SECURITIES AND EXCHANGE COMMISSION
                                           Washington, D.C.

 SECURITIES EXCHANGE ACT OF 1934
 Rel. No. 40640 / November 4, 1998

 Admin. Proc. File No. 3-8798

                    :
 In the Matter of   :
                    :
 TERRY T. STEEN     :
                    :            
                    :


 NOTICE THAT INITIAL DECISION ON REMAND HAS BECOME FINAL

 Following the Commission's remand of these proceedings for further
 consideration of Steen's ability to pay disgorgement and to set the
 amount of disgorgement, the administrative law judge has filed a 
 supplemental initial decision. [1]  The time for filing a petition 
 for review of that decision has expired.  No such petition has been 
 filed and the Commission has not chosen to review the decision on its 
 own initiative.

 Accordingly, notice is hereby given, pursuant to Rule 17(f) of the
 Commission's Rules of Practice, that the supplemental initial decision 
 of the administrative law judge, on remand, has become the final decision 
 of the Commission.  The order contained in that decision fixed the amount 
 of disgorgement at $68,068.40, plus prejudgment interest, and waived the 
 payment of disgorgement based on Steen's demonstrated inability to pay.  
 The order further permits the Division of Enforcement to petition for the 
 re-opening of this matter upon certain limited conditions.  The order 
 contained in the supplemental initial decision by the administrative law 
 judge is hereby declared effective.

 For the Commission by the Office of the General Counsel, pursuant to 
 delegated authority.





 Jonathan G. Katz
 Secretary

          **FOOTNOTES**

[1]: Terry T. Steen, Initial Decision Release No. 133 (September 1998).