SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549

                                   Form 10-Q

               Quarterly Report Under Section 13 or 15(d) of the

                        Securities Exchange Act of 1934


For Quarter Ended:  September 30, 1996

Commission File Number:  000-17129

                      Clark Melvin Securities Corporation
             (Exact name of registrant as specified in its charter)

            Delaware                       52-0749204
  (State of other jurisdiction of       (I.R.S. Employer
  incorporation or organization)        Identification No.)

          170 Jennifer Road, Suite 270, Annapolis, Maryland 21401
         (Address of principal executive offices)        (Zip Code)


                                 (410) 266-5250
              (Registrant's telephone number, including area code)

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

The number of shares of the registrant's common stock, $.01 par value per share,
outstanding as of September 30, 1996 was 18,523,096.


<PAGE>



                      CLARK MELVIN SECURITIES CORPORATION
                            STATEMENT OF OPERATIONS

<TABLE>
<CAPTION>
                                                      (Unaudited)                       (Unaudited)
                                                   Three Months Ended                Nine Months Ended
                                                      September 30                      September 30
                                                   1996          1995               1996           1995
<S> <C>
REVENUES
Commissions                                    $  427,564   $   474,560       $  1,096,835   $  1,308,194
Advisory and Fee Income                           135,250        34,702            302,910        189,447
Interest / Dividends                                5,072         5,321             15,155         14,093
Margin                                             12,527         8,631             33,818         21,735
Trailer Fees                                       20,596        15,663             51,906         38,486
Miscellaneous                                       3,575         2,837             25,459         27,908
                                                ----------   -----------       ------------   ------------
Total Revenues                                 $  604,584   $   541,713       $  1,526,083   $  1,599,864


EXPENSES
Compensation and Benefits                      $  355,841   $   313,145       $    871,514   $    982,637
Clearing Fees                                      43,252        37,386            127,546        125,129
Occupancy                                          34,669        33,269            104,013        121,261
Business Development                                6,016         7,753             38,431         70,380
Interest                                            1,071           412              3,904          1,489
Communications                                     49,986        57,521            146,009        157,875
Other                                              30,298        67,366            220,792        173,734
                                                ----------   -----------       ------------   ------------
Total Expenses                                 $  521,132   $   516,854       $  1,512,209   $  1,632,505

Profit / (Loss) Before Taxes                   $   83,453   $    24,860       $     13,874   $    (32,641)
                                                ==========   ===========       ============   ============
Income Taxes:
   Current Tax Expense                             -            -                  -              -
   Benefit of Loss Carryover                       -            -                  -              -
                                                ----------   -----------       ------------   ------------
Net Profit / (Loss)                            $   83,453   $    24,860       $     13,874   $    (32,641)
                                                ==========   ===========       ============   ============
Profit (Loss) per common share                 $     0.00   $      0.00       $       0.00   $      (0.00)
                                                ==========   ===========       ============   ============
</TABLE>


<PAGE>



                                   SIGNATURES

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

                                           Clark Melvin Securities Corporation
                                                        (Registrant)

                                           By:      _______________________
                                                    Irene M. Harr
                                                    Chief Financial Officer



Date:     September 15, 1996