<PAGE> 
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC  20549
                       

                                   FORM 10-Q

(Mark One)
            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
    X       SECURITIES EXCHANGE ACT OF 1934

            For the quarter ended      March 31, 1999         

            TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
            THE SECURITIES EXCHANGE ACT OF 1934

            For the transition period from _______ to _______         
            Commission File Number:      1-8408   

                            THE ADVEST GROUP, INC.
            (Exact name of registrant as specified in its charter)

            Delaware                                 06-0950444        
  (State or other jurisdiction of                   (IRS Employer
   incorporation or organization)               Identification Number)

           90 State House Square
           Hartford, Connecticut                        06103     
 (Address of principal executive offices)             (Zip Code)

     Registrant's telephone number, including area code:  (860) 509-1000

                                          NONE
Former name, former address and former fiscal year,if changed since last 
report.

Indicate by check mark whether the registrant (1) has filed all reports 
required to be filed by Section 13 or 15(d) of the Securities Exchange Act 
of 1934 during the preceding 12 months (or for such shorter period that the 
registrant was required to file such reports), and (2) has been subject to 
such filing requirements for the past 90 days.
					Yes    X         No       

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of the latest practicable date.

Common Stock, $.01 par value                         8,878,930  Shares        
            Class                               Outstanding at May 5, 1999

Exhibit index on page 17.
                                       
<PAGE>
                               THE ADVEST GROUP, INC.

                                       INDEX


                                                                   Page No.
Part I.  Financial Information     

Item 1.   Financial Statements

       Condensed Consolidated Balance Sheets
           March 31, 1999 and September 30, 1998                        3

       Condensed Consolidated Statements of Earnings
           Three and Six Months Ended March 31, 1999 and 1998           4

       Condensed Consolidated Statements of Cash Flows
           Six Months Ended March 31, 1999 and 1998                     5

       Notes to Consolidated Financial Statements                       6

Item 2.   Management's Discussion and Analysis of Financial
             Condition and Results of Operations                        8

Item 3.   Quantitative and Qualitative Disclosures About Market Risk   12


Part II.  Other Information

Item 1.   Legal Proceedings                                            13

Item 2.   Changes in Securities                                        13

Item 4.   Submission of Matters to a Vote of Security Holders          13

Item 6.   Exhibits and Reports on Form 8-K                             14

Signatures                                                             16



                                      2
<PAGE>                                                             
                                 Part I.  Financial Information
Item 1.  Financial Statements

                                     The Advest Group, Inc.
                            Condensed Consolidated Balance Sheets
<TABLE>
In thousands, except share and per share amounts             March 31, 1999   September 30, 1998
------------------------------------------------------------------------------------------------
                                                             Unaudited
<S>                                                          <C>              <C>
Assets
Cash and short-term investments
     Cash and cash equivalents                                     $11,087        $13,882
     Cash and securities segregated under federal
         and other regulations                                         251            248
                                                                ------------  ------------                         
                                                                    11,338         14,130
                                                                ------------  ------------
Receivables
     Securities borrowed                                           525,834        270,638
     Brokerage customers, net                                      446,147        433,840
     Loans, net                                                    162,379        180,528
     Brokers and dealers                                             6,951          5,310
     Other                                                          19,432         18,417
                                                                ------------   ------------
                                                                 1,160,743        908,733
                                                                ------------   ------------
Securities
     Trading, at market value                                      331,304        241,681
     Available for sale, at market value                            19,869         11,787
     Held to maturity (market values of $17,666
         and $18,911)                                               17,622         18,776
                                                                 ------------   ------------
                                                                   368,795        272,244
                                                                ------------   ------------
Other assets
     Equipment and leasehold improvements, net                      12,708         13,377
     Other                                                          26,174         24,787
                                                                ------------   ------------
                                                                    38,882         38,164
                                                                ------------   ------------
Total assets                                                    $1,579,758     $1,233,271
                                                                ============   ============
Liabilities & shareholders' equity
Liabilities
     Securities loaned                                            $358,914       $216,275
     Brokerage customers                                           325,830        329,975
     Short-term borrowings                                         264,065        134,762      -
     Securities sold, not yet purchased, at market value           204,738        149,189
     Deposits                                                      169,723        171,074
     Long-term borrowings                                           34,167         41,308
     Checks payable                                                 25,257          2,973
     Compensation and benefits                                      23,016         27,247
     Repos                                                          16,807              -
     Brokers and dealers                                             6,419         13,984     
     Other                                                          21,744         22,817
                                                                ------------   ------------
                                                                 1,450,680      1,109,604 
                                                                ------------   ------------                      
Shareholders' equity
     Common stock, par value $.01,
         authorized 25,000,000 shares, issued                               
         issued 10,902,241 and 10,893,159 shares                       109            109
     Paid-in capital                                                75,469         72,966
     Retained earnings                                              72,719         65,785
     Accumulated other comprehensive income, net                       (46)           (12)
     Unamortized restricted stock compensation                      (1,893)        (1,081)
     Treasury stock, at cost, 2,021,215 and 1,943,833 shares       (17,280)       (14,100)
                                                                ------------  ------------ 
                                                                   129,078        123,667
                                                                ------------  ------------
Total liabilities and shareholders' equity                      $1,579,758     $1,233,271
                                                                ============  ============
See Notes to Consolidated Financial Statements

