVERAGE
                        DATE            SOLD(-)        PRICE (2)

COMMON STOCK-TREDEGAR INDUSTRIES

GABELLI FUNDS, INC.

          GABELLI EQUITY TRUST
                    10/07/94            39,438-        18.2500

          GABELLI SMALL CAP GROWTH
                    10/07/94           192,495-        18.2500
                    10/07/94             4,000-        17.1875

GAMCO INVESTORS, INC.
                    08/15/94               500         15.7500
                    08/18/94             1,000         
                    08/22/94             1,000-        17.3750
                    08/30/94             1,000-        18.0000
                    08/31/94             1,500-        18.5000
                    10/07/94           450,941-        18.2500
                    10/07/94                94-        18.2501
                    10/07/95             5,000         17.1250


                    












(1)  UNLESS OTHERWISE INDICATED, ALL TRANSACTIONS WERE EFFECTED ON 
     THE NY STOCK EXCHANGE.
(2)  PRICE EXCLUDES COMMISSION.





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