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FEDERAL RESERVE BANK
OF NEW YORK
JffCfA/Jo W3
April 16, 1980
LIST OF OTC MARGIN STOCKS
As of April 7, 1980
To All Persons Extending Securities Credit
in the Second Federal Reserve District:
The Board of Governors of the Federal Reserve System has published a revised list of over-thecounter (OTC) stocks that are subject to its margin regulations. The following is from the text of the
Board’s announcement:
The List supersedes the revised List of OTC Margin Stocks that was issued on October 1, 1979.
Changes that have been made in the List, which now includes 1,252 OTC stocks, are as follows:
— 94 stocks have been included for the first time.
— 9 stocks previously on the List have been removed for substantially failing to meet the
requirements for continued listing.
— 62 stocks have been removed for listing on a national securities exchange or the companies were
acquired by another firm.
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 lim it the amount of credit a person or firm may obtain to buy, or
carry, securities. Stocks on the List of OTC Margin Stocks are subject to the same m argin requirements
(currently 50 per cent) as stocks listed on national stock exchanges. This means a person or firm buying a
stock on credit must make a down payment equal to at least 50 per cent of the purchase price of the stock
and may obtain credit for the rem aining 50 per cent.
Margin requirements on OTC stocks apply only to credit extended on the date the stock becomes an
OTC margin stock and thereafter. Credit extended by banks to purchase or 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 sim ilar communication is unlawful.
The List is published by the Board for the information of lenders and the general public.
Enclosed is a copy of the revised List of OTC Margin Stocks referred to in the above statement.
Any questions regarding the OTC List may be directed to our Regulations Division (Tel. No. 212791-5914). Additional copies of the OTC List will be furnished upon written request addressed to
either the Regulations Division or to the Circulars Division of this Bank.
A nthony M. S olomon,
President.
LIST OF OTC MARGIN STOCKS
AS OF
APRIL 7, 1980
This List of OTC Margin 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 margin requirements as of April 7, 1980, pursuant to Sections 207.2(f) of Federal
Reserve Regulation G, "Securities Credit by Persons other than Banks, Brokers, or Dealers,"
220.2(e) o f Regulation T, "C redit by Brokers and Dealers," and 221.31(d) of Regulation U,
"Credit by Banks for the Purpose of Purchasing or Carrying Margin Stocks."
The List is published from time to time by the Board as a guide for lenders subject to
the regulations and the general public. Stocks w ill be added to the List, or deleted, in the
interim between publications as deemed appropriate by the Board. This List supersedes the
previous List of OTC Margin Stocks published as o f October 1, 1979, including changes
thereto.
CAUTION: 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 transaction therein. Also, any refer
ences to the Board in connection with this List or any securities thereon in an advertisement
or similar communication is unlawful.
Any inquiry relating to this List or to Regulations G, T, U or X should be addressed to
the nearest Federal Reserve Bank.
(Prepared fo r Purposes of Regulations G, T, U and X)
BOARD OF GOVERNORS
OF THE FEDERAL RESERVE SYSTEM
WASHINGTON
AEL INDUSTRIES, INC.
Class A, $1.00 par common
ALEXANDER & ALEXANDER SERVICES INC.
$1.00 par common
AMERICAN GREETINGS CORPORATION
Class A, $1.00 par common
AES TECHNOLOGY SYSTEMS, INC.
$.01 par common
ALEXANDER & BALDWIN, INC.
No par common
AMERICAN GUARANTY FINANCIAL
CORPORATION
No par common
AFG INDUSTRIES, INC.
$1.00 par common
ALICO, INC.
$1.00 par common
API TRUST
$1.00 par shares of beneficial
interest
ALLEGHENY BEVERAGE CORPORATION
$1.00 par common
A-T-O, INC.
3rd series, $.40 par cumulative
convertible preferred
AVM CORPORATION
$1.00 par common
ACADEMY INSURANCE GROUP, INC.
$.10 par common
ACCELERATION CORPORATION
$.10 par common
ACCURAY CORPORATION
$1.00 par common
ACETO CHEMICAL CO., INC.
$.01 par common
ACME ELECTRIC CORPORATION
$1.00 par common
ADDISON-WESLEY PUBLISHING COMPANY,
INC.
Class B, no par common
ADVANCE ROSS CORPORATION
$.10 par common
*ADVANCED PATENT TECHNOLOGY, INC.
$.10 par common
ADVENT CORPORATION
$.10 par common
ADVENTURE LANDS OF AMERICA, INC.
No par common
AEROSONIC CORPORATION
$.40 par common
AFFILIATED BANKSHARES OF COLORADO,
INC.
$5.00 par common
AG-MET, INC.
$.50 par common
AIR FLORIDA SYSTEM, INC.
$.50 par common
AIRLIFT INTERNATIONAL, INC.
$.10 par common
ALABAMA BANCORPORATION
$1.00 par common
ALABAMA-TENNESSEE NATURAL
GAS COMPANY
$1.00 par common
‘ Addition to List
ALLIED BANCSHARES, INC.
$1.00 par common
AMERICAN HOME SHIELD CORPORATION
$.01 par common
AMERICAN INCOME LIFE INSURANCE
COMPANY
$1.00 par common
ALLIED TELEPHONE COMPANY
$2.00 par common
AMERICAN INDEMNITY FINANCIAL
CORPORATION
$3.33-1/3 par common
ALLIED VAN LINES, INC.
Class B, no par common
AMERICAN INTERNATIONAL GROUP, INC.
$2.50 par common
ALLYN AND BACON, INC.
$.50 par common
AMERICAN MICROSYSTEMS, INC.
$1.00 par common
ALTON BOX BOARD COMPANY
$5.00 par common
AMERICAN MONITOR CORPORATION
No par common
AMAREX, INC.
$1.00 par common
AMERICAN NATIONAL INSURANCE
COMPANY
$1.00 par common
AMBASSADOR GROUP, INC.
$ .10 par common
AMCOLE ENERGY CORPORATION
No par common
AMERICAN APPRAISAL ASSOCIATES, INC.
$1.00 par common
AMERICAN BANCSHARES, INC.
$1.00 par common
AMERICAN BANK AND TRUST CO.
OF PA.
$5.00 par common
AMERICAN BANKERS INSURANCE
COMPANY OF FLORIDA
$1.00 par common
AMERICAN BANKERS LIFE
ASSURANCE COMPANY OF FLORIDA
$1.00 par common
*AMERICAN EQUITY INVESTMENT TRUST
$11.00 par shares of beneficial
interest
AMERICAN NUCLEAR CORPORATION
$.04 par corrmon
AMERICAN PACIFIC INTERNATIONAL
INC.
$.01 par common
AMERICAN QUASAR PETROLEUM COMPANY
No par common
AMERICAN RESOURCES MANAGEMENT
CORPORATION
$.50 par common
AMERICAN SECURITY CORPORATION
$4.00 par common
*AMERICAN STATES LIFE INSURANCE
COMPANY
$1.00 par common
AMERICAN WELDING & MANUFACTURING
COMPANY, THE
No par common
AMERITRUST CORPORATION
$6.66-2/3 par common
AMERICAN FIDELITY LIFE INSURANCE
COMPANY
$1.00 par common
AMICOR INC.
$.02 par common
AMERICAN FILTRONA CORPORATION
$1.00 par common
AMTERRE DEVELOPMENT INC.
$.01 par common
AMERICAN FINANCIAL CORPORATION
No par common
ANACOMP, INC.
$1.00 par common
AMERICAN FLETCHER CORPORATION
$5.00 par common
ANADITE, INC.
$.10 par common
AMERICAN FURNITURE COMPANY, INC.
$1.00 par common
ANALOGIC CORPORATION
$.05 par common
-2 -
AVANTEK, INC.
No par common
BANTA, GEORGE COMPANY, INC.
$.10 par common
ANDERSON INDUSTRIES, INC.
$1.00 par common
AZTEC MANUFACTURING COMPANY
$1.00 par common
BARBER-GREENE COMPANY
$5.00 par common
ANHEUSER-BUSCH COMPANIES, INC.
$1.00 par common
BBDO INTERNATIONAL, INC.
$.10 par common
BARDEN CORPORATION, THE
$1.00 par common
ANTA CORPORATION
$1.00 par common
B-O-P CORPORATION
$5.00 par common
BARRIS, CHUCK PRODUCTIONS, INC.
$.50 par common
APOGEE ENTERPRISES, INC.
$.33-1/3 par common
BAIRD CORPORATION
$1.00 par common
APPLIED MATERIALS, INC.
$.01 par common
BAKER BROS., INC.
$.10 par common
ARDEN GROUP, INC.
$.25 par common
BAKER, FENTRESS & COMPANY
$1.00 par common
ARGO PETROLEUM CORPORATION
$.10 par common
BALDWIN & LYONS, INC.
No par common
ARGONAUT ENERGY CORPORATION
No par common
BANC ONE CORPORATION
No par common
ARIZONA BANK, THE
$2.50 par common
BANCO DE PONCE
$5.00 par common
ART'S-mY MANUFACTURING COMPANY, INC.
No par common
BANCO POPULAR DE PUERTO RICO
$10.00 par common
ASSOCIATED COCA-COLA BOTTLING
COMPANY, INC.
$.50 par common
BANCOHIO CORPORATION
$6.66-2/3 par common
*ANDERSON, GREENWOOD & 00.
No par common
ASSOCIATED HOSTS, INC.
$.10 par common
ASSOCIATED MADISON COMPANIES, INC.
$.40 par common
ATHLONE INDUSTRIES, INC.
5.714% convertible subordinated
debentures
ATLANTA GAS LIGHT COMPANY
$5.00 par common
ATLANTIC AMERICAN CORPORATION
$1.00 par common
ATLANTIC BANCORPORATION
$1.00 par common
*ATLANTIC OIL CORPORATION
$.01 par common
ATWOOD OCEANICS, INC.
$1.00 par common
*AUTO-TROL TECHNOLOGY
CORPORATION
$.10 par common
AUTOMATED MEDICAL LABORATORIES,
INC.
$.01 par common
AUTOTROL CORPORATION
$.10 par common
♦ Addition to List
BANCOKLAHOMA CORPORATION
$4.00 par common
BANCORP HAWAII INC.
$2.00 par common
BANCSHARES OF NEW JERSEY
$5.00 par common
BANCWEST CORPORATION
$5.00 par common
BANGOR HYDRO-ELECTRIC COMPANY
$5.00 par common
*BARTON BRANDS, LTD.
No par units of
limited interest
*BASCO, INC.
$.10 par common
BASIC EARTH SCIENCE SYSTEMS, INC.
$.10 par common
BASSETT FURNITURE INDUSTRIES, INC.
$5.00 par common
BAYBANKS, INC.
$7.50 par common
BAYLESS, A. J. MARKETS, INC.
$1.00 par common
BAYSWATER REALTY & INVESTMENT TRUST
No par shares of beneficial
interest
BEAR CREEK CORPORATION
$.10 par common
BEARD OIL COMPANY
$.10 par common
BEEHIVE INTERNATIONAL
$.02 par common
BEELINE, INC.
$.10 par common
BEKINS COMPANY, THE
No par common
BELKNAP, INC.
No par common
BANK BUILDING & EQUIPMENT
CORPORATION OF AMERICA
$1.33-1/3 par common
BENTLEY LABORATORIES, INC.
$.10 par common
BANK OF DELAWARE
$10.00 par common
BERKLEY, W. R. CORPORATION
$.20 par common
*BANK OF MONTANA SYSTEM
$10.00 par common
BANKAMERICA REALTY INVESTORS
$1.00 par shares of
beneficial interest
BANKERS TRUST OF SOUTH CAROLINA
$10.00 par common
BANKS OF I O W W INC.
No par common, $2.50 stated
value
BERKLINE CORPORATION, THE
$1.00 par common
BETZ LABORATORIES, INC.
$.10 par common
BEVERAGE MANAGEMENT, INC.
$.10 par common
BIBB COMPANY, THE
No par common
BIG DRUM, INC.
No par common
BILLINGS ENERGY CORPORATION
$.01 par common
*BIOMEDICAL REFERENCE
LABORTATORIES, INC.
$.10 par common
BIRD & SON, INC.
$4.00 par common
BITCO CORPORATION
$1.00 par common
BLACK HILLS POWER AND
LIGHT COMPANY
$1.00 par common
BLOCK DRUG COMPANY, INC.
Class A, $.10 par common
*BROOKWOOD HEALTH SERVICES, INC.
$1.00 par cannon
BRUNO'S, INC.
$.12-1/2 par common
BUCKBEE-MEARS COMPANY
$.10 par common
BUCKEYE FEDERAL SAVINGS AND LOAN
ASSOCIATION
$.05 par common
BUCKEYE INTERNATIONAL, INC.
No par common
BURNUP & SIMS INC.
$.10 par common
CANANDAIGUA WINE COMPANY, INC.
$.01 par common
CAPITAL ENERGY CORPORATION
No par common, $.50 stated
value
CAPITAL SOUTHWEST CORPORATION
$1.00 par common
♦CAROLINA CASUALTY INSURANCE
COMPANY
$1.00 par cannon
CATALINA SAVINGS AND LOAN ASSOCIATION
$1.00 par guaranty stock
♦CAVANAGH COMMUNITIES CORPORATION
$.01 par cannon
BLUE CHIP STAMPS
$1.00 par common
BUSINESS MEN'S ASSURANCE COMPANY
OF AMERICA
$1.00 par common
CEDAR POINT, INC.
$1.00 par common
BLUEFIELD SUPPLY COMPANY
$2.00 par common
BUTLER MANUFACTURING COMPANY
No par common
CELINA FINANCIAL CORPORATION
Class A, $.50 par common
BOATMEN'S BANCSHARES, INC.
$10.00 par common
CBT CORPORATION
$10.00 par common
CENCOR, INC.
$1.00 par common
BOB EVANS FARMS, INC.
No par common
CFS CONTINENTAL, INC.
$1.00 par cannon
CENTRAL BANCORPORATION, INC., THE
$5.00 par comnon
BOHEMIA INC.
No par common
C L ASSETS, INC.
$1.00 par cumulative preferred
CENTRAL BANCSHARES OF THE SOUTH,
INC.
$2.00 par cannon
BONANZA INTERNATIONAL, INC.
No par common
BOND INDUSTRIES, INC.
$1.00 par common
BOOTHE FINANCIAL CORPORATION
$1.00 par common
BOSTON COMPANY, THE
Class B, $1.00 par common
BOWLINE CORPORATION
$.02 par common
CMT INVESTMENT TRUST
*
$1.00 par shares of
beneficial interest
*
$7.50 par preferred shares
of beneficial interest
CPT CORPORATION
$.05 par common
CAESARS NEW JERSEY, INC.
$.10 par common
*
Warrants (expire 10-31-81)
CAFETERIAS, INC.
