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RECORD NUMBER OF COMPANIES JOIN NYSE LIST IN 1991

 RECORD NUMBER OF COMPANIES JOIN NYSE LIST IN 1991
 NEW YORK, Dec. 31 /PRNewswire/ -- A record 162 companies joined the


list of New York Stock Exchange-traded corporations in 1991, bringing the total number of NYSE-listed companies to 1,885. The previous record of 155 new listings was set in 1988.
 The NYSE also had a banner year in other areas: trading volume was the second-highest in history; the NYSE Composite Index reached an all- time high; and bond trading set a record for the second consecutive year. In addition, the NYSE began a successful experiment in off-hours trading, and its Rule 80A was permanently approved and widely credited with helping to reduce market volatility.
 "Overall, the numbers we posted in 1991 testify to the strengths of the NYSE auction market: the fairest pricing mechanism, the toughest regulation, and the greatest visibility and access to all investors," said William H. Donaldson, NYSE chairman and chief executive officer.
 "As we move into 1992, the Exchange's bicentennial year, the NYSE is ready to meet the opportunities and challenges stemming from two key trends: the move by companies worldwide toward equity financing, and the return of the individual investor to the stock market," Donaldson added.
 World-Class Companies Among New Listings
 Of the record 162 companies that joined the NYSE list in 1991, 91 were initial public offerings (IPOs), up from 56 in 1990. The 1991 IPOs included such corporations as RJR Nabisco, Duracell and Caldor.
 Some 36 companies transferred from the over-the-counter market, compared with 38 in 1990. Among the 1991 o-t-c transfers were Liz Claiborne, National Health Laboratories, The St. Paul Companies and Duty Free International.
 In addition, 19 companies transferred from the American Stock Exchange, up from 15 in 1990. The 1991 Amex transfers included Carnival Cruise Lines, Brown Forman, Diasonics and Timberland.
 The number of non-U.S. listed companies reached an all-time high of 105 in 1991, with the addition of 12 world-class companies such as Telefonos de Mexico and Vitro S.A., both of Mexico; Grand Metropolitan, of the United Kingdom; Telecom Corporation of New Zealand; Societe Nationale Elf Aquitane and Total, both of France; and AEGON N.V. of the Netherlands.
 The 162 new listings in 1991 also included three spinoffs and one transfer from the Pacific Stock Exchange.
 Stock Trading Volume Rises To Second-Highest
 Total NYSE stock trading volume of 45,266,042,655 shares in 1991 was the second only to the 47,801,308,660 recorded in 1987. The total volume in 1990 was 39,664,516,030 shares.
 Average daily trading volume in 1991 was 178.92 million shares a day, up from 156.78 million shares a day in 1990 and second only to 1987's 188.94 million shares a day.
 The value of trading on the NYSE rose to $1.52 trillion in 1991, compared with $1.34 trillion a year earlier.
 NYSE Composite Index Reaches Highest Level
 The NYSE Composite Index reached an all-time high of 229.44 on Dec. 31, 1991, after finishing 1990 at 180.49. For 1991, the index was at a low of 170.97 on Jan. 9.
 Bond Volume Sets Second Consecutive Record
 Trading in bonds on the NYSE reached a record $12.7 billion in 1991, up from $10.9 billion in 1990. Volume is expressed as par value of bonds traded. In 1991, 96 new corporate debt issues were listed, representing $28.8 billion; in 1990, 42 new issues were listed, representing $14.2 billion.
 Off-Hours Trading Off To An Encouraging Start
 The NYSE's off-hours trading sessions have attracted significant interest after only six months, garnering the dominant marketshare for post-4 p.m. trading.
 Crossing Session I, for individual stock orders, recorded a total volume of 19.6 million shares and an average daily volume of 139,700 shares. Crossing Session II, for baskets of stock, recorded a total volume of 161.1 million shares worth $7.17 billion, and an average daily volume of 1.15 million shares worth $51.2 million. Both sessions began on June 13.
 Rule 80A Gains Permanent Approval
 The NYSE's Rule 80A, which restricts index arbitrage in periods of market volatility, was approved on a permanent basis by the Securities and Exchange Commission on Oct. 24, 1991. Rule 80A had been approved and operating on a pilot basis since August 1990.
 Rule 80A has been triggered 43 times since its inception -- including 20 times in 1991 -- and has been credited by market participants and analysts with helping to reduce excessive market volatility. The rule provides that whenever the Dow Jones Industrial Average rises or falls 50 points or more from the previous day's close, any index arbitrage trading after that point must be done in a stabilizing manner.
 NYSE Seat Sales
 In 1991, a NYSE seat sold for a high of $440,000 on July 8 and a low of $345,000 on Feb. 6, the first sale of the year. The last sale of the year was for $431,000 on Dec. 10. A total of 19 NYSE seats changed hands during 1991. The record high for a seat price was $1.15 million on Sept. 21, 1987.
 Options Volume Decreased In 1991
 In 1991, the NYSE average daily option volume decreased to 7,971 contracts a day from an average daily volume of 10,840 in 1990. The combined option volume in 1991 decreased to 2,016,597 from 2,742,476 in 1990.
 Five options trading rights seats were sold in 1991, with a high of $10,000 on Feb. 15 and a low of $5,000 on Dec. 31.
 New York Futures Exchange Volume Falls
 Combined contract volume on the New York Futures Exchange fell in 1991 to an estimated 1,586,493 contracts, from 1,686,013 in 1990. The NYFE's average daily contract volume fell to an estimated 6,271 contracts from 6,665 contracts a year earlier.
 A total of 79 seats were sold on the NYFE, an NYSE subsidiary, with a high of $2,500 and a low of $2,500. The first NYFE seat sale of the year was for $100 on Jan. 7; the last, for $1,000 on Jan. 31.
 -0- 12/31/91
 /CONTACT: Ray Pellecchia, 212-656-2065, or Catherine Maroney, 212-656-8685, both of the NYSE/ CO: New York Stock Exchange ST: New York IN: FIN SU:


PS -- NY043 -- 5977 12/31/91 18:16 EST
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Date:Dec 31, 1991
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