UNITED STATES SECURITIES AND EXCHANGE COMMISSION

          SECURITIES EXCHANGE ACT OF 1934
          Release No.  40574 / October 20, 1998

          ADMINISTRATIVE PROCEEDING
          File No. 3-9759

          CEASE-AND-DESIST AND ADMINISTRATIVE PROCEEDINGS INSTITUTED
          AGAINST 18 BROKERAGE FIRMS FOR FAILING TO MAKE TIMELY YEAR 2000-
          RELATED DISCLOSURE

               The Securities and Exchange Commission ("Commission")
          announced that on October 20, 1998, it issued an Order
          Instituting Public Administrative and Cease-and-Desist
          Proceedings Pursuant to Sections 15(b) and 21C of the Securities
          Exchange Act of 1934 ("Order") against 18 brokerage firms for
          failing to timely file all or part of Form BD-Y2K.  The Form is
          designed to provide the Commission and the public with important
          information concerning the firm’s efforts to ensure that its
          computer systems are prepared for the Year 2000.  Filings were
          required to be made on August 31, 1998 with both the SEC and the
          self-regulatory organization overseeing the brokerage firm.
          Firms having a minimum net capital requirement of $5,000 were
          required to file Part I of the form.  Firms having a minimum net
          capital requirement of $100,000 were also required to file Part
          II of the form which provides a lengthier narrative.

               The Order alleges that as of October 2, 1998:  (a) eight
          firms that were required to file Part I of Form BD-Y2K had failed
          to do so; (b) five firms that were required to file both Parts I
          and II of Form BD-Y2K had failed to file Part II; and (c) five
          firms that were required to file both Parts I and II of Form BD-
          Y2K had filed neither part.  The attached list identifies the
          names of the firms falling into each category.

               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.

               These actions are part of a joint effort with the NASD and
          the NYSE to ensure that firms comply with their Year 2000
          disclosure obligations.




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                  INSTITUTE PROCEEDINGS - NON-SETTLING RESPONDENTS

          A.  $5,000 Net Capital, Failure to File Part I

          1.  Allegheny Financial Programs, Inc. -------------- Weston, WV
          2.  Atlantic - Pacific Capital, Inc. ---------------------
          Greenwich, CT
          3.  Comstock Partners, L.L.C. ------------------------ Beverly
          Hills, CA
          4.  Constitution Securities, Inc. -----------------------
          Hartford, CT
          5.  Elswick, Banks and Associates, Inc. -------------- Atlanta,
          GA
          6.  McGlone & Co. ------------------------------------- Westport,
          CT
          7.  Phoenix Financial Services Corp. ----------------- Brooklyn,
          NY
          8.  Laguna Financial Corporation --------------------- San Jose,
          CA

          B.  $100,000 Net Capital, Failure to File Part II

          1.  Gelber Securities, Inc. -------------------------------
          Chicago, IL
          2.  J.W. Barclay & Co., Inc. ---------------------------- NY, NY
          3.  Multi Spectrum Investing Corporation ------------ Somerville,
          NJ
          4.  Stonegate Securities, Inc. ---------------------------
          Dallas, TX
          5.  V.B.C. Securities ------------------------------------
          Clifton, NJ

          C.  $100,000 Net Capital, Failure to File Parts I and II

          1.  Alden Capital Markets, Inc. ------------------------ NY, NY
          2.  Bettinger & Leech Financial Corp. ---------------- NY, NY
          3.  E.C. Capital, Ltd. ------------------------------------
          Mineola, NY
          4.  J. Robbins Securities, L.L.C. -----------------------
          Phoeniz, AZ
          5.  William Scott & Co., L.L.C. ----------------------- Union, NJ





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