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PAINEWEBBER RAISES $125,000 FOR UNDERPRIVILEGED CHILDREN ATTENDING PAROCHIAL SCHOOLS IN HARLEM AND THE SOUTH BRONX

 NEW YORK, Feb. 3 /PRNewswire/ -- While fundraising dinners are everyday events on Wall Street, last night's dinner hosted by PaineWebber Incorporated was anything but ordinary.
 Joseph J. Grano Jr., president of PaineWebber's Retail Sales & Marketing Division, donned his cooking attire and whipped up an Italian feast for more than 165 invited guests, at $575 a plate. The result: $125,000 was raised for New York City underprivileged children who attend parochial schools in Harlem and the South Bronx.
 John Cardinal O'Connor, who accepted the check on behalf of the Archdiocese of New York, thanked PaineWebber for its efforts and commented, "I have asked myself why PaineWebber, who must be asked to raise funds for many organizations each week and whose employees are undoubtedly of a variety of religious persuasions, would do this. I can only believe that you have some knowledge and sense of the gravity of the needs and the work that is actually done. Thank you."
 The Archdiocese supports 136 inner-city parochial schools, which provide education to almost 51,000 children of various religious and ethnic backgrounds. Of these children, 93 percent come from families at or below the poverty level. Ninety-nine percent graduate from high school, and the overwhelming majority of the students -- 90 percent -- go on to college.
 Mr. Grano remarked, "When we first learned that the inner-city schools were in need of funding, we vowed to raise $50,000 to help keep the schools operating. We are greatly pleased that we surpassed this goal by 150 percent, raising $125,000, of which $30,000 was donated by the PaineWebber Foundation. By supporting these schools, which play a crucial role in educating New York City youth, we are making an important investment in these children and their future."
 The special maitre d's for the dinner, which was held at Cesarina's Restaurant in midtown Manhattan, were Richard Grasso, president of the New York Stock Exchange; James MacGilvray, managing director, transaction services division, PaineWebber; and Jay Tota, national sales director, PaineWebber. Among the guests were Paul B. Guenther, president of PaineWebber; Jules L. Winters, chief operating officer of the American Stock Exchange; William G. Morton Jr., chairman and chief executive officer of the Boston Stock Exchange; and John J. Wallace Sr., chairman of the board of governors of the Philadelphia Stock Exchange.
 In addition, Cardinal O'Connor; Bishop Ahern, Vicar for Development; Bishop Mansell, Vicar for Administration; Monsignor Thomas J. Bergin, chancellor; and Monsignor Lawrence Connaughton, director of development, attended on behalf of the Archdiocese of New York.
 The Cardinal said that the money raised by PaineWebber will "literally keep one of our schools open this year." The school is representative of the inner-city schools and serves approximately 450 children, at least 85 percent of whom are black and Hispanic. Half the children come from single-parent families, and 93 percent are from families whose incomes are at or below the poverty line. He noted that parents feel more secure when dropping their kids off at schools supported by the Archdiocese because they know that "it is a drug-free environment, the kids will not have to go through weapon-detectors, and, hopefully, many will work eventually for prestigious companies like PaineWebber."
 PaineWebber Incorporated is one of the nation's leading full-service securities firms.
 -0- 2/3/93
 /CONTACT: Maureen Fantz of PaineWebber Incorporated, 201-902-6718; or Jeffrey Z. Taufield or Wendi Kopsick of Kekst and Company, 212-593-2655, for PaineWebber/


CO: PaineWebber Incorporated ST: New York IN: FIN SU:

GK-LR -- NY075 -- 2552 02/03/93 15:53 EST
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Date:Feb 3, 1993
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