Federal Register / Vol. 63, No. 117 /Thursday, June 18, 1998 / Notices 33431

4Telephone conversation between Linda S.

Christie, Counsel, Phlx, and Yvonne Fraticelli,

Attorney and Marc Mckayle, Attorney, Division of

Market Regulation, Commission (May 28, 1998).

5Only quotations disseminated at the opening of

a trading day will be deemed to have opened the

market in an underlying security. Stale quotations

disseminated on a prior trading day will be

ineffective under this proposed rule change.

Telephone conversation between Linda S. Christie,

Counsel, Phlx, and Yvonne Fraticelli, Attorney, and

Marc McKayle, Attorney, Division, Commission

(May 8, 1998).

6 15 U.S.C. 78f.

7 15 U.S.C. 78f(b)(5). 8 17 CFR 200.30–3(a)(12)

shall be considered open for trading

where a transaction has been reported or

an opening indication disseminated,

whichever occurs first, and there has

not been an indication of a delayed

opening given.

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 Phlx proposes amending Phlx

Rules 1047 (Trading Rotations, Halts

and Suspensions), 1047A (Trading

Rotations, Halts or Reopenings), and

Options Floor Procedure Advice G–2

(Trading Rotations, Halts or Reopenings)

to clarify when a security is open. These

provisions govern the various types of

option rotations. Commentary .01(a) of

Rule 1047 pertains to opening rotations,

specifying that the opening rotation in

each class of potions shall be held

promptly following the opening of the

underlying security on the principal

market where it is traded. However,

neither Commentary .01 of Rule 1047,

Rule 1047A, or Advice G–2 delineates

when a security is considered open for

trading. For clarification purposes, the

Phlx proposes amending Rule 1047

Commentary .01(a) to indicate that an

underlying security shall be deemed to

have opened on the primary market

where it is traded it such market has

either (1) reported a transaction in the

underlying security, or (2) disseminated

an opening quotation for the underlying

security and given no indication of a

delayed opening.4 A corresponding

amendment is also proposed for Rule

1047A and Advice G–2. Thus, the

proposal is intended to correct an

ambiguity and expressly provide in

Exchange rules that an opening quote

signals the opening of a security.5 The

proposal should promote more prompt

options openings by not requiring a

transaction to occur in the underlying

security.

The proposed rule change is

consistent with Section 6 of the Act, in

general,6 and Section 6(b)(5),7 in

particular, in that it is designed to

promote just and equitable principles of

trade, prevent fraudulent and

manipulative acts and practices, to

foster cooperation and coordination

with persons engaged in relating, and

facilitating transactions in securities, to

remove impediments to and perfect the

mechanism of a free and open market

and a national market system, as well as

to protect investors and the public

interest. By clarifying the Exchange’s

provisions concerning options openings

and encouraging more prompt openings,

the aim of the Act should be achieved.

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

Within 35 days of the date of

publication of this notice in the Federal

Register or within such longer period (i)

as the Commission may designate up to

90 days of such date if it finds such

longer period to be appropriate and

publishes its reasons for so finding or

(ii) as to which the Phlx consents, the

Commission will:

(A) by order approve such proposed

rule change, or,

(B) institute proceedings to determine

whether the proposed rule change

should be disapproved.

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, 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

Section, 450 Fifth Street, NW,

Washington, DC 20549. 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–98–19

and should be submitted by July 9,

1998.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.8

Jonathan G. Katz,

Secretary.

[FR Doc. 98–16261 Filed 6–17–98; 8:45 am]

BILLING CODE 8010–01–M

DEPARTMENT OF TRANSPORTATION

Office of the Secretary

Reports, Forms and Recordkeeping

Requirements: Agency Information

Collection Activity Under OMB Review

AGENCY: Office of the Secretary, DOT.

ACTION: Notice and request for

comments.

SUMMARY: In compliance with the

Paperwork Reduction Act of 1995 (44

U.S.C. 3501 et seq.), this notice

announces that the Information

Collection (ICR) abstracted below has

been forwarded to the Office of

Management and Budget (OMB) for

review and comment. The ICR describes

the nature of the information collection

and its expected burden. The Federal

Register Notice with a 60-day comment

period soliciting comments on the

following collection of information was

published on March 9, 1998, [63 FR

11472].

DATES: Comments must be submitted on

or before July 20, 1998.

FOR FURTHER INFORMATION CONTACT:

Judith Street, ABC–100; Federal

Aviation Administration; 800

Independence Avenue, SW.;
33432 Federal Register / Vol. 63, No. 117 /Thursday, June 18, 1998 / Notices

Washington, DC 20591; Telephone

number (202) 267–9895.

SUPPLEMENTARY INFORMATION:

Federal Aviation Administration (FAA)

Title: Physiological Training.

OMB Control Number: 2120–0101.

Type of Request: Extension of

currently approved collection.

Form(s): AC Form 3150–7.

Affected Public: Individuals or

households.

Abstract: This collection of

information is used to determine if the

applicants meet the qualifications for

the voluntary physiological training

under the FAA/USAF training

agreement.

Annual Estimated Burden Hours: 458

hours.

Addressee: Send comments to the

Office of Information and Regulatory

Affairs, Office of Management and

Budget, 725—17th Street, NW.,

Washington, DC 20503, Attention FAA

Desk Officer.

