Securities Act of 1933
          Release No.  7605  / October 27, 1998

          Administrative Proceeding File No. 3-9772

                 PUBLIC ADMINISTRATIVE CEASE-AND-DESIST PROCEEDINGS
             INSTITUTED AGAINST GLOBAL INFORMATION SERVICES, INC. d/b/a
                       INVESTMENT HOTLINES AND JAMES E. GRADY

               On  October  27,  1998, the Commission instituted cease-and-
          desist  proceedings against  Global  Information  Services,  Inc.
          d/b/a Investment  Hotlines ("Investment Hotlines"), a Clearwater,
          Florida-based  company,   and   its  president,  James  E.  Grady
          ("Grady")  (collectively  "Respondents"),   alleging   that   the
          Respondents  committed  or  caused violations of Section 17(b) of
          the  Securities Act of 1933 ("Securities Act").

               The Order Instituting Public Administrative Cease-And-Desist
          Proceedings Pursuant To Section 8A of the Securities Act
          ("Order") alleges that Investment Hotlines  publishes Investment
          Hotlines Online, an Internet Web site, which features companies
          whose stock is quoted principally on the OTC Bulletin Board.  The
          Order alleges that the Web site includes, among other things,
          one-line corporate profiles and press releases prepared by the
          featured companies, as well as links to Web sites maintained by
          the companies and others who offer Internet users  quote
          information on the companies' stocks.  The Order further alleges
          that in exchange for its Internet services, Investment Hotlines
          has received freely tradable common stock and cash from companies
          featured on its Web site.

               In the Order staff allege that the focus of the Web site was
          its "Featured Investment Opportunities " page that contains one-
          line descriptions of  companies whose stocks are or have been
          quoted on the OTC Bulletin Board.  Since its inception in or
          about December 1995, the Investment Hotlines OnLine Web site has
          featured 14 companies on its Featured Investment Opportunities
          page.  The Order alleges that Investment Hotlines provides links
          from its Featured Investment Opportunities page to each of the
          featured companies' Web sites which offer additional information
          about the company that includes corporate backgrounds, business
          descriptions, general financial information, stock symbols,
          investment opportunities and outlooks, and/or links to price
          quotation services.  In addition, the Order alleges that
          Investment Hotlines also posts press releases issued by the
          companies to its Investment Hotlines OnLine site.

               The Order alleges that from the inception of its Web site
          through August 31, 1998, Investment Hotlines charged four of the
          companies $1,500 each for these promotional services and received
          approximately 200,000 shares of common stock from seven other
          companies.  Until September 23, 1998, the Investment Hotlines
          OnLine Web stated that, "[t]he publisher, its affiliates,
          officers, directors, subsidiaries, and agents of this
          advertisement have been compensated by the companies herein."
          This disclosure appeared on a Web page apart from the Featured
          Investment Opportunities page and was accessible only by a link
          from the sites' home page highlighted as "IMPORTANT INFORMATION-
          Please Read".  Nowhere on its Web site did Investment Hotlines
          disclose which of the featured companies had compensated it for
          the publicity it was providing on its Web site, or, more
          specifically, that it had received common stock and cash from
          these featured companies for that publicity.

               As a result of the conduct described above, the staff allege
          that Investment Hotlines and Grady committed or caused violations
          of Section 17(b) of the Securities Act.

               A  hearing  will  be  scheduled  to  determine  whether  the
          allegations are true, and if so, whether a cease-and-desist order
          should be entered.




            1