SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     RELEASE NO. 38913 / August 11, 1997           

     ADMINISTRATIVE PROCEEDING
     FILE NO. 3-9357

     ADMINISTRATIVE PROCEEDINGS INSTITUTED AGAINST H. BECK, INC. AND GARY S.
     HURVITZ

          The Securities and Exchange Commission announced that public
     administrative proceedings have been instituted pursuant to Sections 15(b)
     and 19(h) of the Securities Exchange Act of 1934 ("Exchange Act") against
     H. Beck, Inc. ("H. Beck"), a registered broker-dealer whose principal place
     of business is Rockville, Maryland, and Gary S. Hurvitz ("Hurvitz"), age
     44, President, Chief Executive Officer, Chief Operating Officer, Chief
     Legal Officer, Chief Compliance Officer and an owner and director of H.
     Beck.

          The order instituting proceedings ("Order") alleges that from May 1990
     through at least November 1994, Joseph P. Medsker ("Medsker"), an H. Beck
     registered representative located in an independently owned and operated
     one-person office in Dayton, Ohio, engaged in a scheme to defraud H. Beck
     customers in violation of Sections 5(a), 5(c) and 17(a) of the Securities
     Act of 1933 ("Securities Act"), Section 10(b) of the Exchange Act and Rule
     10b-5 promulgated thereunder and Sections 203(a), 206(1), 206(2) and 206(4)
     of the Investment Advisers Act of 1940 ("Advisers Act") and Rule 206(4)-4
     thereunder.  The Order further alleges that in furtherance of his scheme
     Medsker, among other things, offered and sold unregistered partnership
     interests, misrepresented and omitted to state material facts in connection
     with the offer and sale of those interests, churned the account of an H.
     Beck customer and attempted to cover up the scheme by sending misleading
     statements and updates to investors.  

          The Order alleges that H. Beck and Hurvitz failed reasonably to
     supervise Medsker with a view toward preventing his securities law
     violations described above, by: failing to implement a system reasonably
     designed to prevent and detect his violations; failing to adequately
     monitor his day-to-day activities; and failing to take adequate action in
     response to certain red flags regarding Medsker's conduct of which they had
     notice. 

          A public hearing will be scheduled by further order to take evidence
     on the allegations and to afford H. Beck and Hurvitz an opportunity to
     offer any defense thereto, for the purposes of determining what remedial
     action, if any, including civil penalties, should be ordered by the
     Commission against them. 





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