</TABLE>
                                           3
<PAGE>
                                The Advest Group, Inc.
                    Condensed Consolidated Statements of Earnings
                                     Unaudited

<TABLE>
                                      Three months ended         Six months ended
                                      March 31,                  March 31,
                                    ----------------------       --------------------- 
In thousands, except per share amounts  1999        1998           1999        1998
--------------------------------------------------------------------------------------
<S>                                      <C>         <C>          <C>         <C>
 Revenues
   Commissions                           $35,302     $33,422        $67,737    $65,844
   Interest                               15,959      17,448         31,992     34,090
   Principal transactions                 13,896      11,563         28,856     22,325
   Asset management and administration     9,789       8,319         18,406     16,293
   Investment banking                      5,073       9,741         17,406     18,499
   Other                                   2,619       1,925          4,059      3,342
                                          ------      ------        -------    -------
   Total revenues                         82,638      82,418        168,456    160,393
                                          ------      ------        -------    -------	

 Expenses
   Compensation                           47,899      46,749         97,983     91,833
   Interest                                9,307      10,172         18,298     19,529
   Communications                          8,370       7,143         15,910     13,165
   Occupancy & equipment                   5,338       4,675         10,482      9,227
   Business development                    1,835       1,787          3,694      3,456
   Professional                            1,415       1,163          2,667      2,688
   Brokerage, clearing & exchange          1,309       1,040          2,495      2,252
   Other expense                           2,102       1,757          4,035      3,646
                                          ------      ------        -------    -------
   Total expenses                         77,575      74,486        155,564    145,796
                                          ------      ------        -------    -------                             
 Income before taxes                       5,063       7,932         12,892     14,597
                   
   Provision for income taxes              2,025       3,173          5,157      5,839
                                          ------       ------       -------    ------- 
 Net income                               $3,038      $4,759         $7,735     $8,758
                                          ======       ======       =======    =======

Per share data:
   Basic earnings                    $      0.38 $      0.58    $      0.97 $     1.08
   Diluted earnings                  $      0.33 $      0.51    $      0.84 $     0.94
   Dividend declared                 $      0.05 $      0.04    $      0.09 $     0.08

See Notes to Consolidated Financial Statements
</TABLE>
                                            4
<PAGE>
                                   The Advest Group, Inc.
                       Condensed Consolidated Statements of Cash Flows
                                        Unaudited
<TABLE>                                                                           
                                                                     Six months ended March 31,
                                                                     -------------------------
In thousands                                                            1999            1998
----------------------------------------------------------------------------------------------
<S>                                                                    <C>           <C>
OPERATING ACTIVITIES
Net income                                                              $ 7,735      $   8,758
   Adjustments to reconcile net income to net 
   cash (used in) provided by operating activities:
        Depreciation and amortization                                     4,107          4,412
        Provision for credit losses and asset devaluation                   (62)           105
        Deferred income taxes                                              (343)          (241)
        Other                                                               778            903
   (Increase) decrease in operating assets:
        Receivables from brokerage customers, net                       (12,059)       (56,932)
        Securities borrowed                                            (255,196)       (49,153)
        Receivables from brokers and dealers                             (1,641)        (3,104)
        Trading securities                                              (89,940)       (53,735)
        Cash and securities segregated under federal and 
           other regulations                                                 (3)            19
        Proceeds from sales of mortgages held for sale                   52,302         18,631
        Originations and purchases of mortgages held for resale         (29,979)       (32,649)
        Other                                                            (8,238)        (4,665)
   Increase (decrease) in operating liabilities:
        Brokerage customers                                              (4,145)        22,370
        Securities loaned                                               142,639         30,882
        Securities sold, not yet purchased                               55,549         43,345
        Checks payable                                                   22,284        (12,247)
        Other                                                            (7,114)         4,596
                                                                       ---------       --------
Net cash used in operating activities                                  (123,326)       (78,705)
                                                                       ---------       --------
FINANCING ACTIVITIES
     Net decrease in deposits                                            (1,351)        (5,871)
     Proceeds from short-term borrowings                                     68         24,584
     Repayment of short-term borrowings                                  (9,940)       (28,188)
     Short-term brokerage borrowings, net                               132,034         72,600
     Proceeds from long-term borrowings                                                  7,000
     Repurchase agreements                                               16,807                 -
     Other                                                               (3,847)           748
                                                                        -------        ------- 
Net cash provided by financing activities                               133,771         70,873
                                                                        -------        ------- 

