FOR IMMEDIATE RELEASE                                     99-158


SEC CHAIRMAN ARTHUR LEVITT, CONGRESSIONAL AND STATE OFFICIALS TO
        CONDUCT INVESTORS'  TOWN MEETING IN NEW YORK CITY
                                
Free program will offer area residents practical tips for saving
                          and investing

     Washington, D.C., November 26, 1999--The U.S. Securities and
Exchange Commission invites New York City area residents who want
to know more about investing in the stock market to attend an
Investors' Town Meeting at Columbia University on Thursday, Dec.
9, 1999.  The free program will give everyday investors an
opportunity to hear from the experts on how to invest wisely and
achieve financial security.

     SEC Chairman Arthur Levitt will offer practical investing
tips and answer audience questions at the town meeting, which
will also feature U.S. Senator Charles Schumer of New York and
Eric Dinallo, New York's Assistant Attorney General in Charge of
Investor Protection and Securities.  The meeting is sponsored by
Columbia Law School and is open to the public.

     "We have more investors and ways to invest than ever before,
creating new opportunities for American families.  But investing
in the stock market will always entail risk," Levitt said.  "The
more you know about investments and how they're sold, the more
likely you will achieve financial security."

     Americans have become increasingly responsible for their own
financial security in recent years, especially with the shift
from traditional pensions to self-directed 401(k) plans and other
retirement accounts.  According to a recent study by the
Securities Industry Association and the Investment Company
Institute, 48 percent of  American families now own stock
directly or  through mutual funds.

     The Investors' Town Meeting in New York will be the 34th of
a national series launched by the SEC five years ago to promote
public understanding of the securities markets and awareness of
the risks and rewards of investing.

     Schumer, a member of the U.S. Senate Subcommittee on
Securities, will discuss the benefits and hazards of online
investing.

     "The Internet has forever changed the face of investing,"
Schumer said.  "Online trading has opened up tremendous
opportunities for millions of Americans to now invest for their
future from their living rooms.  But with 30 percent of retail
trades now executed online, investors should understand the risks
of investing over the Internet before they trust their money to
the World Wide Web."

     Dinallo will discuss how the New York Attorney General's
Office can help investors protect their savings and outsmart scam
artists.

     "These days there are numerous boiler room operations being
run by scam artists who are working every day to try to rip off
investors," Dinallo said.  "The best first line of defense for
investors is education--knowing the right questions to ask
brokers to avoid scams and prevent yourself from becoming a
victim."

     In addition to the town meeting, the half-day program will
include a series of one-hour investing seminars, with sessions on
stocks, bonds, mutual funds, and online investing.

     The Investors' Town Meeting will take place at the
Auditorium at Alfred Lerner Hall, Columbia University, 2920
Broadway (at West 115th Street) from 10:00 to 11:30 a.m.,
followed by investing seminars at 12:00 and 1:00 p.m.  Doors will
open at 9:00 a.m. so attendees can browse through investor
education exhibits and pick up brochures.

     Admission is free, but reservations are recommended because
seating is limited.  To reserve a seat, call (212) 748-0881, or
send an e-mail to SiestoB@sec.gov.  Anyone who needs auxiliary
aids to attend the town meeting, such as a sign language
interpreter, should request them at the time of reservation.

Investors' Town Meeting Schedule of Events

9:00  to 10:00 a.m.  --  Registration and Investor Education
                         Displays

10:00 to 11:30 a.m.  --  Town Meeting and Q & A Session

11:30 to 12:00 p.m.  --  Break and Complimentary Refreshments

12:00 to  2:00 p.m.  --  Investment Seminars

                                
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Press Contacts:

John J. Nester (202) 942-7083          Jennifer Shotz (212) 854-1376
Securities and Exchange Commission     Columbia Law School