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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 21)*
______________________ ARNOLD INDUSTRIES, INC. ___________________
(Name of Issuer)
___________________________ COMMON STOCK _________________________
(Title of Class of Securities)
___________________________ 042595108 ____________________________
(CUSIP Number)
_______________________ December 31, 1998 ________________________
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
___ Rule 13d-1(b)
_X_ Rule 13d-1(c)
___ Rule 13d-1(d)
*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).
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB control number.
CUSIP No. 042595108
_________________________________________________________________________
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
Moriah Fund, Inc.
Mary Ann Stein
2. Check the Appropriate Box if a Member of a Group
(a)
(b) X
3. SEC Use Only
4. Citizenship or Place of Organization
U.S.A.
5. Number of Shares Beneficially Owned by Each Reporting Person With:
Sole Voting Power
Moriah Fund, Inc. 632,933
Mary Ann Stein 10,648
6. Number of Shares Beneficially Owned by Each Reporting Person With:
Shared Voting Power
Mary Ann Stein 12,148
1,500 of these shares are held in trust accounts for related owners
and where Mary Ann Stein has beneficial ownership. These shares
are reported as beneficially owned by Mary Ann Stein under the "shared"
category resulting in the total shares reported in this category
exceeding the actual number of shares involved.
7. Number of Shares Beneficially Owned by Each Reporting Person With:
Sole Dispositive Power
Moriah Fund, Inc. 632,933
Mary Ann Stein 10,648
8. Number of Shares Beneficially Owned by Each Reporting Person With:
Shared Dispositive Power
Mary Ann Stein 12,148
See explanation under line number 6 above.
9. Aggregate Amount Beneficially Owned by Each Reporting Person:
655,729
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares
(See Instructions):
11. Percent of Class Represented by Amount in Row (11):
2.6
It has been assumed that on a combined basis, with remaining members
of the group which includes Daniel Efroymson and Real Silk
Investments, Inc. (a separate filing is being prepared by these
group members), the 2 "sub"-groups have > 5% ownership in
Arnold Industries, Inc. In the past, the group members in this
filing, and the other group members noted above, filed jointly.
12. Type of Reporting Person:
Moriah Fund, Inc. CO
Mary Ann Stein IN
Schedule 13-G
Amendment No. 21
Item 1.
(a) Issuer: Arnold Industries, Inc.
(b) Issuer's Principal Executive Office:
625 South Fifth Avenue
Lebanon, PA 17042
Item 2.
(a) Name of Person Filing:
Moriah Fund, Inc.
(b) Address of Principal Business Office:
One Farragut Square South
1634 I Street, N.W., Suite 1000
Washington, DC 20006-4003
(c) Citizenship:
U.S.A.
(d) Title of Class of Securities
Moriah Fund, Inc. is a private foundation (501(c)(3)).
(e) CUSIP Number
N/A.
Item 3. This statement is not filed pursuant to Sections 240.13d-1(b)
or 240.13d-2(b) or (c).
Item 4.
(a) Amount beneficially owned: 655,729
(b) Percent of class: 2.6%
(c) Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
Moriah Fund, Inc. 632,933
Mary Ann Stein 10,648
(ii) Shared power to vote or to direct the vote:
Mary Ann Stein 12,148
See explanation per cover sheet line 6.
(iii) Sole power to dispose or to direct the disposition of:
Moriah Fund, Inc. 632,933
Mary Ann Stein 10,648
(iv) Shared power to dispose or to direct the disposition of:
Mary Ann Stein 12,148
See explanation per cover sheet line 6.
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: Not applicable.
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:
Members of the group per Section 240.13d-1(c):
Moriah Fund, Inc.
Mary Ann Stein
Two members of the original group, Daniel R. Efroymson and Real
Silk Investments, Inc., have assumed responsibility for filing their own
("sub"-group) Schedule 13G. Therefore, the holdings of Daniel R. Efroym-
son and Real Silk Investments, Inc. are not included in this report.
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 not acquired and are not held for
the purpose of or with the effect of changing or influencing the control
of the issuer of the securities and were not acquired and are not held in
conjunction with or as a participant in any transaction having that
purpose or effect.
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.
February 16, 1999
Signature
Mary Ann Stein, President
Moriah Fund, Inc.