INVESTING ACTIVITIES
  Proceeds from (payments for):
      Sales of available for sale securities                              5,000         17,447
      Maturities of available for sale securities                           431          2,260
      Maturities of held to maturity securities                          11,164         11,681
      Purchases of available for sale securities                        (12,794)       (17,709)
      Purchases of held to maturity securities                          (10,000)       (10,500)
  Loans sold                                                              1,925          5,742
  Principal collections on loans                                         35,306         40,915
  Loans originated                                                      (42,627)       (38,880)
  Other                                                                  (1,645)        (4,410)
                                                                        -------        -------
Net cash (used in) provided by investing activities                     (13,240)         6,546
                                                                        -------        -------
Decrease in cash and cash equivalents                                    (2,795)        (1,286)
Cash and cash equivalents at beginning of period                         13,882         12,459
                                                                        -------        -------
Cash and cash equivalents at end of period                          $    11,087      $  11,173
                                                                        =======        =======

Interest paid                                                       $    18,316      $  19,472
Income taxes paid                                                   $     5,767      $   7,184
Non-cash activities:
     Restricted stock awards, net of forfeitures                    $     1,024      $     138
     Securization of residential mortgages                          $         -      $   1,428
----------------------------------------------------------------------------------------------
See Noted to Consolidated Financial Statements
</TABLE>
                                         5
<PAGE>
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                 (Unaudited)

1.  Financial Statements:
     The consolidated financial statements include the accounts of The Advest 
Group, Inc. and all subsidiaries (collectively the "Company"). Principal 
operating subsidiaries are Advest, Inc. ("Advest"), a broker-dealer, and Advest 
Bank and Trust Company (the "Bank"), a federal savings bank. The Company 
provides diversified financial services including securities brokerage, 
trading, investment banking, consumer lending, trust and asset management. 
     The preparation of financial statements in conformity with generally 
accepted accounting principles requires management to make estimates and 
assumptions that affect the reported amounts of assets and liabilities and 
disclosure of contingent assets and liabilities at the date of the financial 
statements and the reported amounts of revenues and expenses during the 
reporting period. Actual results could differ from those estimates. Management 
believes that all adjustments (consisting of normal recurring accruals) 
necessary for a fair statement of the results of operations for the periods 
presented have been included. All material intercompany accounts and 
transactions have been eliminated. Certain fiscal 1998 amounts have been 
reclassified in the accompanying consolidated financial statements to provide 
comparability with the current year presentation. The results of operations for 
the interim periods are not necessarily indicative of the results for a full 
year.
     The statements should be read in conjunction with the Notes to 
Consolidated Financial Statements and Management's Discussion and Analysis of 
Financial Condition and Results of Operations included in the Company's Annual 
Report for the year ended September 30, 1998, as filed with the Securities and 
Exchange Commission on Form 10-K.

2.  Summary of Significant Accounting Policies:
Repurchase agreements
     The Company utilizes short-term repurchase agreements as supplementary 
short-term financing transactions and receives cash as collateral for U.S. 
Treasury securities transferred.  These repurchase agreements are accounted for
as collateralized financings.  The fee paid by the Company is recorded as 
interest expense.  The Company monitors the market value of securities 
transferred on a daily basis, and obtains or refunds collateral as necessary. 

Other accounting pronouncements
     In October 1998, the Financial Accounting Standards Board("FASB") issued 
Statement of Financial Accounting Standards ("SFAS") 134, "Accounting for 
Mortgage-Backed Securities Retained after the Securitization of Mortgage Loans
Held for Sale by a Mortgage Banking Enterprise".  The Company adopted SFAS 134
as of January 1, 1999, as required, and its adoption did not have a material 
impact on the Company's financial condition, results of operations or cash 
flows. 
     SFAS 134 amends SFAS 65 to require that, after the securitization of 
mortgage loans held for sale, an entity engaged in mortgage banking activities 
classify the resulting mortgage-backed securities or other retained interests 
based on its ability and positive intent to sell or hold those investments.   

3.  Capital and Regulatory Requirements:
     Advest is subject to the net capital rule adopted and administered by the 
New York Stock Exchange, Inc. ("NYSE") and the Securities and Exchange 
Commission. Advest has elected to compute its net capital under the alternative 
method of the rule which requires the maintenance of minimum net capital equal 
to 2% of aggregate debit balances arising from customer transactions, as

                                   6
<PAGE> 
defined. The NYSE also may require a member firm to reduce its business if net
capital is less than 4% of aggregate debit balances and may prohibit a member
firm from expanding its business and declaring cash dividends if net capital 
is less than 5% of aggregate debit balances. At March 31, 1999, Advest's 
regulatory net capital of $69.0 million was 13% of aggregate debit balances and
exceeded required net capital by $58.4 million.
     Under bank regulatory restrictions, the Bank is required to maintain a 
minimum level of capital. As a federal chartered savings bank, the Bank is 
required to limit annual dividends to the most recent four quarters of net 
income, subject to limitations. No dividends have been declared or paid by the
Bank during the current fiscal year. At March 31, 1999, the Bank's leverage 
capital, risk-based and Tier 1 capital ratios were 8.24%, 11.6% and 10.34%, 
respectively, which met all regulatory requirements. 

