U.S. SECURITIES AND EXCHANGE COMMISSION

     SECURITIES ACT OF 1933
     Release No.  7483 / December 4, 1997

     SECURITIES EXCHANGE ACT OF 1934
     Release No. 39399 / December 4, 1997

     Administrative Proceeding File No. 3-9499

     ADMINISTRATIVE PROCEEDING INSTITUTED AGAINST MARK DAVID ANDERSON

          The Securities and Exchange Commission ("Commission") announced that
     on December 4, 1997, it issued an Order Instituting Public Administrative
     and Cease-and-Desist Proceeding ("Order") against Mark David Anderson
     ("Anderson"), the former president of Armscott Securities, Ltd.
     ("Armscott"), and the former president and owner of Annandale Securities,
     Inc. ("Annandale"), a defunct broker-dealer.  The Commission's Order
     alleges that Anderson charged clients of Armscott and Annandale undisclosed
     markups and markdowns in connection with the purchase and sale of United
     States Treasury, government agency, and municipal securities which were
     excessive under the facts and circumstances of the transactions.  The Order
     alleges that, between 1992 and 1997, customers were charged at least
     $129,624 in excessive, undisclosed markups and markdowns in 98 bond
     transactions.

          A hearing will be scheduled to take evidence on the staff's
     allegations and to afford the Respondent an opportunity to present any
     defenses thereto.  The purpose of the hearing is to determine whether the
     allegations are true and whether any remedial action should be ordered by
     the Commission.






















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