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Federal Reserve bank
OF DALLAS
W IL L IA M

H . W ALLACE

DALLAS, TEXAS 75222

FIRST VIC E P R ES ID EN T
AND CH IEF O PER ATING O FFIC ER

August 19, 1987
Circular 87-57

TO:

The Chief Executive Officer of all
member banks and others concerned in
the Eleventh Federal Reserve District
SUBJECT
Over-the-Counter (OTC) Margin Stocks
DETAILS

The Board of Governors of the Federal Reserve System has revised the
list of over-the-counter (OTC) stocks that are subject to its margin
regulations. The Federal Reserve Bank will be publishing a complete list once
a year and publishing supplements of additions to and deletions from the list
three times a year. The complete list of OTC stocks effective February 10,
1987, and the supplement of additions and deletions effective May 12, 1987,
are available from the Public Affairs Department.
ATTACHMENTS
The Board's press release and the material as published in the
Federal Register announcing revisions to the list of OTC stocks effective
August 11, 1987, are attached.
MORE INFORMATION
For further information regarding marginable OTC stock requirements,
please contact Dean A. Pankonien of this Bank's Legal Department at (214)
651-6228. For additional copies of this circular, contact the Public Affairs
Department at (214) 651-6289.
Sincerely yours,

For additional copies of any circular please contact the Public Affairs Department at (214) 651-6289. Banks and others are
encouraged to use the following incoming WATS numbers in contacting this Bank (800) 442-7140 (intrastate) and (800)
527-9200 (interstate).

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

FED ER A ^R ESER V^pr^s^elease
For use in morning papers
July 27, 1987

July 24, 1987

The Federal Reserve Board today published a revised
list of over-the-counter (OTC) stocks that are subject to its
margin regulations, effective August 11, 1987.
This List of Marginable OTC Stocks supersedes the
revised List of Marginable OTC Stocks that was effective on May
12, 1987.

Changes that have been made in the List, which now

includes 3,237 OTC stocks, are as follows:
—

224 stocks have been included for the first
time, 195 under NMS designation.

—

28 stocks previously on the List have been
removed for substantially failing to meet the
requirements for continued listing.

—

61 stocks have been removed for reasons such as
listing on a national securities exchange or
involvement in an acquisition.

The list includes all over-the-counter securities
designated by the Board pursuant to its established criteria as
well as all securities qualified for trading in the national
market system (NMS).

This list includes all securities qualified

for trading in Tier 1 of the NMS through August 11 and those in
Tier 2 through July 21, 1987.

Additional OTC securities may be

designated as NMS securities in the interim between the Board's
quarterly publications and will be immediately marginable.

The

next publication of the Board's list is scheduled for October
1987.

2

In addition to NMS-designated securities, the Board
will continue to monitor the market activity of other OTC stocks
to determine which stocks meet the requirements for inclusion and
continued inclusion on the List.
Margin regulations generally limit the amount of credit
a person or firm may obtain to buy or carry stock.

Stocks on the

List of Magrinable OTC Stocks are subject to the same margin
requirements (currently 50 percent) as stocks listed on national
securities exchanges.

This means a person or firm buying a stock

on credit must make a down payment equal to at least 50 percent
of the purchase price of the stock and may obtain credit for the
remaining 50 percent.

These margin requirements are only

applicable to credit extended on OTC Stocks after they are placed
on the List and the List has become effective or are designated
as NMS Securities.

No credit may be extended by broker-dealers

on OTC stocks not on the List or in the NMS group.

Credit

extended by banks and other lenders on OTC stocks not on the List
or in the NMS group need only conform to the good faith lending
limitation contained in Regulations G and U.
It is unlawful for any person to cause any
representation to be made that inclusion of a stock on this List
indicates that the Board or the Securities and Exchange
Commission has in any way passed upon the merits of any such
stock or transaction therein.

Any references to the Board in

connection with the List or any stocks thereon in any
advertisement or similar communications is unlawful.

28538

Federal Register / Vol. 52, No. 147 / Friday, July 31, 1987 / Rules and Regulations

FEDERAL RESERVE SYSTEM
12 CFR Parts 207,220,221 and 224
Securities Credit Transactions; List of
Marginable OTC Stocks; Regulations
Q, T, U, and X
a g e n c y : Board of Governors of the
Federal Reserve System.
ACTION: Final rule; Determination of
Applicability of Regulations.

