UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 5)*
CHRIS-CRAFT INDUSTRIES, INC.
(Name of Issuer)
CLASS B COMMON STOCK, PAR VALUE $0.50 PER SHARE
(Title of Class of Securities)
170520506
(CUSIP Number)
*The remainder of this cover page shall be filled out for a
reporting person's initial filing on this form with respect to the
subject class of securities, and for any subsequent amendment
containing information which would alter the disclosures provided
in a prior cover page.
The information required in the remainder of this cover page shall
not be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
_________________________________________________________________
CUSIP No. 170520506 13D
_________________________________________________________________
(1) NAMES OF REPORTING PERSONS
I.R.S. IDENTIFICATION NOS. OF ABOVE PERSONS (ENTITIES ONLY)
THE GABELLI EQUITY TRUST INC.
22-2736509
_________________________________________________________________
(2) CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP:
____
(a) /___/
____
(b) /_X_/
_________________________________________________________________
(3) SEC USE ONLY
_________________________________________________________________
(4) CITIZENSHIP OR PLACE OF ORGANIZATION
MARYLAND
_________________________________________________________________
: (5) SOLE VOTING POWER
: 542,588
:________________________
: (6) SHARED VOTING POWER
NUMBER OF SHARES BENEFICIALLY : None
OWNED BY EACH REPORTING :________________________
PERSON WITH : (7) SOLE DISPOSITIVE
: POWER
: None
:________________________
:(8) SHARED DISPOSITIVE
: POWER
: None
_________________________________________________________________
(9) AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
542,588
_________________________________________________________________
(10) CHECK BOX IF THE AGGREGATE AMOUNT IN ROW 9
EXCLUDES CERTAIN SHARES*
N/A
_________________________________________________________________
(11) PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
6.8%
_________________________________________________________________
(12) TYPE OF REPORTING PERSON*
IV
_________________________________________________________________
*SEE INSTRUCTIONS BEFORE FILLING OUT!
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ITEM 1.
(a) Chris-Craft Industries, Inc.
(b) 767 Fifth Avenue, New York, NY 10153
ITEM 2.
(a) The Gabelli Equity Trust Inc.
(b) One Corporate Center, Rye, NY 10580
(c) Maryland
(d) Class B Common Stock, Par Value $0.50 per share
(e) Cusip # 170520506
ITEM 3.
This statement is being filed pursuant to Rule 13d-1(b) by an
Investment Company registered under Section 8 of the Investment
Company Act.
ITEM 4. Ownership
(a) Amount beneficially owned: 542,588 shares.
(b) Percent of Class: 6.78%
(c) (i) 542,588 shares. At a meeting held on November 11,
1992, the proxy voting committee of the Reporting Person
determined, in light of applicable Federal Communications
Commission requirements regarding voting control, to take and
exercise in its sole discretion the entire voting power with
respect to all shares of the Issuer held and to be held by the
Reporting Person until such committee otherwise determines.
Accordingly, the investment advisor to the Reporting Person has no
voting authority with respect to any shares held by the Reporting
Person but continues to have sole dispositive power over such
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shares.
(ii) None.
(iii) None.
(iv) None.
ITEM 5. Ownership of Five Percent or Less of a Class.
Not applicable.
ITEM 6. Ownership of More than Five Percent on Behalf of Another
Person.
As indicated in the response to Item 4 (c) (i), the investment
adviser has sole dispositive power over all shares of the Issuer
held by the Reporting Person.
ITEM 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on By the Parent
Holding Company.
Not applicable.
ITEM 8. Identification and Classification of Members of the
Group.
Not applicable.
ITEM 9. Notice of Dissolution of Group.
Not applicable.
ITEM 10. Certification.
By signing below I certify that, to the best of my knowledge
and belief, the securities referred to above were acquired in the
ordinary course of business and were not acquired for the purpose
of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purposes or effect.
Page 4 of 5
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
Dated: February 12, 1997
THE GABELLI EQUITY TRUST INC.
By:_____________________________
Bruce N. Alpert
Vice President & Treasurer
Page 5 of 5
