Warner Communications has completed the previously announced sale of its Franklin Mint subsidiary to Los Angeles-based American Protection Industries for a minimum of $167.5 million . . . Chicago-based Santa Fe Southern Pacific said it will spend $67.5 million to expand two major petroleum product pipelines operated by its subsidiaries . . . Minnesota Mining & Manufacturing of St. Paul, Minn., said its net income for the first quarter ending March 31 will fall below the $175 million it reported for the comparable 1984 quarter . . . The American Stock Exchange has approved for original listing 5.1 million common shares of Sierra Spring Water, a Sacramento-based independent bottled water products company . . . The Canadian government authorized Wendy's International of Dublin, Ohio, to acquire full ownership of its Canadian affiliate, Wendy's Restaurants of Canada . . . Southern California Edison, Rosemead, reported that electrical production for the week ended March 16 dipped 0.6% from the previous week . . . The American Iron and Steel Institute reported that steel production for the week ended March 23 rose 2.1% from the previous week to 1.887 million tons.