<PAGE> OMB Number 3235-0104
Expires: September 30, 1998
Estimated average burden
hours per response 0.5
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP
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
(Print or Type Responses)
1. Name and Address of Reporting Person
Avocet Investment Partners, L.P.
(Last) (First) (Middle)
111 Congress Avenue, Suite 1600
Austin, TX 78701
2. Date of Event Requiring Statement (Month/Day/Year) 9-1-98
3. IRS or Social Security Number of Reporting Person (Voluntary) ________
4. Issuer Name and Ticker or Trading Symbol
American Locker Group Incorporated (ALGI)
5. Relationship of reporting person to issuer
(Check all applicable)
____ Director XXX 10% Owner
____ Officer (give ____ Other (specify
title below) below)
______________________
6. If Amendment, Date of Original (Month/Day/Year) ____________________
7. Individual or Joint/Group Filing (Check Applicable line)
XXX Form filed by one Reporting Person
___ Form filed by More than One Reporting Person
<PAGE>
FORM 3 (continued) Page 2 of 3 Pages
Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security Common Stock
2. Amount of Securities Beneficially Owned (Instr. 4) 249,900
3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5) D
4. Nature of Indirect Beneficial Ownership (Instr. 5) ___________________
___________________________________________________________________________
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly. (Over)
* If the form is filed by more than one reporting person,
see Instruction 5(b)(v). SEC 1473 (7-96)
<PAGE>
FORM 3 (continued) Page 3 of 3 Pages
Table II - Derivative Securities Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security _________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
____________________ ________________________
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
Title ________________________ Amount or Number of Shares __________
4. Conversion or Exercise Price of Derivative Security _______________
5. Ownership Form of Derivative Security:
Direct (D) or Indirect (I) (Instr. 5) ____________________
6. Nature of Indirect Beneficial Ownership (Instr. 50
______________________________________________________________________
___________________________________________________________________________
Explanation of Responses: Avocet Investment Partners, L.P. 9/21/98
Date
By: Avocet Capital Management, L.P.
By: GWL Partners, L.P., General Partner
By: GWL Management, L.L.C.,
General Partner
By: /s/ G. Walter Loewenbaum
G. Walter Loewenbaum, Manager
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. 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.
If space provided is insufficient, See Instruction 6 for procedure.
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 Number.
5240.5\1007853
