SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549
                        ________________

                          SCHEDULE 13G
                        ________________

     INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
            UNDER THE SECURITIES EXCHANGE ACT OF 1934

                       (AMENDMENT NO.  )*

                        Giant Group, Ltd.
                        (NAME OF ISSUER)

                  Common Stock, $.01 par value
                 (TITLE OF CLASS OF SECURITIES)

                           374503 10 0
                         (CUSIP NUMBER)


Check the following box if a fee is being paid with this
statement.                                                   [x] 

(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).

                       PAGE 1 OF 6 PAGES 

                               13G
CUSIP No. 374503 10 0
_____________________________________________________________________________
     (1)  NAME OF REPORTING PERSON 
          S.S. OR I.R.S. IDENTIFICATION NO. 
          OF ABOVE PERSON 
          John A. Levin & Co., Inc.
          13-3134273
_____________________________________________________________________________
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                    (a)  [ ] 
                                                                    (b)  [x] 
_____________________________________________________________________________
     (3)  SEC USE ONLY 

_____________________________________________________________________________
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION 
          Delaware
_____________________________________________________________________________

NUMBER OF      (5)  SOLE VOTING POWER 
                    - 0 -
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                    326,200
OWNED BY       ______________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                    - 0 -
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                    326,200
_____________________________________________________________________________
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON 
          326,200
_____________________________________________________________________________
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT 
          IN ROW (9) EXCLUDES CERTAIN SHARES **                          [ ] 
_____________________________________________________________________________
    (11)  PERCENT OF CLASS REPRESENTED 
          BY AMOUNT IN ROW (9)           
          6.3%
_____________________________________________________________________________
    (12)  TYPE OF REPORTING PERSON **
          IA, BD
_____________________________________________________________________________
             ** SEE INSTRUCTIONS BEFORE FILLING OUT!

                        PAGE 2 OF 6 PAGES

                               13G

CUSIP No. 374503 10 0
_____________________________________________________________________________
     (1)  NAME OF REPORTING PERSON 
          S.S. OR I.R.S. IDENTIFICATION NO. 
          OF ABOVE PERSON 
          John A. Levin
_____________________________________________________________________________
     (2)  CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP ** 
                                                                    (a)  [ ] 
                                                                    (b)  [x] 
_____________________________________________________________________________
     (3)  SEC USE ONLY 

_____________________________________________________________________________
     (4)  CITIZENSHIP OR PLACE OF ORGANIZATION 
          USA
_____________________________________________________________________________

NUMBER OF      (5)  SOLE VOTING POWER 
                    - 0 -
SHARES         ______________________________________________________________

BENEFICIALLY   (6)  SHARED VOTING POWER
                    326,200
OWNED BY       ______________________________________________________________

EACH           (7)  SOLE DISPOSITIVE POWER 
                    - 0 -
REPORTING      ______________________________________________________________

PERSON WITH    (8)  SHARED DISPOSITIVE POWER 
                    326,200
_____________________________________________________________________________
     (9)  AGGREGATE AMOUNT BENEFICIALLY OWNED
          BY EACH REPORTING PERSON 
          326,200
_____________________________________________________________________________
    (10)  CHECK BOX IF THE AGGREGATE AMOUNT 
          IN ROW (9) EXCLUDES CERTAIN SHARES **                          [ ] 
_____________________________________________________________________________
    (11)  PERCENT OF CLASS REPRESENTED 
          BY AMOUNT IN ROW (9)           
          6.3%
_____________________________________________________________________________
    (12)  TYPE OF REPORTING PERSON **
          IN
_____________________________________________________________________________
             ** SEE INSTRUCTIONS BEFORE FILLING OUT!

                        PAGE 3 OF 6 PAGES

ITEM 1(a).  NAME OF ISSUER:
            Giant Group, Ltd. (the "Company")

ITEM 1(b).  ADDRESS OF ISSUER'S PRINCIPAL EXECUTIVE OFFICES:
            Highway 453, P.O. Box 218,
            Harleyville, South Carolina  29448

ITEM 2(a).  NAME OF PERSON FILING:
            John A. Levin & Co., Inc. ("Levin")
            John A. Levin 

ITEM 2(b).  ADDRESS OF PRINCIPAL OFFICE OR, IF NONE, RESIDENCE:
            One Rockefeller Plaza, New York, New York  10020

ITEM 2(c).  CITIZENSHIP:
            Levin is a corporation organized under the laws of
            the State of Delaware.

