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F

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ank

O F DALLAS
W IL L IA M

H . W ALLACE

FIRST V IC E PR E S ID E N T
AND C H IE F O PER A TIN G O FFICER

DALLAS, TEXAS 7 5 2 2 2

August 5, 1988

C ir c u la r 88-51

TO:

The Chief Executive O f fi c e r of a l l
member banks and other s concerned in
the Eleventh Federal Reserve D i s t r i c t
SUBJECT
O v e r -th e -C o u n te r (OTC) Margin S to c k s

DETAILS

The Board of Governors of the Federal Reserve System has re vise d the
l i s t of ov e r -t h e - c o u n te r (OTC) s to c k s , e f f e c t i v e August 8, 1988, t h a t are
s u b je c t to i t s margin r e g u l a t i o n s . Federal Reserve Banks publish a complete
l i s t once a y ear and supplements of ad d it io n s to and d e l e t io n s from the l i s t
three times a y e a r . The complete l i s t of O stocks e f f e c t i v e February 8,
TC
1988, and the supplement of ad d itio n s and d e l e tio n s e f f e c t i v e May 10, 1988,
ar e a v a i l a b l e from the Public A f f a ir s Department.
ATTACHMENTS

The material as published in the Federal Regis te r announcing
r e v is io n s to the l i s t of OTC stocks e f f e c t i v e August 8, 1988, i s attached.
M
ORE INFORMATION

For f u r t h e r information regarding marginable OTC stock requirements,
pleas e c o n ta ct Dean A. Pankonien a t (214) 651-6228.
S ince rely yours

For additional copies of any circular please c ontact the Public A ffairs D epartm ent at (214) 651 -6 2 8 9 . Banks and others are
encouraged to use the follow ing incom ing W A T S numbers in contacting this Bank (800) 4 4 2 -7 1 4 0 (in trastate) and (800)
5 2 7 -9 2 0 0 (interstate).

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

28188

Federal Register / Vol. 53, No. 144 / W ednesday, July 27, 1988 / Rules and Regulations
FEDERAL RESERVE SYSTEM
12 CFR Parts 207,220,221 and 224
Regulations G ,T, U and X; Securities
Credit Transactions; List of Marginable
OTC Stocks
Board of Governors of the
Federal Reserve System.
a c t i o n : Final rule; determination of
applicability of regulations.
AGENCY:

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
9,1988 and will serve to give notice to
the public about the changed status of
certain stocks.
EFFECTIVE DATE: August 8,1988.
su m m ary :

FOR FURTHER INFORMATION CONTACT.

Peggy Wolffrum, Securities Regulation
Analyst, 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) (202) 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. This
supersedes the last List which w as
effective May 9,1988. Additions and
deletions for that List were published at
53 F R 15195, April 28,1988. A copy of the
complete List incorporating these
additions and deletions is available
from the Federal Reserve Banks.
The List of Marginable OTC Stocks
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
regulation 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
broker-dealers 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.
In addition to the deletions listed
below, Student Loan Marketing
Association’s (SLMA) common stock
and warrants expiring 08-01-91 are
being removed from the List because
they are exempted securities (see 20
U.S.C. 1087.1). While these securities
meet the requirements for inclusion on
the List, their exempt status entitles
lenders to extend good faith loan value
on them whether or not they appear on
the 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 l i s t 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.
72 CFR Part 221
Banks, Banking, Credit, Federal
Reserve System, Margin, Margin
requirements, National Market System
(NMS Security), Reporting and
recordkeeping requirements, Securities.

