Notice To Members 91-64

SOES Tier Levels to Change for 487 Issues on October 31, 1991

Published Date:

October 01, 1991

SUGGESTED ROUTING:*

Senior Management
Internal Audit
Operations
Trading
*These are suggested departments only. Others may be appropriate for your firm.

On June 30, 1988, the maximum Small Order Execution System (SOES) order size for all Nasdaq National Market System (Nasdaq/NMS) securities was established as follows:

A 1,000-share maximum order size was applied to those Nasdaq/NMS securities that had an average daily nonblock volume of 3,000 shares or more a day, a bid price that was less than or equal to $100, and three or more market makers.
A 500-share maximum order size was applied to those Nasdaq/NMS securities that had an average daily nonblock volume of 1,000 shares or more a day, a bid price that was less than or equal to $150, and two or more market makers.
A 200-share maximum order size was applied to those Nasdaq/NMS securities that had an average daily nonblock volume of less than 1,000 shares a day, a bid price that was less than or equal to $250, and less than two market makers.

These order-size tiers were set by the NASD after extensive research and polling of all Nasdaq/NMS market makers. The purpose of establishing these tiers was to provide public investors with the most efficient means of handling their small orders while ensuring that market makers were not required to assume unrealistic risks under the new mandatory SOES participation rules.

At the time of their establishment, the NASD Trading Committee and Board of Governors decided that the tier levels applicable to each security would be reviewed periodically to determine if the trading characteristics of the issue had changed so as to warrant a SOES tier-level move. Such a review was conducted as of June 28, 1991, using the aforementioned formula and second-quarter trading data. The results of this review were analyzed by the SOES Subcommittee and the NASD Trading Committee, which recommended that changes in SOES tier levels should be implemented per the formula calculation with the exception that an issue would not be permitted to move more than one level.

To further explain, if an issue previously was categorized in the 200-share tier, it would not be permitted to move to the 1,000-share tier even if the formula calculated that such a move was warranted. The issue could move only one level to the 500-share tier as a result of any single review. Likewise, a security previously assigned to the 1,000-share tier could move only to 500 shares, regardless of the formula calculation. During the most recent review, 27 issues were affected by this change. In adopting this policy, the Committee was attempting to minimize market-maker exposure on issues for which the tier level increased and to maintain adequate public investor access on issues for which the tier level decreased.

The committee also recognized that the formula used to assign the tier levels cannot always accurately reflect the trading characteristics for each issue. As such, market makers are reminded that the SOES Subcommittee will review on a case-by-case basis suggested tier-level changes if a significant number of market makers in that issue believe such a change is warranted. For more information regarding this process, please contact Nasdaq Market Listing Qualifications at (202) 728-8039.

Following is a listing of the Nasdaq/NMS issues that will require a SOES tier-level change on October 31, 1991.

