UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
-----------------
SCHEDULE 13-D/Amendment No. 3
Under the Securities Exchange Act of 1934
CONTINENTAL INVESTMENT CORPORATION
(Name of Issuer)
Common Stock, Par Value $0.50 Per Share
(Title of Class of Securities)
211-515-10-1
(CUSIP Number)
Stewart Rahr
152-35 10th Avenue
Whitestone, NY 11357
(718) 767-4767
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
June 27, 1997
(Date of event Which Requires
Filing of this Statement)
If the filing person has previously filed a statement on Schedule 13-G
to report the acquisition which is the subject of this Schedule 13-D,
and is filing this Schedule because of Rule 13d-1 (b) or (4), check the
following box. [ ]
Check the following box if a fee is being paid with this statement. [ ]
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CUSIP NO. 211-515-10-1
(1) Name of Reporting
Persons S.S. or
I.R.S. Identification Stewart Rahr
No. of Above Person SS ####-##-####
(2) Check the Appropriate
Box if a Member of (a)
a Group (b)
(3) SEC Use Only
(4) Source of Funds PF
(5) Check if Disclosure
of Legal Proceedings
is Required Pursuant
to Items 2(d) or 3(e)
(6) Citizen or Place of State of
Organization New York
(7) Sole Voting
Power 2,320,475
Number of Shares (8) Shared Voting
Beneficially Power
Owned by Each
Reporting (9) Sole
Person With* Dispositive
Power 2,320,475
(10) Shared
Dispositive
Power
(11) Aggregate Amount
Beneficially Owned by
Each Reporting Person 2,320,475
(12) Check if the Aggregate
Amount in Row (11)
Excludes Certain Shares
(13) Percent of Class
Represented by Amount
in Row (11) 19.2%
(14) Type of Reporting
Persons IN
<PAGE>
Item 4. Purpose of the Transaction
On June 27, 1997, Stewart Rahr acquired 300,000 shares of the
Company's Common Stock through private purchase.
Item 5. Interest in the Securities of the Issuer
(a) and (b)
Stewart Rahr is the record owner of 1,620,475 shares of the
Company's Common Stock, the indirect beneficial owner of 100,000 shares of
the Company's Common Stock, and beneficial owner of options totaling 600,000
shares of the Company's Common Stock, which totals 19.2% of the outstanding
Common Stock. Stewart Rahr, an individual, has the power
to direct the vote or disposition of those shares.
(c) None
(d) None
(e) None
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.
/S/ Stewart Rahr
STEWART RAHR, an individual
Dated: July 3, 1997