Federal Register / Vol. 53, No. 144 / Wednesday, July 27, 1988 / Rules and Regulations
12 CFR Part 224
Banks, Banking, Borrowers, Credit,
Federal Reserve System, Margin. Margin
requirements. Reporting and
recordkeeping requirements. Securities.
Accordingly, pursuant to the authority
of sections 7 and 23 of the Securities
Exchange Act of 1934, as amended (15
U.S.C. 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 additions to the
Board’s List:
Deletions From List
S to cks R em o ved For Failing C ontinued
Listing R equirem ents
ADMAC Inc.
$.01 par common
AEC, Incorporated
$1.00 par common
AERO Services International, Inc.
No par common
No par convertible preferred
Allison’s Place, Inc.
$.01 par common
American Educational Computer, Inc.
$.01 par common
Antonovich, Inc.
Class A, $.01 par common
Asbestec Industries, Inc.
$.01 par common
AW Computer Systems, Inc.
Class A. $.01 par common
Base Ten Systems, Inc.
Class B, $1.00 par common
Begley Company
$1.66% par common
Bird Incorporated
$1.00 par cumulative convertible
preferred
Boys Markets, Inc.
$.01 par common
BSD Medical Corporation-Delaware
$.01 par common
CADE Industries, Inc.
Warrants (expire 09-24-88)
CB Financial Corporation
$7.50 par common
Centennial Savings Bank. F.S.B.
$1.00 par common
Centrafarm Group N.V.
No par common
Chatham Manufacturing Company
$1.00 par common
Clabir Corporation
Class B, $.10 par common
Conitrex Systems Corporation
No par common
Continuing Care Associates, Inc.
$.01 par common
Corestates Financial Corporation
No par cumulative preferred
Cramer Inc.
No par common

Cypress Savings Association
Class A, $.01 par common
Diagnostek, Inc.
Class B, warrants (expire 06-30-88)
Financial Industries Corp.
$1.00 par common
First Carolina Investors. Inc.
No par common
First Columbia Financial Corp.
No par common
First Federal Savings & Loan
Association of Austin
$.01 par common
Fisher Transportation Services, Inc.
$.00001 par common
Hitachi Ltd.
5%% convertible subordinated
debentures
IBI Security Service. Inc.
Class A, $.10 par common
Inmed Corporation
$.01 par common
Interand Corporation
No par common
International King’s Table, Inc.
No par common
Itel Corporation
Class B, Series A, $1.00 par
convertible preferred
Kevex Corporation
$.01 par common
Linear Films, Inc.
$1.00 par common
Living well, Inc.
$.10 par common
Maverick Restaurant Corporation
$.01 par common
Moseley Holding Corporation
$.10 par common
Old Stone Corporation
Series C, con vertible preferred
Optical Specialties, Inc.
No par common
OTF Equities, Inc.
$.01 par common
Overland Express, Inc.
No par common
Pacer Corporation
No par common
Perfectdata Corporation
No par common
Precision Resources, Inc.
$.10 par common
Premier Financial Services. Inc,
$5.00 par common
Provident American Corporation
$1.00 par common
Sage Drilling Company, Inc,
$.01 par common
Sahlen $ Associates, Inc.
Warrants (expire 07-18-89i
Schult Homes Corporation
Warrants (expire 03-01-91)
Scott Cable Communications. Inc.
No par common
Solilec Inc.
No par common
Sporting Life, Inc.. The
$.01 par common

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Stars To Go, Inc.
$.01 par common
Step-Saver Data Systems. Inc.
No par common
Warrants (expire 08-12-89)
Sutron Corporation
$.01 par common
Taco Viva, Inc.
$.01 par common
TM Communications, Inc.
Warrants (expire 12-01-88)
UNIFI, Inc.
Warrants (expir.e 07-01-88)
Visual Industries, Inc.
$.10 par common
Wespac Investors Trust
$1.00 par shares of beneficial interest
W espac Investors Trust II
No par shares of beneficial interest
Worlds of Wonder, Inc.
No par common
S to cks R em o ved For L isting On A
N a tion al S ecu rities E xchange O r Being
In vo lved In A n A cquisition
American Network, Inc.
No par common
American Savings Bank, FSB
No par common
No par cumulative convertible
preferred
American Shared Hosptial Services
No par common
ATI Medical, Inc.
No par common
Atlanta Gas Light Company
$5.00 par common
Austron, Inc.
$.0125 par common
Bank of New England Corporation
$5.00 par common
BFS Bancorp Inc. (Connecticut)
$.01 par common
Biotherapeutics Incorporated
$.002 par common
California Gold Mines Ltd.
No par common
Chi-Chi’s, Inc.
$.01 par common
Citizens Financial Corporation
No par common
Citytrust Bancorp, Inc.
$2.50 par common
Coeur D’alene Mines Corp.
$1.00 par common
Columbia Federal Savings Bank
(Washington)
$1.00 par common
Crown Auto, Inc.
$.25 par common
Datacopy Corporation
$.10 par common
Days Inns Corporation
$.02 par common
Diamond Crystal Salt Company
$1.25 par common
Dickey-fohn Corporation
No par common

