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F ederal Reserve Bank
DALLAS, TEXAS

of

Dallas

75222
Circular No. 82-30
March 12, 1982

OVER-THE-COUNTER (OTC) MARGIN STOCKS

Revised List

TO ALL MEMBER BANKS, BROKERS/DEALERS,
REGULATION G REGISTRANTS
AND OTHERS CONCERNED IN THE
ELEVENTH FEDERAL RESERVE DISTRICT:
As announced in the Federal Register on November 24, 1981, the
Board of Governors of the Federal Reserve System has decided to revise
the List of OTC Margin Stocks three times a year. A complete List will
be published once a year and two supplements of additions to and
deletions from the List will be published twice a year.
Printed on the following pages are copies of the Board's press
release dated February 26, 1982 and an addendum to the Supplement,
effective March 1, 1982. Attached is a copy of the first Supplement to
the List of OTC Margin Stocks. The most recent List was issued on October
5, 1981.
Questions regarding this circular and the Supplement should be
directed to this Bank's Legal Department, Ext. 6171.
Additional copies of this circular and Supplement will be
furnished upon request to the Department of Communications, Financial
and Community Affairs, Ext. 6289.
Sincerely yours,

William H. Wallace
First Vice President
Attachment

Banks and others are encouraged to use the following incoming W A T S numbers in contacting this Bank:
1-800-442-7140 (intrastate) and 1-800-527-9200 (interstate). For calls placed locally, please use 651 plus the
extension referred to above.

This publication was digitized and made available by the Federal Reserve Bank of Dallas' Historical Library (FedHistory@dal.frb.org)

FEDERAL RESERVE press release

For use in morning papers
Monday, March 1, 1982

February 26, 1982

The Federal Reserve Board today published a Supplement to
its list of Over-the-Counter (OTC) stocks that are subject to its margin
regulations.

The Supplement makes the following changes, effective

immediately:
— 173 stocks have been included for the first time.
— 17 stocks previously on the List have been removed for
substantially failing to meet the requirements for continued listing.
— 54 stocks have been removed for reasons such as listing on a
national securities exchange or the companies were acquired by another
firm.
The Board previously decided to revise the OTC list three times
yearly, at approximate four-month intervals.

This will be done by

issuing one complete List and two supplements annually.
OTC Margin Stocks was issued on October 5, 1981.

The last List of

With the changes

announced today the List now includes 1509 OTC stocks.
The Board monitors the market activity of all OTC stocks to
determine which stocks meet the requirements for inclusion and continued
inclusion on the List of OTC Margin Stocks, and periodically revises the
List.
Margin regulations generally limit the amount of credit a person
or firm may obtain to buy, or carry, securities.

Stocks on the List of

-

2-

OTC Margin Stocks are subject to the same margin requirements (currently
50 percent) as stockslisted on national stock exchanges. This means a
person or firm buying

a stock on

credit must make

a down payment equalto

at least 50 percent of the purchase price of the stock and may obtain
credit for the remaining 50 percent.
Margin requirements on OTC stocks apply only to credit extended
on the date the stock

becomes an

extended by banks to purchase

or

OTC margin stock

and thereafter.

Credit

carry OTC stocks

before they appeared

on the List becomes subject on that date to the retention and withdrawal
requirements of the Board's margin Regulation U if the credit is
collateralized by any stock.

Such credit previously extended by lenders

subject to Regulation G (which governs securities credit by persons other
than banks, brokers, or dealers) becomes subject to retention and withdrawal
requirements if collateralized by "margin securities."
It is unlawful for any person to cause any representation to be
made that inclusion of a security on this List indicates that the Board or
the Securities and Exchange Commission has in any way approved such security
or any transaction therein.

Any references to the Board in connection with

the List or any securities thereon in any advertisement or similar
communication is unlawful.
Tho List is published by the Board for the information of lenders
and the ger.aral public.

