SECURITIES AND EXCHANGE COMMISSION


                          Washington, DC  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):     October 1, 1998
                 


                              ARCA CORP.
           (Exact name of registrant as specified in charter)   



  New Jersey                333-5278-NY             22-3417547
(State or other             (Commission           (IRS Employer
 jurisdiction               File Number)         Identification No.)
of incorporation) 



                         215 West Main Street
                     Maple Shade, New Jersey  08052
                (Address of principal executive offices)


Registrant's telephone number, including area code      (609) 667-0600


<PAGE>
ITEM 5.  OTHER EVENTS.


On October 1, 1998, ARCA Corp. issued a press release reporting that the 
Company had entered into an agreement to acquire Allied American Capital 
Corporation.  A copy of such press release is attached to this Form 8-K as 
Exhibit 99.01.


ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS

     a.    N/A

     b.    N/A

     c.    Exhibits

           99.01   ARCA Corp. Press Release dated October 1, 1998.

<PAGE>
                               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 hereunto duly authorized.



                                          ARCA CORP.

                                          /s/ Harry J. Santoro
DATED: October 6, 1998
                                          By: Harry J. Santoro
                                       President

<PAGE>                                   EXHIBIT 99.01
PRESS RELEASE

FOR MORE INFORMATION, CONTACT:
Harry J. Santoro, President
ARCA CORP.
(609) 667-0600   Fax: (609) 727-0218
          OR
Trudy M. Self
Self & Associates
(818) 880-5437


FOR IMMEDIATE RELEASE


ARCA Corp. To Acquire Allied American Capital Corporation

Maple Shade, New Jersey, October 1, 1998--ARCA Corp. (OTC:ARCC) today  
announced that it has entered into an agreement to acquire Allied American  
Capital Corporation.  Under the terms of the agreement, Allied's current  
shareholders will exchange their shares in Allied for 10,450,000 shares of  
ARCA Corp. common stock.  The acquisition is subject to regulatory approvals,  
upon Allied's raising net proceeds of approximately $30,000,000 in new  
capital, and the approval of ARCA's shareholders.  The board of directors and  
shareholders of Allied have approved the merger.

ARCA Corp. is a financial services holding company.  Through its 
subsidiaries,  the Company is engaged in two lines of business; owning and 
operating income  producing real estate, and the originating and servicing of 
loans to  businesses, generally secured by real estate or other business 
assets  ("business lending").  

Allied American Capital Corporation, a privately held Texas-based 
corporation,  was formed in January 1998 for the specific purpose of acquiring 
life  insurance companies and related enterprises.  On June 25, 1998, Allied 
entered  into an acquisition agreement to acquire a majority interest in three 
life  insurance companies for an aggregate purchase price of $18,705,000 plus  
approximately 925,000 shares of Allied stock.   Allied has no current 
business  activities.

ARCA and Allied intend to utilize their current investment banking  
relationships to obtain net proceeds of approximately $30,000,000 from a  
private placement of Allied's securities.  It is anticipated that such  
securities will contain provisions for conversion into approximately  
10,000,000 shares of ARCA common stock.  The proceeds of the offering are  
needed to purchase the insurance companies and to provide working capital.   
The acquisition of Allied by ARCA is contingent upon a successful closing of  
Allied's private placement.  After acquiring Allied, ARCA will change its 
name  to Allied American Capital Corporation.  Subsequent to the Allied 
acquisition,  ARCA plans to operate as a publicly traded company concentrating 
in the sale  and distribution of life, health, accident and other insurance 
products  through its various insurance companies and wholly-owned marketing 
company.   ARCA also intends to operate a wholly owned finance company, Allied 
American  Finance Corporation.  The finance company is expected to have two 
divisions;  the Rural Development Loan Division and the Mortgage Banking 
Division.  It is  anticipated that ARCA's present two lines of business will 
be spun out to a  newly formed Delaware corporation, which will be owned by 
the present  shareholders of ARCA and operated by present management.

After the acquisition of Allied, ARCA will be guided by Wayne E. Williams and  
William C. Meier, founders of Allied.   Mr. Williams has held executive  
positions with privately held and publicly traded life and health insurance  
companies, and insurance marketing agencies.  Mr. Meier is a practicing  
attorney, who served as a Texas State Senator from January 1973 through  
January 1983, and also has extensive experience in the insurance industry.  
It  is anticipated that the present management of ARCA will be replaced by a  
management team selected by Mr. Williams and Mr. Meier and the principal  
shareholders of Allied.

"I am delighted with the possible acquisition of Allied", said Harry Santoro,  
President of ARCA.  Allied brings to ARCA a solid executive team with an  
exciting business plan which calls for not only the expansion of Allied's  
business, but also an integrated finance company."

The acquisition of Allied by ARCA is subject to regulatory approvals and  
Allied raising a net of approximately $30,000,000 by November 24, 1998.  
There  can be no assurance that such regulatory approvals will be obtained, or 
that  Allied will secure financing, or if financing becomes available, that it 
will  be on acceptable terms.

