39338 Federal Register / Vol. 63, No. 140 /Wednesday, July 22, 1998 / Notices

15 15 U.S.C. 78s(b)(2).

16 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. 40063

(June 3, 1998), 63 FR 31823.

4Rule 19d–1(c)(2) under the Act authorizes

national securities exchanges to adopt minor rule

violation plans for the summary discipline and

abbreviated reporting of minor rule violations by

exchange members and member organizations. See

Securities Exchange Act Release No. 21013 (June 1,

1984), 49 FR 23828 (June 8, 1984) (order approving

amendments to paragraph 9(c)(2) of Rule 19d–1

under the Act). Pursuant to PCX Rule 10.13, the

Exchange may impose a fine on any member or

member organization for any violation of an

Exchange rule that has been deemed to be minor in

nature and approved by the Commission for

inclusion in the MRP. PCX Rule 10.13(h)–(j) sets

forth the specific Exchange rules deemed to be

minor in nature.

5As noted in PCX Rule 10.13(e), pursuant to

Securities Exchange Act Release No. 30958, any

person or organization found in violation of a minor

rule under the MRP is not required to report such

violation on SEC Form BD, provided that the

sanction imposed consists of a fine not exceeding

$2,500 and the sanctioned person or organization

has not sought an adjudication, including a hearing,

or otherwise exhausted the administrative remedies

available with respect to the matter. Accordingly,

any fine imposed in excess of $2,500 will be subject

to reporting of SEC Form BD in addition to the

immediate, rather than periodic, reporting a

requirement of Section 19(d)(1) of the Act. See

Securities Exchange Act Release No. 30280 (January

22, 1992), 57 FR 3452 (noting that fines in excess

of $2,500, assessed under New York Stock

Exchange, Inc. (‘‘NYSE’’) Rule 476A, are not

considered pursuant to the NYSE’s minor rule

violation plan and are thus subject to the current

reporting requirements of Section 19(d)(1) of the

Act).

6 15 Proposed Rule Change 78f(b)(6).

7 15 U.S.C. 78s(b)(2).

8 17 CFR 200.30–3(a)(12).

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

2 17 CFR 240.19b–4.

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 susequent 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 at

the Commission’s Public Reference

Room, located at the above address.

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–97–46 and should be

submitted by August 12, 1998.

V. Conclusion

It is therefore ordered, pursuant to

Section 19(b)(2)of the Act,15 that the

proposed rule change (SR–PCX–97–46)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.16

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–19438 Filed 7–21–98; 8:45am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40193; File No. SR–PCX–

98–21]

Self-Regulatory Organizations; Pacific

Exchange, Inc.; Order Granting

Approval to Proposed Rule Change

Relating to Fines for Disruptive Action

on the Options Floor

July 10, 1998.

I. Introduction

On April 16, 1998, the Pacific

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

filed with the Securities and Exchange

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

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 to increase fines for

disruptive action involving physical

contact between members while on the

options floor. Notice of the filing was

published in the Federal Register on

June 10, 1998.3 No comments were

received. This order approves the

proposal.

II. Description of the Proposal

The Exchange is proposing to increase

its recommended fines under the Minor

Rule Plan (‘‘MRP’’) 4 for disruptive

action involving physical contact

between members while on the options

floor.These fines are currently set at

$500, $1,000 and $2,500 for first, second

and third violations, respectively,

during a running two-year period. The

Exchange is proposing to increase these

fines to $1,500, $3,000 and $5,000,

respectively.5 The purpose of the rule

change is to deter future incidents of

disruptive conduct involving physical

contact on the PCX options floor. The

Exchange notes that there has been a

moderate increase recently in the

number of such cases, and the Exchange

intends for the proposed rule change to

reverse that trend.

