Pricing Supplement No. 38 Filing Under
(To Prospectus Supplement dated July 1, 1994 Rule 424(b)(2)

including the Prospectus dated June 29, 1994)

Registration
Trade Date: 6/20/95 File No.
33-53779

Alco Capital Resource, Inc.

Medium Term Notes

CUSIP: 01374QAS7
Principal Amount: 9,000,000
Interest Rate (if fixed rate): 6.34%
Interest Payment Date(s): N/A
(other than June 15 and December 15)

Regular Record Date(s): N/A
(other than May 31 and November 30)

Stated Maturity: 6/23/98
Specified Currency: US Dollars
Applicable Exchange Rate (if any): N/A
US Dollar $1.00 = N/A
Issue Price (as a percentage of
principal amount): 100%
Selling Agent:
-Lehman Brothers:____
-Chase Securities, Inc.:____
-Goldman, Sachs & Co.:____
-Merrill Lynch & Co.:__X__
-Other:____
Selling Agent's Commission (%): .35%
Purchasing Agent: N/A
Purchasing Agent's Discount or
Commission (%): N/A
Type of Sale:
As Agent: X As Principal:____
Net proceeds to the Company: 8,968,500.00
Settlement date (original issue date): 6/23/95
Redemption Commencement Date (if any): N/A
Redemption Period: N/A
Exchange Rate Agent: N/A
Original Issue Discount Security: 

  Yes:____   No: X
Form:
  Book Entry: X   Certificated:____

Floating Rate Notes: N/A
Interest Rate Basis: N/A
-Commercial Paper Rate:____
-Prime Rate:____
-LIBOR:____
-Treasury Rate:____
-CD Rate:____
-Federal Funds Rate:____
-Other:____

Index Maturity: N/A
Spread: N/A
Spread Multiplier: N/A
Maximum Interest Rate: N/A
Minimum Interest Rate: N/A
Initial Interest Rate: N/A
Interest Reset Date(s)
(if semi-annually or anually):
Third Wednesday of: N/A
Interest Reset Date (if weekly,
monthly, or quarterly):____
Interest Determination Date(s): N/A
Calculation Date(s): N/A
Calculation Agent: N/A
Interest Payment Date(s): N/A
(other than June 15 and December 15)

Regular Record Date(s): N.A
(other than May 31 and November 30)

Interest Reset Period: N/A 
Authorized by: /s/ Kathleen M. Burns

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