13204 Federal Register / Vol. 62, No. 53 / Wednesday, March 19, 1997 / Notices

1 15 U.S.C. 78s(b)(1) (1988).

2 17 CFR 240.19b–4 (1991).

3Securities Exchange Act Release No. 26468

(January 18, 1989), 54 FR 3713 (January 25, 1989)

(File No. SR–PHLX–88–45).

4 15 U.S.C. 78s(b)(3)(A).

5 17 CFR 240.19b–4(e).

filing will also be available for

inspection and copying at the principal

office of the PHLX. All submissions

should refer to File No. SR–PHLX–97–

12, and should be submitted by April 9,

1997.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6893 Filed 3–18–97; 8:45 am]

BILLING CODE 8010–01–M

[Release No. 34–38394; File No. SR–PHLX–

97–09]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Philadelphia Stock Exchange, Inc.

Relating to a New Technology Fee and

Amended Transfer Fee

March 12, 1997.

Pursuant to Section 19(b)(1) of the

Securities Exchange Act of 1934

(‘‘Act’’) 1 and Rule 19b–4 thereunder,2

notice is hereby given that on February

27, 1997, the Philadelphia Stock

Exchange, Inc. (‘‘PHLX’’ or ‘‘Exchange’’)

filed with the Securities and Exchange

Commission (‘‘SEC’’ or ‘‘Commission’’)

the proposed rule change as described

in Items I, II, and III below, which Items

have been prepared by the PHLX. The

Commission is publishing this notice to

solicit comments on the proposed rule

change from interested persons.

I. Self-Regulatory Organization’s

Statement of the Terms of Substance of

the Proposed Rule Change

The PHLX proposes to amend its

schedule of dues, fees and charges to: (a)

increase the existing transfer fee from

$300 to $500; and (b) adopt a technology

fee of $100 per month applicable to all

members and foreign currency option

participants not also holding legal title

to a PHLX regular membership.

II. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

In its filing with the Commission, the

PHLX included statements concerning

the purpose of and basis for the

proposed rule change and discussed any

comments it received on the proposed

rule change. The text of these statements

may be examined at the places specified

in Item IV below. The PHLX has

prepared summaries, set forth in

sections A, B, and C below, of the most

significant aspects of such statements.

A. Self-Regulatory Organization’s

Statement of the Purpose of, and

Statutory Basis for, the Proposed Rule

Change

The purpose of the proposed rule

change is to amend the PHLX’s fee

schedule in two ways. First, the

Exchange’s transfer fee, currently $300,

will be increased to $500. This fee is

imposed on the transferee at the time of

transfer of legal or equitable title to any

PHLX regular membership or foreign

currency option participation. Transfers

require significant staff time to process.

Processing involves drafting letters and

invoices to the parties, posting the

notice in the membership bulletin,

creating and updating membership files

and changing the Exchange’s data base

to reflect the transfer. Over the last eight

years, the number of transfers each week

has dramatically increased, thus,

placing an increased burden on staff

time and resources. The transfer fee

increase reflects the higher costs of

processing these transfers. This fee was

last increased from $200 to $300 in

1989.3 The new fee will go into effect on

March 1, 1997.

The second change will be to adopt a

technology fee which will be assessed

upon all PHLX regular membership

holders and foreign currency option

participants who do not also possess a

PHLX regular membership. The fee will

be a monthly $100 fee which will be

billed on March 1, 1997, for the period

March 1 to June 30, 1997, ($400) and on

July 1, 1997, for the period July 1

through December 31, 1997 ($600). The

new technology fee will reflect the costs

of needed upgrades to the operating

systems on the three trading floors,

system software modifications, year

2000 modifications and hardware

upgrades to handle expected increased

trading volumes and anticipated

increases due to Securities Industry

Automation Corporation and Options

Price Reporting Authority’s

communication changes. Additionally,

system development costs for new risk

management systems, order handling

rule revisions, specialized quote feeds

and new products will be captured by

this fee.

The proposed rule change is

consistent with Section 6 of the Act in

general, and in particular, with Section

6(b)(4), in that it provides for the

equitable allocation of reasonable dues,

fees and other charges among its

members and other persons using its

facilities.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The PHLX does not believe that the

proposed rule change will impose any

inappropriate burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants or Others

No written comments were either

solicited or received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

The foregoing rule change has become

effective on February 27, 1997, pursuant

to Section 19(b)(3)(A) of the Act 4 and

subparagraph (e)(2) of Rule 19b–4 5

thereunder, because the proposed rule

change establishes or changes a due, fee,

or other charge. At any time within 60

days of the filing of such proposed rule

change, the Commission may summarily

abrogate such rule change if it appears

to the Commission that such action is

necessary or appropriate in the public

interest, for the protection of investors,

or otherwise in furtherance of the

purposes of the Act.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning the foregoing.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, NW,

Washington, DC 20549. Copies of the

submission, all subsequent

amendments, all written statements

with respect to the proposed rule

change that are filed with the

Commission, and all written

communications relating to the

proposed rule change between the

Commission and any person, other than

those that may be withheld from the

public in accordance with the

provisions of 5 U.S.C. 552, will be

available for inspection and copying in

the Commission’s Public Reference

Room. Copies of such filing will also be

available for inspection and copying at

the principal office of the PHLX. All

submissions should refer to File No.

SR–PHLX–97–09 and should be

submitted by April 9, 1997.
Federal Register / Vol. 62, No. 53 / Wednesday, March 19, 1997 / Notices 13205

6 17 CFR 200.30–3(a)(12).

