UNITED STATES OF AMERICA
                                      before the
                          SECURITIES AND EXCHANGE COMMISSION

     SECURITIES EXCHANGE ACT OF 1934
     Rel. No. 39339 / November 20, 1997

     Admin. Proc. File No. 3-9019

                                         
                                         :
             In the Matter of            :
                                         :
            JOHN J. CRANLEY, JR.         :
               104 Essex Road            :
          Summit, New Jersey  07908      :
                                         :
               THOMAS CORE               :
        225 West 71st Street - Apt. 94   :
          New York, New York  10023      :
                                         :
                               :
                                         

     NOTICE THAT INITIAL DECISION HAS BECOME FINAL

          The time for filing a petition for review of the initial decision in
     this proceeding has expired.  No such petition has been filed with respect
     to the above-captioned respondents, and we have not chosen to review the
     decision as to them on our own initiative.

          Accordingly, notice is hereby given, pursuant to Rule 360(e) of our
     Rules of Practice, that the initial decision of the administrative law
     judge <(1)> with respect to John J. Cranley, Jr. and Thomas Core has
     become the final decision of the Commission.  The order contained in that
     decision censures Cranley and Core, and bars them from association with any
     broker or dealer in a supervisory or proprietary capacity.  That order is
     hereby declared effective.

          By the Commission.



                                             Jonathan G. Katz
                                             Secretary

                              

          <(1)>     Robert Sayegh, et al., Initial Decision Release No. 118
                    (October 10, 1997).

                              ======END OF PAGE 1======