TRACKER CORP OF AMERICA
3, 1999-01-20
OIL ROYALTY TRADERS
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 FORM 3                                         
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                    U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, DC 20549

            INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

   Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
                                Section 17(a)
  of the Public Utility Holding Company Act of 1935 or Section 30(f) of the
                        Investment Company Act of 1940

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<S>                                        <C>                           <C>                                 <C>                 
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1. Name and Address of Reporting Person*   2. Date of Event Requiring    4. Issuer Name and Ticker or     6. If Amendment, Date 
  Arkin         Robert          D.            Statement                     Trading Symbol                    of Original
- ----------------------------------------      (Month/Day/Year)              TRKR                              (Month/Day/Year)
     (Last)     (First)     (Middle)                1/4/99               ------------------------------
  3490 Piedmont Rd., Suite 304             ----------------------------  5. Relationship of Reporting     7. Individual or Joint/   
- ----------------------------------------   3. IRS or Social Security          Person to Issuer               Group Filing (Check
             (Street)                         Number of Reporting           (Check all applicable)           Applicable Line)       
                                              Person (Voluntary)         ___ Director   ___  10% Owner       _X_Form filed by One   
  Atlanta          GA          30305                                     ___ Officer    _X_   Other             Reporting Person
- --------------------------------------     ----------------------------  (give title below)  (specify below) __ Form filed by More  
      (City)      (State)      (Zip)                                            Legal Counsel                   than One Reporting  
                                                                               ---------------------------      Person            
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                                                            TABLE 1 -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED      
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 1. Title of Security                         2. Amount of Securities         3. Ownership Form:         4. Nature of Indirect     
    (Instr. 4)                                   Beneficially Owned              Direct (D) or              Beneficial    
                                                 (Instr. 4)                      Indirect (I)               Ownership (Instr. 4)
                                                                                 (Instr. 5)                 
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$.001 Par Value Common Stock                     159,574
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*If the form is filed by more than one Reporting Person, see Instruction 5(b)(v). 
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)

                                                (Print or Type Responses)                               (Bulletin No. 177, 10-15-97)
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<TABLE>
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FORM 3 (CONTINUED)               TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
                            (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
 
<S>                              <C>                <C>                            <C>           <C>         <C>        
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1. Title of Derivative Security  2. Date            3. Title and Amount of         4. Conver-    5. Owner-   6. Nature of Indirect
   (Instr. 4)                       Exercisable and    Securities Underlying          sion or       ship        Beneficial Ownership
                                    Expiration Date    Derivative Security            Exercise      Form of     (Instr. 5)          
                                    (Month/Day/        (Instr. 4)                     Price of      Deriv-                         
                                    Year)                                             Deri-         ative                          
                                                                                      vative        Security:                      
                                                                                      Security      Direct                         
                                 -------------------------------------------------                  (D) or                         
                                 Date      Expira-                       Amount or                  Indirect (I)  
                                 Exercis-  tion             Title        Number                     (Instr. 5)             
                                 able      Date                          of Shares                                                 
                                                                                                                                   
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Explanation of Responses:


                                                                                    /s/ Robert D. Arkin                    1/19/99
**Intentional misstatements or omissions of facts constitute Federal Criminal      ------------------------------------   ----------
  Violations.                                                                      **Signature of Reporting Person          Date
See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).                               

Note. File three copies of this Form, one of which must be manually signed.                                        Page 2     
  If space provided is insufficient, See Instruction 6 for procedure.                                   (Bulletin No. 177, 10-15-97)

                                                                                                                                 
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