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						UNITED STATES
				SECURITIES AND EXCHANGE COMMISSION
					Washington, D.C. 20549

						SCHEDULE 13D

			Under the Securities Exchange Act of 1934
						(Amendment No. 4)


						Craig Corporation
						(Name of Issuer)

					Class A Common Preference Stock

- ----------------------------------------------------------------

				(Title of Class of Securities)

						224174201
					  (CUSIP Number)

	Andrew E. Shapiro, Manager		Christopher J. Rupright, Esq.
	Lawndale Capital Management, LLC	Shartsis Friese & Ginsburg
	One Sansome Street, Suite 3900		One Maritime Plaza, 18th Floor
	San Francisco, CA	94104			San Francisco, CA 94111
	(415) 288-2330					(415) 421-6500
- -----------------------------------------------------------------
(Name, Address and Telephone Number of Person Authorized to Receive Notices 
and Communications)

					December 28, 1998
		(Date of Event which Requires Filing of this Statement)

If the filing person has previously filed a statement on Schedule 13G to 
report the acquisition which is the subject of this Schedule 13D, and is 
filing this schedule because of Rule 13d-1(b)(3) or (4), check the 
following box / /.

Note:	Six copies of this statement, including all exhibits, should be 
filed with the Commission.	See Rule 13d-1(a) for other parties to whom 
copies are to be sent.

* 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 disclosures provided in a prior cover page.

The information required on 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.

SEC 1746 (10-97)


SCHEDULE 13D

CUSIP No. 224174201								Page 2 of 10 Pages

- -------------------------------------------------------------------------
1	NAME OF REPORTING PERSON
	SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

	Lawndale Capital Management, LLC
- ---------------------------------------------------------------------------
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a)		/ X /
												(b)		/ /
- ---------------------------------------------------------------------------
3	SEC USE ONLY
- ---------------------------------------------------------------------------
4	SOURCE OF FUNDS*

	AF
- ---------------------------------------------------------------------------
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
ITEMS 2(d) or 2(E)										/ /
- ---------------------------------------------------------------------------
6	CITIZENSHIP OR PLACE OF ORGANIZATION

	California
- ---------------------------------------------------------------------------
		NUMBER OF		7	SOLE VOTING POWER
		SHARES			-0-
		BENEFICIALLY	--------------------------------------------------
		OWNED BY		8	SHARED VOTING POWER
		EACH				530,900
		REPORTING		--------------------------------------------------
		PERSON		9	SOLE DISPOSITIVE POWER
		WITH				-0-
					--------------------------------------------------
					10	SHARED DISPOSITIVE POWER
						530,900
- ---------------------------------------------------------------------------
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	530,900
- ---------------------------------------------------------------------------
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
														/ /
- ---------------------------------------------------------------------------
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	7.5
- ---------------------------------------------------------------------------
14	TYPE OF REPORTING PERSON*
	OO and IA
- ---------------------------------------------------------------------------
				*SEE INSTRUCTIONS BEFORE FILLING OUT!
		INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
	(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.


SCHEDULE 13D


CUSIP No. 224174201								Page 3 of 10 Pages

- ---------------------------------------------------------------------------
1	NAME OF REPORTING PERSON
	SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

	Andrew E. Shapiro
- ---------------------------------------------------------------------------
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a)		/ X /
												(b)		/ /
- ---------------------------------------------------------------------------
3	SEC USE ONLY
- ---------------------------------------------------------------------------
4	SOURCE OF FUNDS*

	AF
- ---------------------------------------------------------------------------
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
ITEMS 2(d) or 2(E)										/ /
- ---------------------------------------------------------------------------
6	CITIZENSHIP OR PLACE OF ORGANIZATION

	United States
- ---------------------------------------------------------------------------
		NUMBER OF		7	SOLE VOTING POWER
		SHARES			500
		BENEFICIALLY	--------------------------------------------------
		OWNED BY		8	SHARED VOTING POWER
		EACH				530,900
		REPORTING		--------------------------------------------------
		PERSON		9	SOLE DISPOSITIVE POWER
		WITH				500
					--------------------------------------------------
					10	SHARED DISPOSITIVE POWER
						530,900
- ---------------------------------------------------------------------------
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	531,400
- ---------------------------------------------------------------------------
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
														/ /
- ---------------------------------------------------------------------------
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	7.5
- ---------------------------------------------------------------------------
14	TYPE OF REPORTING PERSON*
	IN
- ---------------------------------------------------------------------------
				*SEE INSTRUCTIONS BEFORE FILLING OUT!
		INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
	(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.


