FALCON CABLE <FAL> SETS INITIAL DISTRIBUTION Falcon Cable Systems Co said its set an initial quarterly cash distribution of 53.75 cts per unit, payable May 15 to unitholders of record March 31. The partnership made its initial public offering in December, 1986. Falcon said it expects to pay cash distributions to limited partners at an annual rate of 2.15 dlrs per unit, through December 31, 1989.