MERRILL LYNCH <MER> INVESTMENT REVENUES UP Merrill Lynch and Co said investment banking revenues were strong in the first quarter, rising to 257.4 mln dlrs from 152.9 mln in the first quarter 1986. "We have made steady progress in a period of market activity which has been marked by unprecedented activity," William Schreyer, chairman and cheif executive officer, and Daniel Tully, president and chief operating officer, said. Earlier, the company reported first quarter net income of 108.6 mln dlrs, or one dlr per share, up from 86.8 mln dlrs, or 85 cts per share, in 1986's first quarter. Merrill Lynch said its insurance revenues made the biggest gains in the first quarter, rising to 242.3 mln dlrs in the this first quarter, from 68.3 mln dlrs in last year's first quarter.