NASDAQ/NMS SOES CHANGES

All Issues in Alphabetical Order by Name

Symbol	Company Name	Old Tier Level	New Tier Level

A
ACMTA	ACMATCORPCLA	200	500
AEPI	AEP INDS INC	500	1000
ABRI	ABRAMS INDS INC	200	500
ACLE	ACCEL INTL CORP	500	1000
ADMG	ADVANCED MAGNETICS	500	1000
ABCV	AFFILIATED BANC CORP	1000	500
AORGB	ALLEN ORGAN CO CL B	200	500
ABGA	ALLIED BANKSHARES	500	200
ASFN	ALLSTATE FINL CORP	500	1000
AMBJ	AMER CITY BUS JOURNALS	1000	500
AMCE	AMER CLAIMS EVAL	500	1000
ACOL	AMER COLLOID CO	200	500
ANSY	AMER NURSERY PRODUCT	500	1000
AMPH	AMER PHYSICIANS SVC	500	1000
RICEE	AMER RICE INC	1000	500
AMWD	AMER WOODMARK CORP	200	500
ASBI	AMERIANA BANCORP	500	1000
AINVS	AMERIBANC INVEST SBI	1000	500
ATAXZ	AMERICA FRST TX 2 LP	500	1000
AMTA	AMISTAR CORP	500	200
AMOS	AMOSKEAG CO	500	1000
AMPI	AMPLICON INC	200	500
AATI	ANALYSIS TECHNOLOGY	500	1000
ARSD	ARABIAN SHIELD DEV	200	500
AGII	ARGONAUT GROUP INC	200	500
AFWY	ARKANSAS FREIGHTWAYS	500	1000
ARTW	ART'S-WAY MFG CO INC	200	500
ALOT	ASTRO-MED INC NEW	500	1000
ATKM	ATEK METALS CENTER	500	200
ATPC	ATHEY PRODUCTS CORP	1000	500
AAME	ATLANTIC AMER CORP	1000	500
ATTC	AUTO-TROL TECH	500	200
ADIE	AUTODIE CORP	500	1000

B
BGSS	BGS SYSTEMS INC	500	1000
BHAGB	BHA GROUP INC CL B	1000	500
BMJF	BMJ FINANCIAL CORP	1000	500
BMRG	BMR FIN GROUP INC	500	200
BNHB	BNH BNCSH INC	1000	500
BTFC	BT FINANCIAL CORP	500	200
BPMI	BADGER PAPER MILLS	200	500
BAIB	BAILEY CORP	200	500
BLCC	BALCHEM CORP	200	500
BWINB	BALDWIN LYONS CL B	200	500
BPAO	BALDWIN PIANO ORGAN	500	1000
BTEK	BALTEK CORP	500	200
BCNJ	BANCORP NEW JERSEY	1000	500
BOSP	BANK OF SAN PEDRO	500	200
BOM A	BANKS OF MID-AMER	500	1000
VMLPZ	BANYAN MTGE LP UTS	1000	500
BPILF	BASIC PET INTL LTD	500	1000
BGAS	BERKSHIRE GAS CO	200	500
BINC	BIOSPHERICS INC	500	1000
BOSA	BOSTON ACOUSTICS INC	500	1000
BRCOA	BRADYWHCOCLA	500	1000
BTSB	BRAINTREE SAV BANK THE	500	200
BRDL	BRENDLE'S INC	1000	500
BRID	BRIDGFORD FOODS CORP	500	200
BFCP	BROADWAY FIN	500	200
BMTC	BRYN MAWR BANK CORP	200	500

