-------------------- BEGINNING OF PAGE #1 -------------------

         UNITED STATES SECURITIES AND EXCHANGE COMMISSION


Litigation Release No. 14764 / December 21, 1995

SEC v. F. N. WOLF & CO., INC. ET AL.. (S.D.N.Y.  93 Civ 0379
(LLS), FILED JANUARY 21, 1993)

     The Securities and Exchange Commission announced that on
December 12, 1995, Judge Louis L. Stanton of the United States
District Court for the Southern District of New York issued a
Final Judgment and Order of Permanent Injunction and Other
Equitable Relief (Order) Against Defendant Hibbard Brown & Co.,
Inc. ("Hibbard").  Hibbard consented, without admitting or
denying any of the allegations in the Commission's Complaint, to
the entry of an injunction against it.  In its Complaint, which
was filed on January 21, 1993, the Commission alleged that
Hibbard used high pressure, "boiler room", sales techniques
combined with numerous material misrepresentations and omissions
in connection with the offer, purchase and sale of the securities
of Treats International Enterprises, Inc. ("Treats") in violation
of the antifraud provisions of the federal securities laws. 
Specifically, the Commission alleged that Hibbard violated
Section 17(a) of the Securities Act of 1933 ("Securities Act"),
Sections 10(b) and 15(c)(1) of the Securities Exchange Act of
1934 ("Exchange Act") and Rules 10b-5 and 15c1-2 promulgated
thereunder.  Hibbard was ordered to disgorge $916,437, which was
fraudulently obtained from clients.  Hibbard filed for relief
under Chapter 11 of the Bankruptcy Code on October 14, 1994.  No
attempt will be made by the Commission to enforce Hibbard's
obligation except in accordance with the applicable provisions of
the Bankruptcy Code and Bankruptcy Rules.

     In the Complaint, the Commission alleged that Hibbard
registered representatives misrepresented Treats' financial
condition, its plans to expand and its stock's price history. 
Hibbard registered representatives also improperly compared the
potential appreciation of Treats' securities to other successful
franchises.  The Complaint further alleged that Hibbard
registered representatives omitted to disclose that Robert
Brennan, and related entities, owned a material amount of Treats'
securities.