United States Securities and Exchange Commission

             Securities Act of 1933
             Release No.    7527 / April 24, 1998

             Securities Exchange Act of 1934
             Release No.  39913 / April 24, 1998

             Administrative Proceedings
             File No. 3-9585

             ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST DAVID T. BARR

             The Commission has issued an Order Instituting Public
             Administrative and Cease-and-Desist Proceedings Pursuant to
             Section 8A of the Securities Act of 1933 and Sections
             15(b)(6) and 19(h) of the Securities Exchange Act of 1934
             ("Order") against David T. Barr, a branch manager of the
             Ithaca, New York branch office of Advest, Inc.

             In the Order, the Division of Enforcement ("Division")
             alleges that between February and August 1993, Barr sold
             over 350,000 shares of unregistered stock in International
             Trade & Commerce Corp., a worthless shell corporation, to
             approximately 40 investors.  The Division alleges that these
             sales were required to be registered because the sellers
             were ITC's controlling shareholders.  The Order further
             alleges that Barr should have been on notice that the
             sellers were control persons and that their stock required
             registration.  However, Barr conducted no investigation to
             determine whether registration was required.  The Division
             also alleges that Barr distributed false information
             releases, which he had received from the controlling
             shareholders, to potential investors.  The releases stated
             that ITC was in the process of acquiring other businesses
             and planned to conduct a public offering of its stock.  The
             Division alleges that Barr knew or was reckless in not
             knowing that the statements in the information releases were
             false.  The Division alleges that Barr willfully violated
             Sections 5(a), 5(c) and 17(a) of the Securities Act of 1933.

             A public hearing will be scheduled to determine whether the
             allegations against Barr are true, and, if so, what remedial
             sanctions are appropriate and in the public interest
             pursuant to Sections 15(b)(6) and 19(h) of the Securities
             Exchange Act of 1934 and whether a cease-and-desist order
             should be entered pursuant to Section 8A of the Securities
             Act of 1933.