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                SECURITIES AND EXCHANGE COMMISSION
                         Washington, D.C.

LITIGATION RELEASE NO. 14870 / April 11, 1996

SECURITIES AND EXCHANGE COMMISSION v. JOHN P. O'GRADY 

     The Securities and Exchange Commission today filed an
insider trading action in the United States District Court for
the District of New Jersey against John P. O'Grady.  The
Commission's complaint alleges that O'Grady purchased securities
of Margaretten Financial Corporation while in possession of
material nonpublic information concerning the company's potential
merger.  The complaint alleges that O'Grady obtained this
information from his wife, who worked as the confidential
secretary to Margaretten's chief executive officer and chairman
of the board.  O'Grady made illicit profits of $14,534.82.

     The complaint seeks a permanent injunction against O'Grady,
disgorgement of all profits received from the insider trading,
and a civil penalty.  Without admitting or denying the
allegations of the complaint, O'Grady consented to the entry of a
Final Judgment permanently enjoining him from violating Section
10(b), and Rule 10b-5 thereunder, of the Securities Exchange Act
of 1934, and ordering him to pay $14,534.82 in disgorgement,
$2,435.25 in prejudgment interest, and a $14,534.82 penalty
pursuant to the Insider Trading Sanctions Act of 1984 for a total
amount of $31,504.99.

     The Commission would like to thank the Chicago Board of
Options Exchange and the New York Stock Exchange for assistance
in this matter.