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             U.S. SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     RELEASE NO. 38263 / February 11, 1997

     ADMINISTRATIVE PROCEEDING
     FILE NO. 3-9244 

     PUBLIC ADMINISTRATIVE AND CEASE-AND-DESIST PROCEEDINGS 
     INSTITUTED AGAINST MARSH BLOCK & CO., INC., ALFRED G. 
     BLOCK, KENNETH L. MARSH AND JEFFREY M. MILLER               

               
     The Commission, on February 11, 1997, issued an Order
     Instituting Public Administrative and Cease-and-Desist
     Proceedings Pursuant to Sections 15(b), 19(h) and 21C of the
     Securities Exchange Act of 1934, And Notice of Hearing
     ("Order") against Marsh Block & Co., Inc. ("Marsh Block"), a
     broker-dealer registered with the Commission, Alfred G.
     Block ("Block"), Marsh Block's CEO, Kenneth L. Marsh
     ("Marsh"), a co-founder of the firm, and Jeffrey M. Miller
     ("Miller").

     The Order alleges that:  (1) Marsh Block willfully violated
     Sections 15(b)(7) and 17(a)(1) of the Securities Exchange
     Act of 1934 and Rules 15b7-1 and 17a-3(a); (2) Block
     willfully aided and abetted, and was a cause of, those
     violations by allowing Miller and two other persons to be
     associated unlawfully with Marsh Block, and by creating and
     causing others to maintain false books and records; (3)
     Marsh willfully aided and abetted, and was a cause of, those
     violations by participating in decisions that permitted
     Miller and two other persons to be associated unlawfully
     with Marsh Block, and permitted Marsh Block to create and
     maintain false books and records; and (4) Miller willfully
     aided and abetted, and was a cause of, those violations by
     unlawfully associating with Marsh Block.

     A hearing will be scheduled to determine: whether the
     allegations against the respondents are true and, if so,
     what, if any, remedial action is appropriate, whether a
     cease-and-desist order should be issued against respondents;
     and whether respondents should be ordered to pay
     disgorgement and civil penalties.

     The Commission thanks the National Association of Securities
     Dealers, Inc. for its assistance.