CUSIP No. 872625-10-8                                13G
Page 2 of 3 Pages


               SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C.  20549
                            _________
                                
                          SCHEDULE 13G
                         (Rule 13d-102)
         INFORMATION TO BE INCLUDED IN STATEMENTS FILED
        PURSUANT TO RULES 13d-1(b)(c), AND (d) AND 13d-2
            UNDER THE SECURITIES EXCHANGE ACT OF 1934
                                
                       TRC Companies Inc.
                        (Name of Issuer)

                  Common Stock, $.10 par value
                 (Title of Class of Securities)

                           872625-10-8
                         (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)
      Rule 13d-(c)
      Rule 13d-1(d)
_________________________________________________________________
1.   NAME OF REPORTING PERSON      Peter R. Kellogg
     S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
_________________________________________________________________
2.   CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP
                                                  (a)
                                                  (b)
_________________________________________________________________
3.   SEC USE ONLY
_________________________________________________________________
4.   CITIZENSHIP OR PLACE OF ORGANIZATION              USA
_________________________________________________________________
NUMBER OF      5.   SOLE VOTING POWER NUMBER OF SHARES 100,000
SHARES         _______________________________________________
BENEFICIALLY   6.   SHARED VOTING POWER 900,000
OWNED BY       __________________________________________________
EACH           7.   SOLE DISPOSITIVE POWER   100,000
REPORTING      __________________________________________________
PERSON WITH    8.   SHARED DISPOSITIVE POWER 900,000
_________________________________________________________________
9.   AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
                                                       
___________1,000,000_____________________________________________
10.  CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
     CERTAIN SHARES
_________________________________________________________________
11.  PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9   14.7%
_________________________________________________________________
12.  TYPE OF REPORTING PERSON                               IN
_________________________________________________________________
Item 1.
     Item 1(a): Name of Issuer: TRC Companies Inc.
     Item 1(b): Address of Issuer's Principal Executive Offices:
               5 Waterside Crossing
               Windsor, CT 06095
Item 2.
     Item 2(a): Name of Person Filing:  Peter R. Kellogg

     Item 2(b): Address of Principal Business Office or, if None,
          Residence:     c/o Spear, Leeds & Kellogg
                         120 Broadway
                         New York, NY 10271

     Item 2(c): Citizenship:  USA
     Item 2(d): Title of Class of Securities:  Common Stock, $.10
par value

     Item 2(e): CUSIP Number:  872625-10-8

Item 3.   If this statement is filed pursuant to Rules 13d-1(b),
          or 13d-2(b) or (c), check whether the person filing is
          a:
     (a)  Broker or dealer registered under Section 15 of the
           Exchange Act,
     (b)  Bank as defined in Section 3(a)(6) of the Exchange Act,
     (c)  Insurance company as defined in Section 3(a)(19) of the
           Exchange Act,
     (d)  Investment Company registered under Section 8 of the
           Investment Company Act,
     (e)  An investment adviser in accordance with Rule 13d-
           1(b)(1)(ii)(E),
     (f)  An employee benefit plan or endowment fund in
           accordance with Rule 13d-1(b)(1)(ii)(F),
     (g)  A parent holding Company, or control person in
          accordance with Rule 13d-1(b)(ii)(G),
     (h)  A savings association as defined in Section 3(b) of the
           Federal Deposit Insurance Act.
     (i)   A church plan that is excluded from the definition of an
        investment company under Section 3(c)(14) of the Investment
        Company Act.
     (j)  Group, in accordance with Rule 13d-1(b)(ii)(J)
If this statement is filed pursuant to Rule 13d-1(c), check this
box.
Item 4.   Ownership:
     (a)  Amount Beneficially Owned: 1,000,000
     (b)  Percent of Class: 14.7%
     (c)  Number of shares as to which such person has:
          (i)   Sole power to vote or to direct the vote: 100,000
          (ii)  Shared power to vote or direct the vote: 900,000
          (iii) Sole power to dispose or direct the disposition
                Of: 100,000
          (iv)  Shared power to dispose or to direct the
                Disposition of: 900,000
Item 5.Ownership of Five Percent or Less of a Class.
Item 6.Ownership of More Than Five Percent on Behalf of Another
       Person.
Item 7.Identification and Classification of the Subsidiary Which
       Acquired the Security Being Reported on By the Parent
       Holding Company.
Item 8.Identification and Classification of Members of the
       Group.
Item 9.Notice of Dissolution of Group:
Item 10.    Certification.

                            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.
                                   January 8, 1999
                                   Date
                                   Peter R. Kellogg
                                   Signature