Issuer Delisting; Notice of Application To Withdraw From Listing and Registration; (Reynolds Metals Company, Common Stock, Without Par Value; Preferred Stock Purchase Rights) File No. 1-1430

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SECURITIES AND EXCHANGE COMMISSION


Issuer Delisting; Notice of Application To Withdraw From Listing 
and Registration; (Reynolds Metals Company, Common Stock, Without Par 
Value; Preferred Stock Purchase Rights) File No. 1-1430

July 21, 1997.
    Reynolds Metals Company (``Company'') has filed an application with 
the Securities and Exchange Commission (``Commission''), pursuant to 
Section 12(d) of the Securities Exchange Act of 1934 (``Act'') and Rule 
12d2-2(d) promulgated thereunder, to withdraw the above specified 
securities (``Securities'') from listing and registration on the 
Chicago Stock Exchange, Inc. (``CHX'').
    The reasons cited in the application for withdrawing the Securities 
from listing and registration on the CHX include the following: The 
Company originally listed its Securities on the CHX in 1994 in 
connection with its public offering of 11 million shares of its 7% 
PRIDES, Convertible Preferred Stock (the ``PRIDES'') and the listing of 
the PRIDES on the CHX. On December 31, 1996, the Company redeemed all 
outstanding PRIDES shares, with each outstanding PRIDES share being 
converted into .82 of a share of Company common stock.
    The Company's securities have been listed on the New York Stock 
Exchange, Inc. (``NYSE'') since the 1930s and the vast majority of 
trades of Company securities take place on the NYSE. In the Company's 
view, the amount of trading that takes place on the CHX does not 
warrant the cost of maintaining the listing.
    According to the CHX, the Company has complied with the rules of 
the CHX with respect to its application to withdraw its Securities from 
listing.
    Any interested person may, on or before August 11, 1997, submit by 
letter to the Secretary of the Securities and Exchange Commission, 450 
Fifth Street, N.W., Washington, D.C. 20549, facts bearing upon whether 
the application has been made in accordance with the rules of the 
exchanges and what terms, if any, should be imposed by the Commission 
for the protection of investors. The Commission, based on the 
information submitted to it, will issue an order granting the 
application after the date mentioned above, unless the Commission 
determines to order a hearing on the matter.

    For the Commission, by the Division of Market Regulation, 
pursuant to delegated authority.
Jonathan G. Katz,
Secretary.
[FR Doc. 97-19626 Filed 7-24-97; 8:45 am]
BILLING CODE 8010-01-M  

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