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THREE NEW PARTICIPANT DIRECTORS ELECTED TO BOARD OF NATIONAL SECURITIES CLEARING CORPORATION

 NEW YORK, May 25 /PRNewswire/ -- Three securities industry executives were elected as new participant directors at the National Securities Clearing Corporation's (NSCC) 17th annual meeting of shareholders.
 The new appointees to the three-year term of office (expiring in May 1996) are John Cirrito, executive vice president and director of operations, Gruntal & Co., Incorporated; Alfred J. Golden, executive vice president and director of operations, Dean Witter Reynolds Inc.; and James C. Stone, III, executive vice president and treasurer, J.J.B. Hilliard, W. L. Lyons, Inc.
 Mr. Cirrito joined Gruntal & Co., Incorporated in 1991. He is EVP in charge of operations, data processing, purchasing and general services, and a member of the firm's executive committee. Before joining the firm, Mr. Cirrito spent 10 years at Prudential Securities,Inc., where he was SVP of operations. He has served a number of industry groups, including the National Association of Securities Dealers, Inc. (NASD), Group of Thirty, Securities Industry Association (SIA), Investment Company Institute, Securities Operations Division, and New York Stock Exchange (NYSE).
 Mr. Cirrito is a graduate of Rutgers University and holds a bachelor of science degree with a major in accounting.
 Mr. Golden was appointed EVP and director of operations at Dean Witter Financial Services Group in 1985. He joined the firm in 1979 as deputy director of operations, a position he held until being named director. Prior to this, he was with Morgan Bank. Mr. Golden is a past chairman of the SIA's operations committee.
 Mr. Golden holds a bachelor of science degree in accounting from St. Peter's College and is a Certified Public Accountant.
 Mr. Stone has served as EVP and a member of the executive committee of Hilliard Lyons since 1986. Prior to that, he has served as the firm's director of operations and CFO since 1983. Mr. Stone joined the firm in 1969, serving as general counsel and director of compliance.
 Mr. Stone currently is a member of the SIA's self-regulatory and supervisory practices review committee, and government relations committee. Other SIA involvement has included the legal and compliance divisions's executive committee, operations committee and state regulation committee. In addition, Mr. Stone is an active member of NASD's board surveillance committee. He has served as chairman of the NASDAQ board in 1986, vice chairman of NASD's board of governors in 1985, and chairman of the NASD district no. 9 business conduct committee in 1982. He also chaired NASD's arbitration committee (1985-1987).
 Mr. Stone holds a B.A. from Trinity College (1965) and a J.D. from the University of Louisville School of Law (1969).
 NSCC's 18-member board is made up of 14 participant directors elected from participating brokers, dealers and banks; NSCC's president; and three shareholders directors who represent the NYSE, American Stock Exchange and NASD.
 Today's announcement follows the mid-May election of Raymond E. Wooldridge to chairman of NSCC's board. Mr. Wooldridge is president, COO and a director of Southwest Securities Group, Inc., and president of its principal subsidiary, Southwest Securities, Inc.
 National Securities Clearing Corporation, established in 1976, is the nation's leading provider of clearance and settlement services for equity, bond and mutual funds transactions. International Securities Clearing Corporation, a subsidiary, provides clearance and settlement services to U.S. brokers trading in overseas markets, and Government Securities Clearing Corporation, an affiliate, provides clearance and settlement services to dealers and banks trading in government securities.
 -0- 5/25/93
 /CONTACT: Stuart Z. Goldstein of National Securities Clearing Corporation, 212-412-8472/


CO: National Securities Clearing Corporation ST: New York IN: FIN SU: PER

TM-TS -- NY086 -- 2298 05/25/93 16:12 EDT
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Date:May 25, 1993
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