UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

   Securities Exchange Act of 1934
   Release No. 42082 / November 1, 1999

   Accounting and Auditing Enforcement
   Release No. 1200 / November 1, 1999

   Administrative Proceeding
   File No. 3-9846
____________________________________

         In the Matter of
                                      ORDER MAKING
      JEFFREY L. HARFST,WILLIAM R.    FINDINGS, IMPOSING
        HEBEL and JOSEPH E. MUEHL,    REMEDIAL SANCTIONS
                                      AND CEASE-AND-DESIST
                                      ORDER AS TO WILLIAM R.
           Respondents.               HEBEL
____________________________________

   I.

   William R. Hebel has submitted an Offer of Settlement for the purpose
   of disposing of the issues raised by this proceeding. Solely for the
   purposes of these proceedings and any other proceedings brought by or
   on behalf of the Commission or to which the Commission is a party, and
   prior to hearing and without admitting or denying the findings set
   forth herein, Hebel consents to the entry of this Order Making
   Findings, Imposing Remedial Sanctions and Cease-and-Desist Order as to
   William R. Hebel ("Order"). The Commission has determined that it is
   appropriate and in the public interest to accept the Offer of
   Settlement from Hebel, and accordingly is issuing this Order.
   II. Facts

   Based on the foregoing, the Commission finds that

A. Respondent

   , age 52, was a Senior Vice President and Deputy Head of the Fixed
   Income Division at The Nikko Securities Co. International, Inc.
   ("Nikko") from December 3, 1994 through November 21, 1996. Nikko is a
   broker-dealer registered with the Commission pursuant to Section 15 of
   the Securities Exchange Act of 1934 ("Exchange Act") and is a
   wholly-owned subsidiary of The Nikko Securities Co. Ltd.