UNITED STATES OF AMERICA
                                      Before the
                          SECURITIES AND EXCHANGE COMMISSION

          SECURITIES ACT OF 1933
          Release No.  7597 / October 27, 1998

          ADMINISTRATIVE PROCEEDING
          File No.  3-9764

          ____________________________________
                                              :
          In the Matter of                    :    ORDER INSTITUTING PUBLIC
                                              :    PROCEEDINGS PURSUANT TO
          DONALD A. BAILLARGEON,              :    SECTION 8A OF THE SECURITIES
          individually and d/b/a              :    ACT OF 1933, MAKING FINDINGS,
          EMERGING COMPANY REPORT,            :    AND IMPOSING A CEASE-AND-
                                              :    DESIST ORDER
               Respondent.                    :
          ____________________________________:



                                         I.

               The Securities and Exchange Commission ("Commission") deems
          it appropriate to institute public cease and desist proceedings
          against Donald A. Baillargeon ("Baillargeon"), individually and
          doing business as Emerging Company Report ("ECReport"), pursuant
          to Section 8A of the Securities Act of 1933 ("Securities Act").

               In anticipation of the institution of these proceedings,
          Baillargeon has submitted an Offer of Settlement ("Offer"), which
          the Commission has determined to accept.  Solely for the purpose
          of these proceedings and any other proceedings brought by or on
          behalf of the Commission or in which the Commission is a party,
          and without admitting or denying the findings herein, except that
          Baillargeon admits the Commission's jurisdiction over him and
          over the subject matter of these proceedings, Baillargeon has
          consented to the entry of this Order Instituting Public
          Proceedings Pursuant to Section 8A of the Securities Act of 1933,
          Making Findings and Imposing a Cease-and-Desist Order ("Order")
          and to the imposition of the cease-and-desist order set forth
          below.





                                         II.

               On the basis of this Order and the Offer submitted by
          Baillargeon, the Commission finds that:

               A.  Donald A. Baillargeon, a resident of Los Angeles,
               California, has produced a cable television show called
               "Emerging Company Report," an ECReport web page, and an
               ECReport newsletter (collectively, the "ECReport Media")
               from 1997 to the present.  Baillargeon is solely responsible
               for the content of the ECReport Media.

               B. In addition to producing it, Baillargeon is also a co-
               anchor of the ECReport television show.  That show runs on a
               weekly basis and is re-broadcast four times each week.
               "Emerging Company Report" is shown on more than 140 cable
               television systems in more than 125 cities.

               C.                  From at least May 1997 through September 1998,
               Baillargeon committed or caused violations of Section 17(b)
               of the Securities Act in that, by the use of means or
               instruments of transportation or communication in interstate
               commerce or by use of the mails, he published, gave
               publicity to, or circulated notices, circulars,
               advertisements, newspapers, articles, letters, investment
               services, or communications which, though not purporting to
               offer a security for sale, described securities for a
               consideration received or to be received, directly or
               indirectly, from an issuer, underwriter or dealer, without
               fully disclosing the receipt, whether past or prospective,
               of such consideration and the amount thereof.

               D. As part of and in furtherance of such conduct and
               activities, Baillargeon publicized more than fifty
               securities in the ECReport Media.  Baillargeon sold to the
               issuers of these securities "guest appearance packages,"
               which included a ten-minute guest appearance for the issuer
               on one ECReport television program, one-minute "vignettes"
               of the guest appearance on the next three programs, and
               updates on the issuer's stock price on the next thirteen
               programs.  The package also typically included a company
               profile in two issues of the ECReport newsletter and three
               months of internet site promotion and linking from the
               ECReport web page.  For some issuers, Baillargeon also
               agreed to provide a national press release via Business
               Wire.

               E. As part of and in furtherance of such conduct and
               activities, Baillargeon received, directly or indirectly,
               compensation ranging from $2500 to $17,000 for each guest
               appearance package sold.  Baillargeon did not disclose in
               the ECReport Media the amount of money he had received from
               the issuers to publicize their companies and stock.

               F. As part of and in furtherance of such conduct and
               activities, Baillargeon also received, directly or
               indirectly, compensation in the form of stock from two
               issuers publicized in the ECReport Media.  Baillargeon did
               not disclose in the ECReport Media that he had received,
               directly or indirectly, compensation in the form of stock,
               nor did he disclose the type, amount, or value of the stock
               he received.


                                        III.

               In view of the foregoing, the Commission finds that it is
          appropriate to impose the sanctions specified in the Offer.

               Accordingly, IT IS ORDERED, pursuant to Section 8A of the
          Securities Act, that Baillargeon cease and desist from committing
          or causing any violation and any future violation of Section
          17(b) of the Securities Act.


               By the Commission.



                                        Jonathan G. Katz
                                        Secretary