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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. 20)
_____________________Arnold Industries, Inc. ______________________
(Name of Issuer)
_____________________________Common Stock___________________________
(Title of Class of Securities)
____________________________042595108______________________________
(CUSIP Number)
_______________________Annual Filing________________________________
(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.
Page 1 of 4 pages
SEC 1745 (3-98)
CUSIP No. 042595108
1. Names of Reporting Persons
Daniel R. Efroymson
Real Silk Investments, Inc. 35-0603110
I.R.S. Identification Nos. of above persons (entities only).
2. Check the Appropriate Box if a Member of a Group (See Instructions)
(a) ___
(b) _X_
3. SEC Use Only __________________________________________________
4. Citizenship or Place of Organization U.S.A.
Number of 5. Sole Voting Power: Daniel R. Efroymson 36,130
Shares Bene- Real Silk Investments, Inc. 600,000
Ficially Owned 6. Shared Voting Power: Daniel R. Efroymson 113,530
By Each Re-
Porting Person 7. Sole Dispositive Power: Daniel R. Efroymson 36,130
With: Real Silk Investments, Inc. 600,000
8. Shared Dispositive Power: Daniel R. Efroymson 113,530
9. Aggregate Amount Beneficially Owned by Each Reporting Person
749,660 (excludes shares of other members reporting seperately)
10. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See
Instructions)____________
11. Percent of Class Represented by Amount in Row 9: 3.02%
12. Type of Reporting Person (See Instructions)
Daniel R. Efroymson IN
Real Silk Investments, Inc. IV
Page 2 of 4 pages
Schedule 13G
Amendment No. 20
CUSIP No. 042595108
Item 1. Name and Address of Issuer
Arnold Industries, Inc.
625 South Fifth Avenue
Lebanon, PA 17042
Item 2. Name and Address of Person Filing
Now reporting individually: Previously reported as part of a group:
Daniel R. Efroymson Moriah Fund, Inc.
445 N. Pennsylvania St.; Suite 500 Daniel R. Efroymson
Indianapolis, IN 46204 Real Silk Investments, Inc
Citizenship: USA
Title of Class of Securities: Arnold Industries Inc.
Common Stock
CUSIP No. 042595108
Item 4. Ownership
(a) Amount beneficially owned
749,660 (excludes shares of other members reporting seperately)
(b) Percent of class
3.02%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote:
Daniel R. Efroymson 36,130
Real Silk Investments, Inc. 600,000
(ii) Shared power to vote or to direct the vote:
Daniel R. Efroymson 113,530
(includes trusts for various family members)
(iii) Sole power to dispose or direct the disposition of:
Daniel R. Efroymson 36,130
Real Silk Investments, Inc. 600,000
(iv) Shared power to dispose or to direct the disposition of:
Daniel R. Efroymson 113,530
(includes trusts for various family members)
Item 8. Identification and Classification of Members of the Group
Daniel R. Efroymson IN
Real Silk Investments, Inc. IV
Moriah Fund, Inc. CO
Previous Schedule 13G filings of the reporting person included the shares
of the other members of the group who are now reporting separately. Based on
the best information available, the reporting person believes the total
holdings of the members of the group exceeds 5% of the class of the issuer's
outstanding shares. The above itemized person and entities have been, for an
extended period, reporting on Schedule 13G as a group and filing a single,
combined Schedule 13G. Henceforth, Daniel R. Efroymson and Real Silk
Investments, Inc. will be reporting individually. Although Daniel R.
Efroymson and Real Silk Investments, Inc. may be deemed to be a member of the
above-specified group, Daniel R. Efroymson and Real Silk Investments, Inc.
will nonetheless be reporting on Schedule 13G separately from the above
members of the group.
The reporting person does not affirm the existence of a group, and
disclaims beneficial ownership of any securities other than those
specifically reported herein.
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 connection
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.
_____________________________
Date
_____________________________
Signature
Daniel R. Efroymson__________
President, Real Silk Investments, Inc.
Printed Name/Title
