20238 Federal Register / Vol. 63, No. 78 /Thursday, April 23, 1998 / Notices

8 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

3Securities Exchange Act Release No. 39472

(March 11, 1998), 63 FR 13082 (March 17, 1998).

The notice of the rule change included the

publication of a technical amendment to the

proposal, which was filed with the Commission on

March 10, 1998.

4 15 U.S.C. 78f(b)(3).

5 15 U.S.C. 78f.

6 In approving the rule change, the Commission

has considered the proposed rule’s impact on

efficiency, competition and capital formation. 15

U.S.C. 78c(f).

7 15 U.S.C. 78s(b)(2). 8 17 CFR 200.30–3(a)(12).

the principal office of the Exchange. All

submissions should refer to File No.

SR–PCX–98–16 and should be

submitted by May 14, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–10750 Filed 4–22–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39882; File No. SR–Phlx–

97–62]

Self-Regulatory Organizations; Order

Granting Approval of Proposed Rule

Change by the Philadelphia Stock

Exchange, Inc., To Amend its By-Law

Article X, Sections 10–16, 10–17 and

10–19 To Require That Each of its

Trading Floor Committees Consult

With Its Corresponding Quality of

Markets Committee on All Matters of

Policy and All Matters That Are To Be

Presented to the Board

April 17, 1998.

I. Introduction

On December 29, 1997, the

Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’ or ‘‘Exchange’’) filed with the

Securities and Exchange Commission

(‘‘SEC’’ or ‘‘Commission’’) a proposed

rule change pursuant to Section 19(b)(1)

of the Securities Exchange Act of 1934

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

In this filing, the Phlx proposed

amendments to By-Law Article X,

Sections 10–16, 10–17 and 10–19.

Notice of the proposed rule change was

published in the Federal Register on

March 17, 1998.3 The Commission

received no comments on the proposal.

II. Description of the Proposal

Phlx By-Law Article X, Sections 10–

16, 10–17 and 10–19 set forth the

charters of the Exchange’s various

trading floor standing committees. The

proposed amendments specify that each

of the trading floor standing committees

shall consult with its respective quality

of markets committee on all matters of

policy and all matters that are to be

presented to the Phlx Board of

Governors. The proposed amendments

are intended to foster the sharing of

views on policy and other matters

between the various trading floor

standing committees (Floor Procedure,

Foreign Currency Options and Options)

and corresponding quality of markets

committees. The intended sharing of

views on all policy matters is designed

to bring the perspectives of the nonindustry representatives of the various

quality of markets committees to matters

that may be referred to the Board of

Governors by the various trading floor

standing committees.

III. Discussion

The Commission believes the

proposal is consistent with the Act in

general, and in particular, with Section

6(b)(3) of the Act.4 Section 6(b)(3) of the

Act requires that the rules of an

exchange assure a fair representation of

its members in the selection of its

directors and administration of its

affairs and provide that one or more

directors shall be representative of

issuers and investors and not be

associated with a member of the

exchange, broker, or dealer.

Phlx By-Law Article X, Section 10–20

requires that the quality of markets

committees have broad representation

that shall be equally balanced between

industry and non-industry committee

members. Thus, by requiring that the

Phlx’s quality of markets committees

participate in the Phlx’s policy making

process, the proposal should help to

ensure that the Phlx’s rules fairly

represent the views of all of the Phlx’s

members and constituents, including

investors. The Commission believes that

by promoting the participation of nonindustry representatives in the decision

making process of the Phlx, the proposal

is consistent with Section 6(b)(3) of the

Act.

Accordingly, the Commission believes

the proposed rule change is consistent

with Section 6 of the Act 5 in general,

and in particular, with Section 6(b)(3) in

that it is designed to assure a fair

representation in the administration of

the Exchange’s affairs.6

IV. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,7 that the

proposed rule change SR–Phlx–97–62

be and hereby is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–10751 Filed 4–22–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3076]

State of Alabama

As a result of the President’s major

disaster declaration on April 9, 1998, I

find that Jefferson, St. Clair, and

Tuscaloosa Counties in the State of

Alabama constitute a disaster area due

to damages caused by severe storms and

tornadoes beginning on April 8, 1998

and continuing. Applications for loans

for physical damages as a result of this

disaster may be filed until the close of

business on June 8, 1998, and for loans

for economic injury until the close of

business on January 11, 1999 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 in Alabama may be filed until

the specified date at the above location:

Bibb, Blount, Calhoun, Etowah, Fayette,

Greene, Hale, Pickens, Shelby,

Talladega, and Walker.

The interest rates are:

Percent

Physical Damage:

Homeowners with credit available elsewhere ...................... 7.000

Homeowners without credit

available elsewhere ............... 3.500

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 ...................... 7.125

For Economic Injury:

Businesses and small agricultural cooperatives without

credit available elsewhere ..... 4.000

The numbers assigned to this disaster

are 307612 for physical damage and

983300 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)