For the Commission by the Division of

Market Regulation, pursuant to delegated

authority.6

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 97–6894 Filed 3–18–97; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #2932]

State of Arkansas

As a result of the President’s major

disaster declaration on March 2, 1997,

and amendments thereto on March 4

and 5, I find that Clark, Cross, Greene,

Hempstead, Hot Spring, Jackson,

Lonoke, Mississippi, Nevada, Poinsett,

Pulaski, Saline, and White Counties in

the State of Arkansas constitute a

disaster area due to damages caused by

severe storms and tornadoes beginning

on March 1 and continuing through

March 4, 1997. Applications for loans

for physical damages may be filed until

the close of business on May 1, 1997,

and for loans for economic injury until

the close of business on December 2,

1997 at the address listed below or other

locally announced locations: U.S. Small

Business Administration, Disaster Area

3 Office, 4400 Amon Carter Blvd., Suite

102, Fort Worth, TX 76155.

In addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Arkansas,

Clay, Cleburne, Columbia, Craighead,

Crittenden, Dallas, Faulkner, Garland,

Grant, Howard, Independence, Jefferson,

Lafayette, Lawrence, Little River,

Montgomery, Miller, Ouachita, Perry,

Pike, Prairie, Randolph, Sevier, St.

Francis, and Woodruff Counties in

Arkansas; Dunklin and Pemiscot

Counties in Missouri; and Dyer,

Lauderdale, Shelby, and Tipton

Counties in Tennessee.

Interest rates are:

Percent

For Physical Damage:

Homeowners With Credit

Available Elsewhere .......... 7.625

Homeowners Without Credit

Available Elsewhere .......... 3.875

Businesses With Credit Available Elsewhere .................. 8.00

Businesses and Non-Profit

Organizations Without

Credit Available Elsewhere 4.000

Others (Including Non-Profit

Organizations) With Credit

Available Elsewhere .......... 7.250

Percent

For Economic Injury:

Businesses and Small Agricultural Cooperatives Without Credit Available Elsewhere ................................. 4.000

The number assigned to this disaster

for physical damage is 293212. For

economic injury the numbers are

939000 for Arkansas, 939100 for

Missouri, and 942900 for Tennessee.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: March 11, 1997.

Herbert L. Mitchell,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–6907 Filed 3–18–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster #2925; Amendment

#3]

State of California

In accordance with information

received from the Federal Emergency

Management Agency, the abovenumbered Declaration is hereby

amended to extend the deadline for

filing applications for physical damages

as a result of this disaster. The new

deadline is April 11, 1997.

All other information remains the

same, i.e., the termination date for filing

applications for loans for economic

injury is October 6, 1997.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: March 11, 1997.

Herbert L. Mitchell,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–6840 Filed 3–18–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster #2935]

State of Indiana

As a result of the President’s major

disaster declaration on March 6, 1997 I

find that the following counties in the

State of Indiana constitute a disaster

area due to damages caused by severe

storms and flooding beginning on

February 28, 1997 and continuing:

Clark, Crawford, Dearborn, Floyd,

Harrison, Jefferson, Ohio, Perry, Posey,

Spencer, Switzerland, Vanderburgh, and

Warrick. Applications for loans for

physical damages may be filed until the

close of business on May 4, 1997, and

for loans for economic injury until the

close of business on December 8, 1997

at the address listed below or other

locally announced locations: U.S. Small

Business Administration, Disaster Area

2 Office, One Baltimore Place, Suite

300, Atlanta, GA 30308.

In addition, applications for economic

injury loans from small businesses

located in the following contiguous

counties may be filed until the specified

date at the above location: Dubois,

Franklin, Gibson, Jennings, Orange,

Pike, Ripley, Scott, and Washington in

Indiana, and Gallatin and White

Counties in Illinois. Any counties

contiguous to the above-named primary

counties and not listed herein have been

covered under a separate declaration for

the same occurrence.

Interest rates are:

Percent

For Physical Damage:

Homeowners With Credit Available Elsewhere ........................ 7.625

Homeowners Without Credit

Available Elsewhere ................ 3.875

Businesses With Credit Available

Elsewhere ................................ 8.000

Businesses and Non-Profit Organizations Without Credit Available Elsewhere ........................ 4.000

Others (Including Non-Profit Organizations) With Credit Available Elsewhere ........................ 7.250

For Economic Injury:

Businesses and Small Agricultural Cooperatives Without

Credit Available Elsewhere ..... 4.000

The number assigned to this disaster

for physical damage is 293506. For

economic injury the numbers are

942700 for Indiana and 942800 for

Illinois.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008.)

Dated: March 12, 1997.

Herbert L. Mitchell,

Acting Associate Administrator for Disaster

Assistance.

[FR Doc. 97–6842 Filed 3–18–97; 8:45 am]

BILLING CODE 8025–01–P

[Declaration of Disaster #2933]

Commonwealth of Kentucky

As a result of the President’s major

disaster declaration on March 4, 1997,

and amendments thereto on March 6

and 8, I find that the following counties

in the Commonwealth of Kentucky

constitute a disaster area due to

damages caused by severe storms,

tornadoes, and flooding beginning on

March 1, 1997 and continuing: Bath,

Boone, Bourbon, Boyd, Bracken,

Breckinridge, Bullitt, Caldwell,

Campbell, Carroll, Carter, Christian,

Daviess, Elliott, Fleming, Franklin,