III. Discussion

The Commission finds that the

proposed rule change is consistent with

the requirements of the Act and the

rules and regulations thereunder, and,

in particular with the requirements of

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

6(b)(6) of the Act requires that the rules

of the Exchange provide that its

members be appropriately disciplined

for violations of the Act, the rules and

regulations thereunder, and the

Exchange’s rules. The Commission

believes that the proposed fines will

serve as a stronger deterrent to

disruptive behavior, thereby promoting

fair and orderly markets on the options

floor and protecting investors and the

public interest. The Commission also

notes that the proposed fine schedule is

graduated to account for repeat

offenders and that the Exchange may

commence a formal disciplinary

proceeding under Exchange Rule 10.3 if

it determines that a violation otherwise

covered by the MRP is not minor is

nature. Accordingly, the Commission

believes that the proposed fines will

result in appropriate discipline.

IV. Conclusions

It is therefore ordered, pursuant to

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

proposed rule change (SR–PCX–98–21)

is approved.

For the Commission, by the Division of

Market Regulation, pursuant to delegated

authority.4

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–19444 Filed 7–21–98; 8:45 am]

BILLING CODE 8010–01–M

SECURITIES AND EXCHANGE

COMMISSION

[Release No. 34–40208; File No. SR–Phlx–

97–63]

Self-Regulatory Organizations;

Philadelphia Stock Exchange, Inc.;

Order Granting Approval of Proposed

Rule Change and Amendment No. 1

Thereto and Notice of Filing and Order

Granting Accelerated Approval of

Amendment No. 2 to Proposed Rule

Change To Adopt a New Method of

Calculating Initial and Maintenance

Margin Requirements for Foreign

Currency Options

July 15, 1998.

I. Introduction

On December 22, 1997, the

Philadelphia Stock Exchange, Inc.

(‘‘Phlx’’ or ‘‘Exchange’’) submitted to the

Securities and Exchange Commission

(‘‘Commission’’), pursuant to Section

19(b)(1) of the Securities Exchange Act

of 1934 (‘‘Act’’),1 and Rule 19b–4

thereunder,2 a proposed rule change

that would adopt a new method of
Federal Register / Vol. 63, No. 140 /Wednesday, July 22, 1998 / Notices 39339

3See Amendment No. 1 to Phlx 97–63 and cover

letter from Nandita Yagnik, Counsel, Phlx, to

Sharon Lawson, Senior Special Counsel, Division of

Market Regulation (‘‘Division’’), Commission, dated

April 3, 1998 (‘‘Amendment No. 1’’). Amendment

No. 1 incorporates the original proposed rule

change and amendments to the original proposal

into a Rule 19b–4 notice. In Amendment No. 1, the

Phlx proposes to amend its original proposal to: (1)

conduct margin reviews quarterly rather then semiannually; (2) monitor currencies monthly when the

confidence level falls to between 97% and 97.5%

until the confidence level exceeds 97.5% for two

consecutive months; and (3) revise Rule 722 to

exclude the actual margin level for each currency

and instead, to distribute membership circulars

announcing the margin levels that are derived

pursuant to proposed Commentary .16 of Rule 722.

Amendment No. 1 also incorporates changes

originally proposed in a letter from Michele R.

Weisbaum, Vice President and Associate General

Counsel, Phlx, to Sharon Lawson, Senior Special

Counsel, Division, Commission, dated February 19,

1998.

4See Securities Exchange Act Release No. 39856

(April 13, 1998) 63 FR 19554.

5See Letter from Nandita Yagnik, Counsel, Phlx,

to Sharon Lawson, Senior Special Counsel,

Division, Commission, dated May 29, 1998

(‘‘Amendment No. 2’’), In Amendment No. 2, the

Phlx represents that it will inform its membership

and the public via memoranda and circulars of the

margin levels for each currency option immediately

following the quarterly reviews described in

proposed Commentary .16 to Rule 722.

6This 4% ‘‘add-on’’ percentage is applicable to

the following foreign currencies: Australian dollar,

British pound, Canadian dollar, German mark,

European Currency Unit, French franc, Japanese

yen and Swiss franc. The Spanish peseta and the

Italian lira currently have a 7% add-on percentage

and the Mexican peso has an add-on percentage of

17%.

