U.S. SECURITIES AND EXCHANGE COMMISSION

     Securities Exchange Act of 1934 
     Release No. 39006 / September 3, 1997       

     Investment Advisers Act of 1940 
     Release No.  1657 / September 3, 1997       

     Administrative Proceeding No. 3-9388    

     IN THE MATTER OF WALTER HERBERT MOORE,JR.

          The Securities and Exchange Commission announced that public
     administrative proceedings have been instituted under the Securities
     Exchange Act of 1934 ("Exchange Act") and the Investment Advisers Act of
     1940 ("Advisers Act") against Walter Herbert Moore, Jr. ("Moore"), a former
     registered representative of a broker-dealer registered with the Commission
     and former registered investment adviser from Reidsville, North Carolina. 
     The Commission alleged that Moore was convicted on December 2,1996, on five
     felony counts of state securities fraud based upon his conduct while
     working as a broker-dealer and investment adviser.  Moore's conviction was
     based on his fraudulent conduct in connection with the offer, purchase and
     sale of limited partnership securities he sold from October 1990 through
     April 1995 which resulted in significant monetary loss to investors.  The
     order in the administrative proceeding also alleged that Moore was
     sentenced to ten years in prison and was ordered to pay restitution in the
     amount of $100,000.

         The Commission ordered that a public hearing be held to determine
     whether the allegations made by the Division of Enforcement were true, to
     afford Moore the opportunity to establish any defense to such allegations,
     and to determine what, if any, remedial action is appropriate in the public
     interest against Moore. 




















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