<PAGE>
This is filed pursuant to Rule 497(e).
<PAGE>
ALLIIANCE CAPITAL (logo)
The Alliance Stock Funds
- Alliance New Europe Fund, Inc.
- Alliance Balanced Shares, Inc.
____________________________________________________________
Supplement dated August 19, 1997
to the
Prospectus dated February 3, 1997
The following information supersedes certain information in
the current prospectus in the table under the heading
"Management of the Funds - Adviser".
New Europe Fund - the person principally responsible for the
day-to-day management of the Fund is Stephen M. Beinhacker.
Mr. Beinhacker is a Vice President of ACMC, with which he
has been associated since 1992.
Balanced Shares - the person principally responsible for the
day-to-day management of the Fund is Paul C. Rissman. Mr.
Rissman is a Senior Vice President of ACMC, with which he
has been associated since 1992.
YOU SHOULD RETAIN THIS SUPPLEMENT WITH
YOUR PROSPECTUS FOR FUTURE REFERENCE.
00250059.aw6