7See Securities Exchange Act Release No. 22469

(September 26, 1985) 50 FR 40663 (October 4, 1985)

(order approving File Nos. SR–Amex–84–29, SR–

CBOE–84–27, SR–NASD–85–15, SR–PSE–84–20,

SR–Phlx–84–32 and SR–Phlx–85–18 and

establishing a uniform margin system for options

products).

8Although the Phlx initially proposed semiannual margin reviews, in Amendment No. 1, the

Phlx proposes to amend Commentary .16(b) of Rule

722 to require martin reviews to be conducted

quarterly, promptly following the 15th of January,

April, July and October of each year. See

Amendment No. 1, supra note 4.

9As initially proposed, it was unclear whether

monthly margin reviews would be required once

the confidence level equaled 97.5%. Amendment

No. 1 makes clear that the confidence level must

exceed 97.5% for two consecutive months before

the currency will no longer be reviewed monthly.

See Amendment No. 1, supra note 4.

10See Phlx Rule 722(i)(8).

11See Amendment No. 2, supra note 6.

12As initially proposed, all changes to the addon percentage for individual currencies set forth in

Phlx Rule 722 would have required a proposed rule

change to be filed with the Commission pursuant

to Section 19(b)(3)(A) of the Act. Because the actual

margin levels will not be set forth in Phlx Rule 722

pursuant to Amendment No. 1 such changes will

not trigger a requirement to submit a Section

19(b)(3)(A) filing to the Commission. Instead,

changes to the margin levels as a result of the new

calculation methodology will be announced to the

Phlx membership via circular, as discussed above.

Telephone conversation between Nandita Yagnik,

Counsel, Phlx, and Deborah Flynn, Division,

Commission, on April 13, 1998.

calculating initial and maintenance

customer margin requirements for

foreign currency options under Phlx

Rule 722. Under proposed new

Commentary .16 to Rule 722, the

Exchange would calculate the margin

requirements for each foreign currency

separately, rather than determining one

margin level for all foreign currencies

based upon the historical pricing

information for all foreign currencies

together. The Phlx filed Amendment

No. 1 to the proposed rule change on

April 6, 1998.3

On April 20, 1998, the proposed rule

change and Amendment No. 1 were

published for comment in the Federal

Register.4 No comments were received

on the proposal. On June 1, 1998, the

Phlx filed Amendment No. 2 to the

proposed rule change.5 This order

approves the amended proposed rule

change including Amendment No. 2 to

the proposed rule change on an

accelerated basis.

III. Description of the Proposal

Currently, the Exchange calculates the

margin requirement for customers that

assume short foreign currency option

positions by adding 4% of the current

market value of the underlying foreign

currency contract to the option

premium price less an adjustment for

the out-of-the-money amount of the

option contract.6 The 4% add-on

percentage was adopted in 1986 and

provided for initial margin which would

cover the aggregate underlying foreign

currencies’ historical volatility over a

seven day period with a 95%

confidence level over the latest nine

month period.7 Thus, the margin level

for foreign currency options has been set

based on the historical pricing

information for all foreign currencies

considered together. This add-on

percentage is now reviewed by the

Exchange every quarter to assure that it

provides for a 97.5% confidence level

over a five day period.

In response to the Commission’s

recommendation that the Exchange

should set margin levels for each foreign

currency option independently and

specify its procedure for setting these

levels in its rules, the Phlx is proposing

to determine the applicable add-on

percentage by reviewing, on a quarterly

calendar basis,8 five-day price changes

over the preceding three-year period for

each underlying currency and set the

add-on percentage at a level which

would have covered those price changes

at least 97.5% of the time (‘‘confidence

level’’). Pursuant to the proposal, if the

results of subsequent reviews show that

the current margin level provides a

confidence level below 97%, the

Exchange will increase the margin

requirement for that individual currency

up to a 98% confidence level. If the

confidence level is between 97% and

97.5%, the margin level will remain the

same but will be subject to monthly

follow-up reviews until the confidence

level exceeds 97.5% for two consecutive

months.9 If during the course of the

monthly follow-up reviews, the

confidence level drops below 97%, the

margin level will be increased to a 98%

level and if it exceeds 97.5% for two

consecutive months, the currency will

be taken off monthly reviews and will

be put back on the quarterly review

cycle. If the currency exceeds 98.5%,

the margin level will be reduced to a

98% confidence level during the most

recent 3 year period. Finally, in order to

account for large price movements

outside the established margin level, if

the quarterly review shows that the

currency had a price movement, either

positive or negative, greater than two

times the margin level during the most

recent 3 year period, the margin

requirement would be set at a level to

meet a 99% confidence level (‘‘Extreme

Outlier Test’’).