ADDENDUM TO
SUPPLEMENT TO LIST OF OTC MARGIN STOCKS
MARCH 1, 1982

ADVEST GROUP, INC. , THE
$1.00 par common

BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM
SUPPLEMENT TO LIST OF OTC MARGIN STOCKS
MARCH 1 ,

1982

ADDITIONS TO THE LIST
ADAGE, INC.
$.10 par common

BARTON VALVE COM
PANY, INC.
$.01 par common

AERO SERVICES INTERNATIONAL, INC.
No par common

BASE TEN SYSTEMS, INC.
Class A, $1.00 par common

ALLEGHENY & W
ESTERN ENERGY CORPORATION
$.01 par common

BEEFSTEAK CHARLIE'S, INC.
$.10 par common

ALPHA M
ICROSYSTEM
S
No par common

BIOSPHERICS INC.
$.01 par common

AM
ERICAN RECREATION CENTERS, INC.
No par common

BIOTECH RESEARCH LABORATORIES,
$.01 par common

AM
ICON CORPORATION
$.3 3-1/3 par common

BIRTCHER CORPORATION, THE
$1.00 par ca p ita l

ANALYSTS INTERNATIONAL CORPORATION
$.10 par common

BLISS, A. T. A D COM
N
PANY, INC.
$.01 par common

APPLE COM
PUTER, INC.
No par common

BLUE RIDGE REAL ESTATE CO PA Y
M N
BIG BOULDER CORPORATION
Unit, no par common

AUSTIN BANCSHARES CORPORATION
$1.00 par common
AUTOCLAVE ENGINEERS, INC.
$.15 par common
AVATAR HOLDINGS INC.
$1.00 par common
BSD M
EDICAL CORPORATION
$.0005 par common
BSN CORPORATION
$.01 par common
BA K SECURITIES, INC.
N
$5.00 par common
BARRINGER RESOURCES, INC.
$.01 par common

BOGERT OIL CO PA Y
M N
$.01 par common
BO RA DRILLING CORPORATION
N Y
$.10 par common
BRA Y ENERGY CORPORATION
D
$.01 par common
C-COR ELECTRONICS, INC.
$.10 par common
CPAC, INC.
$.01 par common
C3, INC.
$.01 par common
CABLE TV INDUSTRIES
No par common

- 2 -

CENTURI, INC.
$ . 0 5 p a r common

DELTA QUEEN STEAM
BOAT CO., THE
$.25 par common

CETUS CORPORATION
$.01 par common

DELTAK CORPORATION
$.01 pr common

CHEM-TRONICS, INC.
No par common

DETECTOR ELECTRONICS CORPORATION
$.10 par common

CIBOLA ENERGY CORPORATION
$.01 par common

DIAGNOSTIC/RETRIEVAL SYSTEMS, INC.
$.01 par common

C M O W LTH REALTY TRUST
O M N EA
Class A, no par common

DIGITAL PRODUCTS CORPORATION
$.01 par common

COM
PUTER ENTRY SYSTEM CORPORATION
S
$.05 par common

DIGITAL SW
ITCH CORPORATION
$.01 par common

COM
PUTER MICROFILM CORPORATION
$.25 par common

D RA O M
O D
ICRO SYSTEM
S
No par common

COM
PUTER TASK GROUP, INC.
$.01 par common

D EW NATIONAL CORPORATION
R
$.01 par common

CONSOLIDATED CAPITAL INCOM TRUST
E
No par shares of b e n e f ic ia l i n t e r e s t

DREYER'S G N ICE CREAM INC.
RA D
,
No par common

CONSOLIDATED PETROLEUM INDUSTRIES, INC.
$.10 par common

DURALITH CORPORATION
No par common

CO TY TO ER BANCORPORATION
UN
W
$5.00 par common

DYSAN CORPORATION
No par common

CYM
ATICOLOR CORPORATION
$.01 par common

ECONO-THERM ENERGY SYSTEM
S
CORPORATION
$.15 par common

D SYSTEMS, INC.
BA
$.10 par common
D TA I/O CORPORATION
A
No par common
DATAVISION, INC.
$.01 par common
D W N GEOPHYSICAL CO PA Y
A SO
M N
$.33-1/3 par common
DELM
ED, INC.
$.10 par common
DELTA DRILLING CO PA Y
M N
$.10 par common
DELTA PETROLEUM & ENERGY CORPORATION
$.01 par common

ELDORADO BANCORP ( C a l if o rn ia )
$1.25 par common
ELECTRO-BIOLOGY, INC.
$1.00 par common
ELECTRO-CATHETER CORPORATION
$.05 par common
ELECTRONICS, MISSILES &
COMMUNICATIIONS, INC.
$.01-2/3 par common
EM LEX CORPORATION
U
$.10 par common
FABRI-TEK INC.
$.10 par common