C
CBTF	CB&T FINANCIAL CORP	200	500
CCNC	CCNB CORP	500	1000
CERB	CERBCOINC	500	1000
CNBE	CNB BANCSHARES INC	1000	500
CPBI	CPB INC	1000	500
CPSL	CSC INDS INC	1000	500
CSPI	CSP INC	1000	500
CAMP	CAL AMPLIFIER	500	1000
CRBI	CAL REP BANCORP INC	500	200
CWTR	CAL WATER SVC CO	500	1000
CGNEP	CALGENE INC PFD	500	1000
CFHC	CALIFORNIA FIN HLDG	1000	500
CANX	CANNON EXPRESS	500	1000
CSWC	CAPITAL SOUTHWEST CORP	1000	500
CATA	CAPITOL TRANS AMERICA	200	500
CATY	CATHAY BANCORP INC	1000	500
CDRGW	CEDAR GROUP WTS A	200	500
CELLW	CELL TECH INC WTS 92	200	500
CNCR	CENCORINC	500	200
CEBC	CENTENNIAL BANCORP	200	500
CEBK	CENTRAL CO-OP BANK	500	1000
CJFC	CENTRAL JERSEY FINL	500	200
CSBC	CENTRAL SOUTHERN HLD	500	200
CNBKA	CENTURY BANCORP CL A NV	1000	500
CHCR	CHANCELLOR CORP	500	200
CHTT	CHATTEM INC	200	500
CHER	CHERRY CORP	500	1000
CINF	CINCINNATI FINANCIAL	1000	500
CPCI	CIPRICO INC	500	1000
CINS	CIRCLE INCOME SHARES	1000	500
CTRIS	CLEVETRUST REALTY SBI	500	200
CLDRP	CLIFFS DRILLING PFD	200	500
COBK	CO-OP BANK CONCORD	1000	500
COHO	COHO RESOURCES INC	1000	500
CFFS	COLUMBIA FIRST BANK	1000	500
CCOA	COMCOAINC	200	500
CBNB	COMMERCEBANCORP	500	1000
CBOCA	COMMERCIAL BANCORP COLO	500	200
CBNH	COMMUNITY BANKSHARES	500	200
CBSI	COMMUNITY BANK SYSTEM	500	200
CBPA	COMMUNITY BANCORP INC	200	500
CIDN	COMPUTER IDENTICS CORP	500	1000
CTLC	CONS -TOMOKA LAND	500	200
CFINP	CONSUMERS FIN CORP PFD	500	200
CMETS	CONTL MORTGAGE EQUITY	500	1000
CSTN	CORNERSTONE FIN CORP	1000	500
COSE	COSMETIC CENTER,THE	500	1000
CSTR	COSTAR CORP	200	500
CRRC	COURIER CORP	200	500
CRII	CREST INDS INC	500	1000
CMBK	CUMBERLAND FED BANCORP	1000	500
CUNB	CUPERTINO NATL BANCORP	500	200
CYGN	CYGNUS THERAPEUTIC	200	500

D
DLFI	DELPHI FINL GROUP CL A	500	200
DGAS	DELTA NATURAL GAS	200	500
DCPI	DICK CLARK PROD INC	500	1000
DGIC	DONEGAL GROUP INC	500	200
DUCO	DURHAM CORP	500	1000
DRCO	DYNAMICS RESEARCH CORP	1000	500

E
EACO	EAENGRG SCI TECH	500	1000
EROQ	ENVIROQ CORP	500	1000
ESBB	ESB BANCORP INC	500	200
EWAT	E TOWN CORP	500	1000
EDCO	EDISON CONTROL CORP	200	500
ELBTF	ELBIT COMPUTERS LTD	500	1000
ELCN	ELCOINDSINC	500	1000
ELRC	ELECTRO RENT CORP	500	200
ETCIA	ELECTRONIC TELECOM CL A	500	1000
EFSB	ELMWOOD FED SAV BANK	1000	500
EMPI	EMPI INC	500	1000
ECGI	ENVIRONMNTL CONTROL	1000	500
ERIE	ERIE LACKAWANNA	200	500
ERLYE	ERLY INDUSTRIES INC	500	1000
ESCA	ESCALADE INC	1000	500
ESEX	ESSEX CORP	500	1000
EVGN	EVERGREEN BANCORP	500	1000

