A 4654 - September 19, 1997
P&S 4224

TO: ALL PARTICIPANTS

ATTENTION: MANAGER, PURCHASES AND SALES DEPARTMENT CASHIER FUND/SERV PARTICIPANTS, ACATS PARTICIPANTS

SUBJECT: CHANGES IN THE LIST OF PARTICIPANTS

o The following members of The Stock Clearing Corporation of Philadelphia will retire from all services as detailed below:

Last Trade Date, September 16, 1997:

Siberell (John A.) & Co. No. 7014

Flagship Securities, Inc. No. 8181

Flagship Securities, Inc. No. 7610

Last Trade Date, September 23, 1997:

FIA Capital Group No. 8242

OTC Alpha Identifier FIAC

McGowan (J.P.) & Co., Inc. No. 7606

Last Trade Date, September 30, 1997:

Burgwin & Co. No. 7608

Last Trade Date, October 14, 1997:

Morrissey (F.J.) & Co. No. 0021

OTC Alpha Identifier FJMC

o The following firm will begin participation in the OTC Comparison System, ACATS, RECAPS and the Envelope Settlement Services as detailed below:

First Trade Date, September 17, 1997:

Siberell (John A.) & Co. No. 7014

OTC Alpha Identifier SBRL

Envelope Settlement Location: Y (New York)

o The following firm will retire from all services as detailed below:

Last Settlement Date, September 26, 1997:

Funds Distributor, Inc./Luther King Capital Management No. 4883

o The following firm will retire from all services as detailed below:

Effective Immediately:

Merrill Lynch Professional Clearing Corp./Susquehanna

Brokerage Services No. 0585

Listed Alpha Identifier: SQU

UPDATE

OTC EXECUTED-BY LIST

MUNICIPAL BOND COMPARISON DIRECTORY

Kindly update the OTC Executed-By List and the Municipal Bond Comparison Directory dated July 3, 1997 as detailed below:

Kindly update the OTC Executed-By List as detailed below:

Kindly update the Municipal Bond Comparison Directory dated July 3, 1997 as detailed below:

The following firms have submitted Executed Networking Agreements during the week of August 19, 1997:

H.C.Dennison Co.

If you have any questions, please call William Reilly at (212) 412-8620 or Jan Meola at (212) 412-8623.

David F. Hoyt
Vice President