The quarterly reviews will be

conducted promptly following the 15th

of January, April, July and October of

each year. In addition to the routine

reviews described above, the Exchange

continues to have authority to impose a

higher margin level at any time in

between reviews if market conditions so

warrant.10 At this time, the margin

levels for Tier, I, II, and III customized

cross rate options will remain the same.

Finally, the Phlx proposes to revise

Rule 722 so that while the calculation

methodology will be outlined in

Commentary .16, the actual margin level

for each currency will not be stated.

Instead, the Exchange will distribute

circulars to the membership announcing

the margin levels that are derived

pursuant to the methodology in

Commentary .16 to Rule 722. The

Exchange also will inform its

membership and the pubic via

memoranda and circulars of the margin

levels for each foreign currency option

immediately following the quarterly

reviews described in proposed

Commentary .16 of Rule 722.11 In

addition, any time that a particular

margin level changes based on a review

or otherwise pursuant to Rule 722, the

new margin requirement will be

announced via circular to the

membership.12

III. Discussion

The Commission finds that the

proposed rule change, as amended,
39340 Federal Register / Vol. 63, No. 140 /Wednesday, July 22, 1998 / Notices

13 15 U.S.C. 78f.

14 In approving this rule, the Commission notes

that it has considered the proposed rule’s impact on

efficiency, competition, and capital formation. 15

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

15 15 U.S.C. 78f(b)(5). 16 15 U.S.C. 78f(b)(5).

17 15 U.S.C. 78s(b) and 78f(b)(5).

18 15 U.S.C. 78s(b)(2).

19 17 CFR 200.30–3(a)(12).

relating to the calculation of customer

margin requirements for foreign

currency options is consistent with the

requirements of Section 6 of the Act 13

and the rules and regulations

thereunder applicable to a national

securities exchange.14 Specifically, the

Commission believes that the proposed

rule change is consistent with and

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

of the Act 15 in that the amendment and

codification of the methodology used to

calculate initial and maintenance

customer margin requirements for

foreign currency options should remove

impediments to and perfect the

mechanism of a free and open market in

a manner consistent with the protection

of investors and the public interest.

The Commission believes that the

Exchange’s proposed methodology for

determining customer margin

requirements for each foreign currency

independently, rather than determining

one margin level from the combined

historical volatilities of all underlying

foreign currencies together, is

reasonable and should adequately

account for the historical and potential

volatility of each of the traded foreign

currencies. By setting margin levels for

each foreign currency option separately,

the Commission believes that the

margin requirements established

pursuant to this approach will better

reflect the specific risks associated with

each individual foreign currency option.

As discussed above, the Exchange

will calculate the applicable add-on

percentage by reviewing, on a quarterly

basis, five-day price changes over the

preceding three-year period for each

underlying currency and will set the

add-on percentage at a level sufficient to

cover those price changes at least 97.5%

of the time. The Commission believes

that this methodology should allow the

Phlx to reasonably determine an

appropriate add-on percentage for each

individual currency. In addition, the

Exchange must conduct reviews at least

quarterly of the volatility of each foreign

currency and must take immediate steps

to increase the existing customer margin

requirements if the existing margin

levels are deemed to be inadequate. The

Extreme Outlier Test will also ensure

adequate margin by monitoring for large

currency price movements that are

outside the normal range. As discussed

above, the Extreme Outlier Test would

require margin confidence levels to be

increased to 99% if the underlying

currency has had a price movement of

greater than two times the margin level

over the last 3 years. Moreover, the

Commission notes that the Exchange

continues to have authority to conduct

reviews of foreign currency margin

levels at any time that market

conditions warrant. The Commission

fully expects the Exchange to exercise

this authority to review the adequacy of

existing foreign currency margin levels

during times of significant volatility in

the foreign currency markets, in

addition to the routine quarterly

reviews. The new margin methodology,

coupled with the Extreme Outlier Test,

routine quarterly and as-needed

reviews, has been designed to reduce

risks arising from inadequate margin

levels for foreign currency options and

should help to ensure adequate margin

is required to cover contract obligations.

