UNITED STATES SECURITIES AND EXCHANGE COMMISSION

     SECURITIES ACT OF 1933
     RELEASE NO.  7493 / December 31, 1997

     SECURITIES EXCHANGE ACT OF 1934
     RELEASE NO. 39508 / December 31, 1997

     ADMINISTRATIVE PROCEEDING FILE NO. 3-9523

     PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED AGAINST
     KERRIGAN SEAN WEBER

          The Commission instituted public administrative and cease-and-desist
     proceedings against Kerrigan Sean Weber ("Weber").  The Order Instituting
     Public Administrative Proceedings, Cease-and-desist Proceedings and Notice
     of Hearing Pursuant to Section 8A of the Securities Act of 1933 and
     Sections 15(b), 19(h) and 21C of the Securities Exchange Act of 1934
     ("Order") alleges that Weber engaged in a pattern of misdirecting investor
     checks while he was employed as a registered representative at Smith
     Barney.  From June 1989 to November 1993, Weber misdirected over thirty-one
     checks from at least twenty-two customers to the accounts of at least
     twenty-seven other customers, representing a total of $245,459.47. 
     Specifically, upon receiving checks from some of his customers for the
     purpose of purchasing securities, Weber instead had these checks deposited
     into other customers' brokerage accounts.  Weber also misrepresented the
     status of customer accounts and executed unauthorized transactions.    

          Based upon these activities, the Order alleges that Weber violated
     Section 17(a) of the Securities Act and Section 10(b) of the Exchange Act
     and Rule 10b-5.  A hearing will be scheduled to determine whether the
     allegations against the respondent are true, and, if so, what remedial
     action, if any, is appropriate; whether the respondent should be ordered to
     cease-and-desist; and whether the Respondent should be ordered to pay a
     civil money penalty.