Notice To Members 91-22

SOES Tier Levels to Change for 417 Issues on April 15, 1991

Published Date:

April 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 December 31, 1990, using the aforementioned formula and fourth-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. Only 13 issues were affected by this change during the most recent review. 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 April 15, 1991.

NASDAQ/NMS SOES CHANGES

All Issues in Alphabetical Order by Name

Symbol	Company Name	Old Tier Level	New Tier Level

A
ELUXY	A B ELECTRLX ADR SPD	500	1000
ACMTA	ACM AT CORP A	500	200
AEPI	A E PINDS INC	1000	500
APGI	APGREENINDS	1000	500
ADMG	ADVANCED MAGNETICS	1000	500
ALCO	ALICO INC	1000	500
SEMI	ALLAMERSEMICON	1000	500
ALCI	ALLCITY INSURANCE CO	500	200
ALOY	ALLOY COMPUTER PRODS	1000	500
ASFN	ALLSTATE FIN CORP	1000	500
ACOL	AMER COLLOID CO	500	200
DMNG	AMER MAGNETICS CORP	1000	500
ANSY	AMER NURSERY PRODUCT	1000	500
ARBC	AMER REPUBLIC BANCORP	500	1000
RICE	AMER RICE INC	500	1000
AMWD	AMER WOODMARK CORP	500	200
ATAXZ	AMERICA FRST TX 2 LP	1000	500
AMOS	AMOSKEAG CO	200	500
AMPI	AMPLICON INC	500	200
ANEN	ANAREN MICROWAVE INC	500	1000
ARSD	ARABIAN SHIELD DEV	500	200
AFWY	ARKANSAS FREIGHTWAYS	1000	500
AIND	ARNOLD INDUSTRIES	500	1000
AROW	ARROW FINANCIAL CORP	500	1000
ARTW	ART'S-WAY MFG CO INC	500	200
ACOM	ASTROCOM CORP	1000	500
ATRO	ASTRONICS CORP	1000	500
ATPC	ATHEY PRODUCTS CORP	500	1000
ATFC	ATICO FINANCIAL CORP	200	500
ATTC	AUTO-TROLTECH	200	500
AUTR	AUTOTROL CORP	1000	500

B
BGSS	B G S SYSTEMS INC	1000	500
BMJF	B M J FINANCIAL CORP	500	1000
BNHB	B N H BNSH INC	500	1000
BTRI	B T R REALTY INC	500	1000
BTBTY	B T SHIP SPONSOR ADR	500	1000
BAIB	BAILEY CORP	500	200
BWINB	BALDWIN LYONS CL B	500	200
BCNJ	BANCORP NEW JERSEY	500	1000
BNHC	BANK OF NEW HAMP CORP	500	1000
BNKF	BANKERS FIRST CORP	500	1000
BKNG	BANKNORTH GROUP NEW	500	1000
BARY	BARRY'S JEWELERS INC	200	500
BMEEF	BELMORAL MINES LTD	1000	500
BGAS	BERKSHIRE GAS CO	500	200
BLAK	BLACK INDS INC	500	200
BOSA	BOSTON ACOUSTICS INC	1000	500
BRCOA	BRADYWHCOCLA	1000	500
BTSB	BRAINTREE SAVINGS BANK	1000	500
BSBC	BRANFORD SAVINGS BANK	500	1000
BRDL	BRENDLE'S INC	500	1000
BRID	BRIDGFORD FOODS CORP	200	500