Accordingly, the Commission believes

that consistent with Section 6(b)(5) of

the Act,16 the Phlx’s proposal will serve

to protect investors and the public

interest by reducing the risks that can

arise from inadequate margin levels.

The Commission notes that the

calculation methodology, rather than

the actual margin level for each

currency, will be set forth in

Commentary .16 to Rule 722. Instead,

the Phlx proposes to distribute circulars

to its membership periodically to

announce the margin levels derived

pursuant to the proposed methodology.

As discussed above, the Phlx proposes

to distribute circulars to its membership

announcing the margin levels derived

pursuant to Commentary .16 of Rule

722, immediately following is quarterly

reviews of the applicable add-on

percentages, and at any time that a

particular margin level changes. The

Commission believes that providing

information about margin requirements

initially, on a quarterly basis, and

whenever there is a change in a margin

level should ensure that Exchange

members and others with a interest in

trading foreign currency options listed

on the Phlx are provided with adequate

notice of the applicable margin

requirements.

The Commission finds good cause for

approving Amendment No. 2 to the

proposed rule change prior to the

thirtieth day after publication in the

Federal Register. The Commission notes

that Amendment No. 2 merely increases

the frequency of distribution of circulars

informing the Exchange’s membership

of the margin levels for each foreign

currency option. As discussed above,

the Commission believes that issuing

circulars immediately following the

proposed quarterly reviews of margin

levels strengthens the Phlx’s proposal

by ensuring interested Exchange

members and other market participants

receive adequate notice of the

applicable add-on percentages. For

these reasons, the Commission believes

that the proposed Amendment No. 2

raises no issues of regulatory concern.

Accordingly, the Commission finds that

good cause exists, consistent with

Sections 19(b) and 6(b)(5) of the Act,17

to accelerate approval of Amendment

No. 2 to the proposed rule change.

IV. Solicitation of Comments

Interested persons are invited to

submit written data, views and

arguments concerning Amendment No.

2, including whether Amendment No. 2

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 submissions, 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 at

the Commission’s Public Reference

Room, 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–97–63

and should be submitted by August 12,

1998.

Conclusion

For the foregoing reasons, the

Commission finds that the Phlx’s

proposal, as amended, to change Phlx’s

method of calculating initial and

maintenance margin requirements for

foreign currency options under Rule 722

is consistent with the requirements of

the Act and the rules and regulations

thereunder.

It is therefore ordered, pursuant to

Section 19(b)(2) of the Act,18 that the

proposed rule change (SR–Phlx–97–63),

as amended, is approved.

For the Commission, by the Division of

Market Regulations, pursuant to delegated

authority.19
Federal Register / Vol. 63, No. 140 /Wednesday, July 22, 1998 / Notices 39341

Margaret H. McFarland,

Deputy Secretary.

[FR Doc. 98–19439 Filed 7–21–98; 8:45 am]

BILLING CODE 8010–01–M

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3106]

State of Alaska

The Native Village of Port Graham

and the surrounding areas in the Kenai

Peninsula Borough in the State of

Alaska constitute a disaster area as a

result of damages caused by a fire that

occurred on January 13, 1998.

Applications for loans for physical

damage as a result of this disaster may

be filed until the close of business on

September 14, 1998 and for economic

injury until the close of business on

April 14, 1999 at the address listed

below or other locally announced

locations:

Small Business Administration, Disaster

Area 4 Office, P.O. Box 13795,

Sacramento, CA 95853–4795.