Comments are invited on: whether the

proposed collection of information is

necessary for the proper performance of

the functions of the Department,

including whether the information will

have practical utility; the accuracy of

the Department’s estimate of the burden

of the proposed information collection;

ways to enhance the quality, utility and

clarity of the information to be

collected; and ways to minimize the

burden of the collection of information

on respondents, including the use of

automated collection techniques or

other forms of information technology.

A comment to OMB is most effective

if OMB receives it within 30 days of

publication.

Issued in Washington, D.C. on June 12,

1998.

Phillip A. Leach,

Clearance Officer, United States Department

of Transportation.

[FR Doc. 98–16145 Filed 6–17–98; 8:45 am]

BILLING CODE 4910–62–P

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

[RST–97–5]

The New Jersey Transit Rail

Operations, Incorporated

The New Jersey Transit Rail

Operations, Inc., (NJT) has petitioned

the Federal Railroad Administration

(FRA) seeking a waiver of compliance

with the requirements of Title 49 CFR

Part 213.233(c). NJT proposes to

substitute the operation of a track

geometry measuring car over main track

and sidings quarterly in place of one of

the currently required twice weekly

visual inspections.

The FRA issued two public notices

seeking comments of interested parties.

After examining the railroad’s proposal

and the available facts, FRA has

determined that a public hearing is

necessary before a final decision is

made on this proposal.

Accordingly, a public hearing is

hereby set for 9:00 a.m. EDT, on

Tuesday, August 4, 1998 in the Peter W.

Rodino Federal Building, 970 Broad

Street, Rooms 204–205, in Newark, New

Jersey. Interested parties are invited to

present oral statements at the hearing

The hearing will be an informal one

and will be conducted in accordance

with Rule 25 of the FRA Rules of

Practice (Title 49 CFR part 211.25), by

a representative designated by the FRA.

The hearing will be a nonadversary

proceeding and, therefore, there will be

no cross-examination of persons

presenting statements. The FRA

representative will make an opening

statement outlining the scope of the

hearing. After all initial statements have

been completed, those persons wishing

to make brief rebuttal statements will be

given the opportunity to do so in the

same order in which they made their

initial statements. Additional

procedures, if necessary for the conduct

of the hearing, will be announced at the

hearing.

Issued in Washington, D.C. on June 8,

1998.

Grady C. Cothen, Jr.,

Deputy Associate Administrator for Safety

Standards and Program Development.

[FR Doc. 98–16158 Filed 6–17–98; 8:45 am]

BILLING CODE 4910–06–P

DEPARTMENT OF TRANSPORTATION

Federal Railroad Administration

Notice of Application for Approval of

Discontinuance or Modification of a

Railroad Signal System or Relief From

the Requirements of Title 49 Code of

Federal Regulations Part 236

Pursuant to Title 49 Code of Federal

Regulations (CFR) Part 235 and 49

U.S.C. App. 26, the following railroads

have petitioned the Federal Railroad

Administration (FRA) seeking approval

for the discontinuance or modification

of the signal system or relief from the

requirements of 49 CFR Part 236 as

detailed below.

Block Signal Application (BS–AP)–No.

3472

Applicants:

Burlington Northern and Santa Fe

Railway Company, Mr. William G.

Peterson, Director Signal

Engineering, 4515 Kansas Avenue,

Kansas City, Kansas 66106

Union Pacific Railroad Company, Mr.

Phil Abaray, Chief Engineer—

Signals/Quality, 1416 Dodge Street,

Room 1000, Omaha, Nebraska

68179–1000

Burlington Northern and Santa Fe

Railway Company and Union Pacific

Railroad Company, jointly seek

approval of the proposed

discontinuance and removal of the

traffic control system, on the single

main track, between Sherman, Texas,

milepost 645.9 and South Sherman,

Texas, milepost 649.9, on the Texas

Division, Madill Subdivision, including

conversion of three power-operated

switches to hand operation, removal of

all associated signals, and

implementation of Track Warrant

Control Rules as the method of

operation.

The reasons given for the proposed

changes are to improve operating

efficiency and reduce maintenance costs

of plants no longer needed.

BS–AP–No. 3473

Applicant: CSX Transportation,

Incorporated, Mr. R. M. Kadlick, Chief

Engineer Train Control, 500 Water

Street (S/C J–350), Jacksonville,

Florida 32202

CSX Transportation, Incorporated

seeks approval of the proposed

temporary discontinuance of the signal

system, on the two main tracks, at ‘‘J

Tower,’’ milepost BI–3.10, in Willard,

Ohio, on the Willard Terminal

Subdivision, Baltimore Service Lane, for

approximately 120 days, and govern

train movements by Yard Limit Rules

under the direction of a Switch Tender.

The proposal is associated with major

modifications in track and signal

arrangements, including installation of a

traffic control system.

The reason given for the proposed

changes is to safely and efficiently

expedite train movements during

construction and cut-over.

BS–AP–No. 3474

Applicant: Wisconsin Central Limited,

Mr. Glenn J. Kerbs, Vice President

Engineering, 3000 Minnesota Avenue,

Stevens Point, Wisconsin 54481

Wisconsin Central Limited seeks

approval of the proposed modification

of the signal system, on the two main

tracks and siding, near Slinger,

Wisconsin, milepost CM122.60, Chicago

Subdivision, consisting of the removal

of the existing interlocking plant,

installation of two power-operated

switches for the new connection tracks