$.32 par common
CENTRAL BANKING SYSTEM, INC.
$2.50 par capital
CENTRAL CAROLINA BANK AND
TRUST COMPANY
$5.00 par common
CENTRAL FIDELITY BANKS, INC.
$5.00 par common
CENTRAL JERSEY BANK
AND TRUST COMPANY, THE
$2.50 par capital
CENTRAL MORTGAGE AND REALTY TRUST
$1.00 par shares of beneficial
interest
BRASS-CRAFT MANUFACTURING
COMPANY
$1.00 par common
CAL-MAINE FOODS, INC.
$1.00 par common
BRENCO, INC.
$1.00 par common
CALIFORNIA FIRST BANK
$5.00 par common
BRENNAND-PAIGE INDUSTRIES, INC.
$.10 par common
CALIFORNIA MICROWAVE, INC.
$.25 par common
BRISTOL PRODUCTS, INC.
No par comnon
CALIFORNIA WATER SERVICE COMPANY
$12.50 par common
BROADVIEW FINANCIAL CORPORATION
No par common
CALLON PETROLEUM COMPANY
$.33-1/3 par common
CENTRAL VERMONT PUBLIC SERVICE
CORPORATION
$6.00 par common
BROOKS FASHION STORES, INC.
$.10 par common
CAMBRIDGE MEMORIES, INC.
$.10 par common
CENTRAN CORPORATION
$8.00 par common
BROCKS-SCANLON, INC.
$1.00 par common
CAMERON IRON WORKS, INC.
$.62-1/2 par common
Addition to List
♦CENTRAL NATIONAL CHICAGO CORPORATION
$10.00 par common
CENTRAL NATIONAL BANCSHARES, INC.
$1.00 par common
CENTRAL PENN NATIONAL CORPORATION
$1.00 par common
♦CENTURA ENERGY CORPORATION
$.05 par cannon
CENTURY BANKS, INC.
$1.00 par common
CHAMPION PARTS REBUILDERS, INC.
$.10 par common
CHAMPION PRODUCTS INC.
$1.00 par common
CHARLES RIVER BREEDING LABORATORIES,
INC., THE
$1.00 par common
CHARMING SHOPPES, INC.
$.10 par common
CHART HOUSE INC.
No par common
CHATHAM MANUFACTURING COMPANY
$1.00 par common
CHATTEM, INC.
No par common
CHEMLAWN CORPORATION
No par common
CHEM-NUCLEAR SYSTEMS, INC.
$.10 par common
CHEMED CORPORATION
$1.00 par capital
CHEMICAL LEAMAN CORPORATION
$2.50 par common
CHEMINEER, INC.
No par common
CHERRY ELECTRICAL PRODUCTS
CORPORATION
$1.00 par common
CHI-CHI'S, INC.
$.02 par common
CHICAGO AND NORTH WESTERN
TRANSPORTATION COMPANY
Class A, $.83-1/3 par common
*CHOMERICS, INC.
$.10 par common
CHUBB CORPORATION, THE
$1.00 par common
*CHURCH & DWIGHT COMPANY, INC.
No par common
CINCINNATI FINANCIAL CORPORATION
$2.00 par common
CINDY'S, INC.
$.10 par common
CIRCLE INCOME SHARES, INC.
$1.00 par common
CITIZENS AND SOUTHERN CORPORATION,
THE (South Carolina)
$2.50 par common
Addition to List
CITIZENS AND SOUTHERN NATIONAL
BANK, THE (Georgia)
$2.50 par common
CITIZENS FIDELITY CORPORATION
$10.00 par common
CITIZENS UTILITIES COMPANY
Series A, $1.00 par common
Series B, $1.00 par common
CITY NATIONAL CORPORATION
$5.00 par common
CITYTRUST BANCORP, INC.
$5.00 par common
CLARK, J. L. MANUFACTURING COMPANY
$1.00 par common
CLEVETRUST REALTY INVESTORS
$1.00 par shares of beneficial
interest
CLOW CORPORATION
$6.25 par common
OOBE LABORATORIES, INC.
No par common
COCA-COLA BOTTLING COMPANY
CONSOLIDATED
$1.00 par common
COCA-COLA BOTTLING COMPANY OF MIAMI,
INC., THE
$.10 par common
COHERENT, INC.
$.50 par common
COLE CONSUMER PRODUCTS, INC.
$1.00 par common
COLONIAL BANCORP, INC.
$10.00 par common
COLONIAL GAS ENERGY SYSTEM
No par common
COLONIAL LIFE & ACCIDENT INSURANCE
COMPANY
Class B, non-voting,
$1.00 par common
COLOR TILE, INC.
$1.00 par common
COMMERCE CLEARING HOUSE, INC.
$1.00 par common
COMMERCE SOUTHWEST INC.
$1.00 par common
COMMERCIAL SHEARING, INC.
$1.00 par common
COMMERCIAL TRUST COMPANY OF NEW JERSEY
$5.00 par capital
COMMONWEALTH NATIONAL BANK
(Harrisburg)
$5.00 par capital
COMMONWEALTH NATURAL RESOURCES, INC.
$5.00 par coimion
COMMONWEALTH TELEPHONE ENTERPRISES INC.
$6.66-2/3 par common
COMMUNICATIONS INDUSTRIES, INC.
$.50 par common
*COMPACT VIDEO SYSTEMS, INC.
$.10 par common
COMPREHENSIVE CARE CORPORATION
$.10 par common
OOMPUSCAN, INC.
$.10 par common
COMPUSERVE, INC.
No par common
COMPUTER & COMMUNICATIONS TECHNOLOGY
CORPORATION
$.40 par common
OOMPUTER AUTOMATION, INC.
$.10 par common
OOMPUTER COMMUNICATIONS, INC.
$1.00 par common
OOMPUTER CONSOLES, INC.
$.10 par common
OOMPUTER NETWORK CORPORATION
$.50 par common
OOMPUTER PRODUCTS, INC.
$.01 par common
COLORADO NATIONAL BANKSHARES, INC.
No par common
COMPUTERIZED AUTOMOTIVE REPORTING
SERVICE
$.66-2/3 par common
COLUMBUS MILLS, INC.
$1.00 par coranon
COMSHARE, INC.
$1.00 par common
COMBINED INSURANCE COMPANY OF AMERICA
$1.00 par common
COMTECH TELECOMMUNICATIONS CORPORATION
$.10 par common
COMCAST CORPORATION
Class A, $1.00 par common
CONAIR CORPORATION
$.10 par common
COMMERCE BANCSHARES, INC.
$5.00 par common
CONCEPT, INC.
$.50 par common
-5 -
CONNECTICUT ENERGY CORPORATION
$13.33-1/3 par common
CULLINANE CORPORATION
$.10 par common
DIAMOND CRYSTAL SALT COMPANY
$2.50 par common
CONNECTICUT NATIONAL BANK
$5.00 par common
CULLUM COMPANIES, INC.
$1.00 par common
DIAMONDHEAD CORPORATION
$1.00 par common
CONNECTICUT WATER SERVICE, INC.
No par common
CYCLOTRON CORPORATION, THE
No par common
DIBRELL BROTHERS, INC.
$10.00 par common
CONSOLIDATED CAPITAL REALTY INVESTORS
No par shares of beneficial
interest
CONSOLIDATED PAPERS, INC.
$12.50 par common
CONSUMERS WATER COMPANY
$1.00 par common
CONTEXT INDUSTRIES, INC.
$.10 par common
CONTINENTAL BANK (Pennsylvania)
$5.00 par common
CONTINENTAL INFORMATION SYSTEMS
CORPORATION
$.03 par common
CONTINUOUS CURVE CONTACT LENSES, INC.
No par common
CONTROL LASER CORPORATION
$.01 par common
CONWED CORPORATION
$5.00 par comnon
COORS, ADOLPH COMPANY
Class B, no par common
CORDIS CORPORATION
$1.00 par common
COURIER CORPORATION
$1.00 par common
COUSINS PROPERTIES INC.
$1.00 par common
COVINGTON BROTHERS TECHNOLOGIES
$.25 par common
CRADDOCK-TERRY SHOE CORPORATION
$1.00 par common
CRAWFORD & COMPANY
$1.00 par common
*DSI CORPORATION
$.16-2/3 par common
DISTRIBUOD, INC.
$1.00 par common
DANKER LABORATORIES, INC.
$.01 par common
DIXON, JOSEPH CRUCIBLE COMPANY, THE
$10.00 par common
DANLY MACHINE CORPORATION
$5.00 par common
DOCUTEL CORPORATION
$.10 par common
DART DRUG CORPORATION
Class A, $1.00 par common
DATA CARD CORPORATION
$.10 par common
DATA-DESIGN LABORATORIES
$.33-1/3 par common
*DATA PACKAGING CORPORATION
$.10 par common
DATASCOPE CORP.
$.01 par common
DAUPHIN DEPOSIT CORPORATION
$10.00 par common
DAYTON MALLEABLE INC.
No par common
DEAN FOODS COMPANY
$1.00 par common
DECISION DATA COMPUTER CORPORATION
$.10 par common
‘DECISION SYSTEMS, INC.
$.25 par common
DEKALB AGRESEARCH, INC.
Class B, no par common
DEL-VAL FINANCIAL CORPORATION
$1.00 par common
DELUXE CHECK PRINTERS, INC.
$1.00 par common
DOLLAR GENERAL CORPORATION
$.50 par common
DOMINION BANKSHARES CORPORATION
$5.00 par common
DONOVAN COMPANIES, INC.
Class A, $1.00 par common
DOUGLAS & LOMASON COMPANY
$2.00 par common
DOYLE DANE BEKNBACH INTERNATIONAL IN
$.50 par common
DREXLER TECHNOLOGY CORPORATION
$.20 par common
DRUM FINANCIAL CORPORATION
$1.00 par common
DUAL-LITE, INC.
No par common
DUCKWALL-ALOO STORES INC.
$2.50 par common
DUOOMMUN INC.
$2.00 par common
DUNKIN' DONUTS INC.
$1.00 par common
DURHAM CORPORATION
$5.00 par common
DURIRON COMPANY, INC., THE
$1.25 par common
CRAY RESEARCH, INC.
$1.00 par common
DENVER REAL ESTATE INVESTMENT
ASSOCIATION
No par shares of beneficial
interest
CRONUS INDUSTRIES, INC.
$.10 par common
DEPOSIT GUARANTY CORPORATION
$5.00 par common
DYOO PETROLEUM CORPORATION
$.01 par common
CROSS & TRECKER CORPORATION
$1.00 par common
DETREX CHEMICAL INDUSTRIES, INC.
$2.00 par common
DYNASCAN CORPORATION
$.33-1/3 par common
CRUMP, E. H. COMPANIES, INC.
No par common
DETROITBANK CORPORATION
$5.00 par common
DYNATECH CORPORATION
$.20 par common
CULLEN/FROST BANKERS, INC.
$5.00 par common
DIAGNOSTIC DATA, INC.
$.50 par common
EIP MICROWAVE INC.
No par common
Addition to List
-6 -
DURR-FILLAUER MEDICAL, INC.
$.50 par common
ERC CORPORATION
$2.50 par common
5.75% convertible subordinated
debentures
EARLY CALIFORNIA INDUSTRIES INC.
$1.00 par common
EASTERN AIR LINES, INC.
Warrants (expire 06/01/87)
EASTMET CORPORATION
$1.00 par common
EASTOVER CORPORATION
No par shares of beneficial
interest
EATON & HOV&RD, VANCE SANDERS, INC.
Non-voting, $.50 par common
ENERGY VENTURES INC.
$1.00 par common
ENGRAPH, INC.
$1.00 par common
FIDELOOR, INC.
$1.00 par common
*FIFE CORPORATION
$.10 par common
ENVIRODYNE INDUSTRIES, INC.
$.10 par common
FIFTH THIRD BANCORP
$6.66-2/3 par common
EPSCO, INC.
No par common
FINANCIAL INDUSTRIES CORPORATION
$1.00 par common
EQUITABLE BANCORPORATION
$5.00 par common
FINNIGAN CORPORATION
No par common
EQUITABLE OF IOWA COMPANIES
No par common
FIRST & MERCHANTS CORPORATION
$7.50 par common
EQUITABLE SAVINGS & LOAN
ASSOCIATION
$2.00 par common
FIRST ALABAMA BANCSHARES, INC.
$2.50 par common
EATON CORPORATION
Series A, no par convertible
preferred
EQUITY OIL COMPANY
$1.00 par common
ECONOMICS LABORATORY, INC.
$1.00 par common
ERB LUMBER COMPANY
$.01 par common
FIRST AMERICAN FINANCIAL
CORPORATION, THE
$1.00 par common
EL PASO ELECTRIC COMPANY
No par common
EVANS & SUTHERLAND COMPUTER CORPORATION
$.20 par common
FIRST AMTENN CORPORATION
$5.00 par common
ELDER-BEERMAN STORES CORP., THE
No par common
EVEREST & JENNINGS INTERNATIONAL
$1.00 par common
*ELDON INDUSTRIES, INC.
$1.00 par common
*EXCELSIOR INSURANCE COMPANY OF
NEW YORK
$4.00 par common
ELECTRO-NUCLEONICS, INC.
$.02-1/2 par common
EXCHANGE BANCORPORATION, INC.
$2.50 par common
ELECTROSOUND GROUP, INC.
$.01 par common
FSC CORPORATION
$.01 par common
ELIZABETHTOWN WATER COMPANY
No par common
FAIR LANES, INC.
$1.00 par common
ELLIS BANKING CORPORATION
$1.00 par common
FAIRFIELD COMMUNITIES, INC.
$.10 par common
EMONS INDUSTRIES, INC.
$.01 par common
*
$12.50 par cumulative
convertible preferred
EMPIRE NATIONAL BANK
$5.00 par common
EMPLOYEE BENEFITS INC.
$1.00 par common
EMPLOYERS CASUALTY COMPANY
$2.50 par common
ENERGY CONVERSION DEVICES, INC.
$.01 par common
ENERGY MINERALS CORPORATION
$.10 par common
ENERGY RESERVES GROUP, INC.
$.03-1/3 par common
Addition to List
FALSTAFF BREWING CORPORATION
$1.00 par common
FARM HOUSE FOODS CORPORATION
$.05 par common
FARMER BROTHERS COMPANY
$1.00 par common
FARMERS GROUP, INC.
$1.00 par common
FEDERAL SCREW WORKS
$1.00 par common
FEDERATED GUARANTY LIFE
INSURANCE COMPANY
$1.00 par camion
FEDERATED INCOME & PRIVATE
PLACEMENT FUND
$1.00 par capital
-7 -
FIRST AMERICAN BANK CORPORATION
$10.00 par common
FIRST ARKANSAS BANKSTOCK
CORPORATION
$6.25 par common
FIRST ARTISTS PRODUCTION COMPANY,
LIT)., THE
$.10 par capital
FIRST ATLANTA CORPORATION
$5.00 par common
FIRST BANCGROUP-ALABAMA, INC.
