The American Stock Exchange on Monday began trading thefirst long-term options or LEAPS (long-term equity anticipationsecurities) on its pharmaceutical index (ASE:DGR). The DRGLEAPS Index is valued at 1/10 the stock exchange'spharmaceutical index.

DRG LEAPS have initial expirations of January 1994 andJanuary 1995 and trade as WRG and VRG, respectively.

The new LEAPS offer investors an additional way to act on anopinion of the long-term movements of the pharmaceuticalindustry as a whole. They will trade in addition to regular DRGoptions. Susquehanna Investment Group is the specialist unitfor the new options.

The pharmaceutical index includes the following companies:Abbott Laboratories; American Home Products Corp.; Bristol-Myers Squibb Co.; Eli Lilly and Co.; Glaxo Holdings plc (ADR);Johnson & Johnson; Marion Merrell Dow Inc.; Merck & Co. Inc.;Pfizer Inc.; Rhone-Poulenc Rorer Inc.; Schering-Plough Corp.;SmithKline-Beecham (ADR); Syntex Corp.; Upjohn Co.; andWarner-Lambert Co.

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