SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C.

     Securities Act of 1933 Release No. 7420_/May 28, 1997

     Securities Exchange Act of 1934 Release No. 38689/May 28, 1997

     In the Matter of Dickinson & Co. and T. Marshall Swartwood, Administrative
     Proceeding File No. 3-9321 

          On May 28, 1997 the Commission instituted administrative and cease-
     and-desist proceedings against Dickinson & Co. and T. Marshall Swartwood. 
     In the Order, the Division of Enforcement alleges that Ronald Moskowitz,
     the former Chief Executive Officer and Chairman of the Board of
     Ferrofluidics Corporation, arranged for the company to pay Sheldon Traube
     to write a research report and an update about the company.  The Division
     alleges that Traube told Swartwood, the chairman of Dickinson, that
     Ferrofluidics paid for the report and that Swartwood reviewed the report
     and instructed Dickinson's Des Moines office to publish and distribute it. 
     Dickinson published the report on March 30, 1992 and an update on July 12,
     1992.  Neither report disclosed that Ferrofluidics had paid for the reports
     or the amount of payment as required by Section 17(b) of the Securities Act
     of 1933.

          The Division alleges that Dickinson and Swartwood caused and willfully
     aided, abetted, counseled, commanded, induced or procured violations of
     Section 17(b) of the Securities Act by publishing the research report and
     the update without disclosing that Ferrofluidics had paid Traube and the
     amount of such payment.  The Division is seeking administrative relief and
     civil penalties.

          A hearing will be held before an administrative law judge to determine
     if the allegations are true and if true, what if any remedial relief is
     appropriate and in the public interest.