FOR IMMEDIATE RELEASE                                  98-37
                              
   Securities and Exchange Commission Approves New Circuit
                       Breaker Levels

     Washington, D.C., April 10, 1998 -- The Securities and
Exchange Commission late yesterday approved new circuit
breaker trigger levels for one-day declines in the Dow Jones
Industrial Average (Dow) of 10%, 20% and 30%.  The new
levels, which go into effect April 15, 1998, were proposed
by the securities exchanges and the NASD to modify their
rules regarding coordinated, cross-market trading halts
during periods of extraordinary market volatility.

     The new trigger levels will be converted into point
values at the beginning of each calendar quarter, using the
average closing value of the Dow for the previous month.
The new levels also better reflect the original intent of
the circuit breakers: that they only be triggered during a
severe one day decline of historic proportions.  The
Commodities Future Trading Commission also approved
substantively identical rules for the stock index futures
markets.

     The rule changes also modify the late-in-the-day
trading halt procedures for circuit breakers.

     Ten Percent Decline:  The halt for a 10% decline will
be one hour if triggered before 2:00 p.m. EST.  At or after
2:00 p.m. EST but before 2:30 p.m. EST, the halt will be for
one-half hour.  At or after 2:30 p.m. EST, the market will
not halt at the 10% level and will continue trading.

     Twenty Percent Decline:  The halt for a 20% decline
will be two hours if triggered before 1:00 p.m. EST.  At or
after 1:00 p.m. EST but before 2:00 p.m. EST, the halt will
be for one hour.  If the 20% trigger value is reached at or
after 2:00 p.m. EST, trading will halt for the remainder of
the day.

     Thirty Percent Decline:  If the market declines by 30%,
at any time, trading will be halted for the remainder of the
day.

     Previously, the circuit breakers were triggered when
the Dow Jones Industrial Average declined 350 points (thirty
minute halt) and 550 points (one hour halt) from the
previous day's close.

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