C
CBTF	C B T FINANCIAL CORP	500	200
CCNC	C C N B CORP	1000	500
CERB	C E R B C O INC	200	500
CFSB	CFSB BANCORP INC	1000	500
CNBE	C N B BANCSHARES INC	500	1000
CPST	CPCREXCELINC	500	1000
CAMP	CAL AMPLIFIER	1000	500
CWTR	CAL WATER SVC CO	1000	500
CSTB	CALIFORNIA STATE BANK	1000	500
CANX	CANNON EXPRESS	1000	500
CYNRW	CANYON RES CORP WTS	500	200
CSWC	CAPITAL SOUTHWEST CORP	500	1000
CARE	CARE GROUP INC THE	500	1000
CDRGW	CEDAR GROUP WTS A	500	200
CNCR	CENCORINC	1000	500
CEBC	CENTENNIAL BANCORP	500	200
CTBK	CENTER BANKS INC	200	500
CEBK	CENTRAL CO-OP BANK	1000	500
CHOL	CENTRAL HOLDING CO	1000	500
CJFC	CENTRAL JERSEY FIN	200	500
CSBI	CENTURY SOUTH BANKS	500	200
CFED	CHARTER FED SAV BANK NJ	1000	500
CHPK	CHESAPEAKE UTIL CORP	1000	500
DOCKS	CHICAGO DOCK SBI	500	1000
CINS	CIRCLE INCOME SHARES	500	1000
COCAW	COCA MINES INC WTS	200	500
CODN	CODENOLL TECH CORP	500	1000
CCOA	COMCOAINC	500	200
CBOCA	COMMERCIAL BANCORP COLO	200	500
CBKS	COMMNWLTH BCSHS	500	1000
CBPA	COMMUNITY BANCORP INC	500	200
CPTD	COMPUTER DATA SYS	1000	500
CIDN	COMPUTER IDENTICS CORP	1000	500
CLRI	COMPUTER LANGUAGE	1000	500
CTWS	CONN WATER SVCS INC	500	1000
CTLC	CONS TOMOKA LAND	200	500
CBNE	CONSTITUTION BANCORP NE	200	500
CFINP	CONSUMERS FIN CORP PFD	200	500
CMETS	CONTL MORTGAGE EQUIT	1000	500
ZAPS	COOPER LIFE SCI INC	1000	500
CSTN	CORNERSTONE FIN CORP	500	1000
COSF	COSMETIC FRAGRANCE	1000	500
CSTR	COSTAR CORP	500	200
CDGI	COURIER DISPATCH GROUP	500	200
CRII	CREST INDS INC	200	500
CROPP	CROP GENETICS PFD	500	1000
CRWN	CROWN BOOKS CORP	1000	500
CYTOP	CYTOGEN CORP PFD	1000	500

D
DMCB	DATA MEASUREMENT CORP	200	500
DATX	DATA TRANSLATION INC	1000	500
DMAR	DATAMARINEINTL INC	500	200
DATM	DATUM INC	500	1000
DAVX	DAVOX CORP	1000	500
DLFI	DELPHI FINL GROUP CL A	1000	500
DGAS	DELTA NATURAL GAS	500	200
DCPI	DICK CLARK PROD INC	1000	500
DGTL	DIGITAL SYS INTL INC	500	1000

E
EACO	E A ENGRG SCI TECH	1000	500
ESBB	E S B BANCORP INC	200	500
EAVN	EATON VANCE CORP	1000	500
EDCO	EDISON CONTROL CORP	500	200
ELBTF	ELBIT COMPUTERS LTD	1000	500
ECCB	ELLWOOD FED SAV BANK	500	200
ELMF	ELM FIN SERVICES	1000	500
EFSB	ELMWOOD FED SAV BANK	500	1000
EMPI	EMPI INC	1000	500
EASI	ENGINEERED SUPPORT	500	1000
EMCO	ENGINEERING MEASURE	500	1000
ENVI	ENVIROSAFE SERVICES	500	1000
EQICB	EQUITABLE OF IOWA B	500	1000
ERLY	ERLY INDUSTRIES INC	1000	500
EVAN	EVANS INC	1000	500

