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Federa^ R eserve Bank OF DALLAS W IL L IA M H. W ALLACE DALLAS, TEXAS 7 5 2 2 2 FIRST V IC E PR ES ID EN T AND CH IE F O PER ATING O FFIC ER May 10, 1988 Circular 88-32 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. These revisions are effective immediately, and are additions to the OTC list published February 8, 1988. Federal Reserve Banks publish a complete list once a year and publish supplements of additions to and deletions from the list three times a year. The complete list of OTC stocks effective February 8, 1988, is available from the Public Affairs Department. ATTACHMENTS Revisions, as published by the Federal Register, are attached. revisions are effective as of May 9, 1988. These MORE INFORMATION For further information regarding marginable OTC stock requirements, please contact Dean A. Pankonien at (214) 651-6228. For a copy of the February 8, 1988, list of OTC stocks, please call Tony West at (214) 651-6266. 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) Federal Register / Vol. 53, No. 82 / Thursday, April 28, 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 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 February 8,1988, and will serve to give notice to the public about the changed status of certain stocks. EFFECTIVE DATE: May 9,1988. su m m ary : FOR FURTHER INFORMATION CONTACT: Peggy Wolffrum, Securities Regulation Analyst, Division of Banking Supervision and Regulation, (202) 4522781. For the hearing impaired only, Earnestine 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. 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 February 8,1988. (Additions and deletions for that List were published at 53 FR 2998, February 3,1988). 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 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 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. 15195 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 Stocks Removed for Failing Continued Listing Requirements American Cruise Lines, Inc. $.01 par common Barton Industries, Inc. $.01 par common Brentwood Instruments, Inc. No par common Burnham Service Corporation No par common Burton/Hawks, Inc. .01 par common Cel Communications, Inc. $.01 par common Chesapeake Industries, Inc. $1.00 par common Commonwealth Savings Association No par common Community Savings Bank $.10 par common Community Shares Ltd. $.10 par common Continental Federal Savings &Loan Association (Oklahoma) $.01 par common Control Laser International Corporation $.01 par common CPL Real Estate Investment Trust No par shares of beneficial interest Craft World International, Inc. $.01 par common Cushman Electronics, Inc. No par common Delta Data Systems Corp. $.01 par common Desinghouse International, Inc. $.10 par common Diversified Human Resources Group, Inc. $.10 par common Eldorado Motor Corporation No par common Equipment Company of America Inc. $.10 par common First Interstate Corporation of Alaska $2.00 par common Florafax International, Inc. $.06% par common General Kinetics Incorporated $.25 par common IDC Services Inc. $.25 par common Magma Energy, Inc. $.02 par common 15196 Federal Register / Vol. 53, No. 82 / Thursday, April 28, 1988 / Rules and Regulations Meiridge, Inc. $.01 par common Merchant Bank of California, The No par common Mid Pacific Air Corporation No par common National Royalty Corporation $.01 par common Neti Technologies Inc. No par common Northview Corporation $.01 par common Nova Pharmaceutical Corp. Class A, warrants (expire 02-05-88) Occidental/Nebraska Federal Savings Bank $1.00 par common Occupational Medical Corporation of America, Inc. No par common Paperboard Industries Corporation No par common Po Folks, Inc. $.10 par common Poe & Associates, Inc. $.10 par common Pre-Paid Legal Services, Inc. Warrants (exp. 11-30-88) Preway Inc. $.50 par common Pullman Company Warrants (exp. 02-24-88) Roadrunner Enterprises, Inc. No par common Rockwood