PROSPECTUS
SUMMIT SECURITIES, INC.
$40,000,000 Investment Certificates, Series B
A Certificateholder of the Investment Certificates, Series B
("Certificates") of Summit Securities, Inc. ("Summit") may elect to receive
interest monthly, quarterly, semi-annually or annually, without compounding;
or, at the election of a Certificateholder, if interest is left with Summit it
will compound semi-annually until maturity; or, at the election of the
Certificateholder the Certificates will pay equal monthly installments of
principal and interest until maturity according to an amortization schedule
selected by the owner.
The Certificates are unsecured debt instruments, senior in liquidation
to outstanding equity securities of Summit, subordinate to collateralized debt
of the Consolidated Group (Summit and its subsidiaries), subordinate to all
debt of the subsidiaries included in the Consolidated Group, on parity with
unsecured accounts payable and accrued liabilities of Summit and on parity
with all previously issued and outstanding investment certificates. At
September 30, 1997, the Consolidated Group had approximately $107,022,000 of
debt senior to and approximately $1,168,000 of debt in parity with
approximately $50,407,000 of outstanding Certificates.
The Certificates will be issued in fully negotiable form in fractional
denominations of $0.01 or multiples thereof at 100% of the principal amount
paid.
Summit reserves the right to change, prospectively, by way of supplement
to this Prospectus, the interest rates, maturities, and minimum investment
amounts on unsold Certificates. The current provisions are set forth below.
See "DESCRIPTION OF CERTIFICATES."
<TABLE>
<CAPTION>
MINIMUM Annual
INVESTMENT TERM TO MATURITY Interest Rate
__________ ________________
<S> <C>
$100 120 MONTHS 9.500%
$100 96 to 119 MONTHS 9.250%
$100 72 to 95 MONTHS 9.000%
$100 60 to 71 MONTHS 8.750%
$100 48 to 59 MONTHS 7.500%
$100 36 to 47 MONTHS 7.250%
$100 24 to 35 MONTHS 7.000%
$100 12 TO 23 MONTHS 6.750%
$250,000 120 MONTHS 9.750%
$250,000 96 to 119 MONTHS 9.625%
$250,000 72 to 95 MONTHS 9.500%
$250,000 60 to 71 MONTHS 9.375%
Installment Payment Option
$2,000 60 to 120 MONTHS 7.000%
</TABLE>
There is no trading market for the Certificates and none is expected to
be established in the future. See "RISK FACTORS." This offering of
Certificates is subject to withdrawal or cancellation by Summit without
notice. No minimum amount of Certificates must be sold.
FOR A DISCUSSION OF MATERIAL RISKS ASSOCIATED WITH THE CERTIFICATES
OFFERED HEREBY, SEE RISK FACTORS ON PAGE _____ OF THIS PROSPECTUS.
THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES
AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION, NOR HAS THE
SECURITIES AND EXCHANGE COMMISSION OR ANY STATE SECURITIES COMMISSION PASSED
UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE
CONTRARY IS A CRIMINAL OFFENSE.
<TABLE>
<CAPTION>
UNDERWRITING
PRICE TO DISCOUNTS AND PROCEEDS TO ISSUER
PUBLIC COMMISSIONS(1) OR OTHER PERSONS(2)
___________ _________________ ________________________
<S> <C> <C> <C>
Per Certificate 100% 0% to 6% 100% to 94%
Total: $40,000,000 None-$2,400,000 $40,000,000-$37,600,000
</TABLE>
(1) There is no direct sales charge to the investor. Certificates earn
interest, without deduction for underwriting discounts or commissions. Summit
will reimburse Metropolitan Investment Securities ("MIS"), a wholly owned
subsidiary, for commissions paid to licensed securities sales representatives.
Sales commission rates on the sale of Certificates depend upon the terms of
the sale and upon whether the sales are reinvestments or new purchases. See
"PLAN OF DISTRIBUTION."
(2) Before deducting other expenses estimated at $155,000.
The Certificates are being offered for sale on a continuous, best
efforts basis. There are no minimum amounts of securities that must be sold.
The offering is subject to NASD Rule 2720. No offering will be made pursuant
to this Prospectus subsequent to January 31, 1999. See "PLAN OF
DISTRIBUTION."
METROPOLITAN INVESTMENT SECURITIES, INC.
The date of this Prospectus is February 26, 1998.
