26834 Federal Register / Vol. 63, No. 93 /Thursday, May 14, 1998 / Notices

1On May 5, 1998, the Exchange filed Amendment

No. 1, technical in nature, to the proposed rule

change, the substance of which is incorporated into

the notice. See letter from Jeffrey S. Norris,

Manager, Regulatory Development and Oversight,

PCX, to Sharon M. Lawson, Senior Special Counsel,

Market Regulation, Commission, dated May 4, 1998

(‘‘Amendment No. 1’’).

2The Exchange has represented that this

proposed rule change: (i) will not significantly

affect the protection of investors or the public

interest; (ii) will not impose any significant burden

on competition; and (iii) will not become operative

for 30 days after the date of this filing. The

Exchange also has provided at least five business

days’ notice to the Commission of its intent to file

this proposed rule change, as required by Rule 19b–

4(e)(6) under the Act.

2016 Debentures issued and outstanding

for trading on the NYSE.

The Company believes that this

application to withdraw the Securities

from listing and registration on the

NYSE under Section 12(b) of the

Exchange Act should be granted for the

following reasons:

1. The Securities are held by a small

number of holders. As of each of

January 1, 1997, and October 3, 1997,

there were eight registered holders of

the 2006 Notes, one registered holder of

the 2008 Debentures, and one registered

holder of the 2016 Debentures.

Moreover, there are fewer than 300

holders of record in aggregate of the

Securities and of all other registered

securities of the Company.

2. There has been no reported trading

in the Securities. No trading in the

Securities has been reported on the

NYSE since their original issuance in

May 1996, and, because of the small

number of holders, the Company

believes that it is unlikely that there will

be any significant public interest in

trading the Securities on the NYSE in

the future.

Any interested person may, on or

before May 29, 1998, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

NW., Washington, DC 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the Exchange and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–12856 Filed 5–13–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

Issuer Delisting; Notice of Application

To Withdraw From Listing and

Registration; (Teletouch

Communications, Inc., Common Stock,

$.001 Par Value; Class A Redeemable

Common Stock Purchase Warrants)

File No. 1–13436

May 8, 1998.

Teletouch Communications, Inc.

(‘‘Company’’) has filed an application

with the Securities and Exchange

Commission (‘‘Commission’’), pursuant

to Section 12(d) of the Securities

Exchange Act of 1934 (‘‘Act’’) and Rule

12d2–2(d) promulgated thereunder, to

withdraw the above specified securities

(‘‘Securities’’) from listing and

registration on the Boston Stock

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

The reasons cited in the application

for withdrawing the Securities form

listing and registration include the

following:

The Company’s Securities have been

listed for trading on the BSE pursuant

to a Registration Statement on Form 8–

A which became effective on December

23, 1994. Subsequently, pursuant to a

Registration Statement on Form 8–A, at

the opening of business on April 6,

1998, trading in the Securities

commenced on the American Stock

Exchange, Inc. (‘‘Amex’’).

The Company has complied with all

rules and requirements of the BSE

relating to the withdrawal of its

Securities from listing and registration

on the BSE, setting forth in detail to the

BSE the reasons for and facts supporting

such proposed withdrawal. In making

the decision to withdraw its Securities

from listing and registration on the BSE,

the Company considered the direct and

indirect costs and expenses attendant on

maintaining the dual listing of its

Securities on the Amex and the BSE.

The Company does not see any

particular advantage in the dual trading

of its Securities and believes that dual

listing would fragment the market for its

Securities.

By letter dated April 24, 1998, from

the Company’s counsel to the BSE, the

Company set forth its reasons for

seeking withdrawal therefrom. By letter

dated April 24, 1998, the BSE informed

the Company that it has no objection to

the withdrawal of the Company’s

Securities from listing and registration

on the BSE.

By reason of Section 12(b) of the Act

and the rules and regulations

thereunder, the company shall continue

to be obligated to file reports under

Section 13 of the Act with the

Commission and the Amex.

Any interested person may, on or

before May 29, 1998, submit by letter to

the Secretary of the Securities and

Exchange Commission, 450 Fifth Street,

N.W., Washington, D.C. 20549, facts

bearing upon whether the application

has been made in accordance with the

rules of the Exchange and what terms,

if any, should be imposed by the

Commission for the protection of

investors. The Commission, based on

the information submitted to it, will

issue an order granting the application

after the date mentioned above, unless

the Commission determines to order a

hearing on the matter.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.

Jonathan G. Katz,

Secretary.

[FR Doc. 98–12858 Filed 5–13–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–39976; File No. SR–PCX–

98–22]

Self-Regulatory Organizations; Notice

of Filing and Immediate Effectiveness

of Proposed Rule Change by the

Pacific Exchange, Inc., Relating to Rule

Changes for Specialist Performance

Evaluations

May 8, 1998.

