sec ne igest Issue 81-56 MAR Z 5 1981 March 24, 1981 IIS SECURITIE8 AND RULES AND RELATED MATTERS EXCHANQE COMMISSION PROPO~ED DEFINITIONS OF "SMALL BUSINESS" AND "SMALL ORGANIZATION" FOR PURPOSES OF THE REGULATORY FLEXIBILITY ACT The Commission has issued a release giving interested persons until May 19 to comment on proposed rules under each of the securities laws administered by the Commission that would define the terms "small business" and "small organization" for purposes of the Regulatory Flexibility Act of 1980. Among other things, the Regulatory Flexibility Act requires federal agencies to determine whether proposed and final rules will or are likely to have a significant economic impact upon a substantial number of small entities. The Commission intends to use the proposed definitions in implementing this and other requirements of the Regulatory Flexi- bility Act. Persons wishing to submit written views should file four copies thereof with George A. Fitzsimmons, Secretary, Securities and Exchange commission, 500 North Capitol Street, Washington, D.C. 20549, and should refer to File No. S7-879. All submissions will be available for public inspection. (ReI. 33-6302) FOR FURTHER INFORMATION CONTACT: Jeffry L. Davis at (202) 272-2850 IIVESTMENT COMPANY ACT RELEASES SOUTHWESTERN INVESTORS, INC. A notice has been issued g~v~ng interested persons until April 17 to request a hearing on an application by Southwestern Investors, Inc., Southwestern Investors Income Fund, Inc., Fund of the Southwest, Inc. (collectively, Funds), each a diver- sified, open-end, registered management investment company, and Southwestern Management & Research Corp., investment adviser of, and principal underwriter for, each of the Funds, for an order, pursuant to Section 6(c) of the Investment Company Act of 1940, exempting from the provisions of Section 22(d) of the Act the proposed offering of shares of the Funds without sales Charges to holders or beneficiaries of certain life insurance policies or fixed-dollar and variable annuity contracts who use the proceeds from those policies or contracts to purchase shares in one or more of the Funds. (ReI. IC-l1697 - Mar. 23) PUTNAM DAILY DTVIDEND TRUST A notice has been issued g~v~ng interested persons until April 17 to request a hearing on an application by Putnam Daily Dividend Trust (Fund), a registered, open-end, diversified, management company, and its principal underwriter, Putnam Fund Distributors (collectively, Applicants), for an order pursuant to Section 6(c) of the Investment Company Act of 1940, exempting Applicants from the provi- sions of Section 2(a) (41) of the Act and Rules 2a-4 and 22c-1 thereunder, to the extent necessary to permit the Fund to use the amortized cost valuation method for the purpose of pricing its shares for sale, repurchase and redemption. (Rel. IC-11698 - Mar. 23) LINCOLN NATIONAL LIFE INSURANCE COMPANY An order has been issued on an application of Lincoln National Life Insurance Com- pany (Lincoln National), an Indiana stock life insurance company and its Variable Annuity Fund A, a separate account of Lincoln National registered as an open-end, diversified, management investment company under. the Investment Company Act of 1940 (hereinafter collectively referred to as Applicants), pursuant to Section 6(c) of the Act, granting exemption from Sections 22(e), 27(c) (1) and 27(d) to the extent necessary to permit compliance by Applicants with certain provisions of the Education Code of the State of Texas as it would apply to variable annuity contracts issued by Lincoln National subsequent to the date of the requested order. (ReI. IC-ll699 - Mar. 23) HOLDING COMPANY ACT RELEAS£S CO~CTICUT YANKBE ATOMIC POWER COMPANY A notice has been issued gi~~~I~a persons until April 16 to request a hearing on a proposal by Connecticut Yankee Atomic Power Company, subsidiary of Northeast Utilities and New ~~aD~.~ft.jric System, each a registered holding company, to privatelY place ur>l,.tor:$:1~fIti"lionof debentures. The proceeds of the sale will be used to retire outstanding borrowings and finance construction and nuclear fuel procurement. '(~~i~~~7~~Mar. 23) ,,.: 30~At!~X3 MONONGAHELA POWER COMPANY A notice has been issued g1v1ng interested persons until April 16 to request a hearing on a proposal whereby Monongahela Power Company, The Potomac Edison Com- pany (PE) and West Penn Power Company, subsidiaries of Allegheny Power System, Inc. (APS) would amend their Charters to increase the authorized number of shares of common stock from 3,960,000 to 5,460,000 shares, from 10,375,000 to-12,075,000 shares and from 11,054,923 to 15,052,923 shares, respectively. Monongahela, PE and West Penn propose to issue and sell from time to time prior to December 31, 1981, and APS proposes to acquire from each of them, 660,000, 1,950,000 and 3,000,000 shares of common stock respectively. (ReI. 35-21974 - Mar. 23) SELF·REGULATORY ORGANIZATIONS NOTICE OF PROPOSED