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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0001079804-99-000010.txt : 19990219
<SEC-HEADER>0001079804-99-000010.hdr.sgml : 19990219
ACCESSION NUMBER:		0001079804-99-000010
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		19990218

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ANTHRACITE CAPITAL INC
		CENTRAL INDEX KEY:			0001050112
		STANDARD INDUSTRIAL CLASSIFICATION:	MORTGAGE BANKERS & LOAN CORRESPONDENTS [6162]
		IRS NUMBER:				133978906
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		
		SEC FILE NUMBER:	005-54179
		FILM NUMBER:		99545108

	BUSINESS ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154
		BUSINESS PHONE:		2127545560

	MAIL ADDRESS:	
		STREET 1:		345 PARK AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10154

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ANTHRACITE MORTGAGE CAPITAL INC
		DATE OF NAME CHANGE:	19971121

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			FEENEY J MARC
		CENTRAL INDEX KEY:			0001079804
		STANDARD INDUSTRIAL CLASSIFICATION:	 []

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		29621 NORTHWESTERN HIGHWAY
		CITY:			SOUTHFIELD
		STATE:			MI
		ZIP:			48034
		BUSINESS PHONE:		2483533810

	MAIL ADDRESS:	
		STREET 1:		29621 NORTHWESTERN HIGHWAY
		CITY:			SOUTHFIELD
		STATE:			MI
		ZIP:			48034
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<TEXT>

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

SCHEDULE 13G

Under the Securities Exchange Act of 1934
(Amendment No.1)*

Anthracite Capital, Inc.
- -----------------------------------------------------
(Name of Issuer)

Common Stock
 ----------------------------------------------------
 (Title of Class of Securities)

 037023108000
- -----------------------------------------------------
(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).

(Continued in the following page(s))
Page 1 of 7 Pages
CUSIP No.037023108000                 Schedule 13G               
Page 2 of 7 Pages

- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF  
PERSON
    Fieldstone Advantage Company - 38-3350417

- ------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)  [  ]
    (b)  [  ]
- ------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
     Michigan

- ------------------------------------------------------------------
5. SOLE VOTING POWER
     229,000
- ------------------------------------------------------------------
6. SHARED VOTING POWER
    None
- ------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
    229,000
- ------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
    None
- ------------------------------------------------------------------
9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    229,000
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
      1.1%
- ------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
      CO
- ------------------------------------------------------------------
- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF  
PERSON
    Flagstone Advantage Company - 38-3352059

- ------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)  [  ]
    (b)  [  ]
- ------------------------------------------------------------------
3. SEC USE ONLY

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

Page 3 of 7 pages

4. CITIZENSHIP OR PLACE OF ORGANIZATION
     Michigan

- ------------------------------------------------------------------
5. SOLE VOTING POWER
     200,000
- ------------------------------------------------------------------
6. SHARED VOTING POWER
    None
- ------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
    200,000
- ------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
    None
- ------------------------------------------------------------------
9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    200,000
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
      1.0%
- ------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
      CO
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------------------------------------------------
- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF  
PERSON
    James Grosfeld ###-##-####
    Nancy Grosfeld ###-##-#### joint tenants
- ------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)  [  ]
    (b)  [  ]
- ------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
     United States

- ------------------------------------------------------------------
5. SOLE VOTING POWER
     0
- ------------------------------------------------------------------
6. SHARED VOTING POWER
    1,371,800
- ------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
    None
Page 4 of 7 pages
- ------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
    1,371,800
- ------------------------------------------------------------------
9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    1,371,800 jointly held
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
      6.7%
- ------------------------------------------------------------------
12. TYPE OF REPORTING PERSON*
      IN
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------------------------------------------------
- ------------------------------------------------------------------
1. NAME OF REPORTING PERSON AND SS OR IRS IDENTIFICATION NO. OF  
PERSON
Grosfeld Grantor Retained Annuity Trust u/a/d September 19, 1997
 - I.D.####-##-####
- ------------------------------------------------------------------
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
    (a)  [  ]
    (b)  [  ]
- ------------------------------------------------------------------
3. SEC USE ONLY

- ------------------------------------------------------------------
4. CITIZENSHIP OR PLACE OF ORGANIZATION
     United States