28190

Federal Register / Vol. 53, No. 144 / Wednesday, July 27, 1988 / Rules and Regulations

Dinner Bell Foods, Inc.
No par common
Dryclean U.S.A., Inc.
$.01 par common
Eagle Financial Corporation
$.01 par common
Energy Factors, Inc.
No par common
ENZO Biochem, Inc.
$.01 par common
Exposaic Industries, Inc.
No par common
Fiarhaven Savings Bank
(Massachusetts)
$.10 par common
First Federal Bank, FSB (New
Hampshire)
$1.00 par comm on
Florida Express Inc.

$.01 par common
Hadson Corporation
$.10 par common
Hamburger Hamlets, Inc.
$1.00 par common
Home Owners Federal Savings & Loan
Association (Massachusetts]
$.01 par common
I.M.S. International, Inc.

$.01 par common
ICN Biomedicals, Inc.
$.01 par common
Ideal School Supply Corporation
$.01 par common
IGI Inc.
$.01 par common
International Clinical Laboratories, Inc.
$.33 par common
Isoetec Communications, Inc.
$.01 par common
Keithley Instruments, Inc.
No par common
Lacana Mining Corporation
No par common
Lane Financial Inc.
$1.00 par common
Liquid Air Corporation of North
America
No par common
Little, Arthur D., Inc.
$1.00 par common
Medchem Products, Inc.
$.01 par common
Merrimac Industries, Inc.
$.50 par common
Midway Airlines, Inc.
$.01 par common
Mt. Baker Bank, A Savings Bank
(Washington)
$5.00 par common
MTECH Corporation
$.01 par common
MUSTO Exploration Limited
No par common
National Heritage, Ir.c.
$.01 par common
Omnibank of Connecticut, Inc.
$.01 par common
Organogenesis, Inc.
$.01 par common

Parisian, Inc.
$.01 par common
Pegasus Gold Inc,
No par common
Peters, J.M. Company, Inc.
$.10 par common
Preferred Health Care. Ltd.
$.01 par common
Price Pfister, Inc.
$.01 par common
Prudential Bancorporation
No par common
Scantron Corporation
$.01 par common
SCOR U.S. Corporation
$.30 par common
Seal Incorporated
$.10 par common
Standard Commercial Corporation
$.20 par common
Stanline, Inc.
$.01 par common
Tower Federal Savings Bank
$.01 par common
TRC Companies/Inc.
$.10 par common
U.S. Truck Lines Inc. of Delaware
$5.00 par common
Ungermann-Bass, Inc.
$.001 par common
6%% convertible subordinated
debentures
Union Special Corporation
$1.00 par common
Universal Medical Buildings, L.P.
Depository Receipts for units of
shares of beneficial interest
Units of preferred limited partnership
University Bank and Trust Company
$.30 par common
Valley Forge Corporation
$.50 par common
VORTEC Corporation
No par common
Wearever-Proctorsilex
$.01 par common
Western Auto Supply Company
$.01 par common

Additions to the List
Akom, Inc.
No par common
America First Participating/Preferred
Equity Mortgage L.P.
Exchangeable units of limited
partnership
American Medical Electronics, Inc.
No par common
American Republic Bancorp (California)
No par common
American Rice, Inc.
$1.00 par common
American Savings & Loan Association
of Florida
$.01 par preferred
American Vanguard Corporation
$.10 par common
APCO Argentina, Inc.
Ordinary shares, $.01 par value

