INVESTMENT ADVISERS  ACT OF 1940
          Release No. 1768  /  September 30, 1998

          In  the  Matter of Bell Capital Management, Inc., Ronnie H. Bell,
          Thomas C. Comsudes,
          and Mark S. Palmer

               The U.S.  Securities and Exchange Commission announced today
          that it issued an  order  instituting  public  administrative and
          cease-and-desist  proceedings  ("order")  against  Bell   Capital
          Management, Inc. ("Bell Capital"), its President, Ronnie H. Bell,
          and  two of its Vice Presidents, Thomas C. Comsudes, and Mark  S.
          Palmer.   The  proceedings  are to determine whether Bell Capital
          violated  the  antifraud  and record-keeping  provisions  of  the
          Investment Advisers Act of 1940 and whether the individuals aided
          and  abetted  Bell  Capital's   violations   of   the   antifraud
          provisions.

               In  its  order,  the  Commission alleged that Bell Capital's
          primary marketing tool, an advertising  brochure,  was  false and
          misleading in that the performance results contained therein  did
          not  reflect the deduction of advisory and other fees and because
          Bell Capital,  for  some  of the years listed, failed to disclose
          the effect of material market  and  economic  conditions on those
          performance results.  The Commission also alleged  in  the  order
          that  Bell  Capital's  brochure was misleading in that it did not
          prominently  disclose  that   some  of  the  performance  results
          contained in it were hypothetical  and  others  were actual.  The
          order  further  alleged  that  Bell  Capital  did  not  have  the
          documents  necessary to support the performance figures contained
          in its advertising brochure.

               A  hearing  will  be  scheduled  to  determine  whether  the
          allegations  against  Bell  Capital,  Ronnie  H.  Bell, Thomas C.
          Comsudes, and Mark S. Palmer ("respondents") are true, and if so,
          what  sanctions,  if any, are appropriate in the public  interest
          against the respondents.