F
FMFS	F AND M FINL SVC CORP	200	500
FDPC	FDP CORP	500	1000
FFFG	FFO FINL GROUP INC	1000	500
FLSHP	FLSHLDGSCLAPFD	500	200
FMCO	FMS FINANCIAL CORP	500	200
FNBR	FNB ROCHESTER CORP	500	1000
FRPP	FRP PROPERTIES INC	200	500
FICI	FAIR ISAAC AND CO	200	500
FLOG	FALCON OIL & GAS CO	500	200
FMLY	FAMILY BANCORP	1000	500
FARA	FARAD YNE ELECT CORP	500	1000
FAHSP	FARM AND HOME PFD CL A	1000	500
FEDF	FEDERATED BK S S B	200	500
FSVA	FIDELITY SAV BANK	500	200
FITC	FINANCIAL TRUST CORP	500	200
FAMA	FIRST AMARILLO BANCORP	500	200
FAMRB	FIRST AMER FIN CORP CL B	500	1000
FAMRA	FIRST AMER FINL CORP CL A	500	1000
FBII	FIRST BANC INDIANA	500	200
FCHT	FIRST CHATTANOOGA	1000	500
FCNCA	FIRST CITIZENS CL A	200	500
FCIT	FIRST CITIZENS FINL	500	200
CITY	FIRST CITY BANCORP INC	500	200
FRFD	FIRST COMM BANCORP IL	200	500
FCLR	FIRST COMMERCIAL L R	500	1000
FSCB	FIRST COMMERCIAL BNCSH	200	500
FFMY	FIRST FED S&L FT MYERS	1000	500
FLAG	FIRST FED SAV BANK LAG	500	200
FFPR	FIRST FED SAV BANK PR	1000	500
FFUT	FIRST FED SAV UTAH	500	1000
FFBC	FIRST FIN BANCORP OH	1000	500
FFCH	FIRST FIN HLDG	1000	500
FIBI	FIRST INTER BANCORP	500	1000
FLFC	FIRST LIBERTY FIN	1000	500
FMSB	FIRST MUTUAL SAV BANK	500	200
MTCL	FIRST NATL BANK CORP	500	200
FNPC	FIRST NATL PENN CORP	1000	500
FNYB	FIRST NY BUSINESS BANK	1000	500
FOBBA	FIRST OAK BROOK CL A	200	500
FABKN	FIRST OF AMER PFD E	500	1000
FSKY	FIRST SECURITY CORP KY	500	1000
FSFI	FIRST STATE FINL SVC	1000	500
FBIC	FIRSTBANK OF IL CO	500	1000
FRST	FIRSTIER FINL INC	1000	500
FLGLA	FLAGLER BANK CORP CL A	200	500
FLAEF	FLORIDA EMP INS CO	200	500
FFPC	FLORIDA FIRST FED	1000	500
FOOT	FOOTHILL INDEPENDENT	1000	500
FKFD	FRANKFORD CORP THE	200	500
FSVB	FRANKLIN SAV BANK FSB	500	1000
FSVBW	FRANKLIN SAV BANK WTS	200	500
FRML	FREYMILLER TRUCKING	200	500

G
GWCC	GWC CORP	500	1000
GNDR	GANDER MOUNTAIN INC	500	1000
GCCC	GEN COMPUTER CORP	500	1000
GCOR	GENCOR INDSINC	500	200
GENZW	GENZYME CORP WTS 94	500	1000
GEOX	GEONEX CORP	500	1000
GLDC	GOLDEN ENTRPRS INC	500	1000
GOOD	GOODY PRODUCTS INC	1000	500
GSBI	GRANITE STATE BKSHS	500	200
GBBS	GREAT BAY BANKSHARES	1000	500
GFGC	GREAT FALLS GAS CO	200	500
GSBC	GREAT SOUTHERN BANCORP	500	1000
GSOF	GROUP 1 SOFTWARE INC	500	1000
GRIT	GRUBB & ELLIS REALTY	1000	500
GULL	GULL LABS INC	500	1000

H
HDRP	HDR POWER SYS INC	500	200
HAKO	HAKO MINUTEMAN INC	200	500
HALL	HALL FIN GROUP INC	1000	500
HBSI	HAMPTONS BANCSHARES	500	200
HTHR	HAWTHORNE FINANCIAL	1000	500
HTLD	HEARTLAND EXPRESS	500	1000
HCCO	HECTOR COMMUN CORP	500	200
HEKN	HEEKIN CAN INC	500	1000
HRLY	HERLEYINDS INC	500	1000
HSBK	HIBERNIA SAV BANK THE	500	200
HIWDF	HIGHWOOD RESOURCES	200	500
HFGA	HOME FED SAV BANK GA	200	500
HFET	HOME FINANCIAL CORP	1000	500
HPBC	HOME PORT BANCORP INC	1000	500
HTWN	HOMETOWN BANCORP INC	500	200
HRZB	HORIZON BANK (WA)	500	1000
FAXM	HOTELECOPYINC	1000	500
HUFK	HUFFMAN KOOS INC	500	1000
HYDE	HYDE ATHLETIC INDS	200	500