F
FMNT	F AND M NATIONAL CORP	500	1000
FNBR	F N B ROCHESTER CORP	1000	500
FNWB	F N W BANCORP INC	500	1000
FRPP	F R P PROPERTIES INC	500	200
FICI	FAIR ISAAC AND CO	500	200
FLCP	FALCON PRODUCTS INC	1000	500
FARA	FARADYNE ELECT CORP	1000	500
FAHSP	FARM AND HOME PFD A	500	1000
FEDF	FEDERATED BK S S B	500	200
FSVA	FIDELITY SAV ASSN	200	500
FITC	FINANCIAL TRUST CORP	200	500
FAMA	FIRST AMARILLO BANCORP	200	500
FRFD	FIRST COMM BANCORP IL	500	200
FFSD	FIRST FED SAV BANK AL	500	200
FSBG	FIRST FED SAV BANK GA	200	500
FLAG	FIRST FED SAV BANK LAG	200	500
GBCI	FIRST FED SAV BANK MT	500	200
FFUT	FIRST FED SAV UTAH	1000	500
FFBC	FIRST FIN BANCORP OH	500	1000
FGHC	FIRST GEORG HLDGS	500	200
FLFC	FIRST LIBERTY FIN	500	1000
FMSB	FIRST MUTUAL SAV BANK	1000	500
MTCL	FIRST NATL BANK CORP	200	500
FNPC	FIRST NATL PENN CORP	500	1000
FPNJ	FIRST PEOPLES FIN CORP	500	1000
FSFI	FIRST STATE FIN SVC	500	1000
FWBI	FIRST WESTERN BANCORP	200	500
FRST	FIRSTIER FIN INC	500	1000
FLAEF	FLORIDA EMP INS CO	500	200
FFPC	FLORIDA FIRST FED	500	1000
FOOT	FOOTHILL INDEPENDENT	500	1000
FRML	FREYMILLER TRUCKING	500	200

G
GWCC	G W C CORP	1000	500
GNDR	GANDER MOUNTAIN INC	1000	500
GATW	GATEWAY FED CORP	1000	500
GEOX	GEONEX CORP	1000	500
GBYLF	GIANT BAY RES LTD	1000	500
GNBC	GLENDALE BANCORP	500	200
GLDC	GOLDEN ENTRPRS INC	1000	500
GNTE	GRANITE CO-OP BANK	200	500
GFGC	GREAT FALLS GAS CO	500	200
GSBC	GREAT SOUTHERN BANCO RF	1000	500
GFCT	GREENWICH FIN CORP	1000	500
GRIF	GRIFFIN TECHNOLOGY	500	200

H
HDRP	H D R POWER SYS INC	1000	500
HALL	HALL FIN GROUP INC	500	1000
THCO	HAMMOND CO THE	500	200
HBSI	HAMPTONS BANCSHARES	200	500
HRLD	HAROLD'S STORES INC	500	200
HATH	HATHAWAY CORP	1000	500
HVFD	HAVERFIELD CORP	500	200
HTHR	HAWTHORNE FINANCIAL	500	1000
CHHC	HEIST C H CORP	500	200
HELX	HELIX TECHNOLOGY INC	1000	500
HERS	HERITAGE FINL SVC IL	500	1000
HIFS	HINGHAM INST SAVING	500	1000
HBENB	HOME BENEFICIAL CORP B	500	1000
HFMO	HOME FED SAV BANK MO	1000	500
HTWN	HOMETOWN BANCORP INC	1000	500
HRZB	HORIZON BANK (WA)	1000	500
HUFK	HUFFMAN KOOS INC	1000	500
HYDE	HYDE ATHLETIC INDS	500	200

I
IEHC	I E H CORP	1000	500
IWCR	I W C RES CORP	1000	500
IMGE	IMNET INC	1000	500
INDHK	INDEP INS GROUP INC NV	500	1000
IGSI	INSITUFORM GULF SO	200	500
INSMA	INSITUFORM MIDAMER A	500	200
ICAR	INTERCARGO CORP	500	200
INPH	INTERPHASE CORP	1000	500
ITIC	INVESTORS TITLE CO	1000	500

J
JGIN	J G INDUSTRIES INC	500	1000
JKHY	JACK HENRY AND ASSOC	1000	500
WILLA	JOHN WILEY SONS CL A	500	1000
JOSL	JOSLYN CORP	500	1000

K
KCSG	K C S GROUP INC	500	200
KLLM	KLLM TRANSPORT SRVC	500	200
KMSI	K M S INDS INC	500	1000
KSWS	K-SWISS INC CL A	500	1000
KMCI	KEEGAN MGMT CO	500	1000
KEQU	KEWAUNEE SCIENTIFIC	200	500
KNAP	KNAPE AND VOGT MFG	500	1000
KOSS	KOSS CORP	1000	500
KRUG	KRUG INTL CORP	500	1000
KUST	KUSTOM ELECTRONICS	500	200

