A 4643 --- August 22, 1997
P&S 4214

TO: All Participants

ATTENTION: Managing Partner/Officer, P&S Manager, Cashier, Data Processing Manager, Fund/Serv Manager

SUBJECT: LABOR DAY HOLIDAY SCHEDULE

National Securities Clearing Corporation, the New York and American Stock Exchanges, the NASDAQ System and all New York Banks will be closed on Monday, September 1, 1997 in observance of Labor Day. The following changes in NSCC's operations and schedules will be in effect:

COMPARISON SYSTEMS:

Trade input for Listed and OTC equities for trade date August 29, 1997 will be accepted no later than 12:00 Midnight on August 29, 1997. Trade input for the Fixed Income Transaction System (FITS) for trade date August 29, 1997 will be accepted no later than 12:00 Midnight on August 29, 1997.

CNS CONTINUOUS NET SETTLEMENT:

Seg. Exemptions and Priority Requests for settlement of Tuesday, September 2, 1997 will be accepted on Friday evening, August 29, 1997.

CENTRAL DELIVERY, SETTLEMENT:

No Deliver or Settlement Operations will be provided on Monday, September 1, 1997.

INTER-CITY DELIVERIES:

Inter-City Deliveries will be accepted on Friday evening, August 29, 1997 for settlement September 2, 1997.

STOCK BORROW PROGRAM:

Stock Borrow availability information will be accepted on Friday evening, August 29, 1997 for settlement September 2, 1997.

ACAT - AUTOMATED CUSTOMER ACCOUNT TRANSFER:

No ACAT activity will be accepted on Monday, September 1, 1997.

ACAT - FUND/SERV INTERFACE:

No ACAT - FUND/SERV Interface activity will be accepted on Monday, September 1, 1997.

MUTUAL FUND COMMISSION SETTLEMENT:

No Mutual Fund Commission Settlement activity will be accepted on Monday, September 1, 1997.

FUND/SERV AND NETWORKING:

No Fund/Serv or Networking activity will be accepted on Monday, September 1, 1997.

Any questions regarding this Important Notice can be directed to the undersigned at (212) 412-8658 or NSCC Participant Services at (212) 412-8432.

Gerhard Krobisch
Vice President/Operations