I
IIVI	II-VI INC	1000	500
IMGE	IMNET INC	500	1000
INRD	INRAD INC	200	500
IWCR	IWC RES CORP	500	1000
ILIOW	ILIO INC WTS 92	1000	500
INFS	IN FOCUS SYSTEMS INC	500	1000
INAC	INACOM CORP	200	500
INDB	INDEP BANK CORP MA	1000	500
IBCP	INDEP BANK CORP MI	500	1000
INHO	INDEPENDENCE HLDG CO	1000	500
ITCC	INDUSTRIAL TRAINING	200	500
INSI	INFO SCIENCES INC	500	200
IGLWF	INSITUFORM GROUP WTS 91	500	1000
INSMA	INSITUFORM MID-AMER CL A	200	500
INTL	INTER TEL INC	500	1000
ICAR	INTERCARGO CORP	200	500
INPH	INTERPHASE CORP	500	1000
INTP	INTERPOINT CORP	500	1000
INVS	INVESTORS SAVINGS CORP	500	1000
INVN	INVITRON CORP	1000	500
ISKO	ISCO INC	500	1000
IYCOY	ITO-YOKADO CO ADR	500	200

L
LECT	LECTEC CORP	500	1000
LSCO	LESCO INC	500	1000
LNDL	LINDAL CEDAR HOMES	500	1000
LIND	LINDBERG CORP	500	1000
LICF	LONG ISLAND CITY FIN	1000	500
LEIX	LOWRANCE ELECTRONICS	500	200
LUFK	LUFKIN INDS INC	200	500

M
MKCO	M KAMENSTEIN INC	200	500
MMIM	MMI MEDICAL INC	200	500
MPSG	MPSI SYSTEMS INC	500	1000
MACD	MACDERMID INC	500	200
MGNL	MAGNA BANCORP INC	500	1000
MKTAY	MAKITA CORP SPN ADR S2	200	500
MANA	MANATRON INC	500	200
MRCS	MARCUS CORP	1000	500
MRCC	MARK CONTROLS CORP NEW	1000	500
MSAM	MARSAM PHARM INC	500	1000
MFLR	MAYFLOWER CO-OP BANK	500	200
MCFE	MCFARLAND ENERGY INC	1000	500
MTIX	MECHANICAL TECH INC	500	200
MDIN	MEDALIST INDS	1000	500
MDXR	MEDAR INC	500	1000
MDCI	MEDICAL ACTION INDS	500	1000
MDEV	MEDICAL DEVICES	500	1000
MIGI	MERIDIAN INS GROUP INC	500	1000
METS	MET-COIL SYSTEMS CORP	1000	500
MTRO	METRO-TEL CORP	200	500
MSEA	METROPLTN FSL SEATTLE	500	1000
MIDC	MIDCONN BANK	1000	500
SHOEZ	MILLFELD TRADING WTS CL A	500	1000
SHOEW	MILLFELD TRADING WTS	1000	500
MILW	MILWAUKEE INS GROUP	200	500
MITSY	MITSUI AND CO ADR	500	200
MMDI	MOMENTUM DISTRIB	500	200
MAHI	MONARCH AVALONINC	500	200
MORP	MOORE PRODUCTS CO	500	200
MORF	MOR-FLO INDS INC	500	1000
MTNR	MOUNTAINEER BKSHS WV	200	500
MUEL	MUELLER PAUL CO	200	500
LABL	MULTI-COLOR CORP	500	1000

J
JGIN	JG INDUSTRIES INC	1000	500
JKHY	JACK HENRY AND ASSOC	500	1000
JBNK	JEFFERSON BKSHS VA	1000	500
JSBK	JOHNSTOWN SAV BANK FSB	500	200