SCHEDULE 13D

CUSIP No. 224174201								Page 4 of 10 Pages

- ---------------------------------------------------------------------------
1	NAME OF REPORTING PERSON
	SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

	Diamond A Partners, L.P.
- ---------------------------------------------------------------------------
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a)		/ X /
												(b)		/ /
- ---------------------------------------------------------------------------
3	SEC USE ONLY
- ---------------------------------------------------------------------------
4	SOURCE OF FUNDS*

	WC
- ---------------------------------------------------------------------------
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
ITEMS 2(d) or 2(E)										/ /
- ---------------------------------------------------------------------------
6	CITIZENSHIP OR PLACE OF ORGANIZATION

	California
- ---------------------------------------------------------------------------
		NUMBER OF		7	SOLE VOTING POWER
		SHARES			-0-
		BENEFICIALLY	--------------------------------------------------
		OWNED BY		8	SHARED VOTING POWER
		EACH				449,200
		REPORTING		--------------------------------------------------
		PERSON		9	SOLE DISPOSITIVE POWER
		WITH				-0-
					--------------------------------------------------
					10	SHARED DISPOSITIVE POWER
						449,200
- ---------------------------------------------------------------------------
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	449,200
- ---------------------------------------------------------------------------
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
														/ /
- ---------------------------------------------------------------------------
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	6.4
- ---------------------------------------------------------------------------
14	TYPE OF REPORTING PERSON*
	PN
- ---------------------------------------------------------------------------
				*SEE INSTRUCTIONS BEFORE FILLING OUT!
		INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
	(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.


SCHEDULE 13D

CUSIP No. 224174201								Page 5 of 10 Pages

- ---------------------------------------------------------------------------
1	NAME OF REPORTING PERSON
	SS OR IRS IDENTIFICATION NO. OF ABOVE PERSON

	Diamond A Investors, L.P.
- ---------------------------------------------------------------------------
2	CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*		(a)		/ X /
												(b)		/ /
- ---------------------------------------------------------------------------
3	SEC USE ONLY
- ---------------------------------------------------------------------------
4	SOURCE OF FUNDS*

	WC
- ---------------------------------------------------------------------------
5	CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO 
ITEMS 2(d) or 2(E)										/ /
- ---------------------------------------------------------------------------
6	CITIZENSHIP OR PLACE OF ORGANIZATION

	California
- ---------------------------------------------------------------------------
		NUMBER OF		7	SOLE VOTING POWER
		SHARES			-0-
		BENEFICIALLY	--------------------------------------------------
		OWNED BY		8	SHARED VOTING POWER
		EACH				81,700
		REPORTING		--------------------------------------------------
		PERSON		9	SOLE DISPOSITIVE POWER
		WITH				-0-
					--------------------------------------------------
					10	SHARED DISPOSITIVE POWER
						81,700
- ---------------------------------------------------------------------------
11	AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
	81,700
- ---------------------------------------------------------------------------
12	CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES*
														/ /
- ---------------------------------------------------------------------------
13	PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
	1.2
- ---------------------------------------------------------------------------
14	TYPE OF REPORTING PERSON*
	PN
- ---------------------------------------------------------------------------
				*SEE INSTRUCTIONS BEFORE FILLING OUT!
		INCLUDE BOTH SIDES OF THE COVER PAGE, RESPONSES TO ITEMS 1-7
	(INCLUDING EXHIBITS) OF THE SCHEDULE, AND THE SIGNATURE ATTESTATION.


	SCHEDULE 13D

CUSIP No. 224174201								Page 6 of 10 Pages

ITEM 1.	SECURITY AND ISSUER.