4. Common Stock:
     The following table provides the calculation of net income per common 
share for the three and six months ended March 31, 1999 and 1998:

                                            For the quarters ended March 31,
                                         -------------------------------------
                                                Basic              Diluted  
                                         ------------------  -----------------
In thousands, except per share amounts      1999     1998       1999     1998
------------------------------------------------------------------------------
Net income                                 $3,038   $4,759     $3,038   $4,759
                                           ======   ======     ======   ======
Average number of common shares
     outstanding during the period          8,854    8,904      8,854    8,904
Adjustments:
     Contingently issuable shares            (879)    (746)        --       -- 
     Exercise of stock options                 --       --        359      452
                                           ------   ------     ------   ------
Average number of common 
     shares outstanding                     7,975    8,158      9,213    9,356
                                           ======   ======     ======   ======
Net income per common share                $  .38   $  .58     $  .33   $  .51
                                           ======   ======     ======   ======

                                            For the six months ended March 31,
                                           -----------------------------------
                                                Basic              Diluted  	
                                           ---------------     ---------------
In thousands, except per share amounts      1999     1998       1999     1998
------------------------------------------------------------------------------
Net income                                 $7,735   $8,758     $7,735   $8,758
                                           ======   ======     ======   ======
Average number of common shares
     outstanding during the period          8,868    8,799      8,868    8,799
Adjustments:
     Contingently issuable shares            (865)    (669)        --       -- 
     Exercise of stock options                 --       --        370      478
                                           ------   ------     ------   ------
Average number of common 
     shares outstanding                     8,003    8,130      9,238    9,277
                                           ======   ======     ======   ======
Net income per common share                $  .97   $ 1.08     $  .84   $  .94
                                           ======   ======     ======   ======

                                      7
<PAGE>
5. Comprehensive Income:
     In October 1998, the Company adopted the provisions of FASB Statement 
No. 130, "Reporting Comprehensive Income".  Statement No. 130 requires 
reporting of comprehensive income for all gains and losses that result from
transactions not included in net earnings. The components of comprehensive 
income are as follows:

                                                      March 31,
                                      -------------------------------------
                                      Three months ended   Six months ended
                                      ------------------   ----------------
In thousands                             1999     1998       1999     1998
---------------------------------------------------------------------------
Net income                              $3,038   $4,759     $7,735   $8,758

Other comprehensive income:
   Unrealized holding gains/losses arising
     during period                         (34)     136        (30)     175
   Less: reclassification adjustment for
     gains realized in net income           --       20         --       56
                                        ------   ------     ------   ------
   Net unrealized holding gains/losses arising
     during the period                     (34)     116        (30)     119
   Deferred income taxes                     1       43          4       43
                                        ------   ------     ------   ------
   Total other comprehensive income        (35)      73        (34)      76
                                        ------   ------     ------   ------
Comprehensive income                    $3,003   $4,832     $7,701   $8,834
                                        ======   ======     ======   ======


Item 2.  Management's Discussion and Analysis of Financial Condition 
and Results of Operations

Overview
     The Advest Group, Inc. ("AGI"), together with its subsidiaries (the 
"Company"), provides diversified financial services including securities 
brokerage, trading, investment banking, consumer lending, trust and asset 
management.  Advest, Inc. ("Advest"), a regional broker/dealer and the 
Company's principal subsidiary, provides brokerage, investment banking and 
asset management services to retail and institutional investors through 89 
sales offices in 16 states and Washington, DC.  Advest Bank and Trust Company 
(the "Bank"), an FDIC-insured, federal savings bank, offers residential 
mortgage lending and trust services primarily through Advest's branch network.
     All aspects of the Company's business are highly competitive and impacted 
by regulatory and other factors outside of its control, including domestic and 
global economic and financial conditions, the volume and price levels of 
securities markets, the demand for investment banking services and interest 
rate volatility.  The Company closely monitors its operating environment to 
enable it to respond promptly to market cycles.  In addition, the Company seeks
to lessen earnings volatility by controlling expenses, increasing fee-based 
business and developing new revenue sources.  Nonetheless, operating results 
of any individual period should not be considered representative of future 
performance.

