UNITED STATES OF AMERICA
                            Before the
                SECURITIES AND EXCHANGE COMMISSION


SECURITIES EXCHANGE ACT OF 1934
Release No. 36878 / February 23, 1996

ADMINISTRATIVE PROCEEDING
File No. 3-8960
______________________________
                              :
In the Matter of              :    ORDER INSTITUTING PUBLIC
                              :    PROCEEDINGS, MAKING
Ralph E. McKittrick           :    FINDINGS AND IMPOSING
                              :    REMEDIAL SANCTIONS
______________________________:

                                I.

     The Securities and Exchange Commission ("Commission") deems
it appropriate and in the public interest that administrative
proceedings be instituted pursuant to Sections 15(b) and 19(h) of
the Securities Exchange Act of 1934 ("Exchange Act") against
Ralph E. McKittrick ("McKittrick"), a registered representative
associated with a brokerage firm registered with the Commission
pursuant to Section 15(b) of the Exchange Act.

     In anticipation of the institution of these proceedings,
McKittrick has submitted an Offer of Settlement ("Offer") which
the Commission has determined to accept.  Solely for purposes of
this proceeding and any other proceeding brought by or on behalf
of the Commission or in which the Commission is a party, and
admitting the findings set forth in paragraphs II.A. and II.B.
below and the Commission's jurisdiction over him , McKittrick, by
his Offer, consents to the entry of this Order Instituting Public
Proceedings, Making Findings and Imposing Remedial Sanctions
("Order").

     Accordingly, IT IS ORDERED that proceedings pursuant to
Sections 15(b) and 19(h) of the Exchange Act against McKittrick
be, and hereby are, instituted.

                               II.

     On the basis of this Order and the Offer of Settlement
submitted by McKittrick ("Offer"), the Commission finds that:

     A.   McKittrick was a director, chairman and fifty-percent
          shareholder of McKittrick & Briggs Securities, Inc., a
          New York corporation that, from June 1981 to March
          1991, was registered with the Commission as a broker-
          dealer.
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     B.   On February 5, 1996, a Final Judgment of Permanent
          Injunction was entered against McKittrick by the United
          States District Court for the District of Maryland in
          Securities and Exchange Commission v. Charles A.
          Oglebay, III, et al., Civil Action No. HAR-90-2385. 
          The Final Judgment enjoins McKittrick from future
          violations of Sections 5(a), 5(c) and 17(a) of the
          Securities Act of 1933, and Section 10(b) of the
          Exchange Act and Rule 10b-5 thereunder.  McKittrick
          consented to the Final Judgment without admitting or
          denying the allegations in the Commission's Complaint.

                               III.

     On the basis of the foregoing, the Commission deems it
appropriate and in the public interest to impose the sanctions
specified in the Offer submitted by McKittrick.

     Accordingly, IT IS HEREBY ORDERED that, effective
immediately, McKittrick be, and hereby is, barred from
association with any broker, dealer, municipal securities dealer,
investment adviser or investment company, provided that after
five years, he shall have the right to reapply for association to
the appropriate self-regulatory organization, or if there is
none, to the Commission.


     By the Commission.




                                                               
                                   Jonathan G. Katz
                                   Secretary