- ------------------------------------------------------------------
5. SOLE VOTING POWER
     10,000
- ------------------------------------------------------------------
6. SHARED VOTING POWER
    None
- ------------------------------------------------------------------
7. SOLE DISPOSITIVE POWER
    10,000
- ------------------------------------------------------------------
8. SHARED DISPOSITIVE POWER
    None
- ------------------------------------------------------------------
9.  AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
    10,000
- -----------------------------------------------------------------
10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

- ------------------------------------------------------------------
11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
     <0.1%
- ------------------------------------------------------------------
Page 5 of 7 pages

12. TYPE OF REPORTING PERSON*
      OO
- ------------------------------------------------------------------
*SEE INSTRUCTION BEFORE FILLING OUT!
- ------------------------------------------------------------------
- ------------------------------------------------------------------
ITEM 1(A).  NAME OF ISSUER:

Anthracite Capital, Inc. (the "Company)

ITEM 1(B).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:

            345 Park Avenue
		29th Floor
            New York, NY 10154

ITEM 2(A).  NAME OF PERSON FILING:

		Fieldstone Advantage Company
		Flagstone Advantage Company
            James and Nancy Grosfeld
		Grosfeld Grantor Retained Annuity Trust

ITEM 2(B).  ADDRESS OF PRINCIPAL BUSINESS OFFICE, OR IF NONE, 
RESIDENCE:

	Fieldstone Advantage Company
	2290 First National Building
	Detroit, Michigan 48226

	Flagstone Advantage Company
	2290 First National Building
	Detroit, Michigan 48226

	James and Nancy Grosfeld
	20500 Civic Center Drive
	Suite 3000
	Southfield, Michigan 48076

	Grosfeld Grantor Retained Annuity Trust
	20500 Civic Center Drive
	Suite 3000
	Southfield, Michigan 48076


ITEM 2(C).  CITIZENSHIP:

	See item 4 of cover pages

ITEM 2(D).  TITLE OF CLASS OF SECURITIES:

	Common Stock



Page 6 of 7 pages

ITEM 2(E).  CUSIP NUMBER: 037023108000

	See cover page
ITEM 3.     Not applicable

ITEM 4(A).  AMOUNT BENEFICIALLY OWNED:

	See item 9 of cover pages.

ITEM 4(B).  PERCENT OF CLASS:

	See item 11 of cover pages.

ITEM 4(C).  NUMBER OF SHARES AS TO WHICH SUCH PERSON HAS:

               (i)  sole power to vote or to direct the vote

 	See item 5 of cover pages.

               (ii) shared power to vote or to direct the vote:

	See item 6 of cover pages.

               (iii) sole power to dispose or to direct the 
disposition of

	See item 7 of cover pages.

               (iv) shared power to dispose or to direct the 
disposition of

           See item 8 of cover pages.

ITEM 5.  OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.

            See item 11 of cover pages.

ITEM 6.  OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER 
PERSON.

 	Not applicable.

ITEM 7. IDENTIFICATION AND CLASSIFICATION OF THE SUBSIDIARY WHICH 
ACQUIRED THE SECURITIES BEING REPORTED ON BY THE PARENT HOLDING 
COMPANY.
	Not applicable.
SCHEDULE 13G 

ITEM 8.  IDENTIFICATION AND CLASSIFICATION OF MEMBERS OF THE 
GROUP:

	Not applicable



Page 7 of 7 pages

ITEM 9.     NOTICE OF DISSOLUTION OF GROUP.
	Not applicable

TEM 10.    CERTIFICATION.

By signing  below I certify  that,  to the best of my knowledge 
and belief,  the  securities referred to above were acquired in 
the ordinary course of business and were not acquired for the 
purpose of  and do not have the effect of changing or influencing 
the control of  the issuer of such securities  and were not 
acquired in  connection with or as a participant in any 
transaction  having such purposes or effect.

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.

                               By:/s/ James Grosfeld
                               
                                      SIGNATURE
					Fieldstone Advantage Company

                              James Grosfeld, Director


					Flagstone Advantage Company

					James Grosfeld, Director


					Grosfeld Grantor Retained Annuity Trust
					u/a/d September 17, 1997

					James Grosfeld, Trustee and Settlor

					James Grosfeld, Joint Tenant

					Nancy Grosfeld, Joint Tenant
                                  February 16, 1999
                                  ----------------
                                         DATE

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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