L
LCSI	LCS INDS INC	200	500
LDBC	LDBCORP	200	500
LCLD	LACLEDE STEEL CO	1000	500
LLSL	LAKELAND FIRST FIN	1000	500
LDMK	LANDMARK BANK FOR SAV	500	200
LSER	LASER CORP	1000	500
LECT	LECTEC CORP	1000	500
LEPGY	LEP GROUP PLC ADR	1000	500
LSCO	LESCO INC	1000	500
LINN	LINCOLN FOODSVC PROD	1000	500
LNSB	LINCOLN SAVINGS BANK	200	500
LNDL	LINDAL CEDAR HOMES	1000	500
LIQB	LIQUI BOX CORP	500	200
LWNGF	LOEWEN GROUP INC	500	1000

M
MKCO	M KAMENSTEIN INC	500	200
MMIM	MMI MEDICAL INC	500	200
MRCS	MARCUS CORP	500	1000
MCOR	MARINE CORP ILL	500	1000
MSAM	MARSAM PHARM INC	1000	500
MTRX	MATRIX SERVICE CO	500	1000
MOIL	MAYNARD OIL CO	500	1000
MCFE	MCFARLAND ENERGY INC	500	1000
MTIX	MECHANICAL TECH INC	200	500
MDIN	MEDALIST INDS	500	1000
MDCI	MEDICAL ACTION INDS	1000	500
MGCC	MEDICAL GRAPHICS CORP	500	1000
KITS	MERIDIAN DIAGNOSTICS	500	1000
MSEA	METROPOLITAN FSL SEATTLE	1000	500
MSIC	MICROSCIENCE INTL CORP	200	500
MIDS	MID-SOUTH INS CO	200	500
MSSB	MID-STATE FED SAV BANK	500	1000
MIDC	MIDCONN BANK	500	1000
SHOEW	MILLFELD TRADING WTS	500	1000
MILW	MILWAUKEE INS GROUP	500	200
MNES	MINE SAFETY APPLS CO	200	500
MITSY	MITSUI AND CO ADR	200	500
MBLE	MOBILE GAS SERVICE	200	500
MMDI	MOMENTUM DIST	1000	500
MAHI	MONARCH AVALON INC	200	500
MORF	MOR-FLO INDS INC	200	500
MTNR	MOUNTAINEER BKSHS WV	500	200
MUEL	MUELLER PAUL CO	500	200
LABL	MULTI-COLOR CORP	1000	500

N
NHDI	N H D STORES INC	500	200
NYCL	NYCALCORP	500	1000
NCELW	NATIONWIDE CELL WTS	1000	500
NBCC	NATL BANC COMMERCE	1000	500
NBAK	NATL BNCP OF ALASKA	200	500
NHMO	NATLHMOCORP	1000	500
NPBC	NATL PENN BCSHS INC	500	200
NSBA	NATL SAV BANK ALBANY	1000	500
NWLIA	NATL WESTERN LIFE A	1000	500
NBTY	NATURE'S BOUNTY INC	1000	500
NEWE	NEWPORT ELECTRONICS	200	500
NNSL	NEWPORT NEWS SAV BANK	200	500
NIEX	NIAGARA EXCHANGE CORP	500	200
NOLD	NOLAND CO	200	500
NRTI	NOONEY REALTY TRUST	500	200
NMDY	NORMANDY OIL & GAS CO	1000	500
NORKZ	NORSK DATA A S B ADR	1000	500
NAMC	NORTH AMER NATL CORP	500	1000
NCNG	NORTH CARO NAT GAS	500	1000
NCCB	NORTHERN CA COMMUNIT	500	200
CBRYA	NORTHLAND CRANBERR A	500	200
NWIB	NORTHWEST IL BANCORP	200	500
NWTL	NORTHWEST TELEPROD	200	500
NOVXM	NOVA PHARM CORP WTS C	200	500
NUCM	NUCLEAR METALS INC	500	200
NUCOL	NUCORP INC WTS BC 92	500	200
NUCOW	NUCORPINCWTSC93	500	200