                                   8

<PAGE>
     The Company reported net income of $3.0 million for the quarter ended 
March 31, 1999 compared with $4.8 million in the prior year, a decrease of 36%.
Current quarter basic and diluted earnings per share were $.38 and $.33, 
respectively, compared with $.58 and $.51, respectively, a year ago.  Total 
revenues increased less than 1% to $82.6 million while total expenses increased
4% to $77.6 million.  Through the first half of fiscal 1999, net income was 
$7.7 million, a decline of 12% from $8.8 million in the prior year.  Basic and
diluted earnings per share were $.97 and $.84, respectively, compared with 
$1.08 and $.94, respectively, a year ago.  Total revenues increased 5% to a 
record $168.5 million while total expenses increased 7% to $155.6 million.  
Included in revenues are $3.7 million in realized and unrealized first quarter
gains related to an equity position acquired in a prior year investment banking
transaction. At March 31, 1999, book value per share was $14.53, up 13% from 
the prior year.

Advest, Inc.
     The Dow Jones Industrial Average (DJIA) gained 6.6% during the current 
quarter, 11.2% for the twelve month period, briefly surpassing the 10000 
threshold, before closing at 9786. While the overall returns were impressive,
a performance gap was evident - with large capitalization stocks significantly
outperforming the broad index.  The S&P 500 gained 4.6% during the quarter but
all of that gain was from 21 of the 500 stocks represented.  Although the 
narrowness of the gains should not encourage confidence in the broad market, 
if the current pace continues, the DJIA will achieve a 9th straight year of 
gains and its fifth consecutive year of double digit gains.  In the 
underwriting markets, near record amounts of new stocks and bonds were sold 
during the current quarter.  However, significant year-to-year declines in 
equity offerings, which generate higher fees, contributed to substantially 
lower investment banking revenues.  In the market segment Advest participates 
in - $50 million and less - equity underwriting volume declined 52% from the 
prior year. 
     For the quarter ending March 31, 1999, Advest posted pre-tax earnings of 
$5.6 million, a 32% decrease from the prior year.  Total revenues increased  
2% to $78.8 million, the second highest results in its history with record 
levels attained for agency commissions, up 6%, and asset management revenues, 
up 19%.  Investment banking revenues declined 48%, primarily reflecting the 
industry scarcity of equity underwritings.  Total expenses increased 
$3.9 million (6%) to $73.2 million with compensation and benefits up 
$1.1 million (3%) and communications expenses up $1.2 million (18%).  The 
increase in compensation includes a $1.4 million (13%) increase in general 
payroll most of which relates to increased staffing in Advest's equity capital 
markets departments.  During the past few years, Advest has committed 
substantial financial resources to building it equity capital markets 
business.  During times of low underwriting activity as occurred in the 
current quarter, Advest's operating results are more vulnerable because its
capital markets team is still establishing itself.     

Advest Bank and Trust
     The Bank posted pre-tax income of $50,000 compared with $.2 million in 
the prior year, a 77% decline. The Bank remains well-capitalized and in full 
regulatory compliance.  At March 31, 1999, the Bank's nonperforming assets 
totaled $2.9 million (1.5% of total Bank assets) compared with $5.0 million 
(2.3% of total Bank assets) in the prior year.  The Bank's declining asset 
base and its concentration on residential lending versus higher yielding 
commercial lending have contributed to a declining earnings trend.  After 
careful review of the Bank's activities and prospects as they relate to the 
firm's strategic goals, management has been evaluating potential courses of 
action that would enable the Company to maintain a high level of service to 
clients while earning a better return on its capital.  See Subsequent Event 
below.

                                  9
<PAGE>
Subsequent Event
     On May 10, the Company announced that it had will enter into two 
agreements with Hudson United Bank ("Hudson"), a subsidiary of Hudson United 
Bancorp, a Mahwah, New Jersey-based bank holding company.  Under the terms of 
a purchase and sale agreement, Hudson will acquire the loan and other 
financial assets and assume the deposit liabilities of the Bank.  In a 
separate agreement, Advest and Hudson will enter into a strategic alliance 
whereby Hudson will become the exclusive provider of banking products and 
services to Advest and its clients.  Concurrent with the agreements, the Bank 
will end its mortgage origination operations but will retain its bank charter 
and continue to provide trust and custody services.  The purchase and sale 
transaction, which is subject to approval by federal and state regulatory 
authorities, is, expected to close within 90 to 120 days.