National Corporation No par common Savoy Industries, Inc. $.01 par common Shatterproof Glass Corporation $.50 par common Shoreline Savings Bank $.50 par common Sigmaform Corporation $.11335 par common Stewart Sandwiches, Inc. $1.00 par common Sunworld International Airways, Inc. $.20 par common Telemation, Inc. $.01 par common Tots Plus, Inc. $.01 par common Triton Energy Corporation Warrants (expire 11-15-89) Triton Group Ltd. Series C, $1.20 par convertible preferred Video Library, Inc. No par common Waste Technology Corp. $.01 par common Westwood Group, Inc., The $.01 par common Stocks Removed for Listing on a National Securities Exchange or Being Involved in an Acquisition Aaron Brothers Art Marts, Inc. $.01 par commor Addison-Wesley Publishing Company, Inc. Class B, no par common Allied Bancshares, Inc. (Texas) $1.00 par common Altemacare Corporation $.05 par common Apple Bank for Savings (New York) $1.00 par common Baltimore Bancorp (Maryland) $5.00 par common Barr Laboratories, Inc. $.01 par common Birmingham Steel Corporation $.01 par common BR Communications No par common Buffton Corporation $.05 par common Businessland, Inc. No par common 5Vz% convertible subordinated debentures 8% convertible subordinated debentures California Energy Company, Inc. $.0675 par common Calny, Inc. $.01 par common Careercom Corporation $.01 par common CCC Information Services, Inc. $.01 par common Central Bancorporation, Inc. (Ohio) $5.00 par common Central Wisconsin Bankshares, Inc. $.50 par common Chase Medical Group, Inc. $.01 par common Collins Industries, Inc. $.10 par common Columbia Pictures Entertainment $.10 par common Warrants (expire 06-01-92) Warrants (expire 12-31-93) Craft House Corporation $.10 par common Cycare Systems, Inc. $.01 par common Crossland Savings, FSB (New York) $1.00 par common Series A, cumulative convertible preferred Series B, $12.75 cumulative preferred Dicomed Corporation $.03 par common Dime Savings Bank of New York, F.§.B. $1.00 par common Dixon Ticonderoga Company $1.00 par common EMC Corporation $.01 par common Essex Communications Corporation Class A, $.01 par common First Empire State Corporation $5.00 par common Fidelcor, Inc. $1.00 par common Series A, $1.00 par convertible preferred Series B, $1.00 par convertible preferred First Fidelity Bancorporation Series C, $4.00 par cumulative convertible preferred First Republic Bancorp, Inc. $.01 par common First Jersey National Corporation $5.00 par common Series B, $1.00 par cumulative convertible preferred First Valley Corporation $1.00 par common Florida Commercial Banks, Inc. $1.00 par common Frost & Sullivan, Inc. $.01 par common Gainsco, Inc. $.01 par common Genentech, Inc. $.02 par common Genmar Industries, Inc. $.01 par common Gibson, C.R. Company, The $.10 par common Great Western Savings Bank $.01 par common Horizons Research, Inc. No par common Incstar Corporation $.01 par common Innovative Software Inc. $.01 par common International Telecharge, Inc. $.01 par common Iverson Technology Corp. $.01 par common Kincaid Furniture Company, Inc. $1.33 Vb par common Life Investors Inc. $1.00 par common Linear Corporation $.01 par common Marine Corp. (Wisconsin) $2.50 par common Metrobank N.A. (California) $1.66 par common Morgan Products Ltd. $.10 par common North American Communications Corporation $.01 par common Norwesco, Inc. $.10 par common Owens and Minor Inc. $2.00 par common Paco Pharmaceutical Services, Inc. Warrants (expire 12-31-88) Rowley-Scher Reprographics, Inc. $.01 par common Royal Apex Silver, Inc. $.05 par common Scientific Systems Services, Inc. $.01 par common Seaman Furniture Company, Inc. $.01 par common Shawmut Corporation Federal Register / Vol. 53, No. 82 / Thursday, April 28, 1988 / Rules and Regulations $5.00 par common Shoe City Corporation $.10 par common Software AG Systems, Inc. $.01 par common Spartech Corporation $.75 par common Staniadyne, Inc. $2.50 par common Sunstates Corporation $.10 par common $25.00 par preferred