The List of Marginable OTC
Stocks is comprised of stocks traded
over-the-counter (OTC) that have been
determined by the Board of Governors
of the Federal Reserve System to be
subject to the margin requirements
under certain Federal Reserve
regulations. The List is published four
times a year by the Board as a guide for
lenders subject to the regulations and
the general public. This document sets
forth additions to or deletions from the
previously published List effective May
12,1987 and will serve to give notice to
the public about the changed status of
certain stocks.
EFFECTIVE DATE: August 11, 1987.
SUMMARY:

FOR FURTHER INFORMATION CONTACT:

Peggy Wolffrum, Research Assistant,
Division of Banking Supervision and
Regulation, (202)-452-2781. For the
hearing impaired only, Eamestine Hill or
Dorothea Thompson,
Telecommunications Device for the Deaf
(TDD), (202J-452-3544, Board of
Governors of the Federal Reserve
System, Washington, DC 20551.
SUPPLEMENTARY INFORMATION: Set forth
below are stocks representing additions
to or deletions from the Board's List of
Marginable OTC Stocks. A copy of the
complete List incorporating these
additions and deletions is available
from the Federal Reserve Banks. This
List supersedes the last complete List
which was effective May 12,1987.
(Additions and deletions for that List
were published at 52 FR 15941, May 1,
1987). The current List includes those
stocks that meet the criteria specified by
the Board of Governors in Regulations
G, T, U, and X (12 CFR Parts 207, 220,
221 and 224, respectively). These stocks
have the degree of national investor
interest, the depth and breadth of
market, and the availability of
information respecting the stock and its
issuer to warrant regulations in the
same fashion as exchange-traded

securities. The List also includes any
stock designated under an SEC rule as
qualified for trading in the national
market system (NMS Security).
Additional OTC stocks may be
designated as NMS securities in the
interim between the Board's quarterly
publications. They will become
automatically marginable at brokerdealers upon the effective date of their
NMS designation. The names of these
stocks are available at the Board and
the Securities and Exchange
Commission and will be incorporated
into the Board’s next quarterly List.
The requirements of 5 U.S.C. 553 with
respect to notice and public
participation were not followed in
connection with the issuance of this
amendment due to the objective
character of the criteria for inclusion
and continued inclusion on the List
specified in 12 CFR 207.6 (a) and (b),
220.17 (a) and (b), and 221.7 (a) and (b).
No additional useful information would
be gained by public participation. The
full requirements of 5 U.S.C. 553 with
respect to deferred effective date have
not been followed in connection with
the issuance of this amendment because
the Board finds that it is in the public
interest to facilitate investment and
credit decisions based in whole or in
part upon the composition of this List as
soon as possible. The Board has
responded to a request by the public and
allowed a two-week delay before the
List is effective.
List of Subjects
12 CFR Part 207
Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR Part 220
Banks, Banking, Brokers, Credit,
Federal Reserve System, Margin, Margin
requirements, Investments, National
Market System (NMS Security),
Reporting and recordkeeping
requirements, Securities.
12 CFR Part 221
Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.
12 CFR Part 224
Banks, Banking, Borrowers, Credit,
Federal Reserve System, Margin, Margin
requirements, Reporting and
recordkeeping requirements, Securities.

Federal Register / Vol. 52, No. 147 / Friday, July 31, 1987 / Rules and Regulations_______28539
Accordingly, pursuant to the authority
of sections 7 and 23 of the Securities
Exchange Act of 1934, as amended (15
U.S.C. sections 78g and 78w), and in
accordance with 12 CFR 207.2(k) and
207.6(c) (Regulation G), 12 CFR 220.2(s)
and 220.17(c) (Regulation T), and 12 CFR
221.2(j) and 221.7(c) (Regulation U),
there is set forth below a listing of
deletions from and additons to the
Board's List:
Deletions From List

convertible, preferred
North American Ventures, Inc.
Warrants (expire 05-09-91)
Oliver’s Stores, Inc.
$.01 par common
Palm Springs Savings Bank
$2.50 par common
P & F Industries, Inc.
Warrants (expire 05-18-87)
Walker Telecommunications
Corporation
Warrants (expire 04-05-90)

Stocks Removed for Failing Continued
Listing Requirements

Stocks Removed for Listing on a
National Securities Exchange or Being
Involved in an Acquisition

