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F ederal R e se r v e B ank
OF DALLAS
ROBERT

D. M C T E E R , J R .

P R E S ID E N T
AND

C H IE F E X E C U T IV E

O F F IC E R

November 15 , 1991

d a lle s ,t e x a s

75222

N otice 91-96
TO:

The C hie f Executive O f f i c e r o f each
member bank and o t h e r s concerned in
t h e Eleventh Federal Reserve D i s t r i c t
SUBJECT
Ov er-th e- C ounte r (OTC) Margin Stocks
DETAILS

The Board o f Governors o f t h e Federal Reserve System has r e v i s e d the
l i s t o f o v e r - t h e - c o u n t e r (OTC) s t o c k s t h a t a r e s u b j e c t t o i t s margin r e g u l a ­
t i o n s , e f f e c t i v e November 12 , 1991 . The Board p u b l i s h e s a complete l i s t fo u r
times a y e a r , and t h e Federal R e g i s t e r announces a d d i t i o n s t o and d e l e t i o n s
from t h e l i s t .
The complete l i s t of OTC s to c k s as o f November 12, 1991, i s a v a i l ­
a b le from t h e Pu b li c A f f a i r s Department o f t h i s Bank upon r e q u e s t .
Included
with t h e l i s t i s a l i s t i n g o f f o r e i g n margin s t o c k s . The f o r e i g n margin
s t o c k s l i s t e d a re f o r e i g n e q u i t y s e c u r i t i e s e l i g i b l e f o r margin t r e a t m e n t a t
broker-dealers.
ATTACHM
ENT
Attached i s a copy o f th e Federal R e g i s t e r announcement o f r e v i s i o n s
t o t h e l i s t o f OTC s t o c k s as shown on pages 55442-45, Vol. 56, No. 208, dated
October 28, 1991. Also included i s a d e l e t i o n from t h e l i s t i n g o f f o r e i g n
margin s t o c k s ; t h e r e a r e no a d d i t i o n s .
M
ORE INFORMATION
For more in fo rm a tio n re g a r d in g marginable OTC s to c k r e q u i r e m e n t s ,
p l e a s e c o n t a c t Eugene Coy a t (214) 744-7484. For c o p ie s o f t h e complete l i s t
or a d d i t i o n a l c op ie s o f t h i s Bank’ s n o t i c e , p l e a s e c o n t a c t t h e P ubli c A f f a i r s
Department a t (214) 651-6289.
Sincerely yours,

For additional copies, bankers and others are encouraged to use one of the following toll-free numbers in contacting the Federal Reserve Bank of Dallas:
Dallas Office (800) 333-4460; El Paso Branch Intrastate (800) 592-1631, Interstate (800) 351-1012; Houston Branch Intrastate (800) 392-4162,
Interstate (800) 221-0363; San Antonio Branch Intrastate (800) 292-5810.

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

55442

Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / 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; List of Foreign Margin
Stocks
Board of Governors of the
Federal Reserve System.
ACTION; Final rule; determination of
applicability of regulations.
AGENCY:

The List of Marginable OTC
Stocks (OTC List) is comprised of stocks
traded over-the-counter (OTC) in the
United States 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 of Foreign Margin
Stocks (Foreign List) represents foreign
equity securities that have met the
Board's eligibility criteria under
Regulation T. The OTC List and the
Foreign List are published four times a
year by the Board. This document sets
forth additions to or deletions from the
previous OTC List and deletions from
the previous Foreign List. Both Lists
were published on July 29,1991 (56 FR
35805) and effective on August 12,1991
EFFECTIVE DATE: November 12,1991.

su m m ary :

FOR FURTHER INFORMATION CONTACT:

