SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Securities Exchange Act of 1934 
     Release No. 34-39138 / September 26, 1997

     Administrative Proceeding No. 3-9444

     In the Matter of Cortlandt Capital Corp., Mayer Amsel, and Joseph Michael
     Guccione

          The Securities and Exchange Commission announced today that it
     instituted administrative proceedings against Cortlandt Capital Corp. (a
     New York City broker-dealer formerly known as Greenway Capital Corp.),
     Mayer Amsel, and Joseph Michael Guccione.  In the Order Instituting
     Proceedings, the Division of Enforcement alleges that, in late 1993 and
     early 1994, Amsel and, through him, Cortlandt manipulated the price of the
     stock of Vertex Industries, Inc. (a New Jersey company) and defrauded
     customers and other broker-dealers.  (Vertex stock is traded over-the-
     counter on the NASDAQ SmallCap Market.)  The Division alleges that Guccione
     is liable because he aided and abetted Amsel and that Cortlandt and
     Guccione are liable for failing to supervise Amsel.

          The Division is alleging that Amsel and Cortlandt took actions to
     artificially support or increase the price of Vertex stock and to defraud
     customers and other broker-dealers by, among other things, placing nominee
     purchase orders for which the nominees could not and would not pay, making
     unauthorized purchases in the accounts of some customers, and refusing to
     execute some customers' sell orders.  The Division is also alleging that
     Cortlandt and Guccione participated in and contributed to the scheme by,
     among other things, refusing to execute customer sell orders, and that they
     were aware of a number of "red flags" concerning the scheme.

          The Division is seeking as remedies against the respondents cease-and-
     desist orders, disgorgement and interest, monetary penalties, and other
     remedial action.  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.  See related Securities Exchange
     Act Release No. 38150.














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