Advanced Tobacco Products, Inc.
$.01 par common
American Restaurants Corporation
No par common
ANAC Holding Corporation
15.25% cumulative, exchangeable
preferred
Bluefield Supply Company
$2.00 par common
Chargit, Inc.
$.01 par common
Computer Resources, Inc.
No par common
Energy Conversion Devices. Inc.
Warrants (expire 09-30-87)
First Federal of the Carolinas F.A.
$1.00 par convertible, preferred
GNI, Inc.
No par common
Edward Hines Lumber Co.
$10.00 par common
International Mobile Machine
Corporation
$.10 par convertible, preferred
Kloss Video Corporation
$.20 par common
American Land Cruisers, Inc.
Warrants (expire 05-04-89)
American Surgery Centers Corporation
$.001 par common
Banc One Corporation
Series A, convertible, preferred
Chapman Energy, Inc.
$1.20 par convertible, preferred
Columbia Savings and Loan Association
(California)
Warrants (expire 05-15-93)
Di Giorgia Corporation
12% convertible, subordinated
debentures
Financial Security Savings and Loan
Association (Florida)
Class A, $2.50 par common
First of America Bank Corporation
$11.00 par cumulative, convertible
preferred
Great American Bancorp
No par common
Home Intensive Care, Inc.
$.01 par cumulative, convertible
preferred
Investors Savings Bank (Virginia)
Series A, $.95 par cumulative

American Businessphones, Inc.
No par common
Amwest Insurance Group, Inc.
No par common
Auxton Computer Enterprises, Inc.
$.01 par common
Bancserve Group, Inc.
$5.00 par common
Burnham Pacific Properties, Inc.
No par common
Catalyst Energy Development
Corporation
$.10 par common
Chicago Pacific Corporation
$.01 par common
Cobanco, Inc.
No par common
Conifer Group, Inc., The
$1.00 par common
Davis W ater and W aste Industries, Inc.
$1.00 par common
Faraday Laboratories, Inc.
$.01 par common
American Land Cruisers, Inc
$.01 par common
Anchor Glass Container Corporation
$.01 par common
Bamberger Polymers, Inc.
$.01 par common
Baron Data Systems
$.10 par common
Cambridge Royalty Company
$1.00 par common
Chemlawn Corporation
No par common
Coast R.V., Inc.
No par common
Color Systems Technology Inc.
$.15 par common
Data Architects, Inc.
$.01 par common
Dual-Lite, Inc.
No par common, $.01, stated value
Federal National Mortgage Association
W arrants (expire 02-25-01)
First Data Management Company, Inc.
$1.00 par common
Gulf Broadcast Company
$.10 par common
High Plains Oil Corporation
$.10 par common
Instinet Corporation
$.25 par capital

Joule, Inc.
$.01 par common
KMW Systems Corporation
$.10 par common
Meditrust Corporation
No par shares of beneficial interest
Norris Oil Co.
$.001 par common
Old National Bancorporation
$5.00 par common
Pacific Southwest Airlines
$.25 par common
Paxar Corporation
$.10 par common
Pro-Med Capital, Inc.
$.01 par common
Quincy Co-Operative Bank, The
(Massachusetts)
$.10 par common
RLI Corporation
$1.00 par common
Galoob, Lewis Toys, Inc.
No par common
Gray & Company Public
Communications International, Inc.
$.01 par common
Houston Oil Fields Company
Series C, 1.375% cumulative
convertible, preferred
Intrawest Financial Corp.
$10.00 par common
Kent Electronics Corporation
No par common
Lane Company, Inc., The
$5.00 par common
Monfort of Colorado, Inc.
$1.00 par common
North Carolina Federal Savings and
Loan Association
$.01 par common
Orbanco Financial Services Corporation
No par common
Par Pharmaceutical, Inc.
$.01 par common
Philips’ Gloeilampen-Fabrieken, N.V.
Common New York Shares, Nfl 10 par
value
Progressive Corporation, The
$1.00 par common
Riedel Environmental Technologies, Inc.
$.01 par common
Shelby Williams Industries, Inc.
$.10 par common
Staff Builders, Inc.
$.10 par common
Thermedics Inc.
$.10 par common
Town & Country Jewelry Manufacturing
Corporation
$.01 par common
Union Federal Savings and Loan
Association (California)
No par common
Valley Utah Bancorporation
No par common
Ziyad Inc.
No par common
Telesis Systems Corporation

28540

Federal Register / Vol. 52, No. 147 / Friday, July 31, 1987 / Rules and Regulations