Peggy Wolffrum, Securities Regulation
Analyst, Division of Banking
Supervision and Regulation, (202) 4522781, Board of Governors of the Federal
Reserve System, Washington, DC 20551.
For the hearing impaired only, contact
Dorothea Thompson,
Telecommunications Device for the Deaf
(TDD) at (202) 452-3544.
SUPPLEMENTARY INFORMATION: Listed
below are additions to or deletions from
the OTC List. This supersedes the last
OTC List which was effective August 12,
1991. Additions and deletions to the
OTC List were last published on July 29,
1991 (56 FR 35805). A copy of the
complete OTC List is available from the
Federal Reserve Banks.
The OTC List includes those stocks
that meet the criteria in Regulations G, T
and U (12 CFR parts 207, 220 and 221,
respectively). This determination also
affects the applicability of Regulation X
(12 CFR part 224). 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 OTC
List also includes any OTC stock
designated under a Securities and
Exchange Commission (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 upon the
effective date of their NMS designation.
The names of these stocks are available
at the Board and the SEC and will be
incorporated into the Board’s next
quarterly publication of the OTC List.
Also listed below is the one deletion
from the Foreign List. There are no new
additions to the Board's Foreign List,
which w as last published July 29,1991
(56 FR 35805) and effective August 12.
1991. Stocks on the Foreign List are
eligible for margin treatment at brokerdealers pursuant to a 1990 amendment
to Regulation T (12 CFR part 220). The
Foreign List includes those stocks that
meet the criteria in Regulation T and are
eligible for margin at broker-dealers on
the same basis as domestic margin
securities. A copy of the complete
Foreign List is available from the
Federal Reserve Banks.
Public Comment and Deferred Effective
Date
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 Lists
specified in 12 CFR 207.6 (a) and (b),
220.17 (a), (b), (c), and (d), 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 these Lists as soon as
possible. The Board has responded to a
request by the public and allowed a
two-week delay before the Lists are
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.
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(u) and
220.17(e) (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 OTC
List, and the one deletion from the
Foreign List.
Deletions From the List of Marginable
OTC Stocks
Stocks Removed for Failing Continued
Listing Requirements
Artel Communications Corporation
Rights (expire 07-25-91)
Bankeast Corporation
$1.00 par common
Cenvest, Inc.
$.01 par common
Checkrobot, Inc.
$.01 par common
Cherne Medical, Inc.
No par common
Child World, Inc.
$.10 par common
City Resources (Canada) Ltd.
No par common
Communications Transmission, inc.
$.01 par common
Concurrent Computer Corporation
$.01 par common
CPC-Rexcel, Inc.
$.01 par common
Cutco Industries, Inc.
$.10 par common
Damon Group Inc.
$.01 par common
Elcotel, Inc.
$.01 par common

Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / Rules and Regulations
Farm & Home Financial Corporation
13% Series A, cumulative
exchangeable preferred
First Financial Management Corp.
7% convertible subordinated
debentures
GTE California Inc.
5% cumulative preferred
Guaranty Bancshares Corporation
No par common
Homestead Holding Corporation
$1.00 par common
Insituform Group Limited
W arrants (expire 09-28-91)
Invg Mortgage Securities Corp.
$.01 par common
Invitron Corporation
$.02 par common
Jetbome International, Inc.
$.01 par common
Kinder-Care Learning Centers, Inc.
$.01 par common
Landmark Bank for Savings
(Massachusetts)
$.10 par common
Laser Corporation
$.01 par common
Laurel Savings Association
(Pennsylvania)
$1.00 par common
LDB Corporation
$5.00 par common
Margo Nursery Farms, Inc.
$0.01 par common
MLX Corp.
$.01 par common
North American Savings Bank
(Missouri)
$1.00 par common
Numerica Financial Corporation
$.10 par common
Old Fashion Foods, Inc.
$.20 par common
Perpetual Financial Corporation
$.01 par common, Series A, cumulative
convertible preferred
Personal Diagnostics, Inc.
$.01 par common
PSH Master L.P. I
Units of limited partnership interest
Response Technologies, Inc.
Series A, $1.00 par convertible
preferred
Robotic Vision Systems, Inc.
$.01 par common
Ross Industries, Inc.
$1.00 par common
Royal Gold, Inc.
$.01 par common
SSMC, Inc. N.V.
15% Series B cumulative preferred
Stake Technology Ltd.
No par common
Suffield Financial Corporation
$1.00 par common
Tinsley Laboratories, Inc.
No par common
Unity Healthcare Holding Co., Inc.
$.01 par common