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

Securities Exchange Act of 1934

(‘‘Act’’), 15 U.S.C. 78s(b)(1), notice is

hereby given that on April 29, 1998,1

the Pacific Exchange Incorporated

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

Securities and Exchange Commission

(‘‘Commission’’) the proposed rule

change as described in Items I, II and III

below, which Items have been prepared

by the self-regulatory organization. The

Exchange has designated the proposed

rule change as constituting a ‘‘noncontroversial’’ rule change under

paragraph (e)(6) of Rule 19b–4 under the

Act which renders the proposal effective

upon receipt of this filing by the

Commission.2 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

PCX is proposing to modify Rule

5.36(d), Commentary .03 and Rule 5.37

to codify previously approved changes

to the Exchange’s Specialist Evaluation
Federal Register / Vol. 63, No. 93 /Thursday, May 14, 1998 / Notices 26835

3See Securities Exchange Act Release No. 39477

(December 22, 1997), 62 FR 68334 (December 30,

1997) (‘‘Approval Release’’).

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

5 15 U.S.C. 78f(b)(5).

6 17 CFR 240.19b–4(e)(6).

7 15 U.S.C. 78s(b)(3)(A).

8 17 CFR 200.30–3(a)(12).

Program and to modify language

regarding the imposition of restrictions

and the procedures on certain

specialists. The text of the proposed rule

change is available at the Office of the

Secretary, PCX, and at the Commission.

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

self-regulatory organization 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 self-regulatory organization 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

1. Purpose

On December 22, 1997, the

Commission approved a one-year

extension of the Exchange’s pilot

program for the evaluation of Equity

specialists.3 The filing established an

overall score and individual passing

scores for specialists, replaced the

‘‘Bettering the Quote’’ criterion with

‘‘Price Improvement,’’ and lowered the

weighting of the ‘‘Specialist Evaluation

Questionnaire’’ criterion from 15% to

10% so that Price Improvement could

be given a weight of 10%. The

Commission stated in footnote 14 of the

Approval Release that the PCX intended

to file changes to its rules to reflect

these modifications. This filing would

codify those changes.

In addition, the proposed rule change

clarifies the language regarding the

applicability of restrictions on

specialists who fail to obtain an overall

or individual passing score minimum.

The following are examples of the

language changes: mitigating

circumstances language was taken out of

the rule and language was added to

indicate that decisions will now be done

on a case-by-case basis; the language

regarding the formal and informal

meeting process was made clear; and

other technical changes were made. In

addition, rule language that had made it

mandatory for the Equity Allocation

Committee (‘‘EAC’’) to apply restrictions

to specialists in the bottom 10% was

eliminated because the Exchange

believes it was necessary due to the

other changes to the Specialist

Evaluation Performance Program

establishing an overall passing score

and individual passing scores. However,

the Exchange kept the discretion to look

at specialists that ranked in the bottom

10% in order to have the ability to

review specialists that continually fall

in the bottom 10% even though they

passed the other standards. Changes

were made that now give discretion to

the Equity Allocation Committee to

decide: (1) whether to meet with the

specialists who are ranked in the bottom

10% of their respective trading floors;

and (2) whether restrictions should be

imposed if the EAC does meet with the

specialists in the bottom 10%.

The Exchange intends to file with the

Commission by October 30, 1998, a

proposal to extend the pilot beyond

January 1, 1999, as well as a report

describing its experience with the pilot.

2. Statutory Basis

The Exchange believes the proposed

rule change is consistent with Section

6(b) 4 of the Act, in general, and furthers

the objectives of Section 6(b)(5) of the

Act,5 in particular, in that it is

designated to promote just and equitable

principles of trade.

B. Self-Regulatory Organization’s

Statement on Burden on Competition

The Exchange does not believe that

the proposed rule change will impose

any burden on competition.

C. Self-Regulatory Organization’s

Statement on Comments on the

Proposed Rule Change Received From

Members, Participants, or Others

Written comments on the proposed

rule change were neither solicited nor

received.

III. Date of Effectiveness of the

Proposed Rule Change and Timing for

Commission Action

This proposed rule change has been

filed by the Exchange as a

‘‘noncontroversial’’ rule change

pursuant to paragraph (e)(6) of Rule

19b–4.6 Consequently, because the

proposed rule change: (1) does not

significantly affect the protection of

investors or the public interest; (2) does

not impose any significant burden on

competition; and (3) does not become

operative until 30 days after the date of

filing, and the Exchange provided the

Commission written notice of its intent

to file the proposed rule change at least

five days prior to the filing date, it has

become effective pursuant to Section

19(b)(3)(A) of the Act 7 and subpararaph

(e)(6) of Rule 19b–4 thereunder.

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,

including whether the proposed rule

change is consistent with the Act.

Persons making written submissions

should file six copies thereof with the

Secretary, Securities and Exchange

Commission, 450 Fifth Street, N.W.,

Washington D.C. 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 Exchange. All

submissions should refer to File No.

SR–PCX–98–22 and should be

submitted by June 4, 1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–12857 Filed 5–13–98; 8:45 am]

BILLING CODE 8010–01–M