$4.00 par common
FIRST BANK SYSTEM, INC.
$2.50 par capital
FIRST BANKERS CORPORATION
OF FLORIDA
$1.00 par common
FIRST BANKSHARES CORPORATION
OF SOUTH CAROLINA
$5.00 par common
FIRST BOSTON, INC.
$1.66-2/3 par common
FIRST CAPITAL CORPORATION
$5.00 par common
FIRST CAROLINA INVESTORS
No par shares of beneficial
interest
FIRST COLONY LIFE INSURANCE COMPANY
$1.00 par common
FIRST COMMERCE CORPORATION
$5.00 par common
FIRST CONNECTICUT BANCORP, INC.
$10.00 par common
*FIRST NEW MEXICO BANKSHARE CORPORATION
$5.00 par common
FLORIDA CYPRESS GARDENS, INC.
$.25 par common
FIRST CONTINENTAL REAL ESTATE
INVESTMENT TRUST
$1.00 par shares of beneficial
interest
*FIRST NEWPORT CORPORATION
$1.00 par shares of beneficial
interest
FLORIDA GULF REALTY TRUST
$.10 par shares of beneficial
interest
*FIRST OF DENVER MORTGAGE INVESTORS
$1.00 par common
FLORIDA NATIONAL BANKS OF
FLORIDA, INC.
$12.50 par common
FIRST EMPIRE STATE CORPORATION
$5.00 par common
FIRST EXECUTIVE CORPORATION
$2.00 par common
$1.00 par convertible preferred
FIRST FARWEST CORPORATION
$2.50 par common
FIRST FLORIDA BANKS, INC.
$1.00 par common
FIRST HAWAIIAN, INC.
$5.00 par common
FIRST ILLINOIS CORPORATION
$5.00 par common
FIRST JERSEY NATIONAL CORPORATION
$5.00 par capital
FIRST KENTUCKY NATIONAL
CORPORATION
No par common, $2.50 stated
value
FIRST OKLAHOMA BANCORPORATION, INC.
$5.00 par common
FIRST PEOPLES BANK OF NEW JERSEY
$6.00 par capital
FOOTHILL GROUP, INC., THE
No par common
FIRST SAVINGS AND LOAN ASSOCIATION
No par common
FOREMOST CORPORATION OF AMERICA
$1.00 par common
FIRST SECURITY CORPORATION
$1.25 par common
FIRST TENNESSEE NATIONAL CORPORATION
$2.50 par common
FIRST UNION BANCORPORATION
$10.00 par common
FIRST UNION CORPORATION
$3.33-1/3 par common
FIRST UNITED BANCORPORATION, INC.
$10.00 par common
FIRST MARINE BANKS, INC.
$1.00 par common
FIRST WESTERN FINANCIAL CORPORATION
$1.00 par common
FIRST MARYLAND BANCORP
$5.00 par common
FIRST WISCONSIN MORTGAGE TRUST
$1.00 par regular shares
of beneficial interest
*FIRST MORTGAGE INVESTORS
No par shares of beneficial
interest
POOD TOWN STORES, INC.
$.50 par common
FIRST RAILROAD & BANKING COMPANY
OF GEORGIA
$.66-2/3 par conrnon
FIRST LINCOLN FINANCIAL CORPORATION
No par common
*FIRST MEMPHIS REALTY TRUST
$1.00 par shares of
beneficial interest
FLUOROCARBON COMPANY, THE
$.20 par common
FIRSTBANCORP, INC.
$5.00 par common
FOREST OIL CORPORATION
$1.00 par common
POUNDERS FINANCIAL CORPORATION
$1.00 par common
FOURTH FINANCIAL CORPORATION
$5.00 par common
FRANKLIN CORPORATION, THE
$1.00 par common
FRANKLIN ELECTRIC COMPANY, INC.
$.50 par common
FRANKLIN STATE BANK
$3.50 par common
FRASER MORTGAGE INVESTMENTS
No par shares of beneficial
interest
FREDERICK & HERRUD, INC.
$.10 par carmon
FLAGSHIP BANKS INC.
$1.00 par common
FLAME INDUSTRIES, INC.
$.10 par common
FREMONT GENERAL CORPORATION
$1.00 par common
FIRST NATIONAL BANCORPORATION,
INC., THE
$10.00 par common
FLEXSTEEL INDUSTRIES, INC.
$1.00 par common
FIRST NATIONAL BANK OF NEW JERSEY
$5.00 par common
FLICKINGER, S. M. COMPANY, INC.
$2.50 par common
FIRST NATIONAL BANK OF TOLEDO
$6.25 par common
FLOATING POINT SYSTEMS, INC.
No par common
FROZEN POOD EXPRESS
INDUSTRIES, INC.
$1.50 par common
FLORAFAX INTERNATIONAL, INC.
$.10 par common
FULLER, H. B. COMPANY
$1.00 par common
FIRST NATIONAL CINCINNATI
CORPORATION
$5.00 par common
FLORIDA COAST BANKS, INC.
$1.00 par common
FULTON NATIONAL CORPORATION, THE
$5.00 par common
FIRST NATIONAL SUPERMARKETS, INC.
$.01 par common
FLORIDA COMMERCIAL BANKS, INC.
$1.00 par common
FURR'S CAFETERIAS, INC.
No par common
FIRST NATIONAL CHARTER CORPORATION
$6.25 par common
Addition to List
-8 -
FREQUENCY SOURCES, INC.
$.10 par common
FRONTIER SAVINGS ASSOCIATION
$1.00 par permanent
capital
GALAXY OIL COMPANY
$.10 par common
GIRARD COMPANY, THE
$.50 par common
GATEWAY TRANSPORTATION COMPANY,
INC.
$.62-1/2 par common
GLOBE LIFE AND ACCIDENT INSURANCE
COMPANY
$1.00 par common
GEICO CORPORATION
$1.00 par common
$1.00 par convertible preferred
GODFREY COMPANY
$5.00 par common
GENERAL AUTOMATION, INC.
$.10 par common
GENERAL AUTOMOTIVE PARTS
CORPORATION
No par common
GENERAL BINDING CORPORATION
$.12-1/2 par common
GENERAL DATACDMM INDUSTRIES,
INC.
$.10 par common
GOLDEN STATE FOODS CORPORATION
$.10 par common
GOULDS PUMPS, INC.
$1.00 par common
GOVERNMENT EMPLOYEES FINANCIAL
CORPORATION
$2.00 par common
GOVERNMENT EMPLOYEES LIFE INSURANCE
COMPANY
$1.50 par common
HADSON PETROLEUM CORPORATION
No par common, $.10 stated
value
HAHN, ERNEST W. INC.
$.66-2/3 par common
HAMILTON BROTHERS PETROLEUM
CORPORATION
$.25 par common
$1.00 par cumulative preferred
HAMILTON INVESTMENT TRUST
$1.00 par shares of beneficial
interest
HANOVER INSURANCE COMPANY, THE
$2.00 par common
HARDWICKE COMPANIES INCORPORATED
$1.00 par common
HARLEY CORPORATION
$.25 par common
GENERAL ENERGY CORPORATION
$1.00 par common
GOVERNMENT SERVICES SAVINGS &
LOAN, INC.
$1.00 par guaranty stock
HARPER & ROW, PUBLISHERS, INC.
$.10 par common
GENERAL HEALTH SERVICES, INC.
$1.00 par common
GRACO INC.
$1.00 par common
HARPER GROUP, THE
No par common
GENERAL OHIO S & L CORPORATION
$.50 par cannon
GRANTREE CORPORATION
$.10 par common
GENERAL REINSURANCE CORPORATION
$2.00 par common
GRAPHIC SCANNING CORPORATION
$.01 par common
HARTFORD STEAM BOILER INSPECTION
AND INSURANCE COMPANY, THE
$5.00 par common
GREAT AMERICAN CORPORATION
Class A, $2.50 par common
HAUSERMAN, INC.
$1.00 par common
GENERAL SEMICONDUCTOR INDUSTRIES,
INC.
$.10 par common
GENERAL SHALE PRODUCTS
CORPORATION
No par common
GENERAL TELEPHONE COMPANY
OF CALIFORNIA
5% cumulative preferred
*
Series 1956, 4-1/2%
cumulative preferred
GENESEE BREWING COMPANY, INC.
Class B, non-voting,
$.50 par common
GENRAD, INC.
$1.00 par common
GEORGE WASHINGTON CORPORATION
$1.00 par common
GERIATRIC & MEDICAL CENTERS, INC.
$.10 par cannon
GILBERT ASSOCIATES, INC.
Class A, non-voting,
$1.00 par common
GILFORD INSTRUMENT LABORATORIES
INC.
No par common
Addition to List
♦GREAT NATIONAL CORPORATION
$.40 par common
HARTFORD NATIONAL CORPORATION
$6.25 par common
HAWKEYE BANCORPORATION
$3.00 par common
GREATER JERSEY BANCORP.
$5.00 par common
HAWTHORNE FINANCIAL CORPORATION
$1.00 par capital
GREEN MOUNTAIN POWER CORPORATION
$3.33-1/3 par common
HAZLETON LABORATORIES CORPORATION
$.10 par common
GREY ADVERTISING INC.
$1.00 par common
GUARANTEE FINANCIAL CORPORATION
OF CALIFORNIA
$2.00 par common
GUARANTY NATIONAL CORPORATION
$1.00 par common
HEILIG-MEYERS COMPANY
$2.00 par common
HEIST, C. H. CORPORATION
$.05 par common
HELIX TECHNOLOGY CORPORATION
$1.00 par common
GUARDIAN PACKAGING CORPORATION
$.34 par common
HENREDON FURNITURE INDUSTRIES,
INC.
$2.00 par common
GULF ENERGY & DEVELOPMENT
CORPORATION
$.10 par common
HERITAGE BANCORPORATION
No par common, $2.50 stated
value
GULF INTERSTATE COMPANY
$1.00 par common
HACH CHEMICAL COMPANY
$1.00 par common
-9 -
♦HIBERNIA BANK, THE
$6.25 par common
HIBERNIA CORPORATION
No par common
HICKORY FARMS OF OHIO, INC.
No par common
INDEPENDENT BANKSHARES CORPORATION
No par common
HICKORY FURNITURE COMPANY
$.10 par common
INDEPENDENT LIFE & ACCIDENT
INSURANCE COMPANY, THE
Non-voting, $1.00 par common
HIGBEE COMPANY, THE
$1.00 par common
*HINES, EDWARD LUMBER CO.
$10.00 par common
*HOE, R. & CO. INC.
$.01 par common
HOLLYWOOD PARK, INC.
$1.00 par common
HOMAC-BARNES, INC.
$1.00 par common
HOME BENEFICIAL CORPORATION
Class B, non-voting,
$1.25 par common
HOMESTEAD FINANCIAL CORPORATION
$.75 par common
BON INDUSTRIES, INC.
$1.00 par cannon
HOOK DRUGS, INC.
No par common
HOOVER COMPANY, THE
$2.50 par common
HORIZON BANCORP
$4.00 par common
HOSPITAL TRUST CORPORATION
$1.00 par common
HUGHES SUPPLY, INC.
$1.00 par common
HUNT MANUFACTURING COMPANY
$.10 par cannon
HUNTINGTON BANCSHARES INC.
$10.00 par common
HYATT INTERNATIONAL CORPORATION
Class A, $.10 par common
HYDRAULIC COMPANY, THE
No par cannon
HYSTER COMPANY
$.50 par common
I.M.S. INTERNATIONAL, INC.
$.01 par common
IDAHO FIRST NATIONAL BANK, THE
$2.50 par common
IMPELL CORPORATION
$.02 par common
INDEPENDENCE SQUARE INCOME
SECURITIES, INC.
$.10 par cannon
Addition to List
INDIANA FINANCIAL INVESTORS, INC.
$1.00 par shares of beneficial
interest
INTERNATIONAL LIFE HOLDING
CORPORATION
$.50 par common
INTERNATIONAL RESEARCH AND DEVELOPMEN
CORPORATION
$.50 par common
*INTERNATIONAL SHIPHOLDING CORPORATION
$1.00 par cannon
INDIANA NATIONAL CORPORATION
No par common
INTERSIL, INC.
$.10 par common
INDIANAPOLIS WATER COMPANY
$7.50 par common
IOWA SOUTHERN UTILITIES COMPANY
$10.00 par common
INDUSTRIAL RESOURCES, INC.
No par common
ISRAEL INVESTORS CORPORATION
$1.00 par cannon
INDUSTRIAL VALLEY BANK AND TRUST
COMPANY
$5.00 par common
IVEY, J. B. & COMPANY
$2.50 par common
INFOREX, INC.
$.25 par common
INFORMATION INTERNATIONAL, INC.
$.25 par common
INSTRUMENTATION LABORATORY INC.
$1.00 par common
INTEGRITY ENTERTAINMENT CORPORATION
$.01 par cannon
INTEL CORPORATION
No par cannon
INTER-REGIONAL FINANCIAL GROUP,
INC.
$.125 par common
*INTERCOLE AUTOMATION, INC.
$1.00 par common
INTERCONTINENTAL ENERGY CORPORATION
$.40 par common
*INTERFACE MECHANISMS, INC.
No par common
JIG INDUSTRIES, INC.
$.20 par capital
*JACKSON NATIONAL LIFE
INSURANCE COMPANY
$1.15 par common
JAMAICA WATER PROPERTIES, INC.
$.10 par common
JAMESBURY CORPORATION
$1.00 par cannon
JEFFERSON BANKSHARES, INC.
$2.50 par cannon
JEFFERSON NATIONAL LIFE INSURANCE
COMPANY
$1.00 par capital
JERRICO, INC.
No par common
JHIRMACK ENTERPRISES, INC.
$.10 par cannon
JOSLYN MPG. AND SUPPLY 00.
$1.25 par cannon
INTERFINANCIAL INC.
$1.00 par cannon
JUDY'S INC.
$.50 par common
INTERMOUNTAIN GAS INDUSTRIES, INC.
$1.00 par common
JUSTIN INDUSTRIES, INC.
$2.50 par common
INTERNATIONAL BANK
(Washington, D. C . )
$1.00 par common
Class A, $1.00 par cannon
KDI CORPORATION
$.35 par common
*INTERNATIONAL CLINICAL LABORATORIES,
INC.
$.33-1/3 par ccmmon
KAISER STEEL CORPORATION
$1.46 par cumulative preferred
KALVAR CORPORATION
$.02 par common
INTERNATIONAL DAIRY QUEEN, INC.
