EXHIBIT 25

                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/ James M. Benson    
                                  -----------------------
                                      James M. Benson



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/ Bruce W. Calvert    
                                  -----------------------
                                      Bruce W. Calvert



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/ John D. Carifa    
                                  -----------------------
                                      John D. Carifa



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/ Benjamin D. Holloway  
                                  --------------------------
                                      Benjamin D. Holloway



Dated:  June 22, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/ Richard H. Jenrette  
                                  -------------------------
                                      Richard H. Jenrette



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/Brian S. O'Neil     
                                  -----------------------
                                     Brian S. O'Neil



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/Frank Savage     
                                  --------------------
                                     Frank Savage



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/Madelon DeVoe Talley  
                                  -------------------------
                                     Madelon DeVoe Talley



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/Dave H. Williams    
                                  -----------------------
                                     Dave H. Williams



Dated:  June 30, 1994






                        POWER OF ATTORNEY



         KNOW ALL MEN BY THESE PRESENTS, that the person whose

signature appears below hereby revokes all prior powers granted

by the undersigned to the extent inconsistent herewith and

constitutes and appoints David R. Brewer, Jr., Myles Itkin and

Robert H. Joseph, Jr. and each of them, to act severally as

attorneys-in-fact and agents, with power of substitution and

resubstitution, of the undersigned in any and all capacities,

solely for the sole purpose of signing the Registration Statement

and any amendments thereto on Form S-8 relating to the Alliance

Capital Management L.P. Profit Sharing Plan for Former Employees

of Equitable Capital Management Corporation and filing the same,

with exhibits thereto, and other documents in connection

therewith, with the Securities and Exchange Commission, hereby

ratifying and confirming all that said attorneys-in-fact, or

their substitute or substitutes, may do or cause to be done by

virtue hereof.



                                  /s/Reba White Williams 
                                  -----------------------
                                     Reba White Williams



Dated:  June 30, 1994