The interest rates are:

Percent

For Physical Damage:

Homeowners with credit available elsewhere ...................... 7.625

Homeowners without credit

available elsewhere ............... 3.812

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 310605 for physical damage and

993700 for economic injury.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: July 14, 1998.

Aida Alvarez,

Administrator.

[FR Doc. 98–19491 Filed 7–21–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3104]

State of Florida

As a result of the President’s major

disaster declaration on June 18, 1998 for

emergency assistance only, and an

amendment thereto on July 3, 1998, as

well as subsequent amendments adding

Individual assistance, I find that the

following counties in the State of

Florida constitute a disaster area due to

damages caused by extreme fire hazards

beginning on May 25, 1998 and

continuing: Alachua, Baker, Bay,

Bradford, Brevard, Calhoun, Clay,

Citrus, Columbia, Dixie, Duval, Flagler,

Gilchrist, Gulf, Hamilton, Hernando,

Holmes, Jackson, Lafayette, Lake, Lee,

Levy, Liberty, Madison, Marion, Nassau,

Okaloosa, Orange, Osceola, Pasco,

Putnam, St. Johns, Seminole, Sumter,

Suwannee, Taylor, Union, Volusia,

Walton, and Washington. Applications

for loans for physical damages as a

result of this disaster may be filed until

the close of business on September 1,

1998, and for loans for economic injury

until the close of business on April 5,

1999 at the address listed below or other

locally announced locations:

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: Charlotte,

Collier, Franklin, Gadsden, Glades,

Hendry, Highlands, Hillsborough,

Indian River, Jefferson, Leon,

Okeechobee, Pinellas, Polk, Santa Rosa,

and Wakulla Counties in Florida;

Brooks, Camden, Charlton, Clinch,

Decatur, Echols, Lowndes, Seminole,

and Ware Counties in Georgia; and

Covington, Escambia, Geneva, and

Houston Counties in Alabama.

The interest rates are:

Percent

For 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 number assigned to this disaster

for physical damage is 310405. For

economic injury the numbers are

993100 for Florida; 993800 for Georgia;

and 993900 for Alabama.

(Catalog of Federal Domestic Assistance

Program Nos. 59002 and 59008)

Dated: July 14, 1998.

Bernard Kulik,

Associate Administrator for Disaster

Assistance.

[FR Doc. 98–19489 Filed 7–21–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Economic Injury Disaster

#9936]

State of Florida

Broward, Charlotte, Hillsborough,

Pinellas, Sarasosta, and St. Lucie

Counties and the contiguous counties of

Collier, Dade, DeSoto, Glades, Hardee,

Hendry, Highland, Indian River, Lee,

Manatee, Martin, Okeechobee, Palm

Beach, Pasco, and Polk in the State of

Florida constitute an economic injury

disaster loan area as a result of wildfires

beginning on May 25, 1998. Eligible

small businesses and small agricultural

cooperatives without credit available

elsewhere may file applications for

economic injury assistance as a result of

this disaster until the close of business

on April 14, 1999 at the address listed

below or other locally announced

locations:

Small Business Administration, Disaster

Area 2 Office, One Baltimore Place,

Suite 300, Atlanta, GA 30308.

The interest rate for eligible small

businesses and small agricultural

cooperatives is 4 percent.

(Catalog of Federal Domestic Assistance

Program No. 59002)

Dated: July 14, 1998.

Aida Alvarez,

Administrator.

[FR Doc. 98–19492 Filed 7–21–98; 8:45 am]

BILLING CODE 8025–01–P

SMALL BUSINESS ADMINISTRATION

[Declaration of Disaster #3105]

State of New York

As a result of the President’s major

disaster declaration on July 7, 1998, and

an amendment thereto on July 10, I find

that Cattaraugus, Clinton, Erie, Essex,

and Wyoming Counties in the State of

New York constitute a disaster area due

to damages caused by severe storms and

flooding beginning on June 25, 1998 and

continuing through July 10, 1998.

Applications for loans for physical

damages as a result of this disaster may

be filed until the close of business on

September 5, 1998, and for loans for

economic injury until the close of