RULE CHANGE The American Stock Exchange, Inc. has filed a proposed rule change under Rule 19b-4 (SR-Amex-8l-3) to authorize Floor Officials to resolve market disputes involving ITS rules arising between Amex members and members of other ITS par- ticipating market centers. Publication of the proposal is expected to be made in the Federal Register during the week of March 23. (ReI. 34-17652) MISCELLANEOUS VINSON & ELKINS LAWYERS RETIREMENT PLAN A notice has been issued giving interested persons until April 16 to request a hearing on an application of Vinson & Elkins, a law firm organized as a partner- ship under the laws of Texas, for an order, pursuant to Section 3(a) (2) of the Securities Act of 1933, exempting from the registration requirements of the Act participations or interests issued in connection with the Vinson & Elkins Lawyers Retirement Plan. (ReI. 33-6303) SECURITIES ACT REGISTRATIONS The following registration statements have been filed with the SEC pursuant to the Securities Act of 1933. The information noted below has been taken from the cover page and the facing sheet of the prospectus and registration statement and will appear as follows: Form; Name, address and phone number (if available) of the issuer of the security; Title and the number or face amount of the securities being offered; Name of the managing underwriter (if applicable); Whether the offer- ing is a rights offering; File number and date filed; Assigned Branch; and whether the registration statement is a New Issue. (S-2) CASINO TECHNOLOGY CORPORATION, 10501 Delta Pkwy., Schiller Park, IL 60176 (312) 671-6700 - 1,250,000 shares of common stock. Underwriter: Muller and Company, Inc. The company is engaged in developing products and systems for the gaming and casino industry. (File 2-71328 - Mar. 20) (Br. 10 - New Issue) (S-16) SUN CHEMICAL CORPORATION, 200 Park Ave., New York, NY 10166 (212) 986-5500 - 500,000 shares of common stock. Underwriter: Drexel Burnham Lambert Incorporated, 60 Broad st., New York, NY. The company is a producer of printing inks and organic pigments. (File 2-71335 - Mar. 20) (Br. 2) 2 NEWS DIGEST, March 24, 1981 (5-7) HEALTH-CHEM CORPORATION, 1107 Broadway, New York, NY 10010 (212) 691-7550 - $15 million of , convertible Subordinated debentures, due April 15, 1999. Under- writer: Drexel Burnham Lambert Incorporated. 60 Broad St., New York, NY. The company is a diversified manufacturer and distributor which operates in five industry segments - Synthetic Fabric and Controlled Release Dispensers, Health Care Products, Industrial Chemicals, Industrial Hardware, and Giftware. (File 2-71341 - Mar. 20) (Br. 9) (S-ll) MCNEIL REAL ESTATE FUND XII, LTD., 2855 Campus Dr., San Mateo, CA 94403 - 140,000 units of limited partnership interest. (File 2-71343 - Mar. 20) (Br. 6 - New Issue) (S-8) THE CINCINNATI GAS & ELECTRIC COMPANY, 139 East Fourth St., Cincinnati, OH 45202 (513) 632-2369 - 1,500,000 shares of common stock. (File 2-71344 - Mar. 20) (Br. 7) (S-16) TENNECO INC., Tenneco Bldg., Houston, TX 77002 (713) 757-2131 - $200 million of % debentures, due 2006. Underwriters: Morgan Stanley & Co. Incorporated, 55 Water St., New York, NY, and Merrill Lynch White Weld Capital Markets Group. The company is engaged in all phases of integrated oil and gas operations, among other things. (File 2-71345 - Mar. 20) (Br. 4) (S-16) CITICORP, 399 Park Ave., New York, NY 10043 (212) 559-1000 - $250 million of % notes, due April 1, 1991. Underwriters: The First Boston Corporation and Gold- man, Sachs & Co. The company is a commercial bank offering a wide range of banking and trust services. (File 2-71346 - Mar. 20) (Br. 1) (S-6) THE EQUITY INCOME FUND, SIXTY UTILITY COMMON STOCK SERIES, One Liberty Plaza, 165 Broadway, New York, NY 10080 - an indefinite number of units of beneficial interest. Depositors: Merrill Lynch, Pierce, Fenner & Smith Incorporated, One Liberty Plaza, 165 Broadway, New York, NY 10080, Dean Witter Reynolds Inc., Bache Halsey Stuart Shields Incorporated and Shearson Loeb Rhoades Inc. (File 2-71347 - Mar. 20) (Br. 17 - New lssue) (S-6) MUNICIPAL INVESTMENT TRUST FUND, ONE HUNDRED SEVENTY-THIRD MONTHLY PAYMENT SERIES, One Liberty Plaza, 165 Broadway, New York, NY 10080 - an indefinite number of units of beneficial interest. Depositors: Merrill Lynch White Weld Capital Markets Group, One Liberty Plaza, 165 Broadway, New York, NY 10080, Dean Witter Reynolds Inc., Bache Halsey Stuart Shields Incorporated and Shearson Loeb Rhoades Inc. (File 2-71348 - Mar. 20) (Br. 17 - New Issue) (S-6) MUNICIPAL INVESTMENT TRUST FUND, ONE HUNDRED SEVENTY-SECOND MONTHLY PAYMENT SERIES, One Liberty Plaza, 165 Broadway, New York, NY 10080 - an indefeinite number of units of beneficial interest. Depositors: Merrill Lynch, Pierce, Fenner & Smith Incor- porated, One Liberty Plaza, 165 Broadway, New York, NY 10080, Dean Witter Reynolds Inc., Bache Halsey Stuart Shields Incorporated and Shears on Loeb Rhoades Inc.