Federal Register / Vol. 62, No. 216 / Friday, November 7, 1997 / Notices 60293

the Offers will benefit not only

tendering Preferred Stockholders (by

affording certain Preferred Stockholders

who may not favor the elimination of

the Restriction Provisions an option to

exit the Preferred Stock at a premium to

the market price and without the usual

transaction costs associated with a sale)

but also, taking into account all related

transaction costs, Southern’s

shareholders and Southern System

utility customers by: (1) contributing to

the elimination of the Restriction

Provisions; and (2) resulting in the

acquisition and retirement of

outstanding Shares and their potential

replacement with comparatively less

expensive financing alternatives, such

as short-term debt.

As noted, the Subsidiaries propose to

submit the Proposed Amendment for

consideration and action at special

meetings of the stockholder and, in

connection therewith, to solicit proxies

from the holders of their capital stock.

The Subsidiaries request that the

effectiveness of the applicationdeclaration with respect to the Proxy

Solicitations on the Proposed

Amendments be permitted to become

effective immediately, under rule 62(d).

The applicants also request

authorization to deviate from the

preferred stock provisions of the

Statement of Policy Regarding Preferred

Stock Subject to the Public Utility

Holding Company Act of 1935, HCAR

No. 13106 (Feb. 16, 1956), to the extent

applicable with respect to the Proposed

Amendments.

It appears to the Commission that the

application-declaration to the extent

that it relates to the proposed

solicitation of proxies should be

permitted to become effective

immediately under rule 62(d):

It is ordered, that the applicationdeclaration, to the extent that it relates

to the proposed solicitation of proxies

be, and it hereby is, permitted to

become effective immediately under

rule 62 and subject to the terms and

conditions prescribed in rule 24 under

the Act.

For the Commission, by the Division of

Investment Management, under delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–29418 Filed 11–6–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 35–26770]

Filings Under the Public Utility Holding

Company Act of 1935, as Amended

(‘‘Act’’)

October 31, 1997.

Notice is hereby given that the

following filing(s) has/have been made

with the Commission pursuant to

provisions of the Act and rules

promulgated thereunder. All interested

persons are referred to the application(s)

and/or declaration(s) for complete

statements of the proposed

transaction(s) summarized below. The

application(s) and/or declaration(s) and

any amendments thereto is/are available

for public inspection through the

Commission’s Office of Public

Reference.

Interested persons wishing to

comment or request a hearing on the

application(s) and/or declaration(s)

should submit their views in writing by

November 24, 1997, to the Secretary,

Securities and Exchange Commission,

Washington, D.C. 20549, and serve a

copy on the relevant applicant(s) and/or

declarant(s) at the address(es) specified

below. Proof of service (by affidavit or,

in case of an attorney at law, by

certificate) should be filed with the

request. Any request for hearing shall

identify specifically the issues of fact or

law that are disputed. A person who so

requests will be notified of any hearing,

if ordered, and will receive a copy of

any notice or order issued in the matter.

After said date, the application(s) and/

or declaration(s), as filed or as amended,

may be granted and/or permitted to

become effective.

Central and South West Services, Inc.

(70–8531)

Central and South West Services, Inc.

(‘‘CSWS’’), 1616 Woodall Rodgers

Freeway, P.O. Box 660164, Dallas,

Texas, 75266, a nonutility subsidiary

company of Central and South West

Corporation (‘‘CSW’’), a registered

holding company, has filed a posteffective amendment, under sections

9(a) and 10 of the Act and rule 54 under

the Act, to an application-declaration

filed under sections 9(a) and 10 of the

Act.

By order dated April 26, 1995 (HCAR

26280) (‘‘Order’’), CSWS, which

operates an engineering and

construction department that provides

power plant control system

procurement, integration and

programming services as well as power

plant engineering and construction

services to associates within the CSW

system, was authorized to provide such

services to non-associates through

December 31, 1997.

The order provides that the charges

for services to nonassociates are

negotiated and that CSWS anticipates

that a substantial portion of the services

will be priced on a time and materials

basis. CSWS intends to price the

services to result in an after-tax profit

margin of 15%. Finally, the Order

provides that profits or losses from the

services to non-associates would be

accounted for in accordance with

requirements of the Uniform System of

Accounts for service companies engaged

in business with non-associate

companies.

CSWS now requests an extension of

the authorization contained in the Order

through December 31, 2002.

For the Commission, by the Division of

Investment Management, pursuant to

delegated authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 97–29472 Filed 11–6–97; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Rel. No. IC–22871; File No. 812–10854]

Salomon, Inc.

November 3, 1997.

AGENCY: Securities and Exchange

Commission (‘‘SEC’’).

ACTION: Notice of application under

section 6(c) of the Investment Company

Act of 1940 (the ‘‘Act’’) for an

exemption from section 15(f)(1)(A) of

the Act.

SUMMARY OF APPLICATION: Applicant

Salomon Inc (‘‘Salomon’’) requests an

order to permit Salomon and its

investment advisory subsidiaries,

Salomon Brothers Asset Management

(‘‘SBAM’’) and Salomon Brothers Asset

Management Limited (‘‘SBAM

Limited’’) that act as investment adviser

on subadviser (collectively, ‘‘Advisers’’)

to one or more registered investment

companies, to receive payment in

connection with the sale of applicant’s

advisory business. Without the

requested exemption, an investment

company advised by an Adviser would

have to reconstitute its board of

directors (‘‘Board’’) to meet the 75

percent non-interested director

requirement of section 15(f)(1)(A).

FILING DATE: The application was filed

on November 3, 1997.

HEARING OR NOTIFICATION OF HEARING: An

order granting the application will be