$1.00 par common
KAMAN CORPORATION
Class A, $1.00 par common
INTERNATIONAL KING'S TABLE, INC.
No par common
KAMPGROUNDS OF AMERICA, INC.
$.12-1/2 par common
-10-
KANSAS CITY LIFE INSURANCE COMPANY
$7.50 par common
LA-Z-BOY CHAIR COMPANY
$1.00 par common
KANSAS STATE NETWORK, INC.
$.50 par common
LACLEDE STEEL COMPANY
$20.00 par common
KEARNEY-NATIONAL INC.
$.50 par common
LAKE SUPERIOR DISTRICT POWER
COMPANY
$10.00 par common
KELLY SERVICES, INC.
$1.00 par common
KEMPER CORPORATION
$5.00 par common
KENNINGTON, LTD., INC.
$.10 par common
KENT-MOORE CORPORATION
$1.00 par common
KENTON CORPORATION
$.01 par common
KENTUCKY CENTRAL LIFE INSURANCE
COMPANY
Class A, non-voting,
$1.00 par common
LAKEWOOD BANK AND TRUST COMPANY
$3.00 par common
LANCASTER COLONY CORPORATION
$1.00 par common
LANCE, INC.
$.83-1/3 par common
LAND RESOURCES CORPORATION
$.10 par common
LANDMARK BANCSHARES CORPORATION
$5.00 par common
LANDMARK BANKING CORPORATION
OF FLORIDA
$1.00 par common
LINCOLN INCOME LIFE INSURANCE
COMPANY
$1.00 par common
LINCOLN TELEPHONE & TELEGRAPH
COMPANY, THE
$3,125 par common
LINDBERG CORPORATION
$2.50 par common
LIQUID AIR CORPORATION
OF NORTH AMERICA
No par common
LIQUI-BOX CORPORATION
No par common
LITTLE, ARTHUR D. INC.
$1.00 par common
LOGETRONICS INC.
$.16-2/3 par common
LONGVIEW FIBRE COMPANY
$7.50 par common
LOUISIANA LAND OFFSHORE
EXPLORATION COMPANY, INC.
$1.00 par common
KEWAUNEE SCIENTIFIC EQUIPMENT
CORPORATION
$2.50 par common
LANE COMPANY, INC., THE
$5.00 par common
KEY BANKS, INC.
$5.00 par common
LAWSON PRODUCTS INC.
No par common, $1.00 stated
val ue
KEYSTONE FOODS CORPORATION
$.10 par common
LEISURE DYNAMICS, INC.
$1.00 par common
KIMBALL INTERNATIONAL, INC.
Class B, $.62-1/2 par common
LEWIS, PALMER G. COMPANY, INC.
$1.00 par common
KINDER-CARE LEARNING CENTERS, INC.
$.50 par common
7-1/2% convertible subordinated
debentures
LIBERTY HOMES, INC.
$1.00 par common
M & T MORTGAGE INVESTORS
$1.00 par shares of beneficial
interest
LIBERTY NATIONAL BANK AND TRUST
COMPANY OF LOUISVILLE
$8.33-1/3 par common
MFY INDUSTRIES, INC.
$.25 par common
LIBERTY NATIONAL LIFE INSURANCE
COMPANY
$2.00 par common
MGF OIL CORPORATION
$1.00 par camion
KING INTERNATIONAL CORPORATION
$1.00 par common
KNAPE & VOGT MANUFACTURING COMPANY
$2.00 par common
KNUDSEN CORPORATION
$1.00 par common
KOSS CORPORATION
$.01 par common
KRATOS INC.
No par common
*KROY INDUSTRIES, INC.
$.50 par common
KRUEGER, W. A. COMPANY
$1.25 par common
KULICKE & SOFFA INDUSTRIES, INC.
No par common
LDB CORPORATION
$1.00 par common
Addition to List
LIFE INVESTORS INC.
$1.00 par common
LIFETIME COMMUNITIES, INC.
$1.00 par common
LIMITED STORES, INC., THE
No par common
LIN BROADCASTING CORPORATION
$2.00 par common
LINCOLN FINANCIAL CORPORATION
No par common, $10.00
stated value
LINCOLN FIRST BANKS INC.
$10.00 par common
$4.50 par convertible preferred
-11-
*LURIA, L. & SONS, INC.
$.01 par common
LYON METAL PRODUCTS, INC.
$2.50 par common
MCI COMMUNICATIONS CORPORATION
$.10 par camion
Warrants (expire 11-17-80)
MSI DATA CORPORATION
$1.00 par common
MTS SYSTEMS CORPORATION
$.25 par common
MACDERMID INC.
No par common
MADISON GAS AND ELECTRIC COMPANY
$8.00 par camion
*MAGMA ENERGY, INC.
$.02 par common
MAGMA POWER COMPANY
$.10 par common
♦MAGNETIC CONTROLS COMPANY
$.20 par common
MAGNETICS INTERNATIONAL, INC.
No par common
MALLINCKRODT, INC.
$1.00 par common
MANITOWOC COMPANY, INC., THE
$2.50 par cannon
MANUFACTURERS BANK (Los Angeles)
$3.75 par capital
MANUFACTURERS NATIONAL CORPORATION
$10.00 par common
MANUFACTURING DATA SYSTEMS, INC.
$.01 par common
MARCUS CORPORATION, THE
$1.00 par common
MARINE CORPORATION, THE
$10.00 par common
♦MARINE PETROLEUM TRUST
Units of beneficial interest
MARION CORPORATION
$1.00 par common
MARK PRODUCTS, INC.
No par common
MARK TWAIN BANCSHARES, INC.
$2.50 par common
MARSH SUPERMARKETS, INC.
No par common
MARSHALL & ILSLEY CORPORATION
$2.50 par common
MARVIN JOSEPHSON ASSOCIATES, INC.
$.05 par common
MARYLAND NATIONAL CORPORATION
$2.50 par common
*McRAE CONSOLIDATED OIL
& GAS, INC.
$.01 par common
MED GENERAL, INC.
$.01 par cannon
MEDOOM, INC.
$.10 par cannon
MEDFORD CORPORATION
$1.00 par common
MELLON NATIONAL CORPORATION
$.50 par cannon
MENTOR CORPORATION
$.10 par common
MERCANTILE BANCORPORATION INC.
(Missouri)
$5.00 par common
MERCANTILE BANKSHARES CORPORATION
(Maryland)
$2.00 par common
No par cumulative convertible
preferred
MILLER, HERMAN INC.
$.20 par common
MILLIPORE CORPORATION
$.08-1/3 par common
MINE SAFETY APPLIANCES COMPANY
$1.66-2/3 par common
MINI-COMPUTER SYSTEMS, INC.
$.10 par common
MINNESOTA FABRICS, INC.
$.05 par common
MINNETONKA, INC.
$.10 par common
MISCHER CORPORATION, TOE
$1.00 par conmon
MISSISSIPPI VALLEY GAS COMPANY
$5.00 par common
MR. STEAK, INC.
No par common
MERRILL BANKSHARES COMPANY
$4.00 par common
MOBILE GAS SERVICE CORPORATION
$2.50 par common
MERRY COMPANIES, INC.
$2.50 par common
MODULAR COMPUTER SYSTEMS INC.
$.05 par common
8.5% convertible subordinated
debentures
♦METALLURGICAL INDUSTRIES INC.
Class A, $.10 par common
MEYER, FRED INC.
Class A, no par common
MICHIGAN NATIONAL CORPORATION
$10.00 par common
MICRO MASK, INC.
$1.00 par common
MAY PETROLEUM INC.
$.05 par common
MICRODYNE CORPORATION
$.10 par common
MAYFLOWER CORPORATION
No par common
MICROFORM DATA SYSTEMS, INC.
$.20 par common
MAYNARD OIL COMPANY
$.10 par common
MID-AMERICA INDUSTRIES, INC.
$1.00 par common
MCCORMICK & COMPANY, INC.
Non-voting, no par common
MIDLAND BANCORP, INC.
$5.00 par common
MCFARLAND ENERGY, INC.
No par cannon
MIDLAND CAPITAL CORPORATION
$1.00 par common
McM CORPORATION
$1.00 par common
MIDLAND RESOURCES, INC.
$.50 par common
McQUAY-PERFEX INC.
$1.00 par common
MIDLANTIC BANKS INC.
$10.00 par common
MIDWESTERN DISTRIBUTION, INC.
No par common
MERCHANTS NATIONAL CORPORATION
No par common, $5.00 stated
value
MAUI LAND & PINEAPPLE COMPANY,
INC.
No par common
Addition to List
MIDNITE MINES INC.
$.10 par common
-12-
MOLEX INC.
$.05 par common
MONARCH CAPITAL CORPORATION
$1.00 par common
MONFORT OF COLORADO, INC.
$1.00 par common
MONUMENTAL CORPORATION
$3.50 par conmon
MOORE PRODUCTS COMPANY
$1.00 par common
MOR-FLO INDUSTRIES, INC.
$.50 par conmon
♦MORAGA CORPORATION
$1.00 par cannon
MORAN BROS. INC.
$.25 par common
MORRISON INC.
$2.00 par common
MORTGAGE INVESTORS OF WASHINGTON
$1.00 par shares of beneficial
interest
MOSELEY, HALLGARTEN, ESTABROOK
& WEEDEN HOLDING CORPORATION
$.10 par common
MOSINEE PAPER CORPORATION
$2.50 par common
MOTOR CLUB OF AMERICA
$.50 par common
MOUNTAIN BANKS, LTD.
$5.00 par common
MOXIE INDUSTRIES, INC.
$1.00 par common
MULTIMEDIA, INC.
$1.00 par common
"MUTZ CORPORATION
No par common
MYERS INDUSTRIES, INC.
No par common
MYLAN LABORATORIES INC.
$.50 par common
NN CORPORATION
$5.00 par common
NARRAGANSETT CAPITAL CORPORATION
$1.00 par common
NATIONAL AVIATION UNDERWRITERS, INC.
$.25 par common
NATIONAL CENTRAL FINANCIAL
CORPORATION
$5.00 par common
NATIONAL CITY CORPORATION
$4.00 par common
NATIONAL COMMERCE BANCORPORATION
$2.00 par common
NATIONAL COMMUNITY BANK
OF NEW JERSEY
$6.25 par common
NATIONAL COMPUTER SYSTEMS, INC.
$.03 par common
NATIONAL DATA CORPORATION
$.125 par common
NATIONAL LAMPOON, INC.
$.10 par common
NATIONAL LIFE OF FLORIDA
CORPORATION
$1.00 par common
"NATIONAL RAILWAY UTILIZATION
CORPORATION
$.05 par common
NATIONAL RESERVE LIFE INSURANCE
COMPANY
$1.00 par common
"NATIONAL SAVINGS CORPORATION
$1.00 par common
NATIONAL SECURITY INSURANCE COMPANY
$1.00 par common
NATIONAL SHOES, INC.
$1.00 par common
NATIONAL STATE BANK, THE
(Elizabeth, N. J.)
$7.00 par common
NATIONAL STUDENT MARKETING
CORPORATION
$1.00 par common
NATIONAL UTILITIES & INDUSTRIES
CORPORATION
$10.00 par common
NOBLE AFFILIATES, INC.
$3.33-1/3 par common
NOLAND COMPANY
$10.00 par common
NORD RESOURCES CORPORATION
$.01 par common
NORDSTROM, INC.
No par common
"NORSTAN, INC.
$.10 par common
NORTH AMERICAN BIOLOGICALS, INC.
$.10 par common
NORTH CAROLINA NATURAL GAS
CORPORATION
$2.50 par common
NORTH EUROPEAN OIL
ROYALTY TRUST
No par units of beneficial
interest
NORTHEAST BANCORP, INC.
$5.00 par common
NATIONAL WESTERN LIFE INSURANCE
COMPANY
Class A, $1.00 par common
NORTHERN STATES BANCORPORATION, INC.
$5.00 par common
NATIONWIDE CORPORATION
Class A, $2.50 par common
NORTHERN TRUST CORPORATION
$10.00 par common
NATIONWIDE REAL ESTATE INVESTORS
No par shares of beneficial
interest
NORTHWEST NATURAL GAS COMPANY
$3.00-1/6 par common
NELSON, THOMAS INC.
$1.00 par common
NORTHWESTERN FINANCIAL CORPORATION
$1.00 par common
NEVADA NATIONAL BANCORPORATION
$1.00 par common
NORTHWESTERN NATIONAL LIFE
INSURANCE COMPANY
$1.25 par common
NEVADA SAVINGS AND LOAN ASSOCIATION
$.512 par capital
NORTHWESTERN PUBLIC SERVICE COMPANY
$7.00 par common
NEW AMERICA FUND, INC.
$1.00 par common
NEW ENGLAND MERCHANTS COMPANY, INC.
$5.00 par common
NORTHWESTERN STATES PORTLAND
CEMENT COMPANY
$10.00 par common
NEW HAVEN WATER COMPANY
$25.00 par common
NOXELL CORPORATION
Class B, non-voting,
$1.00 par common
NEW JERSEY NATIONAL CORPORATION
$5.00 par common
NUCLEAR DYNAMICS, INC.
$.10 par common
NEW JERSEY NATURAL GAS COMPANY
$5.00 par common
NUCLEAR METALS, INC.
$.10 par common
"NEW VIRGINIA BANCORPORATION
$1.00 par common
NUCLEAR PHARMACY, INC.
$.05 par common
NATIONAL MICRONETICS, INC.
$.10 par common
NIOOLET INSTRUMENT CORPORATION
$.25 par common
NUCORP, INC.
$.50 par common
NATIONAL OLD LINE INSURANCE
COMPANY
Class BB, $1.00 par common
NIELSEN, A. C. COMPANY
Class A, $1.00 par common
Class B, $1.00 par common
OCEAN DRILLING & EXPLORATION
COMPANY
$.50 par common
"Addition to List
-13 -
OCEAN OIL & GAS COMPANY
$1.00 par common
OREGON PORTLAND CEMENT COMPANY
No par common
OCEANEERING INTERNATIONAL, INC.
$.25 par common
OREGON TRAIL SAVINGS AND LOAN
ASSOCIATION
$2.00 par cannon
OCEANIC EXPLORATION COMPANY
$.06-1/4 par common
ORION RESEARCH INC.
$.10 par cannon
OFFSHORE LOGISTICS, INC.
No par cannon
OSHMAN'S SPORTING GOODS, INC.
$1.00 par common
OGILVY & MATHER INTERNATIONAL
INC.