Results of Operations
                  Three Months Ended March 31, 1999 Versus
                     Three Months Ended March 31, 1998 

     Net revenues, total revenues less interest expense, increased $1.1 million
(2%) to $73.3 million, as a $4.7 million (48%) decline in investment banking 
revenues substantially offset gains in commissions, principal transactions and 
asset management revenues. Net expenses increased $4.0 million (6%) to 
$68.3 million, primarily as a result of higher general payroll and sales-
related compensation which were partly offset by lower investment banking 
incentives, as well as technology upgrades and higher service bureau costs. 
The effective tax rate was 40% for both the current and prior year.
     Revenue from principal transactions increased $2.3 million (20%).  
Corporate Bond trading profits, primarily from the Institutional Bond Group, 
were $1.8 million, up 84% from the prior year, and municipal bond trading 
profits increased 77% to $.6 million. Commissions on fixed income securities 
increased $3.3 million (67%) to $8.3 million, led by government agency 
obligations, up $.9 million (255%), investment grade corporate bonds, up 
$.8 million (76%), municipal obligations, up $.8 million (51%), and 
collateralized mortgage obligations (CMOs), up $.7 million (292%).  The 
increases in government agency and CMO sales were due to two new sales units 
established by Advest in the latter part of fiscal 1998: a fixed income sales 
unit in Boca Raton, Florida and a Community Reinvestment Act Sales (CRA) unit 
which sells securitized loans to banks and other financial institutions.  On 
the equity side, over-the-counter trading losses were $.4 million in the 
March 1999 quarter compared with trading profits of $.4 million in the prior 
year and equity sales credits declined $1.3 million (27%).  The swing in 
trading profits relates in part to rule changes implemented by the SEC which 
have consistently reduced the profit spreads of market makers over the past 
few years.  In addition, trading profits in the 1998 quarter represented the 
highest in two years.  Primarily in response to the SEC changes, there is an 
ongoing transition in the mix of over-the-counter business from principal to 
agency transactions as is evidenced by the sharp decline in principal business 
and a corresponding increase in agency business.  See discussion of agency 
commissions below.
     Investment banking revenues declined $4.7 million (48%), primarily 
related to lower equity underwriting-related revenue.  As discussed in the 
Overview, the volume of equity underwritings declined significantly from the 
1998 quarter.  $1.2 million of the decline relates to a change in accounting 
for stock warrants retroactively adopted in June 1998.  The new accounting 
treatment resulted in a $1.1 million increase to revenues for the March 1998 
quarter; conversely the impact to the current quarter was a reduction in 
revenues of $144,000 for a net year-to-year decline of $1.2 million. Merger 
and acquisition fee income decreased $.5 million (45%) and private placement 
fees declined $.4 million (85%) in the current year.  Unit trust commissions 
increased $.4 million (40%).

                                    10
<PAGE>
     Agency commissions increased $1.9 million (6%) led by a $1.2 million 
(20%) increase in over-the-counter commissions.  See related discussion above 
in principal transactions.  Commissions on listed securities and options 
increased $.9 million (7%) and $.3 million (33%), respectively, while mutual 
fund commissions, including distribution fees, decreased $.4 million (4%).  
Commission revenue increases relate primarily to higher market volume and 
prices as previously discussed in the Overview.   	
     Asset management revenues increased $1.5 million (18%) primarily as a 
result of higher service fees related to money market accounts and increased 
fee-based managed account business at Advest. The Bank's revenue increased 
25% to $.3 million primarily due to increased trust revenues.  Other income 
increased $.7 million (36%) primarily due to higher fee income and proceeds 
from a legal settlement.
     Net interest income declined $.6 million (9%).  The Bank's net interest 
income declined $.4 million (23%) primarily due to a declining asset base and 
reduced interest spreads related to a lower yields associated with its 
predominantly residential mortgage portfolio.  Advest's net interest income 
declined $.2 million (4%) primarily due to higher costs of carrying inventory. 
     Compensation costs increased $1.1 million (2%) primarily due to higher 
sales-related compensation, increased staff levels especially in research, 
investment banking, sales and trading departments higher investment banking 
which were partly offset by lower investment banking incentives and insurance 
costs.  Communications costs increased $1.2 million (17%) primarily related to 
technology and software upgrades, telephone equipment and usage, service 
bureaus and volume-driven costs of Advest's third party data processor. 
Occupancy and equipment costs increased $.7 million (14%) primarily due to 
rent increases including the opening of new sales offices and computer and 
equipment rental and lease expenses. 

                  Six Months Ended March 31, 1999 Versus
                     Six Months Ended March 31, 1998

     Net revenues increased $9.3 million (7%) and net expenses increased 
$11.0 million (9%).  Year-to-year variances in principal transactions, net 
interest income, asset management and other revenues are consistent with the 
March quarter analysis.  On the expense side, variances for compensation and 
benefits, communications and occupancy and equipment costs are consistent 
with the March quarter discussion.
     Agency commissions increased $1.9 million (3%) with substantially all 
of the increase in the March quarter.  Commissions on listed and over-the-
counter securities increased $1.3 million (5%) and $.9 million (7%), 
respectively, while mutual fund commissions decreased $.9 million (5%).
     Investment banking revenues declined $1.1 million (6%) as the 
$3.7 million first quarter gains on an equity investment discussed in the 
Overview partly offset second quarter revenue declines.
	
