SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                  SCHEDULE 13G

                    Under the Securities Exchange Act of 1934

                                (Amendment No. )*
 
                                 Griffon Corp.
          ____________________________________________________________
                                (Name of Issuer)

                     Common Stock, $0.25 per share par value
          ____________________________________________________________
                         (Title of Class of Securities)

                                  398433 10 2
                              _____________________
                                 (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.   398433 10 2             13G                 Page 2 of 5  Pages

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



    1      NAME OF REPORTING PERSON
           S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

           REICH & TANG ASSET MANAGEMENT L.P.
           13-3778739
- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    2      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                   ----------                      ----------
                           (a)                            (b)

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

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    3      SEC USE ONLY




- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    4      CITIZENSHIP OR PLACE OF ORGANIZATION

           DELAWARE


- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
                  5     SOLE VOTING POWER
                  
                                        0
   NUMBER OF
   SHARES            --------------------------------------------
   BENEFICIALLY      --------------------------------------------
   OWNED BY          
   EACH           6     SHARED VOTING POWER
   REPORTING
   PERSON                              1,941,100
   WITH
                     --------------------------------------------
                     --------------------------------------------
                   7     SOLE DISPOSITIVE POWER
   
                                        0

                     --------------------------------------------
                     --------------------------------------------
                   8     SHARED DISPOSITIVE POWER

                                       1,941,100

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    9      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

                                        1,941,100

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES



- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

                                      6.4%

- -------------------------------------------------------------------------------
- -------------------------------------------------------------------------------
    12     TYPE OF REPORTING PERSON*

                                       IA

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



                                       2





Item 1 (a). Name of Issuer

     The name of the issuer,  to whose class of equity security this Schedule is
 Griffon Corp.


Item 1 (b). Address of Issuer's Principal Executive Offices

     The address of the Issuer's  principal  offices is 100 Jericho  Quadrangle,
Jericho, New York 11753.

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 $0.25 (the "Common Stock").


Item 2 (e). CUSIP No.

     The CUSIP number assigned to the Common Stock is 398433 10 2.

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 1,941,100  shares,
constituting  6.4% 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
1,941,100  shares of Common Stock and to dispose of or direct the disposition of
1,941,100 shares of Common Stock.


Item 5. Ownership of Five Percent or Less of a Class

     Not applicable.

                                       3




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.

                                       4


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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