UNITED STATES SECURITIES AND EXCHANGE COMMISSION


     Investment Advisers Act of 1940
     Release No.  1675 / September 30, 1997                  

     Administrative Proceeding 
     File No. 3-9457

     ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED AGAINST
     SCHUYLKILL CAPITAL MANAGEMENT, LTD. AND HOWARD A. TRAUGER


          The Securities and Exchange Commission announced that administrative
     and cease-and-desist proceedings have been instituted against Schuylkill
     Capital Management, Ltd., a registered investment adviser, and its
     president, Howard A. Trauger.

          The Order alleges that, from December 1993 through August 1995,
     Schuylkill and a registered broker-dealer engaged in an undisclosed soft
     dollar arrangement pursuant to which Schuylkill received secretarial and
     telephone services in return for soft dollar credits earned from client
     brokerage commissions directed to the broker-dealer.  The term "soft
     dollars" generally refers to an arrangement whereby an investment adviser
     uses commission dollars generated by securities trades executed in client
     accounts to pay for research, brokerage or other products or services.

          The Order alleges that Schuylkill failed to disclose to its clients
     and in filings made with the Commission, the nature and terms of its
     participation in the soft dollar arrangement.  Additionally, the Order
     alleges that Schuylkill failed to disclose the arrangement in its Forms ADV
     in effect during the relevant time period.  Further, the Order alleges that
     Trauger aided and abetted and caused Schuylkill's violations.

          A hearing will be held to determine whether the allegations are true,
     and, if so, to determine what remedial sanctions are appropriate and in the
     public interest.
















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