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U.S. Securities and Exchange Commission

before the

Securities Exchange Act of 1934

Release No. 40677 / November 13, 1998

Administrative Proceeding

File No. 3-9613

In the Matter of






Notice is given, pursuant to Rule 612 of the Commission’s Rule of Practice [17 C.F.R. 201.612], that the staff of the Division of Enforcement has filed its Proposed Plan of Disgorgement ("Disgorgement Plan") with the United States Securities and Exchange Commission ("Commission"). In accordance with this notice, all interested parties are advised that the Disgorgement Plan may be obtained by submitting a written request to Glenn S. Gordon, Branch Chief, Securities and Exchange Commission, Southeast Regional Office, 1401 Brickell Avenue, Suite 200, Miami, Florida 33131. Further, all persons desiring to comment on the Disgorgement Plan may submit their views within 30 days of publication of this Notice, in writing, to the Office of the Secretary, Securities and Exchange Commission at 450 Fifth Street, N.W., Washington, D.C. 20549.

Pursuant to an Order entered by the Commission on May 28, 1998, Howe, Solomon & Hall ("HSH") paid the Commission disgorgement and prejudgment interest of $135,412. The disgorgement figure represents ill-gotten gains, and prejudgment interest thereon, that HSH received as a result of undisclosed excessive markups in its sales of certain municipal bonds from September 7, 1994, through October 12, 1994. The Disgorgement Plan provides for the HSH customers identified on the attached Exhibit A to receive disgorgement and prejudgment interest funds in the amounts indicated on Exhibit A.

By the Commission

Jonathan G. Katz

3-9613 Exhibit A

Martin Belasco $898.75
J&H Hayes Family Trust, John B. Hayes, Helen A. Hayes TTEES $299.58
Susanne & Charles Glass as Trustees, FBO Susan Glass $299.58
Bernice Samkoff Trust, Bernice Samkoff TTEE $1,198.34
Donald R Aho $599.17
Michael W. York, Marcia W. York JYWROS $299.58
Juliane Lorner $299.58
Bernard M. Janklow Trust, Bernard M. Janklw TTEE $748.96
Miller Sproull $1,198.34
Dr. Frederick Spitzer, Mr. Daniel Spitzer JTWROS $3,744.80
Mary Bollinger $1,198.34
Robert A. Marmaduke, Ineka S. Berhitos JTWROS $449.38
Ruth Heide $2,995.84
Jack E. Delong, ACW-JED Venture #2 C/O Riveroaka Place $748.96
Richard Kitlinski, Emily Kitlinski JTWROS $898.75
Robert E. Howerton Rollover IRA, Guarantee & Trust Co. TTEE $1,198.34
Linda Orlady $299.58
Joseph G. Koppel $898.75
Donald Ochs, Elizabeth Ochs JTWROS $299.58
Leonard Ochs $299.58
Mervin Cohen Revocable Trust, Mervin Cohen TTEE $299.58
Leslie S. Fishler, Meredith Karen Laskow JTWROS $299.58
ML Wasserman $299.58
Alan Langley $4,793.34
Israel Levine, Slema Levine JTWROS $299.58
Irwin M. Bloomfield $1,947.30
Stephen W. Hall IRA, Guarantee & Trust Co. TTEE $149.79
Hope Woo Tom, Edwin Famous JTWROS $299.58
Dr. Frederick Spitzer, Mr. Daniel Spitzer JYWROS $748.96
Walter C. Holmes, Leatha E. Holmes JTWROS $299.58
Dr. Larry Messer, Mrs. Sharon Messer JTWROS $1,497.92
Virginia Armstrong Testimentary Trust, Dale P. Armstrong, Sherri McCarley TTEES $1,497.92
David Diffley, Lisa Diffley $1,497.92
Wayne Heatherly, Edwina Heatherly $1,497.92
Wesley Prescott, Diana Prescott JTWROS $748.96
Robert A. Thompson, Jill A. Thompson TEN COM $748.96
Lee Bernstein C/O Diesslin & Assoc. $748.96
Deena Jo Heide $748.96
Ron G. Stegall, Cynthia J. Stegall JTWROS $5,991.68
John H. Hertog, Violet Hertog JTWROS $5,991.68
Joseph T. Clark Trust, Marion H. Clark DTD, Joseph T. Clark TTEE $299.58
Jerome Spitzer, Linda Spitzer JTWROS $599.17
John N. Etchart, Sara Etchart JTWROS, C/O Diesslin & Assoc. $1,497.92
Elinor Balka and Anne Berstein, Co Executors of the Estate of Bernice Berstein $299.58
Andrew R. Dotterer $149.79
John M. Marmaduke $29,958.40
George Neff $748.96
Jared Halderman Trust, Jared Halderman TTEE $299.58
Alfred C. Warrington IV, ACW-JED JT Venture #1, C/O Riveroaks Place $748.96
Sean Gormley, Donna Gormley $299.58
H. Robert Hadley $299.58
Sonia Cuadra, Jamie Cuadra JTWROS $748.96
Carol Gannon-Kim, Separate Property Account $2,995.84
Rolf Jensen, Lorraine Jensen JTWROS $1,497.92
Christine & Michael Ozner $1,497.92
Walter Steffen, Dolores Steffen JTWROS $1,947.30
Christopher Spencer $149.79
Robert E. Howerton Rollover IRA, Guarantee & Trust Co. TTEE $2,995.84
Ronald Josepho, Suzann M. Josepho JTWROS $299.58
Richard Kitlinski, Emily Kitlinski JTWROS $599.17
Ray Roberts $2,995.84
Robert Peyser $149.79
Mark Greenberg, Robert Greenberg, Ken Greenbert JTWROS $748.96
Louis Alpert $599.17
Barron Chase Securities, Inc. $748.96
Martin Belasco $449.38
Emil Green, Ruth Green JTWROS $748.96
Jerome Spitzer, Linda Spitzer JTWROS $898.75
Norman Gore, Caroline Gore JTWROS $599.17
JSC Partnership, Attn: Roland Jensen $5,991.68
Naif Makol Jr. Trust Family Trust, Naif G. Makol Jr. TTEE $748.96
Keith Argenbright, Teresa Argenbright JTWROS $748.96
Peter and Elizabeth Dahlberg $1,497.92
Stephen W. Hall, Nancy Z. Hall $2,995.84
James Makinas $2,546.46
Sherrill Parr IRA, Guarantee & Trust Co. TTEE $149.79
Dr. Miroslay Brzobohaty $898.75
W. Scott Kaufmann $4,044.38
Bernice Samkoff Trust, Bernice Samkoff TTEE $299.58
Howard M. Freed $599.17
Stan Bayek, Doris Bayek JTWROS $299.58
Margaret Langley $4,343.97
Robert S. Mason, Phyllis Mason JTWROS $149.79
Laurence Ozner, June Ozner JTWROS $299.58
Michael S. Rubinoff IRA, Guarantee & Trust Co. TTEE $748.96
Andrea C. Reyes, Daniel C. Mangohig JTWROS $299.58
Constantine Eliades $599.17
Karen L. Montgomery $2,995.84