Parr Securities Corp., 68 William Street New York, New York 10005

TO: All NASD Members

ATTN: Operations Officer, Cashier, Fail-Control Department

On May 7, 1985, the United States District Court for the Southern District of New York appointed a Temporary Receiver for the above-captioned firm.

Members may use the "immediate close-out" procedures as provided in Section 59(i)(2) of the NASD's Uniform Practice Code to close out open OTC contracts. Also, MSRB Rule G-12(h)(iii) provides that members may use the above procedures to close out transactions in municipal securities.

Questions regarding the firm should be directed to:

Temporary Receiver

Mitchell A. Lowenthal, Esquire
Cleary, Gottlieb, Steen & Hamilton
One State Street Plaza
New York, New York 10004
Telephone: (212) 344-0600