$1.00 par common
OTTER TAIL POWER COMPANY
$5.00 par common
OHIO CASUALTY CORPORATION
$.25 par common
OHIO CITIZENS TRUST COMPANY, THE
$10.00 par common
OHIO FERRO-ALLOYS CORPORATION
$1.00 par common
OILGEAR COMPANY, THE
$1.00 par common
OLD KENT FINANCIAL CORPORATION
$10.00 par common
OLD NATIONAL BANCORPORATION
$5.00 par common
OLD REPUBLIC INTERNATIONAL
CORPORATION
$1.00 par common
OLD STONE CORPORATION
$1.00 par common
$1.00 par cumulative
convertible preferred
OLSTEN CORPORATION, THE
$.10 par cannon
OLYMPIA BREWING COMPANY
$10.00 par cannon
OMAHA NATIONAL CORPORATION
$5.00 par common
OMEGA OPTICAL COMPANY, INC.
$.05 par common
OMNI SPECTRA, INC.
$1.00 par common
OPTICAL COATING LABORATORY,
INC.
No par common
OPTICAL RADIATION CORPORATION
$.50 par common
OVERMYER CORPORATION
No par common
OWENS, MINOR & BODEKER, INCORPORATED
$2.00 par common
PCA INTERNATIONAL, INC.
$.20 par cannon
PRF CORPORATION
$.10 par common
FVO INTERNATIONAL INC.
$5.00 par capital
PARK-OHIO INDUSTRIES, INC.
$1.00 par common
$1.00 par cumulative
convertible preferred
♦PARKWAY COMPANY, THE
$1.00 par shares of
beneficial interest
PAUL REVERE INVESTORS INC.
$1.00 par conmon
PAULEY PETROLEUM INC.
$1.00 par conmon
PAY LESS DRUG STORES
No par common
PAY 'N PAK STORES, INC.
$.10 par common
PAY’N SAVE CORPORATION
No par common
PAYLESS CASHWAYS, INC.
$.50 par conmon
PEAVEY COMPANY
$2.50 par common
PABST BREWING COMPANY
No par common
PEERLESS CHAIN COMPANY
$.25 par common
PACCAR INC.
$12.00 par cannon
PEERLESS MANUFACTURING COMPANY
$1.00 par common
PACESETTER CORPORATION, THE
$.25 par cannon
PENINSULA RESOURCES CORPORATION
$1.00 par common
PACESETTER FINANCIAL CORPORATION
$10.00 par common
PENN PACIFIC CORPORATION
$.50 par common
PACIFIC COAST HOLDINGS, INC.
No par common
PENN VIRGINIA CORPORATION
$6.25 par common
PACIFIC GAMBLE ROBINSON COMPANY
$5.00 par common
PENNSYLVANIA ENTERPRISES, INC.
No par common
PACIFIC RESOURCES, INC.
No par common
PENTAIR, INC.
$.16-2/3 par common
PACIFIC-SOUTHERN MORTGAGE TRUST
$1.00 par shares of beneficial
interest
PEOPLES NATIONAL BANK OF WASHINGTON
$5.00 par common
PACIFIC STANDARD LIFE COMPANY
$1.00 par common
PERRY DRUG STORES, INC.
$.05 par common
PACWEST BANCORP
$3.33-1/3 par capital
PETROLEUM DEVELOPMENT CORPORATION
$.01 par conmon
PAKO CORPORATION
$2.50 par common
♦PETROLEUM EQUIPMENT TOOLS COMPANY
$.50 par common
PAN AMERICAN BANCSHARES, INC.
$1.00 par common
PETROLITE CORPORATION
No par common
ORBANOO, INC.
No par common
PANDICK PRESS, INC.
$.10 par common
PETTIBONE CORPORATION
$10.00 par common
OREGON METALLURGICAL CORPORATION
$1.00 par common
PAR SYSTEMS CORPORATION
$.10 par common
PHILADELPHIA NATIONAL CORPORATION
$1.00 par conmon
Addition to List
-14 -
PHOENIX RESOURCES COMPANY
Class B, $1.00 par common
PROGROUP, INC.
$.50 par common
PHYSIO-CONTROL CORPORATION
$.24 par common
PROPERTY TRUST OF AMERICA
$1.00 par shares of beneficial
interest
PIC 'N' SAVE CORPORATION
$.50 par common
♦PICCADILLY CAFETERIAS, INC.
No par common
PIEDMONT MANAGEMENT COMPANY INC.
$.50 par common
PIERCE, S. S. COMPANY, INC.
$1.00 par common
PINEHURST CORPORATION
$.50 par common
PINKERTON'S, INC.
Class B, non-voting,
no par common
PIONEER HI-BRED INTERNATIONAL,
INC.
$1.00 par common
PIONEER-STANDARD ELECTRONICS
INC.
No par common
PITTSBURGH NATIONAL CORPORATION
$5.00 par common
PLENUM PUBLISHING CORPORATION
$.10 par common
PROPRIETORS1 CORPORATION
No par common
PROTECTIVE LIFE INSURANCE
COMPANY
$2.00 par common
PROVIDENT LIFE AND ACCIDENT
INSURANCE COMPANY
$3.00 par common
PROVIDENT NATIONAL CORPORATION
$1.00 par common
$1.00 par convertible preferred
PRUDENTIAL FEDERAL SAVINGS &
LOAN ASSOCIATION
$1.00 par common
PUBCO CORPORATION
$.40 par common
PUBLIC SERVICE COMPANY OF
NORTH CAROLINA, INC.
$1.00 par common
PULASKI FURNITURE CORPORATION
$5.00 par common
PURITAN-BENNETT CORPORATION
$1.00 par common
RAINIER BANCORPORATION
$2.50 par common
♦RAMTEK CORPORATION
No par common
RANGAIRE CORPORATION
$.10 par common
RAPIDATA, INC.
$.01 par common
RAYCHEM CORPORATION
No par common
RAYMOND CORPORATION, THE
$1.50 par common
♦RAYPAK, INC.
$.15 par capital
REAL ESTATE INVESTMENT PROPERTIES
$1.00 par shares of beneficial
interest
REALTY AND MORTGAGE INVESTORS OF
THE PACIFIC
No par shares of beneficial
interest
REDREW LABORATORIES, INC.
$.50 par common
♦REEVES COMMUNICATIONS CORPORATION
$.40 par common
REFAC TECHNOLOGY DEVELOPMENT
CORPORATION
$.10 par common
PORTA SYSTEMS CORP.
$.01 par common
PUTNAM DUOFUND, INC.
$1.00 par capital shares
$1.00 par income shares
REGENCY ELECTRONICS, INC.
No par common
POSI-SEAL INTERNATIONAL, INC.
$.01 par common
Ql CORPORATION
$.01 par common
REID-PROVIDENT LABORATORIES, INC.
$1.00 par common
POWELL INDUSTRIES, INC.
$.01 par common
♦QUADREX CORPORATION
No par common
RELIABLE INVESTORS CORPORATION
$1.00 par common
PRECIOUS METALS HOLDINGS, INC.
$1.00 par common
QUAKER CHEMICAL CORPORATION
$1.00 par common
RELIANCE UNIVERSAL INC.
$1.25 par common
PRECISION CASTPARTS CORP.
No par common
QUALITY CARE, INC.
$.01 par common
REPUBLIC AUTOMOTIVE PARTS, INC.
$.50 par common
PREFERRED RISK LIFE INSURANCE
COMPANY
$1.00 par common
QUOTRCN SYSTEMS, INC.
$.10 par common
REPUBLIC NATIONAL LIFE INSURANCE
COMPANY
$1.00 par common
♦PRESTON STATE BANK
(Dallas, Texas)
$2.50 par capital
PRESTON TRUCKING COMPANY, INC.
$1.00 par common
PREWAY INC.
$2.50 par common
PROGRESSIVE CORPORATION, THE
(Ohio)
$1.00 par common
Addition to List
RLI CORPORATION
$1.00 par common
RPM, INC.
No par common,
$.10 stated value
♦RSI CORPORATION
$.05 par common
♦RSR CORPORATION
$.01 par common
RAGEN PRECISION INDUSTRIES, INC.
$.25 par common
-15 -
RESEARCH INDUSTRIES CORPORATION
$1.00 par common
RESERVE OIL AND MINERALS
CORPORATION
$1.00 par common
REYNOLDS AND REYNOLDS COMPANY, TOE
Class A, $1.25 par common
RIGGS NATIONAL BANK OF
WASHINGTON, D. C., TOE
$5.00 par common
RIVAL MANUFACTURING COMPANY
$1.00 par cannon
ROADWAY EXPRESS, INC.
No par common
SAFECO CORPORATION
$5.00 par cannon
*SAFETY-KLEEN CORPORATION
$.10 par common
ROBBINS & MYERS, INC.
No par common
ST. PAUL COMPANIES, INC., THE
$1.50 par common
ROBERTS & PORTER, INC.
$1.00 par common
SALEM CARPET MILLS, INC.
$1.00 par common
ROBINSON NUGENT, INC.
No par common
SAN FERNANDO ELECTRIC
MANUFACTURING COMPANY
$1.00 par common
ROCKCOR, INC.
No par common
ROCKY MOUNTAIN NATURAL GAS
COMPANY, INC.
$3.00 par common
ROLLINS BURDICK HUNTER COMPANY
$.50 par common
ROOSEVELT NATIONAL INVESTMENT
COMPANY
Class A, $1.00 par common
ROPER INDUSTRIES, INC.
$5.00 par common
ROSE’S STORES, INC.
Class B, $1.25 par common
ROSPATCH CORPORATION
$5.00 par common
ROUSE COMPANY, THE
$.01 par common
ROVAC CORPORATION, THE
$.01 par common
ROWE FURNITURE CORPORATION
$1.00 par common
ROYSTER COMPANY
$.50 par common
RUSSELL STOVER CANDIES, INC.
$1.00 par common
RYAN INSURANCE GROUP, INC.
$1.00 par common
RYKOFF, S. E. & COMPANY
$.10 par common
RYLAND GROUP, INC., THE
$1.00 par common
SCI SYSTEMS, INC.
$.10 par common
SANTA ANITA REALTY
ENTERPRISES, INC.
No par common
SAVANNAH FOCUS & INDUSTRIES, INC.
$.25 par common
SAVE-WAY INDUSTRIES, INC.
$.10 par common
SCHAAK ELECTRONICS, INC.
$.10 par common
SCHERER, R. P. CORPORATION
$.33-1/3 par common
SCHULMAN, A., INC.
$1.00 par common
SCOPE INC.
$1.00 par common
SCRIPPS-HOWARD BROADCASTING
COMPANY
$1.00 par common
SEAWAY POOD T O W , INC.
No par common, $2.00 stated
value
♦SECURITY AMERICAN FINANCIAL
ENTERPRISES, INC.
$1.00 par common
SECURITY BANCORP, INC.
$.01 par common
SECURITY LIFE INSURANCE
COMPANY OF GEORGIA
$1.00 par common
SECURITY NEW YORK STATE
CORPORATION
$5.00 par common
SENSORMATIC ELECTRONICS
CORPORATION
$.01 par common
SERVICE MERCHANDISE COMPANY, INC.
$1.00 par common
SERVICEMASTER INDUSTRIES INC.
$1.00 par common
SERVICO, INC.
$.10 par common
SHARED MEDICAL SYSTEMS CORPORATION
$.01 par common
SHAWMUT CORPORATION
$5.00 par common
SHELDAHL, INC.
$.25 par common
SHONEY'S, INC.
$1.00 par common
♦SHOP & GO, INC.
$.01 par common
SHOREWOOD CORPORATION, THE
$1.00 par common
SIERRA RESEARCH CORPORATION
$.10 par common
SIGMA-ALDRICH CORPORATION
$1.00 par common
♦SIGMAFORM CORPORATION
$.34 par common
SIGMOR CORPORATION
Class A, $1.00 par common
SILICONIX INC.
No par capital
SILVER KING MINES, INC.
$1.00 par common
SIMPSON INDUSTRIES, INC.
$1.00 par common
SMITHFIELD FOCUS, INC.
$1.00 par common
SOCIETY CORPORATION
$1.00 par common
SOLID STATE SCIENTIFIC INC.
$.40 par cannon
SOLID STATE TECHNOLOGY INC.
$.01 par common
SRI CORPORATION
$4.00 par common
SECURITY OF AMERICA LIFE
INSURANCE COMPANY
$1.00 par common
SOLOMON, SAM COMPANY, INC.
$.10 par common
STSC INC.
$.10 par common
SEIBELS BRUCE GROUP, INC., THE
$1.00 par common
SONOCO PRODUCTS COMPANY
$1.25 par common
SAFECARD SERVICES, INCORPORATED
$.01 par common
Addition to List
♦SENECA OIL COMPANY
$.50 par common
-16 -
SONOMA VINEYARDS
$.25 par common
SOURCE CAPITAL, INC.
$1.00 par common
$2.40 par cumulative preferred
SOUTH CAROLINA NATIONAL CORPORATION
$5.00 par common
SOUTHEAST NATIONAL BANK
(Pennsylvania)
$6.00 par common
SOUTHERN BANCORPORATION, INC.
$2.50 par common
SOUTHERN BANCORPORATION OF ALABAMA
$2.50 par common
SOUTHERN CALIFORNIA WATER COMPANY
$5.00 par common
♦SOUTHERN NATIONAL CORPORATION
$5.00 par common
SOUTHLAND BANCORPORATION
$2.50 par common
SOUTHLAND FINANCIAL CORPORATION
$1.00 par common
♦SOUTHWEST BANK
No par common
STANLEY HOME PRODUCTS, INC.
Non-voting, $1.00 par common
STANWICK CORPORATION, THE
$.10 par common
♦STATE NATIONAL BANCORP, INC.
$1.00 par common
STATE STREET BOSTON CORPORATION
$10.00 par common
STATESMAN GROUP, INC., THE
$1.00 par common
♦STATEX PETROLEUM, INC.
$1.00 par common
T.I.M.E.-DC, INC.
$2.00 par common
Series A, $10.00 par cumulative
convertible preferred
TPC COMMUNICATIONS INC.
$.01 par common
STECHER-TRAUNG-SCHMIDT
CORPORATION
$5.00 par common
TANDEM COMPUTERS INC.
$.05 par common
STEWART & STEVENSON SERVICES, INC.
No par common
STEWART INFORMATION SERVICES
CORPORATION
$1.00 par common
SOUTHWEST LEASING CORPORATION
$.10 par common
STRAWBRIDGE & CLOTHIER
$5.00 par common
SOUTHWESTERN ELECTRIC SERVICE
COMPANY
$1.00 par common
STROTHER DRUG COMPANY
$2.00 par common
♦STRYKER CORPORATION
$.10 par common
SOUTHWESTERN LIFE CORPORATION
$2.50 par common
SUBARU OF AMERICA, INC.
$.01 par common
SOVEREIGN CORPORATION
$1.00 par common
SUBURBAN BANCORPORATION
$5.00 par common
STAFF BUILDERS, INC.
$.10 par common
T-BAR INC.
$.25 par common
TAMPAX INC.
$.25 par common
STEWART SANDWICHES, INC.
