SECURITIES ACT OF 1933
     RELEASE NO.7436/August 18, 1997

     SECURITIES EXCHANGE ACT OF 1934
     RELEASE NO.38947/August 18, 1997

     ADMINISTRATIVE PROCEEDING FILE NO. 3-9367

     PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS INSTITUTED AGAINST
     AMERICORP SECURITIES, INC., AND DREW EDGAR SCHAEFER

          The Commission instituted public administrative and cease- and-desist
     proceedings against Americorp Securities, Inc. ("Americorp"), a registered
     broker-dealer, and Drew Edgar Schaefer ("Schaefer").  

          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 the following.  Americorp underwrote
     the initial public offering of PHC, Inc. units.  Americorp's RRs, at the
     direction of Schaefer, the CEO of Americorp, solicited and accepted
     aftermarket orders for PHC securities before the IPO was declared effective
     on March 3, 1994.  Additionally, Americorp placed 273,000 units, or 19% of
     the IPO, into three affiliated accounts, and within approximately two
     minutes of the commencement of aftermarket trading, repurchased most of the
     units from the three affiliated accounts.  Americorp then split the units
     into their component parts of common stock and warrants and sold all of the
     common stock to its retail customers.  During the course of these
     activities, Americorp bid for or purchased, and induced others to bid for
     or purchase, PHC units by posting bid and asked prices on the NASDAQ system
     and by executing purchases of units from other retail customers and other
     broker-dealers.  Additionally, as Americorp RRs received aftermarket orders
     for PHC stock on March 3, the RRs deliberately delayed the execution of
     these orders, and failed to obtain the best execution price for these
     customer orders.  Americorp also failed to make a memorandum showing the
     time of receipt for aftermarket orders for PHC.

          Based upon these activities, the Order alleges that Americorp
     willfully violated Section 17(a) of the Securities Act of 1933 ("Securities
     Act") and Sections 10(b), 15(c) and 17(a) of the Securities Exchange Act of
     1934 ("Exchange Act") and Rules 10b-3, 10b-5, 10b-6, 15c1-2 and 17a-
     3(a)(6), that Schaefer willfully violated Section 17(a) of the Securities
     Act and Section 10(b) of the Exchange Act and Rules 10b-5 and 10b-6
     thereunder, and that Schaefer willfully aided and abetted and caused
     Americorp's violations of Sections 10(b) and 15(c) of the Exchange Act and
     Rules 10b-3 and 15c1-2.

          A hearing will be scheduled to determine whether the allegations
     against the respondents are true, and, if so, what remedial action, if any,
     is appropriate, whether cease-and-desist orders should be issued against
     the respondents, whether Americorp and Schaefer should be ordered to pay

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     disgorgement, and whether both respondents should be ordered to pay civil
     penalties.



















































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