UNITED STATES OF AMERICA
                                      before the
                          SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     Rel. No. 39605 / February 2, 1998 

     Admin Proc. File Nos. 3-9145, 3-9146 and 3-9160

     ________________________
                              :
        In the Matters of     :
                              :
          ALEXANDER RUGE      :
          BERTRAM SLUTZKY     :
          JEFFREY SZUR        :
          ANDREW SCUDIERO     :
     ________________________ :

     ORDER DISMISSING PROCEEDINGS

          The Division of Enforcement moves to dismiss the above- captioned
     proceedings.  The Division notes that, on December 18, 1997, we filed
     injunctive actions against these respondents encompassing the same
     misconduct that is alleged in the administrative proceedings. <(1)> 
     Under the circumstances, we deem it appropriate to grant the Division's
     request. 

          Accordingly, IT IS ORDERED that the above-captioned administrative
     proceedings be, and they hereby are, dismissed.

          By the Commission.



                                        Jonathan G. Katz
                                            Secretary









                              

          <(1)>     SEC v. Leonard Alexander Ruge, et al., 97 Civ. 9306
                    (AGS) (S.D.N.Y.); SEC v. Jeffrey Szur and Bertram
                    Slutzky, et al., 97 Civ. 9305 (DNE) (S.D.N.Y.); SEC v.
                    Andrew Scudiero, et al., 97 Civ. 9304 (JSM) (S.D.N.Y.).

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