Sylvan Learning Corp. $.01 par common Symbol Technologies, Inc. $.01 par common System Integrators, Inc. No par common Tenera, L. P. Units of limited partnership interest Westcorp $1.00 par common Additions to the List Addington Resources, Inc. No par common Advantage Companies, Inc. $1.00 par common Warrants (expire 10-13-89) Alliance Imaging Inc. $.01 par common Altera Corporation No par common American Consulting Corporation, Inc. $.01 par common Atlantic Group, Inc., The $.05 par common Avondale Industries, Inc. $1.00 par common Belmoral Mines Ltd. No par common Biotherapeutics Incorporated Series A, $1.00 par convertible preferred Bull Run Gold Mines, Ltd. $.01 par common Central Corporation $.01 par common Charter One Financial, Inc. $.01 par common Comerica Inc. Series B, $4.32 par cumulative convertible preferred Compucom Systems, Inc. No par common CXR Telcom Corporation $.0033 par common CYTRX Corporation $.001 par common Warrants (expire 11-09-91) Datakey, Inc. $.05 par common Eastern Environmental Services, Inc. $.01 par common Eastmaque Gold Mines Ltd. No par common Empire Insurance Company $1.00 par common Epitope, Inc. No par common Evansville Federal Savings Bank (Indiana) $1.00 par common Exploration Company of Louisiana, Inc., th e $.01 par common Fair, Isaac and Company, Incorporated $.01 par common First Franklin Corporation $.01 par common First Work Cheese, Inc. $.01 par common Warrants (expire 06-05-91) GBCJJancorp (California) No par common Geraghty & Miller, Inc. $.01 par common Green, A.P. Industries, Inc. $1.00 par common Holiday RV Superstars, Inc. $.01 par common Home Federal Savings Bank (Indiana) $.01 par common International Consumer Brands, Inc. $.01 par common Iowa National Bankshares Corp. $12.50 par common Jaco Electronics, Inc. $.10 par common Jones Spacelink, Ltd. Class A, $.01 par common JRM Holdings, Inc. $.01 par common Kimmons Environmental Service Corp. $.001 par common Maione-Hirschberg Companies, Inc. No par common Mallard Coach Company, Inc. $.01 par common Max & Erma’s Restaurants, Inc. $.10 par common Warrants (expire 10-07-88) Maxim Integrated Products, Inc. $.001 par common Midfed Savings Bank (Ohio) $.01 par common Mobile National Corporation $1.00 par common Monmouth Real Estate Investment Trust No par common Moto Photo, Inc. $.01 par cumulative convertible preferred Warrants (expire 11-25-89) Mutual Federal Savings Bank, A Stock Corp. (Ohio) $1.00 par common N-W Group, Inc. $.01 par common Nevada Goldfields Corporation No par common New York Bancorp, Inc. $.01 par common Octel Communications Corporation No par common Osborn Communications Corporation $.01 par common Peoples Federal Savings Bank of DeKalb County 15197 $1.00 par common Polifly Financial Corporation $.10 par common Portsmouth Bankshares, Inc. (New Hampshire) $.10 par common Repap Enterprises Corporation Subordinated, voting common stock Republic Bancorp Inc. (Michigan) $5.00 par common Royal Bank of Pennsylvania Class A, $2.00 par common Sanderson Farms, Inc. $1.00 par common Sellersville Savings and Loan Association (Pennsylvania) $1.00 par common Southern Mineral Corporation $.01 par common Taylor, S. Companies, Inc. $.001 par common Timberline Software Corporation No par common Trans Financial Bancorp, Inc. (Kentucky) No par common Tudor Corporation Ltd. No par common US West Newvector Group, Inc. Class A, no par common Vanguard Cellular Systems, Inc. $.01 par common Varitronic Systems, Inc. $.01 par common Vitalink Communications Corporation $.01 par common Wisconsin Toy Company, Inc. $.01 par common Z-Seven Fund, Inc., The $1.00 par common By order of the Board of Governors of the Federal Reserve System acting by its Staff Director of the Division of Banking Supervision and Regulation pursuant to delegated authority (12 CFR 265.2(c)(18)), Apr. 25,1988. William W. Wiles, Secretary of the Board. [FR Doc. 88-9302 Filed 4-27-88; 8:45 am] BILLING CODE 6210- 01-M
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