8-K

                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    FORM 8-K

                                 Current Report

     Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

      Date of Report (Date of earliest event reported):  September 16, 1999



                             Ralcorp Holdings, Inc.
             (Exact name of registrant as specified in its charter)

       Missouri                    1-12619                   43-1766315
   (State or other               (Commission              (I.R.S. Employer
   Jurisdiction of               File Number)            Identification  No.)
    Incorporation)

           800 Market Street, Suite 2900
                   St. Louis, MO                     63101
              (Address  of  principal              (Zip Code)
                 executive offices)


                                 (314) 877-7000
              (Registrant's telephone number, including area code)






Item 5.         Other  Events.

In  a press release dated September 16, 1999, a copy of which is attached hereto
as  Exhibit  99.1 and the text of which is incorporated by reference herein, the
registrant  announced  its  fiscal  fourth  quarter  equity  earnings  from  its
investment  in  Vail  Resorts,  Inc.

Item 7.         Financial  Statements  and  Exhibits.

Exhibit 99.1    Press  Release  dated  September  16,  1999


                                   SIGNATURES

Pursuant  to  the  requirements  of  the  Securities  Exchange  Act of 1934, the
Registrant  has  duly  caused  this  report  to  be  signed on its behalf by the
undersigned  thereunto  duly  authorized.



                                            RALCORP  HOLDINGS,  INC.
                                            (Registrant)


Date:  September 16, 1999                   By:  /s/  T.  G.  Granneman
                                                 ----------------------
                                            Duly  Authorized  Signatory  and
                                            Chief  Accounting  Officer




                                  EXHIBIT INDEX


Exhibit
Number            Description
- ------            -----------


Exhibit  99.1     Press  Release  dated  September  16,  1999

EX-99.1

          Immediate
          Daniel  P.  Zoellner
          314/877-7052

                        RALCORP HOLDINGS, INC. ANNOUNCES
              EARNINGS FROM EQUITY INVESTMENT IN VAIL RESORTS, INC.

ST. LOUIS, MO, SEPTEMBER 16, 1999     With today's announcement by Vail Resorts,
Inc.  of  its  full  year and fourth fiscal quarter results ended July 31, 1999,
Ralcorp  Holdings,  Inc.  was able to calculate the equity earnings that will be
reflected in its results for the year and fourth fiscal quarter ending September
30,  1999.  Ralcorp  reports  equity earnings from its Vail investment on a two-
month  lag  due  to  Vail Resorts' fiscal year ending on July 31st compared to a
Ralcorp fiscal year end of September 30th.  Ralcorp holds 7.55 million shares of
Vail  Resorts  common stock, which equates to an approximate 21.9 percent equity
interest  in Vail Resorts.  In addition to the pure equity earnings calculation,
Ralcorp  also  includes  amortization  income  of  approximately  $1.9  million,
annually.  Such  amortization income is a result of the January 1997 transaction
in  which  Ralcorp  sold  its  ski  resort  holdings  to  Vail  Resorts.

For  its  fourth fiscal quarter ending September 30, 1999, Ralcorp Holdings will
reflect a $2.5 million non-cash, pre-tax loss from its equity investment in Vail
Resorts,  Inc.  In  the  comparable  prior year quarter, Ralcorp recorded a $3.3
million  equity  loss, or approximately $.06 in diluted loss per share.  For the
year  ended  September  30, 1999, Ralcorp will reflect $4.7 million of non-cash,
pre-tax  equity  earnings,  compared to $10.6 million, or approximately $.20 per
diluted  share,  for  the  year  ended  September  30,  1998.

The  Company  currently  anticipates releasing its results for the fourth fiscal
quarter  and  full  fiscal  year  ending September 30, 1999 on November 2, 1999.

Ralcorp  Holdings,  Inc.  has  established a leadership position in the world of
private  label  or store brand foods.  Ralcorp produces a variety of store brand
foods  that  are  sold  under  the  individual  labels  of various grocery, mass
merchandise and drug store retailers. Ralcorp's diversified product mix includes
ready-to-eat  and  hot cereals, crackers and cookies, snack nuts, mayonnaise and
shelf-stable  salad  dressings.  As  noted  above,  Ralcorp holds a 21.9 percent
equity interest in Vail Resorts, Inc. (ticker: MTN), the premier mountain resort
operator  in  North  America.


                                       ###