$1.00 par common
♦SPECTRUM CONTROL INC.
No par common
♦SYKES DATATRONICS, INC.
$.10 par common
STEAK N SHAKE, INC.
$.50 par common
SOUTHWEST FACTORIES, INC.
$.40 par common
SOUTHWESTERN ENERGY COMPANY
$2.50 par common
SUPREME EQUIPMENT & SYSTEMS
CORPORATION
$.66-2/3 par common
SULLAIR CORPORATION
No par common
SUMITOMO BANK OF CALIFORNIA,
THE
$5.00 par common
TECUMSEH PRODUCTS COMPANY
$1.00 par common
TELE-OOMMUNICATIONS, INC.
Class A, $1.00 par common
*
Class B, $1.00 par common
♦TELECO OILFIELD SERVICES INC.
$.1/10 par common
♦TELECOM EQUIPMENT CORPORATION
$.01 par common
TELECREDIT, INC.
$.01 par common
TELEPHONE UTILITIES, INC.
$1.00 par common
TELERENT LEASING CORPORATION
$.50 par common
TEMTEX INDUSTRIES, INC.
$.20 par common
TENNANT COMPANY
$.375 par common
TENNECO OFFSHORE COMPANY, INC.
$1.00 par common
6% convertible subordinated
debentures
SUMMIT ENERGY, INC.
$.50 par common
TENNESSEE NATURAL GAS LINES,
INC.
$1.00 par common
STANDARD LIFE INSURANCE COMPANY
OF INDIANA
$1.50 par common
SUN BANKS OF FLORIDA, INC.
$2.50 par common
TENNESSEE VALLEY BANCORP, INC.
$6.66-2/3 par common
STANDARD MICROSYSTEMS CORPORATION
$.10 par common
SUNSTAR FOCOS, INC.
$.50 par common
TERMINAL DATA CORPORATION
$1.00 par common
STANADYNE, INC.
$5.00 par common
STANDARD REGISTER COMPANY, THE
$.50 par common
STANDUN INC.
$1.00 par common
♦ Addition to List
♦SUPER DOLLAR STORES, INC.
$1.00 par common
SUPERIOR ELECTRIC COMPANY, THE
$1.00 par common
—1 7 —
TESDATA SYSTEMS CORPORATION
$.01 par common
TEXAS AMERICAN BANCSHARES, INC.
$5.00 par common
TEXAS AMERICAN OIL CORPORATION
$.10 par common
TRUST COMPANY OF GEORGIA
$5.00 par capital
THERMO ELECTRON CORPORATION
$1.00 par common
TUCKER DRILLING COMPANY, INC.
$.01 par common
THETPORD CORPORATION
$.25 par common
TWIN CITY BARGE & TOWING
COMPANY
$1.00 par common
THIRD NATIONAL CORPORATION
$10.00 par common
THRESHOLD TECHNOLOGY INC.
$.01 par common
TI-CARO, INC.
$1.00 par common
♦TIDELANDS ROYALTY TRUST "B"
Units of beneficial
interest
TIMBERLAND INDUSTRIES, INC.
$.16 par common
TIMEPLEX, INC.
$.01 par common
TIPPERARY CORPORATION
$.50 par common
TITAN GROUP, INC.
$1.00 par common
*TOOOM, INC.
$.10 par common
TOLEDO TRUST CORPORATION, INC.
$20.00 par common
TOM BROW, INC.
$.10 par common
TOMLINSON OIL COMPANY, INC.
No par common
*
Warrants (expire 03/06/82)
TONY LAMA COMPANY, INC.
$1.00 par common
♦TOREADOR ROYALTY CORPORATION
$.625 par common
TOWLE MANUFACTURING COMPANY
No par common
♦TRANS DELTA CORPORATION
$.01 par common
TRANSPORT LIFE INSURANCE COMPANY
$1.00 par common
TRI-AMERICAN CORPORATION
No par common
TRI-CHEM, INC.
$.20 par common
TRICO PRODUCTS CORPORATION
No par common
TRUS JOIST CORPORATION
$1.00 par common
Addition to List
TYRONE HYDRAULICS, INC.
$1.00 par common
TYSON POODS, INC.
$1.00 par common
UA—COLUMBIA CABLEVISION, INC.
$.05 par common
USP REAL ESTATE INVESTMENT TRUST
$1.00 par shares of
beneficial interest
UNICAPITAL CORPORATION
$1.00 par common
UNIFI, INC.
$.10 par common
UNIMED, INC.
$1.00 par common
UNION ELECTRIC STEEL
CORPORATION
$1.25 par common
UNION METAL MANUFACTURING
COMPANY, THE
$1.00 par common
UNION NATIONAL BANK OF PITTSBURGH,
THE
$8.33-1/3 par common
UNION PLANTERS CORPORATION
$5.00 par common
UNION SPECIAL CORPORATION
$1.00 par common
UNION TRUST BANCORP
$5.00 par common
UNISHOPS, INC.
$.10 par common
♦UNIT DRILLING & EXPLORATICN
COMPANY
$.20 par common
UNITED BANKS OF COLORADO,
INC.
$5.00 par common
UNITED CABLE TELEVISION
CORPORATION
$.10 par common
UNITED CAROLINA BANCSHARES
CORPORATION
$4.00 par common
UNITED CITIES GAS COMPANY
$3.33-1/3 par common
♦UNITED FIRE & CASUALTY COMPANY
$3.33-1/3 par common
♦UNITED INTERNATIONAL RESEARCH, INC.
$.10 par common
UNITED KENTUCKY, INC.
$10.00 par common
UNITED McGILL CORPORATION
No par common
UNITED MISSOURI BANCSHARES, INC.
$12.50 par common
UNITED PRESIDENTIAL LIFE
INSURANCE COMPANY
$1.00 par common
UNITED SERVICES LIFE
INSURANCE COMPANY
$1.00 par common
U. S. BANCORP
$5.00 par common
U. S. ENERGY CORPORATION
$.01 par common
UNITED STATES SUGAR
CORPORATION
$1.00 par common
UNITED STATES SURGICAL CORPORATION
$.10 par common
U. S. TRUCK LINES INC.
OF DELAWARE
$1.00 par common
U. S. TRUST CORPORATION
$5.00 par common
UNITED VIRGINIA BANKSHARES, INC.
$10.00 par common
UNITED ARTISTS THEATRE
CIRCUIT, INC.
$1.00 par common
UNITED BANCORP OF ARIZONA
$5.00 par common
UNITED BANK CORPORATION
OF NEW YORK
$5.00 par common
-18 -
UNIVERSAL SECURITY INSTRUMENTS,
INC.
$.01 par common
UNIVERSAL VOLTRCNICS CORPORATION
$.05 par common
UNIVERSITY PATENTS, INC.
No par common
UNIVERSITY REAL ESTATE TRUST
No par shares of beneficial
interest
UPPER PENINSULA POWER COMPANY
$9.00 par common
UTAH BANCORPORATION
No par common
VAIL ASSOCIATES, INC.
No par common
VALLEY NATIONAL BANK OF
ARIZONA, THE
$2.50 par common
VALLEYLAB, INC.
No par common
VALMONT INDUSTRIES, INC.
$1.00 par common
VALTEC CORPORATION
$.01 par common
VALTEK INC.
$.20 par common
♦VISUAL SCIENCES, INC.
$.01 par common
VITRAMON, INC.
$.10 par common
VOLT INFORMATION SCIENCES, INC.
$.10 par common
VOLUNTEER CAPITAL CORPORATION
$.05 par common
WD-40 COMPANY
No par common
WABASH INTERNATIONAL CORPORATION
No par common
WALBRO CORPORATION
$1.00 par common
WALDBAUM, INC.
$1.00 par common
WALTER REALTY INVESTORS
$.10 par shares of beneficial
interest
WESTERN STATES LIFE INSURANCE COMPANY
$1.00 par common
WESTMORELAND COAL COMPANY
$2.50 par common
♦WESTPORT COMPANY, THE
No par shares of
beneficial interest
WETTERAU INC.
$1.00 par common
WIEN AIR ALASKA, INC.
$1.00 par common
WIENER CORPORATION, THE
$1.00 par common
WILEY, JOHN & SONS INC.
$1.00 par common
WILLAMETTE INDUSTRIES, INC.
$.50 par common
WILMINGTON TRUST COMPANY
$6.25 par capital
VAN DUSEN AIR INC.
$1.00 par common
WARNER ELECTRIC BRAKE &
CLUTCH COMPANY
$1.00 par common
WILSON, H. J. COMPANY, INC.
No par common
VAN DYK RESEARCH CORPORATION
$.10 par common
WASHINGTON ENERGY COMPANY
$5.00 par common
WISCONSIN CENTRIFUGAL, INC.
$1.00 par common
VAN SCHAACK & COMPANY
$1.00 par common
WASHINGTON SCIENTIFIC INDUSTRIES, INC.
$.10 par common
VANDERBILT ENERGY CORPORATION
$.10 par common
WATERS ASSOCIATES, INC.
$.08-1/3 par common
WISCONSIN REAL ESTATE INVESTMENT
TRUST
$1.00 par shares of beneficial
interest
VARCO INTERNATIONAL, INC.
No par common
WAUSAU PAPER MILLS COMPANY
$.50 par common
VARLEN CORPORATION
$.10 par common
VAUGHAN-JACKLIN CORPORATION, THE
$.10 par common
*VERBATIM CORPORATION
No par common
VICTORIA STATION INC.
$.10 par common
VIDEO CORPORATION OF AMERICA
$.01 par common
VIRGINIA CHEMICALS INC.
$2.00 par common
VIRGINIA INTERNATIONAL COMPANY
$.01 par special stock
VIRGINIA NATIONAL BANKSHARES,
INC.
$5.00 par common
VIRGINIA REAL ESTATE INVESTMENT
TRUST
No par shares of beneficial
interest
♦ Addition to List
♦WAVETEK
No par common
WEINGARTEN, J. INC.
No par common
WENDY’S INTERNATIONAL, INC.
No par common, $.10 stated
value
WEST COMPANY, INC., THE
$.25 par common
WESTERN CASUALTY AND SURETY
COMPANY, THE
$1.25 par capital
WESTERN GEAR CORPORATION
$1.00 par common
WESTERN KENTUCKY GAS COMPANY
$5.00 par common
WISER OIL COMPANY, THE
$10.00 par common
WOLOHAN LUMBER COMPANY
$1.00 par common
WOLVERINE ALUMINUM CORPORATION
$1.00 par common
WDODHEAD, DANIEL INC.
$1.00 par common
WOODWARD & LOTHROP INC.
$10.00 par common
WORCESTER BANCORP, INC.
$1.00 par common
WORLDWIDE ENERGY CORPORATION
$.20 par common
WORTHINGTON INDUSTRIES, INC.
No par common
WRIGHT, WILLIAM E. COMPANY
$.50 par common
WESTERN MARINE ELECTRONICS
COMPANY, INC.
No par common
WYMAN-GORDON COMPANY
$1.00 par common
WESTERN PREFERRED CORPORATION
$.20 par common
XCOR INTERNATIONAL, INC.
Class A, $.50 par common
-19 -
XIDEX CORPORATION
$.70 par common
XOMOX CORPORATION
No par common
ZENITH NATIONAL INSURANCE CORPORATION
$1.00 par common
ZIONS UTAH BANCORPORATION
No par common
ZIEGLER COMPANY, INC., THE
$1.00 par common
ZONDERVAN CORPORATION, THE
$1.00 par common
YELLOW FREIGHT SYSTEM, INC.
$1.00 par common
Addition to List
20-
CREDIT RESTRAINT PROGRAM
Questions and Answers Regarding Special
Deposits on Consumer Credit
(Subpart A
of P a r t
229)
(Represents the views of the le gal staffs o f th e F e d e r a l R e s e r v e B a n k of
N e w Y o r k a n d of the B o a r d of Go v e r n o r s of t h e F e d e r a l R e s e r v e System.)
A p r i l 15, 1 9 8 0
Circulars Division
A-l.
A-2.
Q:
R e g u l a t i o n Z, v a r i o u s s t a t e l a w s , a n d p o s s i b l y o t h e r
F e d e r a l ' r e g u l a t i o n s r e q u i r e a c r e d i t o r to g i v e a c o n
s u m e r a d v a n c e n o t i c e ( t h e B o a r d ’s D i v i s i o n o f C o n s u m e r
A f f a i r s h a s e s t i m a t e d t h i s m a y r a n g e f r o m 15 to 10 5
d a y s ' n o t i c e ) o f a d v e r s e c h a n g e s in the t e r m s o f a c o n
sumer credit agreement.
Many creditors believe that
in o r d e r to m i n i m i z e t h e a m o u n t o f t h e s p e c i a l d e p o s i t
required by the Board's credit restraint regulation
t h e y w i l l h a v e to m o d i f y the t e r m s of e x i s t i n g c r e d i t
accounts.
W i l l the B oard amend R e g u l a t i o n Z and p r e
e m p t F e d e r a l a nd S t a t e l a w in o r d e r to a c c e l e r a t e the
e f f e c t i v e d a t e s of m o d i f i e d a c c o u n t terms?
A:
The matter
f u t u r e for
Qs
A supplier of home heating fuels
customers p u rchasing such fuels.
covered credit?
A:
No.
Such c r e d i t falls w i t h i n the exc l u s i o n
exten d e d by p r o v i d e r s of u t i l i t y services.
A - 3 . Q:
A:
A - 4 • Q:
A:
w i l l be p r e s e n t e d to
its c o n s i d e r a t i o n .
the
Board
in
the
near
e x t e n d s c r e d i t to its
Does this constitute
for
credit
A farmer purchases a large denomination time deposit from
a financial institution.
D u r i n g the c o u r s e of the n e x t
year, the farmer b o r r o w s funds from the f i n a n c i a l i n s t i
tut i o n s e c u r e d by the time deposit.
The p u r c h a s e of the
b o r r o w i n g s is to p r o v i d e f u n d s fo r a g r i c u l t u r e p r o d u c t i o n
including living expen s e s of the farmer's f amily during
the p r o d u c t i o n p e r iod.
Do such b o r r o w i n g s c o n s t i t u t e
covered credit?
Such borrowings would
and business p u r p o s e s
be c o n s i d e r e d
and would not
to
be
be for a g r i c u l t u r e
covered credit.
A b o r r o w e r r e f i n a n c e s his a u t o m o b i l e loan wit h the o r i g i
nal lender.
The original loan was not covered credit.
Does the r e f i n a n c i n g c o n s t i t u t e c o v e r e d credit?
Refin a n c i n g s of e x e m p t c r e d i t with the original creditor
does not constitute covered credit.
