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INTERCAPITAL NEW YORK QUALITY MUNICIPAL SECURITIES OFFERS 800 AUCTION RATE PREFERRED SHARES AT $50,000 A SHARE

 NEW YORK, Nov. 9 /PRNewswire/--Dean Witter Distributors Inc. and Merrill Lynch & Co. announced today the public offering of 400 Series 1 Auction Rate Preferred Shares (ARPS) AND 400 Series 2 ARPS of InterCapital New York Quality Municipal Securities at a price of $50,000 per share. The ARPS will be preferred shares of the Trust that entitle their holders to receive cash dividends at a rate that may vary for successive dividend periods. It is expected that the initial dividend period for each of Series 1 ARPS and Series 2 ARPS will be a two-week dividend period. Subsequent dividend periods may vary from seven days to five years.
 The initial dividend rate for the ARPS will be 2.35 percent per annum for Series 1 and 2.35 percent per annum for Series 2. Thereafter, the dividend rate for each subsequent dividend period will be reset according to bid orders, hold orders and sell orders placed by existing and potential holders in an auction.
 InterCapital New York Quality Municipal Securities is a closed-end non-diversified management investment company which seeks to provide current income exempt from federal, New York State and New York City income taxes. The Trust will seek to achieve its investment objective by investing primarily in a portfolio of Municipal Obligations the interest on which, in the opinion of bond counsel to the issuer, is exempt from federal, New York State and New York City income taxes and which are rated in the four highest grades by Moody's Investors Service, Inc. or Standard & Poor's Corporation (Baa or BBB, respectively, or higher) or, if not rated, are determined to be of comparable quality. The Trust may invest a portion of its assets in Municipal Obligations the interest on which is exempt from federal but not New York State or New York City income taxes and which are also rated in the four highest grades by Moody's Investors Service, Inc. or Standard & Poor's Corporation (Baa or BBB, respectively, or higher) or, if not rated, are determined to be of comparable quality.
 -0- 11/9/93
 /CONTACT: Mike Durbin of Dean Witter Distributors Inc., 212-392-4235/


CO: InterCapital New York Quality Municipal Securities ST: New York IN: FIN SU: OFR

LG -- NY087 -- 2311 11/09/93 13:38 EST
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Publication:PR Newswire
Date:Nov 9, 1993
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