            John A. Levin is a citizen of the United States.

ITEM 2(d).  TITLE OF CLASS OF SECURITIES:
            Common Stock, $.01 par value (the "Common Stock")
      
ITEM 2(e).  CUSIP NUMBER:
            374503 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:

             (a) [ ]      Broker or dealer registered under Section 15 of the
                          Act

             (b) [ ]      Bank as defined in Section 3(a)(6) of the Act

             (c) [ ]      Insurance Company as defined in Section 3(a)(19) of
                          the Act

             (d) [ ]      Investment Company registered under Section 8 of the
                          Investment Company Act

             (e) [x]      Investment Adviser registered under Section 203 of
                          the Investment Advisers Act of 1940

             (f) [ ]      Employee Benefit Plan, Pension Fund which is subject
                          to the provisions of the Employee Retirement Income
                          Security Act of 1974 or Endowment Fund; see Rule
                          13d-1(b)(1)(ii)(F)

             (g) [ ]      Parent Holding Company, in accordance with Rule 13d
                          -1(b)(ii)(G); see item 7

             (h) [ ]      Group, in accordance with Rule 13d-1(b)(1)(ii)(H)

                        PAGE 4 OF 6 PAGES

ITEM 4.  OWNERSHIP.

             (a)  Amount beneficially owned:
                  326,200

             (b)  Percent of class:
                  6.3% 

                  (based on the 5,180,000 shares of Common Stock
                  reported outstanding as of November 15, 1993, as
                  reflected in the Company's quarterly report on
                  Form 10-Q filed with the Securities and Exchange
                  Commission by the Company for the quarter ended
                  September 30, 1993).

             (c)  Number of shares as to which such person has:

                  (i)  Sole power to vote or to direct the vote
                       - 0 - 

                  (ii)  shared power to vote or to direct the vote
                        326,200

                  (iii) sole power to dispose or to direct the disposition of
                        - 0 -

                  (iv)  shared power to dispose or to direct the disposition
                        of
                        326,200

                        By virtue of John A. Levin's positions as
                        President, Director and sole shareholder of
                        Levin, Mr. Levin may be deemed the beneficial
                        owner of the 326,200 shares owned by Levin's
                        investment advisory clients, which represent
                        6.3% of the shares outstanding.  By virtue of
                        these positions, Mr. Levin may also be deemed
                        to have the shared power to vote, or to
                        direct the vote of 326,200 shares owned by
                        Levin's investment advisory clients, and Mr.
                        Levin may be deemed to have the shared power
                        to dispose, or to direct the disposition of,
                        the 326,200 shares owned by Levin's
                        investment advisory clients.


ITEM 5.      OWNERSHIP OF FIVE PERCENT OR LESS OF A CLASS.
             Not applicable





                        PAGE 5 OF 6 PAGES

ITEM 6.      OWNERSHIP OF MORE THAN FIVE PERCENT ON BEHALF OF ANOTHER PERSON.
             This schedule 13G is filed by John A. Levin and Levin,
             an investment adviser registered under Section 203 of
             the Investment Advisers Act of 1940, as amended, with
             respect to the Common Stock purchased by Levin on
             behalf of Levin's investment advisory clients.  Each
             such client has the right to receive or the power to
             direct the receipt of dividends from, or the proceeds
             from the sale of, the securities held in such person's
             account.  No such client has any of the foregoing
             rights with respect to more than five percent of the
             class of securities identified in Item 2(d).  There is
             no agreement or understanding among such persons to act
             together for the purpose of acquiring, holding, voting
             or disposing of any such securities.

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 THE GROUP.
             Not applicable.

ITEM 9.      NOTICE OF DISSOLUTION OF GROUP.
             Not applicable.

ITEM 10.     CERTIFICATION.  (if filing pursuant to Rule 13d-1(b))

             By signing below, John A. Levin & Co., Inc. and John A. Levin
             certify that, to the best of their knowledge and belief, the
             securities referred to above were acquired in the ordinary course
             of business, 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.

                            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.

          February 14, 1994

          JOHN A. LEVIN & CO., INC.

          /s/ John A. Levin
              John A. Levin
              President

          /s/ John A. Levin
              John A. Levin
                        PAGE 6 OF 6 PAGES