United States Securities and Exchange Commission

          Securities Exchange Act of 1934
          Release No.  40510 / September 30, 1998

          Administrative Proceeding File No. 3-9754

          IN THE MATTER OF H.J. MEYERS & CO., INC. and TOBIN J. SENEFELD

                         The Securities and Exchange Commission announced that it
          instituted administrative proceedings against H.J. Meyers & Co.,
          Inc., a broker-dealer based in Rochester, New York, and Tobin
          Senefeld, a former branch manager at H.J. Meyers.  Senefeld is
          charged with engaging in a free riding scheme along with a former
          registered representative, Rita Savla.  H.J. Meyers is charged
          with failing to supervise Savla and Senefeld. Free-riding is a
          pattern of purchasing securities in accounts in which there were
          not sufficient funds to pay for the securities and which had no
          means of paying for the shares except through the sale of the
          same shares.

               The Order alleges that Senefeld purchased 30,000 shares of
          stock in nominee accounts at a cost of $364,825 without any
          intention or ability to pay for the purchases.  Senefeld's
          trading left customer accounts with approximately $49,000 in
          losses.

               The Commission's Order alleges that the fraudulent
          activities went undetected because H.J. Meyers failed to follow
          up on indications of possible free-riding.  The Order alleges
          that prior to the free-riding scheme, H.J. Meyers was aware of
          certain problematic activities concerning Senefeld and the Boston
          branch office, including an excessive number of customer accounts
          subject to a 90-day restriction for failure to pay for a purchase
          of securities prior to its sale or delivery.  The Order also
          alleges that during the period of the free-riding scheme, H.J.
          Meyers received indications of possible free-riding in its Boston
          branch office but failed to investigate or take any action.
          Specifically, H.J. Meyers received daily reports of all accounts
          placed on 90-day restriction, daily reports of trades in
          restricted accounts, and monthly reports of Regulation T
          extensions, all of which indicated possible free-riding in the
          Boston branch office.  In addition to failure to supervise
          charges, the Commission also charged H.J. Meyers with failing to
          cancel or liquidate on a timely basis purchases of stock in
          accounts used by Savla and Senefeld for free-riding.