$.10 par common
Thermo Process Systems, Inc.
$.10 par common
U.S. Design Corporation
$.03 par common
United Telecontrol Electronics Inc.
$.10 par common
Wright, William E. Company
$.50 par common
Additions to the OTC Margin List
A & W Brands, Inc.
$.01 par common
Action Auto Stores, Inc.
No par common
Advanced Marketing Services, Inc.
$.001 par common
Aldus Corporation
$.01 par common
Allcity Insurance Company
$1.00 par common
Alpha 1 Biomedicals, Inc.
$.001 par common
Alpharel, Inc.
No par common
Amerford International Corporation
$.05 par common
American Credit Card Telephone
Company
$.01 par common
American Pacific Corporation
$.10 par common
Amplicon, Inc.
$.01 par common
ATN, Inc.
No par common
Attwoods, PLC
American Depository Receipts
Autospa Corporation
$.01 par common
Avery, Inc.
$.01 par common
Bando McGlocklin Capital Corporation
$.0667 par common
Barr Laboratories, Inc.
$.01 par common
Beazer, C. H. (Holdings) PLC.
American Depository Receipts
Berry Petroleum Company
Class A, $.01 par common
Big O Tires, Inc.
$.02 par common
Boys Markets, Inc.
$.01 par common
Brajdas Corporation
$.10 par common
Brandywine Savings & Loan Association
(Pennsylvania)
$1.00 par common
Brougher Insurance Group, Inc.
No par common
Budget Rent a Car Corporation
$.01 par common
Cabot Medical Corporation
No par common, W arrants (expire 0116-89)
Cal Rep Bancorp, Inc.
$1.00 par common
Calgon Carbon Corporation

$.01 par common
California Biotechnology, Inc.
W arrants (expire 12-31-91)
Cardinal Federal Savings Bank
(Kentucky)
$1.00 par common
Care Plus, Inc.
$.01 par common. Class A warrants
(expire 08-13-90)
Carme, Inc.
$.0001 par common
Cash America Investments. Inc.
$.10 par common
Cato Corporation, The
Class A, $.33- Ya par common
Cavalier Homes, Inc.
$.10 par common
Century Bancorp, Inc
Class A, $1.00 par common
Chalone, Inc.
No par common
Checkrobot, Inc.
$.01 par common
Chemex Pharmaceuticals, Inc.
W arrants (expire 05-29-88)
Citipostal, Inc.
$.04 par common
Citizens Bank (North Carolina)
$2.50 par common
CK Federal Savings and Loan
Association (North Carolina)
$1.00 par common
CMS Advertising, Inc.
$.01 par common
CMS Enhancements, Inc.
$.001 par common
Commerce Bancorp, Inc.
Series B, no par cumulative
convertible preferred
Commodore Environmental Services,
Inc.
$.10 par common
Costco Wholesale Corporation
$7-V4% convertible subordinated
debentures
CSC Industries, Inc.
$.10 par common
Cumberland Federal Savings Bank
(Kentucky)
$1.00 par common
Data Measurement Corporation
$.01 par common
Data Technology Corporation
$.001 par common
Dataflex Corporation
No par common
Davox Corporation
$.01 par common
Delphi Information Systems. Inc.
$.10 par common
Designs, Inc.
$.01 par common
Devcon International Corporation
$.10 par common
Digital Microwave Corporation
$.01 par common
Discovery Associates, Inc.
$.001 par common
Diversco, Inc.

$.01 par common
Donegal Group Inc.
$1.00 par common
Doskocil Companies, Inc.
$.40 par common
Downey Designs International, Inc.
$.01 par common
EA Engineering, Science & Technology.
Inc.
$.01 par common
Easco Hand Tools, Inc.
$.01 par common
ECAD, Inc.
$.01 par common
Electrolux AB
Class B, American Depository
Receipts
Elmwood Federal Savings Bank
(Pennsylvania)
$1.00 par common
Empire Savings & Loan Association
(New Jersey)
$.01 par common
Empire-Orr, Inc.
$.01 par common
Enex Resources Corporation
$.01 par common
Environmental Treatment &
Technologies Corporation
8% convertible subordinated
debentures
Envirosafe Services, Inc.
$.01 par common
Enzon, Inc.
$.01 par common. W arrants (expire
02-15-89)
Equitex, Inc.
$.001 par common
Essef Corporation
No par common
Falcon Oil & Gas Company, Inc.
$.01 par common
Fidelity Federal Savings Bank (Indiana)
$.01 par common
Finest Hours. Inc.
No par common
First Bancorp (North Carolina)
$5.00 par common
First Charter Corporation
$5.00 par common
First Federal of Western Pennsylvania
$1.00 par common
First Federal Savings & Loan
Association of Salt Lake City (Utah)
$1.00 par common
First Federal Savings & Loan
Association of Wooster
$1.00 par common
First Federal Savings & Loan of East
Hartford (Connecticut)
$.01 par common
First Federal Savings Bank of Georgia
$1.00 par common
First Fidelity Bankcorp, Inc. (West
Virginia)
$1.24 par common
First Financial Savings Association F.A.
(Ohio)