-

3 -

FAFCO, INC.
$ . 1 2 5 p a r common

IMMUNO NUCLEAR CORPORATION
$ . 0 1 p a r common

FEDERATED INVESTORS, INC.
Class B, $.05 par common

INFOTRON SYSTEM CORPORATION
S
$.01 par common

FIRST AM
ERICAN BA K OF PA BEACH CO TY
N
LM
UN
Class A, $1.00 par common

INTELLIGENT SYSTEM CORP.
S
$.05 par common

FIRST CITY FEDERAL SAVINGS
A D LO N ASSOCIATION (Florida )
N
A
$.01 par common

INTER-TEL, INC.
No par common

FIRST FINANCIAL SAVINGS A D
N
LO N ASSOCIATION (Wisconsin)
A
$1.00 par common
FOSTER, L. B. CO PA Y
M N
$.01 pa r common
FREQUENCY CONTROL PRODUCTS, INC.
$.01 par common
G

& K SERVICES INC.
$.50 par common

GTS CORPORATION
$.01 par common
GEOPHYSICAL SYSTEM CORPORATION
S
$1.00 par common
GIBRALTAR EXPLORATION, LTD.
$.01 pa r common
GRIFFIN PETROLEUM CORPORATION
No par common
H & CO PA Y
BO
M N
$.05 par common
HERITAGE COMMUNICATIONS, INC.
No par c o n v e r t ib le p refe rred
IPL SYSTEMS, INC.
Class A, $.01 par common

INTERGRAPH CORPORATION
$.10 par common
INTERMAGNETICS GENERAL CORPORATION
$.10 par common
INTERNATIONAL INCOM PROPERTY INC.
E
$.01 par common
INTERSTATE M TO FREIGHT SYSTEM
O R
$1.00 par common
ISOM CORPORATION
ET
$1.00 par common
JAMAICA W TER PROPERTIES INC.
A
$.10 par common
JONES INTERCABLE, INC.
Class A, $.01 par common
K-TRON INTERNATIONAL, INC.
$.01 par common
KELLY-JOHNSTON ENTERPRISES, INC.
$1.00 par common
KENCOPE ENERGY COMPANIES
$.10 par common
K
YLE TECHNOLOGY CORPORATION
No par common
LIEBERT CORPORATION
No par common

ISSC INDUSTRIAL SOLID STATE
CONTROLS, INC.
$1.00 par common

LIZ CLAIBORNE, INC.
$1.00 par common

IKE LOVELADY, INC.
$1.00 par common

M N G EN SCIENCE AMERICA, INC.
A A EM T
$.0025 par common

-

4 -

MATRIX SCIENCE CORPORATION
$ . 0 1 p a r common

NUMERAX, INC.
$ . 0 1 p a r common

M
EDICAL GRAPHICS CORPORATION
$.05 par common

NUTRI/SYSTEM, INC.
$.01 par common

M
ICOM SYSTEMS, INC.
No par common

OBJECT RECOGNITION SYSTEMS,
INC.
$.01 par common

M W Y AIRLINES, INC.
ID A
$.01 par common
MIZEL PETRO RESOURCES, INC.
No par common
M N RCH AVA N INC.
OA
LO
$.25 par common
N H M & W G N ENERGY CO PA Y
AA A
EA A T
M N
No par common

OCILLA INDUSTRIES, INC.
$.01 par common
OGLEBAY NO N CO PA Y
RTO
M N
$1.00 par common
OLSON FARMS, INC.
$3.00 par common
ORBIT INSTRUM
ENT CORPORATION
Warrants (e xpire 03/09/86)

NATIONAL BANCSHARES CORPORATION
OF TEXAS
$5.00 par common

ORIGINALA PETROLEUM CORP.
$.10 par common

NATIONAL CITY BANCORPORATION (Minnesota)
$1.25 par common

OXYGEN ENRICHM
ENT COM
PANY, LTD.
$.01 par common

NAUTILUS FUND, INC.
$1.00 par common

PARTNERS OIL CO PA Y
M N
$.01 par common

NELSON RESEARCH & DEVELOPM
ENT
CO PA Y
M N
No par common

PENNBANCORP
$5.00 par common

NIKE, INC.
Class B, no par common
NORPAC EXPLORATION SERVICES, INC.
$.20 par common
NO
RTH EAST INSURANCE CO PA Y
M N
$1.00 par common
NORTHEAST ENERGY DEVELOPM
ENT
CORPORATION
No pa r common
#
NORTHEASTERN BANCORP, INC. (Pennsylvania)
$10.00 par common
NOVAM
ETRIX M
EDICAL SYSTEM INC.
S
$.01 par common