K
KCSG	KCS GROUP INC	200	500
KLLM	KLLM TRANSPORT SV	200	500
KSRI	KAISER STEEL RESOURCES	500	1000
KHGI	KEYSTONE HERITAGE GROUP	200	500
KOSS	KOSS CORP	500	200
KRUG	KRUG INTL CORP	1000	500

L
LCSI	LCS INDS INC	500	200
LXBK	LSB BANCSHARES NC	500	200
LVMHY	LVMH MOET ADR	200	500
LDMK	LANDMARK BANK FOR SAV	200	500

N
NSCB	NBSC CORP	200	500
NIPNY	NEC CORP ADR	1000	500
NFSF	NFS FIN CORP	1000	500
NSCC	NSC CORPORATION	1000	500
NWGI	NW GROUP INC	1000	500
NANO	NANOMETRICS INC	500	200
NSSC	NAPCO SEC SYS INC	1000	500
NCELW	NATIONWIDE CELL WTS	500	200
NBAK	NATL BANCORP OF ALASKA	500	200
NCBC	NATL COMMERCE BANCORP	500	1000
NHMO	NATL HMO CORP	500	1000
MBLA	NATL MERCANTILE BANCORP	1000	500
NPBC	NATL PENN BCSHS INC	200	500
NWLIA	NATL WESTERN LIFE CL A	500	1000
NAVG	NAVIGATORS GROUP INC	500	1000
NALR	NAYLOR INDSINC	500	1000
NHSL	NEW HORIZONS S&L	200	500
NMSB	NEWMIL BANCORP	1000	500
NEWE	NEWPORT ELECTRONICS	500	200
NNSL	NEWPORT NEWS SAV BANK	500	200
NIEX	NIAGARA EXCHANGE CORP	200	500
NOLD	NOLAND CO	500	200
NAMC	NORTH AMER NATL CORP	1000	500
CBRYA	NORTHLAND CRANBERR CL A	200	500
NWIB	NORTHWEST IL BANCORP	500	200
NOVXM	NOVA PHARM CORP WTS C	500	1000
NOVXL	NOVA PHARM CORP WTS D	500	1000
NUCM	NUCLEAR METALS INC	200	500
NUCOL	NUCORP INC WTS BC 92	200	500
NUCOW	NUCORP INC WTS C 93	200	500
NUVI	NUVISION INC	1000	500

O
OGLE	OGLEBAY NORTON CO	500	200
OILC	OIL-DRI CORP OF AMER	500	1000
OLDB	OLD NATL BANCORP	1000	500
OSTNO	OLD STONE PFD B 2.40	200	500
OVWV	ONE VALLEY BANCORP W VA	500	1000
OPTX	OPTEK TECH INC	1000	500
OPTO	OPTO MECHANIK INC	500	1000
GOSHB	OSHKOSH B'GOSH CL B	200	500
OSHM	OSHMAN'S SPORTING	500	200
OCOMA	OUTLET COMMUN CL A	1000	500

P
PCAI	PCAINTL INC	500	1000
PBSF	PACIFIC BANK N A	500	200
PISC	PACIFIC INTL SVC CORP	1000	500
PBCI	PAMRAPO BANCORP INC	1000	500
PNTC	PANATECH RESCH DEVLP	500	1000
PRLX	PARLEX CORP	500	200
PENT	PENN ENTRPR INC	500	1000
PTAC	PENN TREATY AMER CORP	1000	500
PNTAP	PENTAIR INC PFD 87	200	500
PFDC	PEOPLES BANCORP	200	500
PBKB	PEOPLES SAV BANK BRKTN	1000	500
PBNB	PEOPLES SAV FINL CORP	500	200
PTRO	PETROMINERALS CORP	1000	500
PETT	PETTIBONE CORP	500	200
PMSV	PHARMACY MGMT SVC	500	1000
PSBN	PIONEER BANCORP INC	1000	500
POEA	POE AND ASSOC INC	500	1000
PFLY	POLIFLY FINL CORP	1000	500
PNDR	PONDER INDS INC	500	1000
PSSP	PRICE STERN SLOAN	1000	500
PMBS	PRIME BANCSHARES	1000	500
PRCY	PROCYTE CORP	500	1000
PRFT	PROFFITT'S INC	200	500
PRGR	PROGROUP INC	200	500
PECN	PUBLISHERS EQUIP CORP	1000	500
PLTZ	PULITZER PUBLISHING	500	1000
PULS	PULSE BANCORP INC	500	200
PTNM	PUTNAM TRUST CO	500	200