Federal Register / Vol. 52, No. 147 / Friday, July 31, 1987 / Rules and Regulations
$1.00 par common
First Golden Bancorporation
$1.00 par common
First National Bank Corp. (Michigan)
$3,125 par common
First of America Bank Corporation
Series E, convertible preferred; Series
G, 9% convertible preferred
First Republic Bankcorp, Inc.
(California)
$.01 par common
First Savings and Loan Association of
Penns Grove (New Jersey)
$.01 par common
First Savings Bank, F.S.B. (New Mexico)
$1.00 par common
First Women’s Bank, The (New York)
$5.00 par common
Fisher Transportation Services, Inc.
$.00001 par common
Freymiller Trucking, Inc.
$.01 par common
Gainsco, Inc.
$.01 par common
Gateway Federal Savings & Loan
Association Ohio
$.01 par common
General Sciences Corporation
$.01 par common
Germantown Saving Bank
(Pennsylvania)
$.10 par common
Giant Bay Resources, Ltd.
No par common
Gish Biomedical, Inc.
No par common
Gold Company of America
Depository units of limited
partnership interest
Graphic Packaging Corporation
$.01 par common
Greater New York Savings Bank, The
$1.00 par common
Griffith Consumer Company
$.01 par common
Groff Industries, Inc.
$.50 par common
Hako Minuteman, Inc.
No par common
Hamptons Bancshares, Inc.
$4.00 par common
Harleysville National Corporation
$1.00 par common
Healthcare Compare Corporation
$.01 par common
Heritage Financial Corporation
$.90 par cumulative convertible
preferred
Higby’s, J.. Inc.
$.01 par common
Hospital Staffing Services, Inc.
$.001

par common
Hosposable Products, Inc.
Class A W arrants (expire 01-07-90)
HWC Distribution Corporation
$.01 par common
Integon Corporation
$1.00 par common

Intelligent Electronics, Inc.
$.01 par common
Interactive Technologies, Inc.
W arrants (expire 03-06-91)
Interfund Corporation
$.01 par common
International Broadcasting Corporation
$.001 par common
International Genetic Engineering, Inc.
No par common
International Microelectronic Products,
Inc.
$.001 par common
International Mobile Machines
Corporation
$.10 cumulative convertible preferred
Interspec, Inc.
$.001 par common
Itel Corporation
Class B, Series C, $1.00 par
convertible preferred
J.P.M, Industries, Inc.
No par common
Jay Jacobs, Inc.
$.01 par common
KMS Industries, Inc.
$.01 par common
Komag, Incorporated
$.01 par common
LDI Corporation
$.01 par common
Lectec Corporation
$.01 par common
Lincoln Bancorp
No par common
Liposome Technology, Inc.
$.0001 par common
Magma Copper Company
Class B, $.01 par common
Marsam Pharmaceuticals, Inc.
$.01 par common
Maryland Federal Savings & Loan
Association
$1.00 per common
Masco Industries, Inc.
6% convertible subordinated
debentures
Mayfair Industries, Inc.
$.01 par common
McClain Industries, Inc.
No par common
Medmaster Systems, Inc.
$.01 par common, Warrants (expire
07-10-91)
Meridian Insurance Group, Inc.
No par common
Metropolitan Bancorp, Inc.
$5.00 par common
Metropolitan Consolidated Industries,
Inc.
$.10 par common
Michael Foods, Inc.
$.01 par common
Microage, Inc.
$.01 par common
Microcom, Inc.
$.001 par common
Midwest Communications Corporation
$.01 par common