PERM
EATOR CORPORATION
$.10 par common
PETROLEUM HELICOPTERS, INC.
Non-voting, $.08-1/3 par common
PIZZA TIME THEATRE, INC.
No par common
PRAIRIE PRODUCING CO PA Y
M N
$.01 par common
PRODUCTION OPERATORS CORPORATION
9.25% c o n v e r t ib le subordinated
debentures
QUIXOTE CORPORATION
$.01-2/3 par common

-

5 -

REPUBLIC RESOURCES CORPORATION
$ . 0 1 p a r common

SWANTON CORPORATION
$ . 1 0 p a r common

RIO VERDE ENERGY CORPORPORATION
$.10 par common

SYNCOR INTERNATIONAL CORPORATION
$.01 par common

SEI CORPORATION
$.01 par common

SYNTECH INTERNATIONAL, INC.
$.10 par common

SATELLITE TELEVISION & ASSOCIATED
RESOURCES, INC.
$.01 par common

TA D N CORPORATION
NO
$.01 par common

SAXON OIL CO PA Y
M N
$.10 par common
SCAN-OPTICS, INC.
$.02 par common
SCIENTIFIC RADIO SYSTEMS, INC.
$.01 par common
SCOTT INSTRUM
ENTS CORPORATION
$.01 par common
SEA GALLEY STORES, INC.
$.05 par common
SEVEN OAKS INTERNATIONAL, INC.
$.10 par common
SILICON SYSTEM INC.
S
No par common
SKIPPER'S, INC.
$.10 par common
SOFTW
ARE A SYSTEM GROUP, INC.
G
S
$.01 pa r common
SPECIALIZED SYSTEMS, INC.
No par common
STEIGER TRACTOR, INC.
$1.00 par common
STERLING PIPE & SUPPLY CO PA Y
M N
$.01 pa r common
SUM IT BANCORPOATION, THE
M
No par common
SURVIVAL TECHNOLOGY, INC.
$.10 par common

TEECO PROPERTIES LTD.
Units of lim ited p a r tn e rs h i p i n t e r e s t
TEXAS ENERGIES, INC.
$.10 par common
TIMES FIBER COMM
UNICATIONS, INC.
$1.00 par common
TRANSDUCER SYSTEMS, INC.
No par common
TRANSNET CORPORATION
$.01 par common
ULTRASYSTEM INC.
S
No par common
UNITED TELEVISION, INC.
$.10 par common
VELO-BIND, INC.
$1.00 par common
VENTREX LABORATORIES, INC.
$.01 par common
VIRATEK, INC.
$.10 par common
W TERM N M
A
A
ARINE CORPORATION
$1.00 par common
W
ESTLANDS BA K ( C a li f o rn i a )
N
$1.25 par common
W M O CABLE TV, INC.
O ETC
$1.00 par common
X G INTERNATIONAL, INC.
R
$.001 par common
ZENTEC CORPORATION
No par common

-

6 -

DELETIONS FROM THE LIST

* API TRUST
$1.00 par shares of
b e n ef icial i n t e r e s t
A E ELECTRIC CORPORATION
CM
$1.00 par common
ALEXANDER & ALEXANDER SERVICES INC.
$1.00 par common
ALLIED TELEPHONE CO PA Y
M N
$2.00 par common

COMMERCE SOUTHWEST INC.
$ 1 . 0 0 p a r common

D TA M CORPORATION
A RA
$1.00 par common
D N FOODS CO PA Y
EA
M N
$1.00 par common
D U FINANCIAL CORPORATION
RM
$1.00 par common

ALTON PACKAGING CORPORATION
$5.00 par common

* EATON CORPORATION
Se ries A, no par c o n v e r tib le
pr efer r ed

ANDERSON, G
REEN O D
WO
No par common

* FIRST EXECUTIVE CORPORATION
$1.00 par c o nvertible pr ef er red

&

CO.