R
ROPS	RASTEROPS	500	1000
RATNY	RATNERS GROUP ADR	1000	500
RATNZ	RATNERS GROUP PREF ADR	500	1000
RDGCA	READING CO CL A	1000	500
RECP	RECEPTECH CORP CALL	1000	500
REED	REEDS JEWELERS INC	500	200
RFTN	REFLECTONE INC	500	1000
RGEQ	REGENCY EQUITIES CORP	500	200
RBNC	REPUBLIC BANCORP INC	1000	500
PREV	REVERE FUND INC	1000	500
RELL	RICHARDSON ELECT LTD	1000	500
RNRC	RIVERSIDE NATL BANK	200	500
ROBC	ROBECINC	1000	500
RMUC	ROCKY MT UNDERGARMENT	1000	500
ROPK	ROPAK CORP	500	1000
RPCH	ROSPATCH CORP	1000	500
RCDC	ROSS COSMETICS DIST	500	1000
ROTO	ROTO-ROOTER INC	200	500
RBCO	RYAN BECK CO INC	1000	500

S
SCOM	SCS/COMPUTE INC	1000	500
SDNB	SDNB FINANCIAL CORP	500	200
SJNB	SJNB FINANCIAL CORP	500	200
SHRE	SAHARA RESORTS	500	200
SHEF	SANDWICH CHEF INC	500	1000
SWCB	SANDWICH CO-OP BANK	1000	500
SAVO	SCHULTZ SAV-0 STORES	200	500
SIDY	SCIENCE DYNAMICS CORP	500	1000
STIZ	SCIENTIFIC TECH INC	200	500
SCOT	SCOTT AND STRINGFELLOW	500	200
SHER	SCOTTISH HERITABLE	200	500
SBCFA	SEACOAST BKG CORP FL CL A	500	1000
SFBM	SECURITY FED SAV BANK	200	500
SFSL	SECURITY FED SAV CLEV	200	500
SFGI	SECURITY FINL GROUP INC	200	500
SSLN	SECURITY INVESTMENT	1000	500
SENE	SENECA FOODS CORP	500	200
SNCO	SENSOR CONTROL CORP	500	200
SHOP	SHOPSMITH INC	1000	500
SETBS	SIERRA RLEST 83 SBI	500	200
SETC	SIERRA RLESTTR 84	1000	500
SMET	SIMETCO INC	500	1000
SMTK	SIMTEK CORP	500	1000
SMTKW	SIMTEK CORP WTS 96	500	1000
SKYW	SKYWEST INC	500	1000
SMGS	SOUTHEASTERN MI GAS	500	1000
SWTR	SOUTHERN C A WATER CO	500	1000
SMIN	SOUTHERN MINERAL CORP	500	200
TXMX	SOUTHWEST CAFES INC	1000	500
SVRN	SOVEREIGN BANCORP	500	1000
SPAN	SPAN-AMERICA MED SYS	500	1000
SPEK	SPEC'S MUSIC INC	1000	500
SWVA	STEEL WEST VIRGINIA	500	200
STLG	STERLING BANCSHARES	1000	500
SISC	STEWART INFO SVCS CORP	1000	500
STUA	STUART ENTERTAINMENT	500	1000
SFCP	SUFFIELD FIN CORP	1000	500
SUBK	SUFFOLK BANCORP	500	200
SMMT	SUMMIT SAVINGS BANK	500	1000
SNRU	SUNAIR ELECTRONICS	500	200
SCSL	SUNCOAST S&L ASSOC	1000	500
SUPX	SUPERTEX INC	500	1000
SUSQ	SUSQUEHANNA BCSHS	500	1000
SYMX	SYMIX SYSTEMS INC	200	500

