FOR IMMEDIATE RELEASE                         98-114
                              
          Jacob H. Stillman Named Solicitor for the
             Securities and Exchange Commission

     Washington, D.C., October 22, 1998 -- The Securities
and Exchange Commission today announced that Jacob H.
Stillman will become the Commission's new Solicitor on
January 1, 1999.  In that capacity, he will continue his
long-time role serving as head of the Commission's appellate
and amicus curiae litigation and overseeing participation in
bankruptcy cases.  The current Solicitor, Paul Gonson, will
retire at the end of the year.

     "Jake is a superb legal craftsman and appellate
lawyer," said Harvey Goldschmid, the Commission's General
Counsel.  "I am delighted that his great skill and wisdom
will be available to the Commission for many years to come."

     Mr. Stillman, 64, joined the agency in 1962 as a staff
attorney in the Office of the General Counsel.  He rose to
various higher level positions and has been Associate
General Counsel since 1978.  In that position, his principal
responsibility has been to supervise litigation in which the
Commission participates, either as a party or as amicus
curiae, in the various U.S. Courts of Appeals and in the
U.S. Supreme Court.  He has personally argued numerous cases
and has played a significant role in the development of the
federal securities laws for the protection of investors.

     Prior to coming to the Commission, Mr. Stillman served
as law clerk to a judge of the U.S. Court of Appeals for the
Third Circuit.  Mr. Stillman is a Phi Beta Kappa graduate of
the University of Texas and received his J.D. degree cum
laude from Harvard Law School.

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