This statement relates to Class A Common Preference Stock (the "Stock") of 
Craig Corporation, a California corporation ("CC").	The principal 
executive office of CC is located at 550 South Hope Street, Suite 1825, Los 
Angeles, CA	90071.


ITEM 2.	IDENTITY AND BACKGROUND.

The persons filing this amended statement and the persons enumerated in 
Instruction C of Schedule 13D and, where applicable, their respective 
places of organization, general partners, directors, executive officers and 
controlling persons, and the information regarding them, are as follows:

	(a)	Lawndale Capital Management, LLC, a California limited liability 
company ("LCM"); Diamond A Partners, L.P., a California limited partnership 
("DAP"); Diamond A Investors, L.P., a California limited partnership 
("DAI"); and Andrew E. Shapiro ("Shapiro").

	(b)	The business address of LCM, DAP, DAI and Shapiro is One Sansome 
Street, Suite 3900, San Francisco, California	94104.

	(c)	LCM is the investment adviser to and the general partner of DAP 
and DAI, which are investment limited partnerships.	Shapiro is the sole 
manager of LCM.

	(d)	During the last five years, none of such persons has been 
convicted in a criminal proceeding (excluding traffic violations or similar 
misdemeanors).
	(e)	During the last five years, none of such persons was a party to a 
civil proceeding of a judicial or administrative body of competent 
jurisdiction and as a result of such proceeding was or is subject to a 
judgment, decree or final order enjoining future violations of, or 
prohibiting or mandating activities subject to, federal or state securities 
laws or finding any violation with respect to such laws.

	(f)	Shapiro is a citizen of the United States of America.


SCHEDULE 13D

CUSIP No. 224174201								Page 7 of 10 Pages

ITEM 3.	SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION.

The source and amount of funds used in purchasing the Stock were as 
follows:


Purchaser		Source of Funds			Amount

LCM			Funds Under Management (1)	$3,528,728.60
DAP			Working Capital				$2,986,730.80
DAI			Working Capital				$  541,997.80
Shapiro		Personal Funds				$    4,843.50

(1)	Includes funds of DAP and DAI invested in Stock.


ITEM 4.	PURPOSE OF TRANSACTION.

The sole purpose of the acquisitions of the Stock reported herein was and 
is for investment, because the reporting persons believe the Stock, 
currently trading below book value, is undervalued.
 
ITEM 5.	INTEREST IN SECURITIES OF THE ISSUER.

The beneficial ownership of the Stock of the persons named in Item 2 of 
this statement is as follows at the date hereof:


				Aggregate
			 Beneficially 
			 Owned			Voting Power		Dispositive Power
Name 	Number	Percent	Sole		Shared	Sole		Shared
						
LCM		530,900	7.5%		  0		530,900	  0		530,900
Shapiro	531,400	7.5%		500		530,900	500		530,900
DAP		449,200	6.4%		  0		449,200	  0		449,200
DAI		 81,700	1.2%		  0		 81,700	  0		 81,700




SCHEDULE 13D

CUSIP No. 224174201								Page 8 of 10 Pages

The persons filing this statement effected the following transactions in 
the Stock on the dates indicated, and such transactions are the only 
transactions in the Stock by the persons filing this statement since 
September 29, 1998:

	 Purchase				Number		Price
Name	 or Sale	 Date		of Shares		Per Share

DAP     P       10/27/98        300     		6.625
DAP     P       11/2/98         1200    		7.583
DAI     P       11/2/98         300     		7.583
DAP     P       11/4/98         200     		7.500
DAP     P       11/5/98         1200    		7.292
DAI     P       11/5/98         300     		7.292
DAP     P       11/6/98         500     		7.475
DAI     P       11/9/98         100     		7.563
DAP     P       11/13/98        500     		8.250
DAP     P       12/2/98         3100    		8.375
DAP     P       12/4/98         2000    		8.313
DAP     P       12/8/98         1000    		8.056
DAP     P       12/10/98        3000    		8.125
DAP     P       12/14/98        200     		8.094
DAP     P       12/15/98        1800    		7.994
DAI     P       12/15/98        200     		7.994
DAP     P       12/16/98        200     		8.063
DAP     P       12/17/98        1300    		8.250
DAI     P       12/17/98        200     		8.250
DAP     P       12/28/98        21300   		7.875
DAI     P       12/28/98        3700    		7.875
DAI     P       1/4/99          2500    		7.875


All transactions were executed through the New York Stock Exchange.