Victoria Creations, Inc.
No par common
Viejo Bancorporation
No par common
Williams, A.L., Corporation
7.25% convertible subordinated
debentures
Stocks Rem oved for Listing on a
National Securities Exchange or Being
Involved in an Acquisition
20th Century Industries
No par common
ADT Limited
American Depositary Receipts
Black Industries, Inc.
$1.00 par common
Carrington Laboratories, Inc.
$.01 par common
Cellular Communications, Inc.
$.01 par common
Centurion Gold Ltd.
No par common
Courier Dispatch Group, Inc.
$.001 par common
Del Taco Restaurants, Inc.
$.01 par common
Fabricland, Inc.
No par common
FNW Bancorp, Inc.
No par common
Graphic Scanning Corp.
$.01 par common
Hi-Lo Automotive, Inc.
$.01 par common
Home and City Savings Bank (New
York)
$1.00 par common
IMCO Recycling Inc.
$.10 par common
Inacomp Computer Centers, Inc.
$.05 par common
Infotron Systems Corporation
$.01 par common
Intermec Corporation
$.60 par common
Nutmeg Industries, Inc.
$.01 par common
Readicare, Inc.
$.01 par common
Shirt Shed, Inc., The
$.01 par common
Southern National Corporation
$5.00 par common
U.S. Precious Metals, Inc.
No par common
United Healthcare Corporation
$.01 par common
Vanfed Bancorp
$1.00 par common
Vanguard Real Estate Fund I, a Sales
Commission-Free Income Properties
Fund
Shares of beneficial interest
Vanguard Real Estate Fund II
No par shares of beneficial interest
Ventrex Laboratories, Inc.
$.01 par common

55443

Weigh-Tronix, Inc.
$.01 par common
Ziegler Company, Inc., The
$1.00 par common
Additions to the List of Marginable OTC
Stocks

AG Services of America, Inc.
No par common
Alexander Energy Corporation
$.03 par common
Alkermes, Inc.
$.01 par common
American Healthcorp, Inc.
$.001 par common
Amerifed Financial Corporation
$.01 par common
Anergen, Inc.
No par common
Aphton Corp.
No par common
Artisoft, Inc.
$.01 par common
Biomatrix, Inc.
$.001 par common
BMC W est Corporation
$.001 par common
Body Drama, Inc.
No par common
Bon-Ton Stores, Inc., The
$.01 par common
CAP RX Ltd.
$.002 par common Class A, warrants
(expire 07-17-95)
Capital Bancorporation, Inc. (Missouri)
$.10 par common
Catherines Stores Corporation
$.01 par common
CCC Franchising Corp.
$.01 par common
CE Software Holdings, Inc.
$.02 par common
Cellpro, Incorporated
$.001 par common
Cellular Communications, Inc.
$.01 par redeemable participating
convertible preferred
Centigram Communications Corporation
$.001 par common
Charter Golf, Inc.
$.001 par common
Circle Financial Corporation
$1.00 par common
Community Bancorp, Inc. (New York)
$.80 par common
Community Financial Corporation
$.01 par common
Community First Bankshares, Inc. (North
Dakota)
$.01 par common
Computer Network Technology
Corporation
$.01 par common
Computer Telephone Corp.
Class I, $.01 par common
Cybernetics Products, Inc.
$.01 par common
Dianon Systems, Inc.
$.01 par common

55444

Federal Register / Vol. 56. No. 208 / Monday, October 28. 1991 / Rules and Regulations

DNA Plant Technology Corporation
$.01 par convertible exchangeable
preferred
Electromedics, Inc.
$.05 par common
Environmental Services of America, Inc.
$.02 par common
Executive Telecard, Ltd.
$.001 par common
Ezcorp, Inc.
Class A, non-voting, $.01 par common
Financial Industries Corporation
$1.00 par common
Fisher Imaging Corporation
$.01 par common
Genetic Therapy, Inc.
$.01 par common
Genetics Institute, Inc.
W arrants (expire 05-31-96)
GMIS Inc.
$.01 par common
Government Technology Services, Inc.
$.005 par common
Grand Casinos, Inc.
$.01 par common
Grant Tensor Geophysical Corporation
$.01 par convertible preferred
Great Lakes Bancorp, a Federal Savings
Bank (Michigan)
No par convertible preferred
Hauser Chemical Research, Inc.
$.001 par common
Holopak Technologies, Inc.
$.01 par common
Humphrey, Inc.
No par common
Hycor Biomedical, Inc.
W arrants (expire 0&-07-98)
IDEC Pharmaceuticals Corporation
No par common
Infrasonics, Inc.
No par common
Intergroup Healthcare Corporation
$.001 par common
Interneuron Pharmaceuticals, Inc.
$.001 par common Class A, w arrants
(expire 03-08-95)
Interstate Bakeries Corporation
$.01 par common
Irwin Financial Corporation
$5.00 par common
Jean Philippe Fragrances, Inc.
$.001 par common W arrants (expire
01-15-93)
Koll Management Services, Inc.
$.01 par common
Kushner-Locke Company, The
No par common W arrants (expire 0320-96)
Laser-Pacific Media Corporation
$.0001 par common
Lawyers Title Corporation
No par common
Little Switzerland, Inc.
$.01 par common
Liuski International, Inc.
$.01 par common
Magic Software Enterprises LtdOrdinary shares, NIS .1 p ar value
Medaphis Corporation
$.01 par common

