SECURITIES EXCHANGE ACT OF 1934
Release No. 41537 / June 18, 1999

ADMINISTRATIVE PROCEEDING
File No. 3-9803

In the Matter of

CERTAIN MARKET MAKING
ACTIVITIES ON NASDAQ

 ORDER MODIFYING
ORDER MAKING FINDINGS
AND IMPOSING SANCTIONS
AS TO DEAN WITTE
REYNOLDS, INC.R

Section IV.3. of the Order Making Findings and Imposing Sanctions as to Dean Witter Reynolds, Inc., dated January 11, 1999 and issued in connection with the above-captioned proceeding, is hereby modified to reduce the amount of disgorgement to be paid by respondent Dean Witter Reynolds, Inc. from $2311 to $625.

By the Commission.

Jonathan G. Katz

Secretary