Liquidity and Capital Resources
                    Six Months Ended March 31, 1999

     Total assets increased $346.5 million (28%).  Securities borrowed 
increased $255.2 million (94%) of which approximately $188.0 million represents 
an increase in firm securities borrowed with a corresponding increase in firm 
securities loaned.  The balance of the increase was used primarily to cover a 
$55.5 million (37%) increase in short trading positions, mostly fixed income.  
Trading securities increased $89.6 million (37%) primarily  related to new 
principal trading activities initiated by the broker/dealer in late fiscal 
1998, as discussed previously.  This increase was financed by short-term 
borrowings, which increased $129.3 million, and repurchase agreements of 
$16.8 million.  Advest began entering into repurchase agreements with US 
treasury securities as 

                                  11
<PAGE>
collateral in the current quarter to lower the cost of carrying its trading
inventories.  (Refer to Summary of Significant Accounting Policies.)  The 
balance of the increase in short-term borrowings was primarily used to finance
a reduction in customer stock loaned.  Total stock loaned increased 
$142.6 million, however, firm securities loaned increased $188.0 million, as 
discussed above, while customer securities loaned declined $38.7 million since 
September 30, 1998. 
     During the six months ended March 31, 1999, the Company re-purchased 
240,900 shares of its common stock at a cost of $4.3 million under a buyback 
program begun in August 1990.  Cash dividends of $.04 per share and $.05 per 
share, respectively, were declared for the quarters ended December 31, 1998 
and March 31, 1999.  A total of  $.8 million was declared and/or paid.  At 
March 31, 1999, 8,881,026 shares were outstanding. 
     Subsequent to March 31, 1999, the Company announced that it will sell 
the financial assets and deposit liabilities of the Bank and enter into a 
strategic agreement with Hudson United Bank.  Refer to discussion under 
Subsequent Event in the Overview above.  As a result of the proposed 
agreements, the ongoing capital requirements of the Bank are expected to be 
significantly lower enabling the Company to redeploy approximately 
$12.0 million of capital currently invested in the Bank.  Most of the 
redeployed capital is expected to be invested in Advest for the purpose of 
reducing its short-term borrowings.
     There have been no other material changes to the Company's liquidity or 
capital resources since September 30, 1998.


Forward Looking Statements
     The Company and its subsidiaries conduct their businesses in financial 
markets that are influenced by many unpredictable factors, including economic 
conditions, monetary policies, interest and inflation rates, market liquidity, 
national and international political events, regulatory developments, changing 
tax law, the competitive environment and investor sentiment.  These factors 
can significantly affect the transaction volume, price levels and volatility 
of financial markets, as well as the competitiveness of the Company's products 
and services within its industry.  The Company's revenues and net earnings 
may vary significantly from period to period as a result.  In addition to 
presenting historical information, the Company may make or publish forward-
looking statements about management expectations, strategic objectives, 
business prospects, anticipated financial performance, and similar matters.  
Numerous factors, many beyond the Company's control, could cause actual 
results to differ materially from the expectations expressed.  Those factors 
include, among others, those listed above and the other risks and 
uncertainties noted elsewhere in this Form 10-Q.  The Company does not 
undertake any obligation to publicly update or revise any forward-looking 
statements.


Item 3.  Quantitative and Qualitative Disclosures About Market Risk

     There were no material changes to the Company's market risk analysis 
during the current quarter ending March 31, 1999.

                                  12
<PAGE>
                          Part II. Other Information


Item 1.  Legal Proceedings

     The Company has been named as defendant, or has been threatened with 
being named defendant in various actions, suits and proceedings before a 
court or arbitrator arising principally from its securities and investment 
banking business.  Such matters involve alleged violations of federal and 
state securities laws and other laws. Certain of these actions claim 
substantial damages and, if determined adversely to the Company, could have 
a material adverse effect on the consolidated financial condition, results 
of operations or cash flows of the Company. The Estate of Gabriel Levine and 
his wife and various related entities have threatened a proceeding before the 
American Arbitration Association against Advest. They originally commenced 
related arbitration and court proceedings in 1993, which were stayed pending 
consideration of statue of limitations defenses. In 1998 the Connecticut 
Supreme Court ruled that arbitrators and not a court should decide whether 
those defenses apply. The claimants allege that the option trading in their 
accounts was unsuitable, and that there was a failure to disclose risks and 
to supervise their accounts. In court papers filed in 1993 the claimants 
asserted claims for principal losses of nearly $30,000,000, plus interest 
since October 1987. Management believes that Advest, Inc. has strong defenses 
to these claims and intends to defend them vigorously. While the outcome of 
any litigation is uncertain, management, based in part upon consultation with 
legal counsel, believes that the resolution of all matters pending or 
threatened against the Company will not have a material adverse effect on the 
financial condition or future results of operations or cash flows of the 
Company.