Medical Dynamics, Inc.
$.001 par common
Medicus Systems Corporation
$.01 par common
Mediplex Group, Inc., The
$.10 par common
Megacards, Inc.
$.01 par common
Meris Laboratories, Inc.
No par common
Michaels Stores, Inc.
$.10 par common
Micronics Computers, Inc.
No par common
Microprose, Inc.
$.001 par common
Mobley Environmental Services, Inc.
Class A, $.01 par common
Moleculon Biotech, Inc.
$.01 par common
Monro Muffler Brake, Inc.
$.01 par common
Mutual Assurance, Inc.
$1.00 par common
NAB A sset Corporation
$.01 par common
NAM TAI Electronics, Inc.
$.02 par common
National Beverage Corporation
$.01 par common
National Pizza Company
Class B, $.01 par common
Newpark Resources, Inc.
$.01 par common
NMR of America, Inc.
$.01 par common
Nutramax Products, Inc.
$.001 par common
Nview Corporation
No par common
OCOM Corporation
$.01 par common
Omni Films International, Inc.
$.01 par common
Osteotach, Inc.
$.01 par common
Oxford Health Plans, Inc.
$.01 par common
Paging Network, Inc.
$.01 par common
Pharmchem Laboratories, Inc.
No par common
Photographic Sciences Corporation
$.01 par common
Progress Software Corporation
$.01 par common
R-TEK Corporation
No par common
Relife, Inc.
Class A, $.01 par common
Right Start, Inc., The
No par common
Ringer Corporation
$.01 par common
Rogers Cantel Mobile Communications
Inc.
Class B, no par subordinated voting
shares

Royal Appliance Mfg. Co.
No par common
Salton/Maxim Housewares, Inc.
$.01 par common
Scigenics, Inc.
$.01 par callable common
Secom General Corporation
$.10 par common
Sepracor, Inc.
$.10 par common
Siskon Gold Corporation
Class A, $.001 par common
Somatogen, Inc.
$.001 par common
Southwest Securities Group, Inc.
$.10 par common
Special Devices, Incorporated
$.01 par common
State Bancorp, Inc.
$5.00 par common
Stewart Enterprises, Inc.
Class A, no par common
Sun Television & Appliances, Inc.
$.01 par common
Super Rite Corporation
No par common
Sybase, Inc.
$.001 par common
Systemix, Inc.
$.01 par common
Techne Corporation
$.01 par common
Technology Solutions Company
$.01 par common
Tecnol Medical Products, Inc.
$.001 par common
Teknekron Communications Systems,
Inc.
$.0067 par common
Treadco, Inc.
$.01 par common
U.S. Robotics, Inc.
$.01 par common
Valley Systems, Inc.
$.01 par common
Vans, Inc.
$.001 par common
Vertex Pharmaceuticals Incorporated
$.01 par common
Video Lottery Technologies, Inc.
$.01 par common
Wellfleet Communications, Inc.
$.01 par common
Whitney Holding Corporation
No par common
With Design in Mind
$.0001 par common
Work Recovery, Inc.
$.004 par common
Zebra Technologies Corporation
Class A, $.01 par common
Zoom Telephonies, Inc.
No par common
Deletion From the List of Foreign Margin
Stocks

STCPLC
25 pence par common

Federal Register / Vol. 56, No. 208 / Monday, October 28, 1991 / Rules and Regulations
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
265.7(f)(10)), October 22,1991.
William W. Wiles,
Secretary of the Board.
[FR Doc. 91-25841 Filed 10-25-91; 8:45 am]
BILLING CODE 6 2 1 0 -0 1 -M

55445

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