UNITED STATES OF AMERICA
                                      before the
                          SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     Rel. No. 39059 / September 11, 1997

     Admin. Proc. File No. 3-9060

                                                      
                                                     : 
                 In the Matter of                    :
                                                     :    
               FREDERICK C. GARTZ                    :
                                                     :
                                                     :

     ORDER THAT INITIAL DECISION HAS BECOME FINAL

          The time for filing a petition for review of the initial decision in
     this proceeding 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 360(e) of the
     Commission's Rules of Practice, that the initial decision of the
     administrative law judge <(1)> has become the final decision of the
     Commission.  The order contained in that decision bars Frederick C. Gartz
     from association with any broker or dealer, or with a member of a national
     securities exchange or registered securities association, with the right to
     reapply after two years to associate in a non-supervisory, non-proprietary
     capacity.  The order also directs Gartz to cease and desist from committing
     or causing any violation or future violation of Section 17(a) of the
     Securities Act of 1933 and Section 10(b) of the Securities Exchange Act of
     1934 and Rule 10b-5 thereunder.  The order is hereby declared effective.

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




                                             Jonathan G. Katz
                                                Secretary







                              

          <(1)>     Frederick C. Gartz, Initial Decision Release No. 113
                    (August 6, 1997),     SEC Docket    .