U.S. SECURITIES AND EXCHANGE COMMISSION

     INVESTMENT ADVISERS ACT OF 1940
     Release No.  1683 / December 4, 1997 

     SECURITIES EXCHANGE ACT OF 1934
     Release No. 39397 / December 4, 1997

     Administrative Proceeding File No. 3-9497

     ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST A. MORGAN MAREE, JR. &
     ASSOCIATES, INC., AND HUGH DUFF ROBERTSON

          The Securities and Exchange Commission ("Commission") announced that
     on December 4, 1997, it issued an Order Instituting Public Administrative
     and Cease-and-Desist Proceeding ("Order") against A. Morgan Maree, Jr. &
     Associates, Inc. ("AMM"), a registered investment adviser, and Hugh Duff
     Robertson ("Robertson"), AMM's president and sole owner.  The Commission's
     Order alleges that AMM: (i) accepted undisclosed fees from a non-client in
     connection with giving advice to advisory clients; (ii) engaged in
     principal transactions with advisory clients without disclosing to its
     advisory clients the capacity in which it was acting and failing to obtain
     the written consent of the advisory clients prior to the completion of the
     transactions; and (iii) filed false statements with the Commission in
     Form ADV submissions regarding this conduct.  The Order further alleges
     that Robertson aided and abetted and caused AMM's violative conduct and
     filed false statements with the Commission in Form ADV submissions
     regarding this conduct.

          A hearing will be scheduled to take evidence on the staff's
     allegations and to afford the Respondents an opportunity to present any
     defenses thereto.  The purpose of the hearing is to determine whether the
     allegations are true and whether any remedial action should be ordered by
     the Commission.



















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