SECURITIES AND EXCHANGE COMMISSION
                                   WASHINGTON, D.C.

     Securities Exchange Act Release No. 38957

     Administrative Proceeding File No. 3-9370

     John L. Bridges, Jr. 

     The Commission announced the entry of an Order Instituting Public
     Administrative Proceedings ("Order") against John L. Bridges, Jr.
     ("Bridges").  The Order alleges that, from January 1995 until his
     termination on March 1, 1996, Bridges was a registered representative with
     American Investment Services, Inc. ("AIS"), a broker-dealer registered with
     the Commission pursuant to Section 15(b) of the Securities Exchange Act of
     1934.  Pursuant to a plea agreement with the U.S. Attorney's Office for the
     District of New Jersey, Bridges pled guilty to four counts of wire fraud
     committed in furtherance of his scheme to defraud four AIS customers. 
     Bridges' judgment of conviction was entered by the court on October 23,
     1996.  He was sentenced to twenty-seven months imprisonment on each of the
     four counts, to be served concurrently, and three years of supervised
     release.  Bridges was also ordered to pay a special assessment of $200 and
     to make partial restitution in the amount of $15,000.

     A hearing will be scheduled to determine what, if any, remedial action is
     appropriate against Bridges.



























                              ======END OF PAGE 1======