T
TVXTF	TVX GOLD INC	1000	500
TDCX	TECHNOLOGY DEV CORP	500	1000
TCOMB	TELE-COMMUN INC CL B	200	500
TCOMR	TELE-COMMUN INC RTS	1000	500
TLMD	TELEMUNDO GROUP INC	1000	500
TMTX	TEMTEX INDS INC	500	200
TFLX	TERMIFLEX CORP	200	500
TCSFY	THOMSON CSF ADR	200	500
TAVI	THORN APPLE VALLEY	500	1000
TMBS	TIMBERLINE SOFTWARE	1000	500
TKIOY	TOKIO MARINE ADR	1000	500
TCTC	TOMPKINS COUNTY TR	500	200
TRGL	TOREADOR ROYALTY CORP	500	1000
TRNS	TRANSMATION INC	1000	500
TRST	TRUSTCO BANK CORP NY	200	500
TRMK	TRUSTMARK CORP	500	1000
TUCK	TUCKER DRILLING CO	500	1000
TUES	TUESDAY MORNING INC	500	1000

U
UNRIW	UNR INDS INC WTS	500	1000
UNMAA	UNI-MARTS INC CL A	1000	500
UNAM	UNICO AMERICAN CORP	500	1000
UNFR	UNIFORCE TEMP PERSNL	500	1000
UBSI	UNITED BKSHS INC	1000	500
UFCS	UNITED FIRE & CASUALTY	200	500
BNKS	UNITED NM FIN CORP	500	1000
UNEWY	UNITED NEWSPAPER ADR	500	200
UBMT	UNITED SAV BANK F A MT	200	500
UTVI	UNITED TELEVISION	1000	500
UHCOW	UNIV HLDG CORP WTS 93	500	200
UHCO	UNIV HOLDING CORP	1000	500

V
VALY	VALLICORP HLDGS INC	500	1000
VALU	VALUE LINE INC	200	500
VCRE	VARI-CARE INC	500	1000
VTEX	VERTEX COMMUN CORP	500	1000
VICR	VICOR CORP	500	1000
VICT	VICTORIA BKSHS	1000	500

W
WLRF	WLR FOODS INC	500	1000
WSMP	WSMP INC	500	200
WALB	WALBRO CORP	500	1000
WALS	WALSHIRE ASSURANCE	200	500
WRNB	WARREN BANCORP INC	500	1000
WFSB	WASHINGTON FED SAV VA	500	200
WATFZ	WATERFORD PLC ADR UTS	1000	500
WHOO	WATERHOUSE INVESTOR	500	1000
WTRS	WATERS INSTRUMENTS	200	500
WAVR	WAVERLYINC	500	1000
WGNR	WEGENER CORP	1000	500
WLPI	WELLINGTON LEISURE	500	200
WSBC	WESBANCOINC	200	500
WSBK	WESTERN BANK OREGON	200	500
WSTM	WESTERN MICRO TECH	1000	500
WTPR	WETTERAU PROPERTIES	200	500
WMSI	WILLIAMS INDS INC	500	1000
WDHD	WOODHEAD INDS INC	500	1000
WCHI	WORKINGMENS CAP HLDG	1000	500
WRKB	WORKMEN'S BANCORP	500	200

Z
ZEUS	ZEUS COMPONENTS INC	200	500
ZIGO	ZYGO CORP	200	500