Item 2.  Changes in Securities

     During the current quarter the Company assigned 43,351 shares of its 
common stock as compensation to employees under separate Employment Agreements. 


Item 4.  Submission of Matters to a Vote of Security Holders
     The Company commenced solicitation of proxies on December 31, 1998, in 
connection with its Annual Meeting held on January 28, 1999.  The solicitation 
was performed in accordance with Section 14 of the Securities and Exchange Act 
of 1934 and the rules thereunder.  There was no solicitation in opposition to 
management's solicitation.  A total of 7,427,700 shares were represented at 
the meeting out of the total of 8,895,709 shares issued and outstanding as of 
the December 10, 1998 record date for the meeting.  
     At the Annual Meeting, the reelection as director of Richard G. Dooley 
and Robert W. Fiondella to serve for three year terms expiring in 2002 was 
considered.  All such nominees were reelected to the Board of Directors.  The 
nominees received the following votes:

                                In Favor
                     --------------------------------
Nominee              In Person    By Proxy      Total      Withheld

Richard G. Dooley        232      6,777,511   6,777,743      650,478
Robert W. Fiondella      232      6,777,045   6,777,277      650,944

                                      13
<PAGE>
     The terms of office of the following continuing directors expire in 2000:
Sanford Cloud, Jr., Grant W. Kurtz, Barbara L. Pearce, and Allen Weintraub.  
The terms of office of the following continuing directors expire in 2001:  
Ronald E. Compton, William B. Ellis and Marne Obernauer, Jr.  The following 
director did not continue on the Board of Directors of the Company following 
the January 28, 1999 Annual Meeting: John A. Powers.

     The only other matter considered at the Annual Meeting was a stockholder 
proposal submitted by Mr. John Jennings Crapo concerning disclosure of 
charitable contributions by the Company.  Mr. Crapo's proposal was defeated, 
with the following votes:

      In Favor      Against     Abstaining      No Votes

       765,174    4,583,701        73,968       2,005,377

     No other matters were voted upon at the annual meeting.

Item 6.  Exhibits and Reports on Form 8-K

    (a) Exhibits
      Exhibit 27 -- Financial Data Schedule (Selected financial data - for 
          EDGAR electronic filing only to SEC)

      The interim financial information contained herein has been subjected to 
          a review by PricewaterhouseCoopers LLP, the registrant's Independent 
          Accountants, whose report is included on page 15 of this filing.

    (b) Reports on Form 8-K
      None.

                                       14
<PAGE>
                        Report of Independent Accountants



To the Shareholders and Board of Directors of
  The Advest Group, Inc.:


We have reviewed the accompanying condensed consolidated balance sheet of The 
Advest Group, Inc. and subsidiaries (the "Company") as of March 31, 1999, and 
the related condensed consolidated statements of earnings and cash flows for 
the three-month and six-month periods ended March 31, 1999 and 1998. These 
financial statements are the responsibility of the Company's management.

We conducted our review in accordance with Statements on Standards for 
Accounting and Review Services issued by the American Institute of Certified 
Public Accountants. A review of interim financial information consists 
principally of applying analytical procedures to financial data and making 
inquires of persons responsible for financial and accounting matters. It is 
substantially less in scope than an audit conducted in accordance with 
generally accepted auditing standards, the objective of which is the 
expression of an opinion regarding the financial statements taken as a whole. 
Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that 
should be made to the aforementioned financial statements for them to be in 
conformity with generally accepted accounting principles.

We have previously audited, in accordance with generally accepted auditing 
standards, the consolidated balance sheet as of September 30, 1998, and the 
related statements of earnings, changes in shareholders' equity and cash 
flows for the year then ended (not presented herein), and in our report, 
dated October 21, 1998, we expressed an unqualified opinion on those 
consolidated financial statements. In our opinion, the information set forth 
in the accompanying condensed consolidated balance sheet as of September 30, 
1998, is fairly stated, in all material respects, in relation to the balance 
sheet from which it has been derived.


PricewaterhouseCoopers LLP




Hartford, Connecticut
April 14, 1999

                                   15
<PAGE>
                                Signatures


	Pursuant to the requirements of the Securities and Exchange Act of 1934,
the registrant duly caused this report to be signed on its behalf by the 
thereunto duly authorized.



                                                  The Advest Group, Inc.   
                                                        Registrant




Date      May 12, 1999                          /s/ Grant Kurtz             
                                                     Grant Kurtz,
                                               Chief Executive Officer 
                                                    and President



Date      May 12, 1999                         /s/ Martin M. Lilienthal       
                                                Martin M. Lilienthal,
                                             Executive Vice President and
                                                Chief Financial Officer









                                     16
<PAGE>
                                 Exhibit Index


  Exhibit     Description 								

    27        Financial Data Schedule (Selected financial data - for EDGAR
              electronic transmission only for SEC.)				






















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