O
OHBC	OHIO BANCORP YOUNGSTOWN	200	500
OILC	OIL-DRI CORP OF AMER	1000	500
OSTNO	OLD STONE PFB B 2.40	500	200
OVWV	ONE VALLEY BANCORP W VA	1000	500
OCOMA	OUTLET COMMUN CL A	500	1000

P
PCAI	PCAINTLINC	1000	500
PFINA	P FINDSINC A	1000	500
PISC	PACIFIC INTL SVC CORP	500	1000
PBCI	PAMRAPO BANCORP INC	500	1000
PATL	PAN ATLANTIC INC	500	200
PNTC	PANATECH RES DEV	1000	500
PBFI	PARIS BUSINESS FORMS	500	200
PMFG	PEERLESS MFG CO	500	1000
PNTAP	PENTAIR INC PFD 87	500	200
PFDC	PEOPLES FED DEKALB	500	200
PETD	PETROLEUM DEV CORP	500	1000
PTRO	PETROMINERALS CORP	500	1000
PMSV	PHARMACY MGT SVC	200	500
PENV	PINNACLE ENV	1000	500
PSBN	PIONEER BANCORP INC NC	500	1000
POLK	POLK AUDIO INC	500	200
POOL	POSEIDON POOLS AMER	500	1000
PREM	PREMIER FIN SVCS	200	500
PENG	PRIMA ENERGY CORP	1000	500
PMSI	PRIME MEDICAL SYS	500	1000
PRCY	PROCYTE CORP	1000	500
PRFT	PROFFITT'S INC	500	200
PSYS	PROGRAMMING AND SYS	500	1000
PSBK	PROGRESSIVE BANK INC	500	1000
PRGR	PROGROUP INC	500	200
PLFC	PULASKI FURNITURE CORP	1000	500
PLTZ	PULITZER PUBLISHING	1000	500

Q
QRXI	QUAREXINDS INC	1000	500

R
RMPO	RAMAPO FINANCIAL CORP	200	500
RARB	RARITAN BANCORP INC	1000	500
ROPS	RASTEROPS	200	500
RATNY	RATNERS GROUP ADR	500	1000
RCHI	RAUCH INDS INC	500	200
RDGCA	READING CO CL A	500	1000
REED	REEDS JEWELERS INC	1000	500
REAL	RELIABILITY INC	1000	500
RAUT	REPUBLIC AUTO PARTS	500	1000
RBNC	REPUBLIC BANCORP INC	500	1000
REPH	REPUBLIC HEALTH CORP	500	1000
RHEM	RHEOMETRICS INC	200	500
RFBC	RIVER FOREST BANCORP	500	1000
ROBN	ROBBINS AND MYERS	1000	500
ROPK	ROPAK CORP	1000	500
RPCH	ROSPATCH CORP	500	1000
ROTO	ROTO-ROOTER INC	500	200
RBPAA	ROYAL BANK PENN A	1000	500
RBCO	RYAN BECK CO INC	500	1000

S
SCOM	S C S/COMPUTE INC	500	1000
SDNB	SDNB FINANCIAL CORP	200	500
SAVO	SCHULTZ SAV-0 STORES	500	200
SIDY	SCIENCE DYNAMICS CORP	1000	500
STIZ	SCIENTIFIC TECH INC	500	200
SHER	SCOTTISH HERITABLE	500	200
SEAB	SEABOARD SAVINGS LOAN	500	200
SBCFA	SEACOAST BNKG CORP FL A	1000	500
SFBM	SECURITY FED SAV BANK	500	200
SLFX	SELFIX INC	500	1000
SSBC	SHELTON BANCORP INC	500	200
SETBS	SIERRA RL EST 83 SBI	200	500
SETC	SIERRA RL EST TR 84	500	1000
SKYW	SKYWEST INC	1000	500
HAMS	SMITHFIELD CO INC	200	500
SMGS	SOUTHEASTERN MI GAS	1000	500
SWTR	SOUTHERN CA WATER CO	1000	500
SMIN	SOUTHERN MINERAL CORP	1000	500
SVRN	SOVEREIGN BANCORP	1000	500
SPAN	SPAN AMERICA MED SYS	1000	500
SWVA	STEEL WEST VIRGINIA	1000	500
SISC	STEWART INFO SVCS CORP	500	1000
STRC	STRATFORD AMER CORP	1000	500
STRB	STROBER ORGANIZATION	1000	500
SLMAJ	STUDENT LOAN MKT VOTG	500	1000
SMMT	SUMMIT SAV ASSOC	1000	500
SCSL	SUNCOAST SAV LOAN ASSOC	500	1000
SNLT	SUNLITE INC	200	500