ANTA CORPORATION
$1.00 par common

FIRST NEW
PORT CORPORATION
$1.00 par common

APPLICON INC.
$.05 par common

FIRST SAVINGS A D LO N
N
A
ASSOCIATION ( C a lif o rn ia )
No par common

BALLY'S PARK PLACE, INC.
$.10 par common
BEARD OIL CO PA Y
M N
$.05 par common
BEEHIVE INTERNATIONAL
Paired c e r t i f i c a t e s ,
$.02 par common
BENTLEY LABORATORIES INC.
$.10 par common
BOSTON COM
PANY, THE
Class B, $1.00 par common
BROCK HOTEL CORPORATION
$.10 par common
CENTRAL V O T PUBLIC
ERM N
SERVICE CORPORATION
$6.00 par common
* COASTAL INDUSTRIES, INC.
$.25 par common

FIRST STATE BANKING CORPORATION
$5.00 par common
FLOATING POINT SYSTEMS, INC.
No par common
G C ENERGY CORPORATION
N
$.40 par common
G LA Y OIL CO PA Y
A X
M N
9% c o n v e r ti b le subordinated
debentures
* G LD M
O
EDALLION CORPORATION
$.10 par common
GOVERNM
ENT EM
PLOYEES LIFE INSURANCE
CM N
O PA Y
$1.50 par common
* GRAPHIC SCANNING CORPORATION
10% c o n v e r ti b l e subordinated
debentures
GREEN M
OUNTAIN PO ER CORPORATION
W
$3.33-1/3 par common

* Removed f o r f a i l i n g continued l i s t i n g requirement.

-

7 -

GULFSTREAM BANKS, INC.
$ 1 . 0 0 p a r common

* NEW VIRGINIABANCORPORATION
$ 1 . 0 0 p a r common

NO
RTH EUROPEAN OIL ROYALTY TRUST
No par u n i t s of be n e f i c ia l
interest

HYATT INTERNATIONAL CORPORATION
Class A, $.10 par common
INTEGRITY ENTERTAINM
ENT
CORPORATION
$.01 par common

NORTHERN STATES BANCORPORATION,
INC.
$5.00 par common

KDI CORPORATION
$.35 par common

OLSTEN CORPORATION, THE
$.10 par common

* K O OIL CO PA Y
ELD N
M N
No par common

PAYLESS CASHW
AYS, INC.
$.50 par common

KENT-M
OORE CORPORATION
$1.00 par common

POSTAL INSTANT PRESS
No par common

KINNARD COMPANIES, INC.
$.10 par common

PREMIER RESOURCES, LTD.
No par c^nmon

* M COM UNICATIONS CORPORATION
CI
M
$1.84 par cumulative c o nvertible
prefe rred
M RCA E GROUP INC.
A D
$.10 par common

PRESIDIO OIL CO PA Y
M N
$.10 par comrapn
* Q CORPORATION
1
$.01 par common

M Y W CORPORATION
A FLO ER
No par common

RAPI DATA, INC.
$.01 par common

M
ERCANTILE BANKSHARES CORPORATION (Maryland)
N par cumulative c o n v er tib le
o
pr ef er red

RUSSELL STOVER CANDIES, INC.
$1.00 par common

M
EYER, FRED INC.
No par common
MID-AMERICA INDUSTRIES, INC.
$1.00 par common
NBI, INC.
$.10 par common

★ SOUTHLAND BANCORPORATION
$2.50 par common
SOUTHW
ESTERN ENERGY CO PA Y
M N
$2.50 par common
* STROTHER D G CO PA Y
RU
M N
$2.00 par common
T G BANCSHARES CO PA Y
M N
$5.00 par common

NATIONAL O LINE INSURANCE CO PA Y
LD
M N
Class BB, $1.00 par common
N A A SAVINGS A D LO N ASSOCIATION
EV D
N
A
$.3277 par c ap ital
*

★
*

T.I.M.E. - DC, INC.
$2.00 par common
S er ies A, $10.00 par cumulative
c o n v e r ti b l e pr ef er red

Removed f o r f a i l i n g continued l i s t i n g requirement.

- 8-

UA-COLUMBIA CABLEVISION, INC.
$.05 par common
UNIT DRILLING & EXPLORATION C M A Y
OPN
$.20 par com on
m
UNITED B N CORPORATION O N W Y R
AK
F E OK
$5.00 par com on
m

*

UNITED CABLE TELEVISION CORPORATION
$.10 par common
* W LTER REALTY INVESTORS, INC.
A
$.10 par com on
m
W
ESTER G A CORPORATION
N ER
$1.00 par com on
m

Removed for fa llin g continued lis tin g requirement


Federal Reserve Bank of St. Louis, One Federal Reserve Bank Plaza, St. Louis, MO 63102