ITEM. 6.	CONTRACTS, ARRANGEMENTS, UNDERSTANDINGS OR RELATIONSHIPS WITH 
RESPECT TO SECURITIES OF THE ISSUER.

LCM is the general partner of DAP and DAI pursuant to limited partnership 
agreements providing to LCM the authority, among other things, to invest 
the funds of DAP and DAI in Stock, to vote and dispose of Stock and to file 
this statement on behalf of DAP and DAI.	Pursuant to such limited 
partnership agreements, the general partner of DAP and DAI is entitled to 
allocations based on assets under management and realized and unrealized 
gains.


SCHEDULE 13D

CUSIP No. 224174201								Page 9 of 10 Pages


ITEM 7.	MATERIAL TO BE FILED AS EXHIBITS.

A.	Agreement Regarding Joint Filing of Statement on Schedule 13D or 13G 
(previously filed).

SIGNATURES

	After reasonable inquiry and to the best of my knowledge, I certify 
that the information set forth in this statement is true, complete and 
correct.

DATED:	January 5, 1999.

DIAMOND A PARTNERS, L.P.				DIAMOND A INVESTORS, L.P.

By:	Lawndale Capital Management,		By:	Lawndale Capital Management, 
	LLC, General Partner				LLC, General Partner


	By:	/s/ Andrew E. Shapiro			By:	/s/ Andrew E. Shapiro
		Andrew E. Shapiro					Andrew E. Shapiro
		Manager							Manager

LAWNDALE CAPITAL MANAGEMENT, LLC



By:	/s/ Andrew E. Shapiro			/s/ Andrew E. Shapiro
	Andrew E. Shapiro				Andrew E. Shapiro
	Manager


SCHEDULE 13D

CUSIP No. 224174201								Page 10 of 10 Pages


												EXHIBIT A

AGREEMENT REGARDING JOINT FILING
OF STATEMENT ON SCHEDULE 13D OR 13G

The undersigned agree to file jointly with the Securities and Exchange 
Commission (the "SEC") any and all statements on Schedule 13D or Schedule 
13G (and any amendments or supplements thereto) required under section 
13(d) of the Securities Exchange Act of 1934, as amended, in connection 
with purchases by the undersigned of Class A Common Preference Stock of 
Craig Corporation.	For that purpose, the undersigned hereby constitute and 
appoint Lawndale Capital Management, LLC, a California limited liability 
company, as their true and lawful agent and attorney-in-fact, with full 
power and authority for and on behalf of the undersigned to prepare or 
cause to be prepared, sign, file with the SEC and furnish to any other 
person all certificates, instruments, agreements and documents necessary to 
comply with section 13(d) and section 16(a) of the Securities Exchange Act 
of 1934, as amended, in connection with said purchases, and to do and 
perform every act necessary and proper to be done incident to the exercise 
of the foregoing power, as fully as the undersigned might or could do if 
personally present.

DATED:	 February 17, 1998.


DIAMOND A PARTNERS, L.P.				DIAMOND A INVESTORS, L.P.

By:	Lawndale Capital Management,		By:	Lawndale Capital Management, 
	LLC, General Partner				LLC, General Partner



	By:	/s/ Andrew E. Shapiro		By:	/s/ Andrew E. Shapiro
		Andrew E. Shapiro					Andrew E. Shapiro
		Manager							Manager

LAWNDALE CAPITAL MANAGEMENT, LLC



By:	/s/ Andrew E. Shapiro				/s/ Andrew E. Shapiro
	Andrew E. Shapiro					Andrew E. Shapiro
	Manager




CJR\3693\005\1022934.01