H o w e v e r , if a d d i
t i o n a l f u n d s b e y o n d the o u t s t a n d i n g b a l a n c e a re p r o v i d e d
to t h e b o r r o w e r , t h a t a d d i t i o n a l a m o u n t w o u l d c o n s t i t u t e
covered credit.
If r e f i n a n c i n g is o b t a i n e d t h r o u g h a
c r e d i t o r o ther than the o r i g i n a l cre d i t o r , the e n t i r e
amount of the refinancing would constitute covered credit
A-5.
Q:
To
it
A:
The c r e d i t o r s h o u l d s e l e c t one of its o f f i c e s as its
r e p o r t i n g o f f i c e a n d s h o u l d r e p o r t to t h e F e d e r a l R e s e r v e
B a n k i n t h e d i s t r i c t i n w h i c h t h a t r e p o r t i n g o f f i c e is
located.
At its d i s c r e t i o n , a F e d e r a l R e s e r v e B a n k m a y
i n s t r u c t t h e c r e d i t o r to f i l e r e p o r t s a t a b r a n c h o f f i c e
of the Re s e r v e Bank.
A - 6 • Q:
A:
A - 7 • Q:
A:
which Federal Reserve Bank should a creditor
h a s o f f i c e s in m o r e t h a n o n e F e d e r a l R e s e r v e
r e p o r t if
District?
M a n y c r e d i t o r s b e l i e v e t h a t in o r d e r to m i n i m i z e t h e
a m o u n t of th e s p e c i a l d e p o s i t t h e y w i l l h a v e to m o d i f y
the terms of existing c r e d i t accounts.
Across the board
m o d i f i c a t i o n s of a c c o u n t terms m a y hav e a d i s p a r a t e
ef f e c t on c e r t a i n p r o t e c t e d cl a s s e s of b o r rowers.
Will
the B o a r d a m e n d or i n t e r p r e t R e g u l a t i o n B to p r o t e c t a
creditor that makes such modifications against allega
tions of R e g u l a t i o n B v i o l a t i o n s ?
This
matter
is
May a creditor
outstanding by
that credit?
currently
under
consideration.
r e d u c e the a m o u n t of its
a n y b a d d e b t r e s e r v e s it
covered credit
m a i n t a i n s for
No.
A — 8 • Q:
A:
A - 9 • Q:
A:
A - 1 0 • Qs
C o v e r e d c r e d i t t r a n s f e r r e d o n n o n - r e c o u r s e b a s i s is t r e a t e d
as c o v e r e d c r e d i t of the t r a n s f e r e e .
M a n y transferees
"hold back" a p o r t i o n of the p u r c h a s e p r i c e as a r e s e r v e
a g ainst losses resul t i n g from p o s s i b l e br e a c h of w a r r a n t y
upon transfer.
M a y the t r a n s f e r e e redu c e the a m o u n t of
its c o v e r e d c r e d i t o u t s t a n d i n g by the a m o u n t of t h a t " h o l d
back"?
No.
Is a r e t a i l i n s t a l l m e n t s a l e in w h i c h t h e
t h e g o o d s u n t i l t h e f i n a l p a y m e n t is m a d e
N o , b e c a u s e it is
of the credit are
secured
u s e d to
seller retains
covered credit?
c r e d i t in w h i c h t h e p r o c e e d s
p u r c h a s e the c o l l a t e r a l .
Covered credit transferred on a non-recourse
t r e a t e d as c o v e r e d c r e d i t of t h e t r a n s f e r e e .
t r a n s f e r e e a d j u s t its b a s e in s u c h a c a s e ?
b a s i s is
May the
A:
No, e x c e p t in t he c a s e o f
tions which are explained
Q:
May a creditor that ac q u i r e s 100 p e r c e n t of another
c r e d i t o r ’s a s s e t s t h r o u g h a m e r g e r or c o n s o l i d a t i o n
a d j u s t its b a s e ?
A:
Y es, s u c h a c r e d i t o r m a y a d j u s t its b a s e as f o l l o w s :
(a) t h e a c q u i r i n g c r e d i t o r m a y i n c r e a s e i t s b a s e a s o f
the da t e of a c q u i s i t i o n by a d d i n g the actual a m o u n t of
c o v e r e d c r e d i t the a c q u i r i n g c r e d i t o r had on the base
d a t e to t h e a c t u a l a m o u n t o f c o v e r e d c r e d i t t h e s e l l e r
h a d o n t h e b a s e d a t e (f o r e x a m p l e , a c r e d i t o r w i t h $3
m i l l i o n of c o v e r e d c r e d i t o u t s t a n d i n g on the base da t e
w h i c h a c q u i r e s a c r e d i t o r w i t h $1.5 m i l l i o n of o u t
s t a n d i n g o n the b a s e d a t e w i l l h a v e its b a s e a d j u s t e d
$ 4 . 5 m i l l i o n ) ; o r , (b) i f s u c h d a t a a r e n o t a v a i l a b l e ,
t h e a c q u i r i n g c r e d i t o r m a y c o n t i n u e to u s e its p r e
a c q u i s i t i o n b a s e , o r in l i e u o f t h a t , m a y s e l e c t as
its n e w b a s e the s e l l i n g c r e d i t o r ' s base.
If t h e
s e l l i n g c r e d i t o r is a s u b s i d i a r y , i t s f o r m e r p a r e n t
m u s t m a k e a d j u s t m e n t s in it s b a s e if t h e b a s e o f t h e
s u b s i d i a r y is e i t h e r a s s u m e d by , o r a d d e d to t h e b a s e
of, the a c q u i r i n g o r g a n i z a t i o n .
A - 1 2 . Q:
M a y a c r e d i t o r a d j u s t its b a s e w h e n it a c q u i r e s , o t h e r
t h a n t h r o u g h m e r g e r or c o n s o l i d a t i o n , e i t h e r 100 p e r
ce n t of a c e r t a i n kind of c o v e r e d c r e d i t (e.g., the
c r e d i t c a r d o p e r a t i o n s of a f i n a n c i a l i n s t i t u t i o n ) or
less than 100 p e r c e n t of all the c o v e r e d c r e d i t of
another creditor?
A - 11.
A-13.
c e r t a i n m e r g e r s or
in Q u e s t i o n A - l l .
consolida
A:
No.
H o w e v e r , if s u c h s a l e
c r e d i t r e m a i n s that of the
Q:
Many creditors have made second mortgage ("home equity")
l o a n s (a) f o r h o m e i m p r o v e m e n t , (b) f o r b o t h h o m e
i m p r o v e m e n t a n d o t h e r p u r p o s e s , a n d (c) f o r p u r p o s e s
u n r e l a t e d to h o m e i m p r o v e m e n t .
How should a creditor
w h i c h d o e s n o t c u r r e n t l y c a t e g o r i z e b y p u r p o s e its
second m o r t g a g e loans c a l c u l a t e d the a m ount of the
t h o s e l o a n s w h i c h a r e c o v e r e d in c o m p u t i n g its b a s e ?
A:
If t h e c r e d i t o r w i s h e s to i n c l u d e a n y s e c o n d m o r t g a g e
c r e d i t in its b a s e , t h e c r e d i t o r s h o u l d t a k e a r e p r e
s e n t a t i v e sa m p l e of second m o r t g a g e loans o u t s t a n d i n g
on the base date.
It s h o u l d a p p l y t h e p r o p o r t i o n of
l o a n s i n t h e s a m p l e t h a t f a l l i n c a t e g o r i e s (b) a n d
is w i t h
selling
recourse,
creditor.
the
covered
(c) a b o v e t o t h e t o t a l i n i t s b a s e .
T h e r e a f t e r , the
c r e d i t o r is r e q u i r e d t o m a i n t a i n r e c o r d s w h i c h a d e
q u a t e l y d o c u m e n t the p u r p o s e s of the loan, and that
portion of m u l t i p u r p o s e loans that c onstitutes covered
c r e d i t s h o u l d b e r e f l e c t e d in i t s m o n t h l y r e p o r t s .
A - 1 4 . Q:
A-15.
In t r y i n g to d e t e r m i n e i ts b a s e o f c o v e r e d c r e d i t , a
c r e d i t o r o n l y h a s r e c o r d s of its o u t s t a n d i n g c r e d i t
categorized by secured and unsecured lending.
Does
t h a t c r e d i t o r h a v e to g o t h r o u g h all of its i n d i v i d u a l
r e c o r d s o n its s e c u r e d l o a n s to d e t e r m i n e w h i c h o f
t h o s e l o a n s w e r e e x t e n d e d to p u r c h a s e t h e c o l l a t e r a l ?
A:
No.
If s u c h a c r e d i t o r w i s h e s t o i n c l u d e a n y s e c u r e d
c r e d i t in its b a s e , t h e c r e d i t o r s h o u l d t a k e a r e p r e
s e n t a t i v e s a m p l e of its s e c u r e d c r e d i t o u t s t a n d i n g on
the b a s e d a te.
It s h o u l d a p p l y t h e p r o p o r t i o n o f l o a n s
in t h e s a m p l e w h i c h w e r e n o t e x t e n d e d to p u r c h a s e t h e
c o l l a t e r a l to t h e t o t a l a m o u n t o f s e c u r e d l o a n s , a n d
s h o u l d i n c l u d e t h e r e s u l t i n g a m o u n t in its b a s e .
There
a f t e r , t h e c r e d i t o r is r e q u i r e d to m a i n t a i n r e c o r d s
which a d e q u a t e l y d o c u m e n t whether the c o l l a t e r a l was
purchased with the loan proceeds.
If t h e c o l l a t e r a l
was not p u r c h a s e d w i t h the loan p r o c e e d s , such c r e d i t
s h o u l d b e r e f l e c t e d in i t s m o n t h l y r e p o r t s .
Q:
If a c r e d i t o r e x t e n d s c r e d i t t h a t is s e c u r e d b y c o l l a t
eral p u r c h a s e d from the loan p r o c e e d s but w h o s e val u e
is l e s s t h a n t h e t o t a l a m o u n t o f t h e l o a n ( f o r e x a m p l e ,
an a u t o m o b i l e l o a n for $ 5 , 0 0 0 w h e r e the p r i c e of the
a u t o m o b i l e is $ 4 , 0 0 0 ) , h o w s h o u l d th e l o a n b e t r e a t e d ?
A:
If a c r e d i t o r w i s h e s t o i n c l u d e in i t s b a s e a n y p o r t i o n
of such c r e d i t , the c r e d i t o r s h o u l d take a r e p r e s e n t a
tive s a m p l e of its s e c u r e d loans o u t s t a n d i n g on the base
date.
It s h o u l d a p p l y t h e p r o p o r t i o n o f l o a n s in t h e
sample w h i c h are p a r t i a l l y secured by the c o l l a t e r a l
p u r c h a s e d to t h e t o t a l a m o u n t o f l o a n s a n d s h o u l d i n c l u d e
t h e r e s u l t i n g a m o u n t in its b a s e .
Thereafter, the creditor
is r e q u i r e d t o m a i n t a i n r e c o r d s w h i c h a d e q u a t e l y d o c u m e n t
the p u r p o s e s of the loan, and that p o r t i o n of s e c u r e d
loans that c o n s t i t u t e s covered credit should be reflected
in its m o n t h l y r e p o r t s .
A - 16 • Q:
W i l l the B o a r d of G o v e r n o r s r e v i s e the p r o g r a m to p e r m i t ,
i n s t e a d o f a s p e c i a l d e p o s i t , a r e d u c t i o n in c o n s u m e r
lending?
A — 17•
A-18.
A:
No.
When
a m o u n t of
Qs
Are
A:
No.
Q:
Is t h e p u r c h a s e o f a g o v e r n m e n t s e c u r i t y b y a b a n k f r o m
a consumer a "covered credit"?
S e c t i o n 202(h) of the
C r e d i t C o n t r o l A c t d e f i n e s " e x t e n s i o n of c r e d i t " as in
c l u d i n g the s u p p l y i n g of funds t h r o u g h the a c q u i s i t i o n
of s e c u r i t i e s .
A:
No.
A - 1 9 • Q:
A - 20.
A - 21•
A-22.
a c r e d i t o r ' s c o v e r e d c r e d i t is r e d u c e d ,
t h e s p e c i a l d e p o s i t is r e d u c e d .
commitments
Loans
only
If a r e t a i l e r
higher base?
to
make
include
opens
a
consumer
credit
new
loans
"covered
the
credit"?
outstanding.
store,
will
it
receive
a
A:
No.
Covered credit extended by
added with the retailer's other
Q:
P r i o r to the b a s e d a t e ,
p o r t i o n of its c o n s u m e r
recourse basis.
Is t h e
c r e d i t " of the s e l l e r ?
A:
No.
C o v e r e d c r e d i t s o l d o n a n o n - r e c o u r s e b a s i s o n or
b e f o r e M a r c h 14 s h o u l d n o t b e i n c l u d e d in t h e s e l l e r ' s
b a s e b u t is i n c l u d e d in t h e c o v e r e d c r e d i t of t h e b u y e r .
Q:
A la w f i r m d o e s p e r s o n a l l e gal w o r k for c l i e n t s and
issues bills periodically.
Is c o v e r e d c r e d i t e x t e n d e d
w h i l e t h e w o r k is b e i n g d o n e ?
Is c o v e r e d c r e d i t
e x t e n d e d f r o m t h e p e r i o d t h a t t h e b i l l is i s s u e d u n t i l
it is p a i d b y t h e c l i e n t ?
A:
Covered
l ong as
Q:
A foreign c o m p a n y has two United States subsidiaries
w h i c h are c o v e r e d c r e d i t o r s . M a y the two s u b s i d i a r i e s
file separate reports and m aintain separate special
the new
covered
store must
credit.
be
a covered creditor has sold a
loan portfolio on a without
a m o u n t of that c r e d i t "covered
c r e d i t is e x t e n d e d
the creditor bills
when
on a
t h e b i l l is i s s u e d ,
regular basis.
so
deposits?
A:
No.
A s p r o v i d e d in S e c t i o n 2 2 9 . 2 ( g ) o f S u b p a r t A o f t h e
r e g u l a t i o n the f o r e i g n c o m p a n y a nd its two s u b s i d i a r i e s
constitute one covered creditor.
A-23. Qs
A:
A-24. Q:
A:
A-25. Q:
A:
Is a holding company and all its subsidiaries a single
covered creditor for the purpose of filing reports and
maintaining special deposits?
A holding company and its majority-owned subsidiaries
should file one report and maintain one deposit account.
When is credit-card credit extended for purposes of
deciding on the outstanding amount?
Credit-card credit is to be considered extended and
outstanding when it is charged to the account of the
customer to whom the credit card is issued.
The Board’s press release states that "credit extended
for utilities, health or educational services" is not
covered. This clearly exempts all credit extended for
such services, regardless of who extends the credit.
