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SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )*
Kennametal Inc.
____________________________________________________________
(Name of Issuer)
Common Stock, $1.25 per share par value
____________________________________________________________
(Title of Class of Securities)
489170 10 0
_____________________
(CUSIP Number)
Check the following box if a fee is being paid with this statement _____
A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five percent of
the class of securities described in Item 1; and (2) has filed no amendment
subsequent thereto reporting beneficial ownership of five percent or less of
such class.) (See Rule 13d-7).
*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).
SEC 1745 (5-87)
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CUSIP No. 489170 10 0 13G Page 2 of 5 Pages
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1 NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
REICH & TANG ASSET MANAGEMENT L.P.
13-3778739
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2 CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
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(a) (b)
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3 SEC USE ONLY
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4 CITIZENSHIP OR PLACE OF ORGANIZATION
DELAWARE
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5 SOLE VOTING POWER
0
NUMBER OF
SHARES --------------------------------------------
BENEFICIALLY --------------------------------------------
OWNED BY
EACH 6 SHARED VOTING POWER
REPORTING
PERSON 1,655,900
WITH
--------------------------------------------
--------------------------------------------
7 SOLE DISPOSITIVE POWER
0
--------------------------------------------
--------------------------------------------
8 SHARED DISPOSITIVE POWER
1,655,900
- -------------------------------------------------------------------------------
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9 AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
1,655,900
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10 CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES
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11 PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
5.5%
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12 TYPE OF REPORTING PERSON*
IA
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Item 1 (a). Name of Issuer
The name of the issuer, to whose class of equity security this Schedule is
Kennametal Inc.
Item 1 (b). Address of Issuer's Principal Executive Offices
The address of the Issuer's principal offices is 1600 Technology Way, P.O
Box 231, Latrobe, Pennsylvania 15650.
Item 2 (a). Name of Person Filing
The person filing this Schedule is Reich & Tang Asset Management L.P. (the
"Reporting Person")
Item 2 (b). Address of Principal Business Office or, if None, Residence
The principal business address of the Reporting Person is 600 Fifth Avenue,
New York, NY 10020.
Item 2 (c). Citizenship
The Reporting Person is a United States citizen.
Item 2 (d). Title of Class of Securities
The class of equity security to which this schedule relates is the Issuer's
Common Stock, par value $1.25 (the "Common Stock").
Item 2 (e). CUSIP No.
The CUSIP number assigned to the Common Stock is 489170 10 0.
Item 3. If this statement is Filed Pursuant to Rules 13d-1(b), or 13d-2(b),
Check Whether the Person Filing is a
Reich & Tang Asset Management L.P. is an investment adviser registered
under Section 203 of the Investment Advisers Act of 1940.
Item 4. Ownership
The shares of the Common Stock owned beneficially owned by Reich & Tang
Asset Management L.P. and covered by this Schedule amount to 1,655,900 shares,
constituting 5.5% of the outstanding shares of the Common Stock. Reich & Tang
Asset Management L.P. has the shared power to vote and direct the vote for
1,655,900 shares of Common Stock and to dispose of or direct the disposition of
1,655,900 shares of Common Stock.
Item 5. Ownership of Five Percent or Less of a Class
Not applicable.
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Item 6. Ownership of More than Five Percent on Behalf of Another Person
The shares of Common Stock beneficially owned by Reich & Tang Asset
Management L.P. were purchased by Reich & Tang Asset Management L.P. on behalf
of certain accounts for which Reich & Tang Asset Management L.P. provides
investment advice on a fully discretionary basis. This entity has the right to
receive or the power to direct the receipt of dividends from, or the proceeds
from the sale of, shares of the Common Stock. None of the above mentioned entity
has a greater than 5% interest in the Common Stock.
Item 7. Identification and Classification of the Subsidiary Which Acquired
the Security Being Reported on By the Parent Holding Company
Not applicable.
Item 8. Identification and Classification of Members of Group
Not applicable.
Item 9. Notice of Dissolution of Group
Not applicable.
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CERTIFICATION
The undersigned certifies that to his/her best belief and knowledge, the
securities reported herein were acquired for the purpose of and do not have the
effect of changing or influencing the control of the issuer or such securities
and were not acquired in connection with or as a participant in any transaction
having such purpose of effect.
February 12, 1999
REICH & TANG ASSET MANAGEMENT L.P.
BY /s/Lorraine C. Hysler
Lorraine C. Hysler
Secretary
Reich & Tang Asset Management L.P.
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