UNITED STATES OF AMERICA
before the
SECURITIES AND EXCHANGE COMMISSION

   Securities Exchange Act of 1934
   Release No. 42079 / November 1, 1999

   Accounting and Auditing Enforcement
   Release No. 1198 / 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 JOSEPH E.
            Respondents.              MUEHL
____________________________________

   I.

   Joseph E. Muehl has submitted an Offer of Settlement ("Offer") 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, Muehl consents to the entry of this Order
   Making Findings, Imposing Remedial Sanctions and Cease-and-Desist
   Order as to Joseph E. Muehl ("Order"). The Commission has determined
   that it is appropriate and in the public interest to accept the Offer
   of Settlement from Muehl, and accordingly is issuing this Order.
   II. Facts

   Based on the foregoing, the Commission finds that

A. Respondent

   , age 37, was a First Vice President at The Nikko Securities Co.
   International, Inc. ("Nikko"). 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. Muehl, during the relevant time, traded
   derivative and pass-through mortgage-backed securities.