On the other hand, the regulation states that "covered
credit does not include . . • credit extended by . . .
providers of utility, health, or educational services,"
limiting the exemption to credit extended by providers
of such services. Which is correct?
The regulation is correct. The exemption is limited
to credit extended by providers of utility, health,
or education services. Note, however, that credit
extended under State or Federal Government guaranteed
loan programs, such as student loans, is also exempt.
A - 2 6 . Q:
A:
A - 2 7 • Q:
A-28.
Can
special
deposit
be
pledged?
W i t h the a p p r o v a l of the R e s e r v e Bank, a
institution may pledge a special deposit
State and local governmental purposes.
depository
for F e d e r a l ,
In a n s w e r i n g s o m e p r e v i o u s q u e s t i o n s , it h a s b e e n
indicated that a creditor may use a representative
s a m p l e in c o m p u t i n g i ts b a s e .
W h e r e it is i m p r a c
t i c a l to u s e s a m p l i n g t e c h n i q u e s , m a y a c r e d i t o r
make a good faith estimate?
A:
Yes, pro v i d e d the creditor documents the p rocedures
u s e d in m a k i n g th e e s t i m a t e s .
In t h e f u t u r e , h o w
e v e r , a c r e d i t o r m u s t m a i n t a i n r e c o r d s in a m a n n e r
t h a t a d e q u a t e l y i n d i c a t e s the n a t u r e and p u r p o s e of
the loan.
Qs
If a c r e d i t o r d i s c o v e r s a
has filed the ba s e r e p o r t
it f i l e a r e v i s e d r e p o r t ?
A:
Yes.
A c r e d i t o r m a y b e r e q u i r e d to r e v i e w i ts p r o c e
d u r e s for d e t e r m i n i n g its o u t s t a n d i n g c o v e r e d c r e d i t
if it a p p e a r s t h a t a s i g n i f i c a n t e r r o r h a s b e e n m a d e
in i ts r e p o r t .
F o r e x a m p l e , if a n e s t i m a t e m a d e for
a b a s e r e p o r t w e r e d i s c o v e r e d l a t e r to be s i g n i f i c a n t l y
i n c o r r e c t — in l i g h t of the a m o u n t of c o v e r e d c r e d i t
in n e w l o a n s m a d e or i m p r o v e d e s t i m a t i n g p r o c e d u r e s —
the c r e d i t o r s h o u l d d i s c u s s filing a r e v ised report
w i t h its R e s e r v e Bank.
A - 2 9 . Q:
A:
If a
lion
will
A - 3 0 . Q:
s i g n i f i c a n t e r r o r a f t e r it
or m o n t h l y r e p o r t , s h o u l d
c r e d i t o r ’s c o v e r e d c r e d i t f a l l s b e l o w $ 2 m i l
on an a v e r a g e b a s i s for the r e p o r t i n g p e r i o d ,
it h a v e t o m a i n t a i n a s p e c i a l d e p o s i t ?
No.
A l t h o u g h t h e c r e d i t o r w i l l s t i l l h a v e to f i l e
m o n t h l y r e p o r t s , it w i l l h a v e to m a i n t a i n a s p e c i a l
d e p o s i t o n l y if it s u b s e q u e n t l y e x c e e d s $2 m i l l i o n
on
a
average
How does a
if e a c h o f
in c o v e r e d
in
a
reporting
period.
b a n k h o l d i n g c o m p a n y c a l c u l a t e its base
its s u b s i d i a r i e s h a s less than $2 m i l l i o n
credit?
F o r e x a m p l e , w h a t is t h e b a s e
for a h o l d i n g c o m p a n y t h a t h a s 10 s u b s i d i a r i e s
w i t h $1 m i l l i o n of c r e d i t o u t s t a n d i n g on M a r c h
each
14?
A:
T h e b a s e for a h o l d i n g c o m p a n y is d e r i v e d f r o m c o m
b i n i n g the c o v e r e d c r e d i t of all of its s u b s i d i a r i e s .
T h e b a s e for t h e h o l d i n g c o m p a n y in t he e x a m p l e a b o v e
is $ 1 0 m i l l i o n .
A - 3 1 . Q:
If a b a n k i n g s u b s i d i a r y o f a b a n k h o l d i n g c o m p a n y
m a i n t a i n s a s p e c i a l d e p o s i t on b e h a l f of the e n t i r e
holding company, including nonbank subsidiaries, does
S e c t i o n 2 3 A o f t h e F e d e r a l R e s e r v e A c t r e l a t i n g to
l o a n s to a f f i l i a t e s a p p l y ?
A-32.
A:
S u c h a d e p o s i t is n o t r e g a r d e d a s g i v i n g r i s e to t h e
t y p e of t r a n s a c t i o n t h a t w a s i n t e n d e d to b e c o v e r e d
by S e c t i o n 23A, and S e c t i o n 23A w o u l d n o t app l y .
Q:
Is P u e r t o R i c o c o n s i d e r e d o u t s i d e t h e U n i t e d S t a t e s
for all p u r p o s e s under the c o n s u m e r c r e d i t r e s t r a i n t
program (subpart A)?
A:
Yes.
A - 3 3 . Q:
A:
A - 3 4 • Qs
A co v e r e d c r e d i t o r has m a i n t a i n e d records on the p r o
p o r t i o n o f i t s m u l t i - p u r p o s e l o a n s m a d e a f t e r M a r c h 14
t h a t is c o v e r e d c r e d i t .
When payments are received,
is it n e c e s s a r y to m a i n t a i n r e c o r d s o n a l o a n b y l o a n
b a s i s in c o m p u t i n g t h e r e d u c t i o n in t h e a m o u n t o f
covered credit?
No.
During the month, a covered creditor m ay allocate
p a y m e n t s o n m u l t i - p u r p o s e l o a n s to r e d u c t i o n in c o v e r e d
c r e d i t in p r o p o r t i o n to t h e s h a r e o f c o v e r e d c r e d i t in
t o t a l m u l t i - p u r p o s e l o a n s r e f l e c t e d in t h e p r e c e d i n g
months* report.
Alternatively, a covered creditor may
m a i n t a i n records on a loan by loan basis and allocate
the p a y m e n t on the ba s i s of the ratio of c o v e r e d cr e d i t
to the t o tal a m o u n t of the loan.
As
a
number
improvement
l o a n s to b e
A:
of
institutions
loans with
t r e a t e d as
do
not
secure
a m o r t g a g e on the
covered credit?
small
home,
home
are
such
Yes.
Unsecured home improvement loans and home improve
m e n t loans s e c u r e d by c o l l a t e r a l other than the hom e
(or a s a v i n g s d e p o s i t ) a r e t r e a t e d as c o v e r e d c r e d i t .
A-35. Q:
A:
A-36. Q:
In a closed-end loan where
are being used to purchase
security interest obtained
fected for the transaction
credit?
the proceeds of the loan
the collateral, must the
by the creditor be per
not to involve covered
No. So long as the creditor retains a security inter
est, under applicable State law, the transaction does
not involve covered credit. Perfection of a security
interest is not required.
Is a loan secured by a regular share account at a
credit union considered covered credit?
A:
No. A regular share account is regarded as a savings
deposit for purposes of Section 229.2(f) of the regu
lation.
A-37. Q:
Does the exemption for loans secured by savings
deposits also include loans secured by time deposits?
A:
No. However, a loan, the proceeds of which are used
to purchase a money market certificate where the cer
tificate is collateral for the loan, is not covered
credit (e.g., "loophole" certificates), because the
loans proceeds are being used to purchase the collat
eral (see Section 229.2(f)(2)).
A-38. Q:
A:
Is an advance under an open-end agreement covered
credit if that advance is completely secured by the
savings deposit account of the borrower?
No. If the advance is completely secured by a
savings deposit, the last sentence of Section 229.9(f)
provides that the loan is not covered credit. How
ever, that portion of an advance is covered credit
to the extent it exceeds the amount of the savings
deposit serving as the security. For example, a
$1,000 advance under an open-end agreement which is
secured by a savings deposit of at least $1,000 is
not covered credit, while a $1,000 advance secured
by a savings deposit of $600 would represent covered
credit of $400.
A-39. Q:
Does covered credit include bridge loans that are unse
cured or secured by the old residence?
A:
No. Bridge loans are not regarded as covered credit as
they are made in conjunction with, and form an integral
part of, a mortgage loan.
A-40. Qs
A:
A-41« Qs
A:
A-42. Q:
A:
A—43• Qs
Are leases to consumers covered credit for purposes of
Subpart A of the regulation?
No.
Are loans by an employer to its own employees to be
treated as covered credit?
The loan would be subject to the normal rules and would
be covered credit unless exempted under the regulation.
However, if the loan is extended in connection with bona
fide business expenses, such as a travel advance for
moving expenses, it would be considered to be for a
business purpose.
A consumer gets permanent mortgage financing from
creditor A to pay off a construction loan from creditor
B. Is this covered credit?
No.
How should the average amount of credit outstanding be
calculated for purposes of the monthly reports to be
filed by creditors?
As
If data are maintained on a daily basis, the daily
average outstanding covered credit during the month
should be reported. If data during a reporting period
are available only on particular days or other periods
(e.g., Fridays or weekly), the monthly average of those
data should be reported. If data are available for only
one day or one period during the month, that amount
should be reported.
A-44. Qs
If creditor A acquires between 51 and 100 percent owner
ship of creditor B after March 14, 1980, should the base
of creditor A be adjusted?
As
Yes. When more than 50 percent of creditor B is pur
chased, creditor B becomes a subsidiary of creditor A
and the base of creditor A should be adjusted in the
same manner as if it had acquired 100 percent of
creditor B's assets through a merger or consolida
tion, as described in an earlier question (A-ll). If
creditor B was a subsidiary of creditor C, creditor C
must make adjustments in its base. Creditor A should
report on behalf of creditor B.
A-45. Q:
A:
A-46 • Q:
A:
A—47• Q:
A:
Customer refinances a balloon mortgage with the same
lender. Is the refinancing covered credit?
No. Refinancings of such transactions by the same
lender are regarded as purchase money transactions.
However, to the extent that new money is advanced,
that would be covered credit unless otherwise exempted
under the regulation.
Is margin credit covered credit under Subpart A?
No. Covered credit does not include margin credit
that is subject to margin requirements under Federal
securities law.
For purposes of maintaining the special deposit, what
are collected funds?
"Collected Funds" means cash or any other form of pay
ment (e.g., a wire transfer of funds) that is final
and irrevocable on the date that the funds are required
to be held at the Reserve Bank.
A-48. Qs
A:
A-49. Q;
A:
A-50. Q:
A;
A provider of health or education services, such as
a hospital or college, arranges consumer credit to
be extended by a creditor. Is this a covered credit?
Yes. The exemption for credit extended by health and
education service providers applies only to situations
where the provider extends the credit, rather than
merely arranging it.
Is credit extended by a U.S. creditor to a non-U.S.
resident to be considered in determining covered
credit?
No.
Are loans made under the FHA Title I program covered
credit?
No. They are considered loans guaranteed by the
Federal Government.
A- 51. Q :
A:
Under a closed-end credit agreement with a consumer, a
creditor is committed to advance a certain amount of
funds, as demanded by the consumer. These funds are
not used to purchase any collateral. Is the full
amount of the commitment covered credit?
If the creditor books the full amount of the commit
ment as a loan, it is covered credit. However, as
indicated in Question A-17, if the commitment is not
booked as a loan, it is not covered credit.
A-52. Q:
A:
A-53. Q:
A creditor is in the process of converting its accounts
from closed-end to open-end credit. All of the closedend loans outstanding were extended as purchase money
transactions. As of March 14, 1980, $30 million of
total outstanding credit of $100 million was carried on
the creditor's books as closed-end credit. For purposes
of the base report, how much of the $100 million should
be considered covered credit? For purposes of subse
quent monthly reports, will the conversion of the
remaining closed-end accounts to open-end make the out
standing balances covered credit?
For purposes of the base report, $70 million is covered
credit, with $30 million exempt. The outstanding bal
ances on the closed-end accounts as of March 14 will
not become covered credit when the accounts are con
verted to open-end status. However, any additional
amounts added to open-end accounts after March 14
should be treated as covered credit, unless one of the
exceptions applies.
A credit union has overseas branches making loans to
U.S. armed forces personnel stationed abroad. Are
these loans to be included in the credit union's
covered credit?
A:
No. Only loans made by U.S. offices of a creditor are
to be considered.
A-54. Q:
A credit union has an open-end plan under which con
sumers may purchase automobiles and other large-ticket
items. These loans are purchase money transactions.
Is this covered credit?
Are loans to purchase or build a home to be used for
rental purposes to be included in covered credit?
A:
No. A loan to acquire, maintain or improve any dwelling
which the customer intends to rent out rather than occupy
is considered business credit and therefore not included
in covered credit.
••
Yes. The exemption for purchase money transactions
applies only to closed-end loans. Open-end credit
secured by the property being purchased with the loan
proceeds is not exempt. However, if the loan is
secured by a regular share account at the credit
union, it would be exempt under the exemption for
loans secured by savings deposits.
0
•
in
in
1
<
A:
Creditor B buys federally guaranteed loans from Creditor
A. Does Creditor B reflect these loans in its covered
credit?
No. The loans were originally exempt and remain so
after the transfer.
Is a loan for the purchase of a commercial property
such as a store or warehouse to be considered business
credit, even where the borrower intends to use it as a
residence as well as for commercial purposes?
Yes. A loan whose purpose is the acquisition, construc
tion or maintenance of a commercial property is business
credit, so long as the structure continues to serve a
commercial function.
A customer who currently owns a home and a vacant lot
obtains a loan from a creditor to finance construction
of a new residence on the lot. The loan is secured by
the customer's current home. Is this covered credit?
No, the loan is exempt.
An earlier question (A-6) asked about the application
of Regulation B (Equal Credit Opportunity) to creditor
actions to restrain consumer credit growth as contem
plated by Subpart A. Are any modifications in Regula
tion B contemplated?
No. The regulation continues to apply in the same man
ner as before. No modification in Regulation B is con
sidered necessary to take account of creditor actions
prompted by Subpart A. With regard to new accounts, if
a creditor rejects all new applications because of the
credit restraint program that would not be viewed as an
"adverse action" under Regulation B. However, if the
creditor rejects particular applicants because of
tighter creditworthiness standards prompted by the credit
restraint program, the creditor must give specific rea
sons for the^denial. With regard to existing accounts,
if any adverse change applies to all accounts, no
•adverse action," within the meaning of Regulation B,
is considered to have occurred.
If the change is
imposed on a more selective basis, the creditor may
be required to treat the change as an adverse action
and provide an adverse action notice.
It must be
emphasized that any actions taken by a creditor that
may have the effect of denying credit to a class of
persons on a prohibited basis will be measured by the
same standards as now apply to determine whether those
actions violate Regulation B.
@FedFRASER