28541

Multi-Local Media Corporation
$.01 par common
Mycogen Corporation
$.001 par common
Nellcor, Inc.
$.001 par common
New Jersey Steel Corporation
$.01 par common
North Star Universal, Inc.
$.25 par common
Northern Trust Corporation
Series B, $6.25 cumulative convertible
preferred
Northwest Illinois Bancorp, Inc.
$5.00 par common
Nycor, Inc.
$1.00 par common
$1.00 par convertible exchangeable
preferred
One Price Clothing Stores, Inc.
$.01 par common
Organogenesis. Inc.
$.01 par common
Osicom Technologies, Inc.
$.01 par common
Pacific Dunlop Limited
American Depository Receipts
Pacific International Services Corp.
No par common
Pentair, Inc.
$.10 cumulative convertible preferred
Peoples Savings Bank F.S.B. (Michigan)
$1.00 par common
Pharmatec, Inc.
$.03 par common
Phonemate, Inc.
$.10 par common
PHP Healthcare Corporation
$.01 par common
Pioneer Federal Savings & Loan
Association (Virginia)
Series A, $1.00 par cumulative
convertible preferred
Plains Resources, Inc.
$.02 par common
Proffitt’s, Inc.
$.10 par common
Prospect Park Savings and Loan
Association (New Jersey)
$1.00 par common
Quality Food Centers, Inc.
$.001 par common
Railroadmen’s Federal Savings & Loan
Association of Indianapolis
$.01 par capital
Raleigh Federal Savings Bank (North
Carolina)
$1.00 par common
Raritan Bancorp, Inc.
$.01 par common
Regency Cruises, Inc.
$.001 par common
Rexworks, Inc.
$.12 par common
Rights Management Consultants. Inc.
$.01 par common
Roadway Motor Plazas, Inc.
$.01 par common

28542

I ederal Regtster / Vol. 52, No. 147 / Friday, July 31, 1987 / Rules and Regulations

Ross Cosmetics Distribution Centers,
Inc.
$.01 par common
Sahlen & Associates, Inc.
$.001 par common, W arrants (expire
1989)
Samna Corporation
$.01 par common
Schult Homes Corporation
No par common, W arrants (expire 0301-91)
Schwartz Brothers, Inc.
$.10 par common
Security Savings and Loan Association
(New Jersey)
$1.00 par common
Sensor Control Corporation
$.0008 par common
Sequent Computer Systems, Inc.
$.01 par common
Sharper Image Corporation
$.01 par common
Somerset Group, Inc., The
No par common
South Atlantic'Financial Corporation
$.01 par common
Southold Savings Bank (New York)
$1.00 par common
Southstate Bank for Savings
(Massachusetts)
$.10 par common
Southwall Technologies, Inc.
$.001 par common
St. Paul Bancorp, Inc.
$.01 par common
Sunresorts Ltd. N.V.
$.01 par common
Tecogen, Inc.
$.10 par common
Telecast, Inc.
$.01 par common
Texcel International, Inc.
$.001 par common
Topps Company, Inc., The
$.01 par common
Two Pesos, Inc.
$.01 par common
U.S. Minerals Exploration Company
No par common
Ungermann-Bass, Inc.
6-7/8% convertible subordinated
debentures
United Bankshares, Inc. (West Virginia)
$2.50 par common
United Coasts Corporation
$.01 par common
Valley Capital Corporation
$1.00 p°r common
Vanderbilt Gold Corporation
$.10 par common
Vertex Communications Corporation
$.10 par common
VMS Strategic Land Trust
No par shares of beneficial interest
Washington Bancorp, Inc. (New Jersey)
$.10 par common
Washington Federal Savings Bank
(Oregon)
$1.00 par common

Washington Federal Savings Bank
(Washington, D.C.)
$.01 par common
Waterhouse Investor Services, Inc.
$.01 par common
Wellman, Inc.
$.001 par common
Westwood One, Inc.
$6.75% convertible subordinated
debentures
Wolverine Exploration Company
No par common, Class A, W arrants
(expire 12-31-93)
York Research Corporation
$.01 par common
By order of the Board o f Governors of the
Federal R eserve System acting by its Director
o f the D ivision o f Banking Supervision and
Regulation pursuant to delegated authority
(12 CFR 265.2(c)(18)), July 27.1987.

James McAfee,
Associate Secretary of the Board.
(FR Doc. 87-17364 Filed 7-30-87; 8:45 am]
BILLING CODE 6210-01-**

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