SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

Securities Act of 1933
Release No.  7259 / January 22, 1996

Securities Exchange Act of 1934
Release No. 36749 / January 22, 1996


Investment Advisers Act of 1940
Release No.  1549 / January 22, 1996

Investment Company Act of 1940
Release No. 21690/ January 22, 1996

Administrative Proceeding
File No. 3-8934



                IN THE MATTER OF ANTHONY J. NEGUS

     The Securities and Exchange Commission today issued an order
instituting administrative proceedings against Anthony J. Negus,
pursuant to Sections 9(b) and (f) of the Investment Company Act
of 1940, Section 203(f) of the Investment Advisers Act of 1940,
Section 8A of the Securities Act of 1933, and Sections 15(b) and
21C of the Securities Exchange Act of 1934.  
     According to the Order, Negus is charged with having
wilfully violated Section 34(b) of the Investment Company Act and

Section 17(a) of the Securities Act, and aided and abetted the
Concourse Fund's violations of Section 13(a)(3) of the Investment
Company Act and Rule 22c-1(a) thereunder during 1991 in his
capacity as a principal of the Concourse Funds, Inc., an Atlanta-
based registered investment company, and its adviser, Concourse
Capital Asset Management, Inc.  The Order alleges, among other
things, that the Concourse Fund executed a series of transactions
during its brief existence in which Fund shares were exchanged
for relatively worthless and illiquid promissory notes and other
securities which the Fund and its principals, including Negus,

improperly valued at their full face amount.  As a result, the
Fund sold and redeemed its securities at inflated net asset
values, deviated from its stated investment policies, and made
material misstatements in documents filed with the Commission.

     A hearing will be scheduled to determine whether the alleged
violations occurred and, if so, the appropriate sanctions to be
imposed.