BFS Bankorp, Inc. (New York)
$.01 par common
BMR Financial Group, Inc.
$.01 par common
Broad National Bancorporation
$10.00 par common
Cannon Express, Inc.
$.01 par common
Cascade International; Inc.
$.001 par common
Centurion Gold Ltd.
No par common
Citizens Bancorp (Maryland)
$10.00 par common
Cliffs Drilling Company
$.01 par common
Code-Alarm, Inc.
No par common
Comdata Holdings Corporation
$.01 par common
Community Banks, Inc. (Pennsylvania)
$5.00 par common
Comstock Resources, Inc.
$.50 par common
Concorde Career Colleges, Inc.
$.01 par common
Confertech International, Inc.
$.01 par common
Conner Peripherals, Inc.
No par common
Constitution Bancorp of New England,
Inc.
$1.00 par common
Contel Cellular, Inc.
Class A, $1.00 par common
Country Lake Foods, Inc.
$.01 par common
CPAC, Inc.
$.01 par common
Dell Computer Corporation
$.01 par common
Drug Emporium, Inc.
$.10 par common
Egghead, Inc.
$.01 par common
Electronic Data Technologies
$.01 par common
Fairfield First Bank & Trust Company
(Connecticut)
$5.00 par common
Falconbridge Limited
No par common
FB&T Corporation
$1.00 par common
First Federal Savings & Loan
Association of Lenawee County
$1.00 par common
Firstmiss Gold, Inc.
$.01 par common
Flowmole Corporation
$.01 par common
Franklin Savings Association (Kansas)
$1.00 par common
Grandview Resources, Inc.
No par common
Greenwich Financial Corporation
$.01 par common
Harvard Knitwear, Inc.

Federal Register / Vol. 53, No. 144 / Wednesday, July 27, 1988 / Rules and Regulations
$.001 par common
Hemodynamics Incorporated
$.01 par common
Home Federal Savings Bank (North
Carolina)
$1.00 par common
Home National Corporation
(Massachusetts)
$.50 par common
Hometown Bancorporation. Inc.
(Connecticut)
$1.00 par common
Hughes Homes. Inc.
$.01 par common, Warrants (expire
06-08-93)
ICO, Inc.
No par common
Imperial Holly Corporation
No par common
Index Technology Corporation
$.10 par common
Jones Intercable, Inc.
7.25% convertible subordinated
debentures
KCS Group, Inc.
$.01 par common
Kinetic Concepts. Inc.
$.001 par common
Medstone International, Inc.
$.004 par common
Metro Mobile CTS, Inc.
Class B, $.10 par common
Mindscape, Inc.
$.00001 par common
Moscom Corporation
$.10 par common
National Health Laboratories. Inc.
$.01 par common
Nova Pharnaceutical Corp.
Class C, warrants (expire 06-30-93)
Class D, warrants (expire 06-30-98)
Nowsco Well Service, Ltd.
No par common
Pacesetter Homes, Inc.
$.01 par common
People's Bank (Connecticut)
No par common
Personal Computer Products. Inc.
$.005 par common
Relational Technology, Inc.
$.001 par common
Respironics, Inc.
$.01 par common
Richfood Holdings, Inc.
Class A, no par common
SCI Systems, Inc.
5%% convertible subordinated
debentures
Scripps, E.W., Company, The
Class A, $.01 par common
Senior Service Corporation
$.02 par common
Simmons First National Corporation
(Arkansas)
Class A. $5,00 par common
S)NB Financial Corp.
No par common
Stolt Tankers & Terminals (Holdings]
S.A.

No par common
Tele-Communications Inc.
7% convertible subordinated
debentures
Thomaston Mills, Inc.
Class A, $1.00 par common
Class B, $1.00 par common
Triangle Industries, Inc.
$1.00 per cumulative convertible
junior preferred
UNR Industries, Inc.
$2.50 par common
By order o f the Board o f Governors o f the
Federal R eserve System acting by its Staff
Director of the Division o f Banking
Supervision and Regulation pursuant to
d elegated authority (12 C FR 265.2(c)(8)), July
25,1988.
William W. W iles,

Secretary of the Board.
[FR Doc. 88-16852 Filed 7-26-88; 8:45 am|
BILLING CODE 6210-01-M

28191

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