T
TCII	TCIINTLINC	1000	500
TTOI	TEMPEST TECH	500	1000
TECN	TECHNALYSIS CORP	1000	500
TDCX	TECHNOLOGY DEV CORP	200	500
TMTX	TEMTEX INDS INC	200	500
TANT	TENNANT CO	500	1000
TFLX	TERMIFLEX CORP	500	200
TAVI	THORN APPLE VALLEY	200	500
TKOS	TOKOS MED CORP DEL	500	1000
TOMKY	TOMKINSPLCADR	500	200
TCTC	TOMPKINS CO TRUST CO	200	500
TRGL	TOREADOR ROYALTY CORP	1000	500
TRNI	TRANS INDSINC	1000	500
TLII	TRANS LEASING INTL	500	200
TCBC	TRUST CO BANCORP THE	500	1000
TRST	TRUSTCO BANK CORP NY	500	200
TUCK	TUCKER DRILLING CO	1000	500

U
UNRIW	U N R INDS INC WTS	1000	500
UNSL	UNSLFINCORP	500	200
UNAM	UNICO AMERICAN CORP	1000	500
UNFR	UNIFORCE TEMP PERSNL	1000	500
UBSI	UNITED BKSHS INC	500	1000
UNSA	UNITED FIN CORP S C	200	500
UFCS	UNITED FIRE CASUALTY	500	200
BNKS	UNITED N M FIN CORP	1000	500
UBMT	UNITED SAV BANK F A MT	500	200
CETH	UNITED THERMAL CORP	500	1000
UPEN	UPPER PENINSULA ENERGY	500	200
URIXW	URANIUM RES WTS	500	200
UBANP	USBANCORP INC PFD A	500	200

V
VLCM	VALCOM INC	500	200
VALN	VALLEN CORP	500	1000
VCCN	VALLEY CAPITAL CORP	500	1000
VANF	VANFED BANCORP	500	1000
VRLN	VARLEN CORP	1000	500
VTEX	VERTEX COMMUN CORP	1000	500
VICR	VICOR CORP	200	500
VICT	VICTORIA BKSHS	500	1000
VITC	VICTORIA CREATIONS	1000	500
VIDE	VIDEO DISPLAY CORP	1000	500
VDMK	VIDMARK INC	500	1000
VBMV	VIEJO BANCORP	500	200

W
WLRF	W L R FOODS INC	1000	500
WAIN	WAINWRIGHT BANK TR CO	200	500
WALS	WALSHIRE ASSURANCE	500	200
WRNB	WARREN BANCORP INC	1000	500
WBNC	WASHINGTON BANCORP NJ	500	1000
WFSB	WASHINGTON FED SAV VA	1000	500
WAMUP	WASHINGTON MUT PFD A	500	1000
WATFZ	WATERFORD PLC ADR UTS	500	1000
WGHT	WEIGH-TRONIX INC	500	200
WSBK	WESTERN BANK OREGON	500	200
WTPR	WETTERAU PROPERTIES	500	200
WSVS	WILAND SVCS INC	500	1000
WDHD	WOODHEAD INDS INC	1000	500
WCHI	WORKINGMENS CAP HLDG	500	1000

X
XPLR	XPLOR CORP	500	1000

Z
ZIGO	ZYGO CORP	500	200