FOR IMMEDIATE RELEASE                                  98-121

          Michael McAlevey Named Deputy Director of the
                 Division of Corporation Finance

     Washington, D.C., November 13, 1998 -- Securities and
Exchange Commission Chairman Arthur Levitt today named Michael R.
McAlevey Deputy Director of the Division of Corporation Finance.
Mr. McAlevey, who will join the Commission next month, succeeds
Meredith Cross, who left the Commission in January.

     Chairman Levitt said, "Michael will be a strong addition to
the Division of Corporation Finance.  The Commission is fortunate
to have attracted yet another highly qualified and talented
securities practitioner."

     Brian Lane, Director of the Division of Corporation Finance,
added, "Michael's knowledge of the practical workings of the
securities laws and financing techniques, coupled with his solid
leadership experience, will be invaluable as we modernize and
simplify the regulatory structure."  As Deputy Director, Mr.
McAlevey will be a senior advisor to the Director and will play a
key role in the management of the Division of Corporation
Finance.

     Mr. McAlevey, 34, is a partner at the Atlanta law firm of
Alston & Bird, where he is the assistant head of the Capital
Markets Practice Group.  Prior to joining the firm, he was a law
clerk to the Honorable Emmett R. Cox of the United States 11th
Court of Appeals.  He is a graduate of the University of Virginia
School of Law and he earned his B.A. from Washington and Lee
University.

                           #    #    #