Certain statements made in this Press Release are "forward looking  
statements".  Without limiting the generality of the foregoing, such  
information can be identified by the use of forward-looking terminology such  
as "anticipate", "will", "would", "expect", "intend", "plans to" or  
"believes", or other variations thereon, or comparable terminology.  Actual  
results, performance or developments may differ materially from those  
expressed or implied by such forward-looking statements as a result of market  
uncertainties or industry factors.  Some important factors that may cause  
actual results that differ materially from those in any forward-looking  
statements may include the availability of financing in the time frame  
required, market acceptance of Allied's products and services , competitive  
pressures, and the ability to attract and retain key executive sales and  
management personnel.  ARCA disclaims any obligation or responsibility to  
update any such forward-looking statements.
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SECURITIES AND EXCHANGE COMMISSION

                          Washington, DC  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):     October 1, 1998
                 

                              ARCA CORP.
           (Exact name of registrant as specified in charter)   

  New Jersey                333-5278-NY             22-3417547
(State or other             (Commission           (IRS Employer
 jurisdiction               File Number)         Identification No.)
of incorporation) 

                         215 West Main Street
                     Maple Shade, New Jersey  08052
                (Address of principal executive offices)

Registrant's telephone number, including area code      (609) 667-0600
ITEM 5.  OTHER EVENTS.

On October 1, 1998, ARCA Corp. issued a press release reporting that the 
Company had entered into an agreement to acquire Allied American Capital 
Corporation.  A copy of such press release is attached to this Form 8-K as 
Exhibit 99.01.

ITEM 7.     FINANCIAL STATEMENTS AND EXHIBITS

     a.    N/A

     b.    N/A

     c.    Exhibits

           99.01   ARCA Corp. Press Release dated October 1, 1998.
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 hereunto duly authorized.

                                          ARCA CORP.

                                          /s/ Harry J. Santoro
DATED: October 6, 1998
                                          By: Harry J. Santoro
                                       President
EXHIBIT 99.01
PRESS RELEASE

FOR MORE INFORMATION, CONTACT:
Harry J. Santoro, President
ARCA CORP.
(609) 667-0600   Fax: (609) 727-0218
          OR
Trudy M. Self
Self & Associates
(818) 880-5437

FOR IMMEDIATE RELEASE

ARCA Corp. To Acquire Allied American Capital Corporation

Maple Shade, New Jersey, October 1, 1998--ARCA Corp. (OTC:ARCC) today  
announced that it has entered into an agreement to acquire Allied American  
Capital Corporation.  Under the terms of the agreement, Allied's current  
shareholders will exchange their shares in Allied for 10,450,000 shares of  
ARCA Corp. common stock.  The acquisition is subject to regulatory approvals,  
upon Allied's raising net proceeds of approximately $30,000,000 in new  
capital, and the approval of ARCA's shareholders.  The board of directors and  
shareholders of Allied have approved the merger.

ARCA Corp. is a financial services holding company.  Through its 
subsidiaries,  the Company is engaged in two lines of business; owning and 
operating income  producing real estate, and the originating and servicing of 
loans to  businesses, generally secured by real estate or other business 
assets  ("business lending").  

Allied American Capital Corporation, a privately held Texas-based 
corporation,  was formed in January 1998 for the specific purpose of acquiring 
life  insurance companies and related enterprises.  On June 25, 1998, Allied 
entered  into an acquisition agreement to acquire a majority interest in three 
life  insurance companies for an aggregate purchase price of $18,705,000 plus  
approximately 925,000 shares of Allied stock.   Allied has no current 
business  activities.

ARCA and Allied intend to utilize their current investment banking  
relationships to obtain net proceeds of approximately $30,000,000 from a  
private placement of Allied's securities.  It is anticipated that such  
securities will contain provisions for conversion into approximately  
10,000,000 shares of ARCA common stock.  The proceeds of the offering are  
needed to purchase the insurance companies and to provide working capital.   
The acquisition of Allied by ARCA is contingent upon a successful closing of  
Allied's private placement.  After acquiring Allied, ARCA will change its 
name  to Allied American Capital Corporation.  Subsequent to the Allied 
acquisition,  ARCA plans to operate as a publicly traded company concentrating 
in the sale  and distribution of life, health, accident and other insurance 
products  through its various insurance companies and wholly-owned marketing 
company.   ARCA also intends to operate a wholly owned finance company, Allied 
American  Finance Corporation.  The finance company is expected to have two 
divisions;  the Rural Development Loan Division and the Mortgage Banking 
Division.  It is  anticipated that ARCA's present two lines of business will 
be spun out to a  newly formed Delaware corporation, which will be owned by 
the present  shareholders of ARCA and operated by present management.

After the acquisition of Allied, ARCA will be guided by Wayne E. Williams and  
William C. Meier, founders of Allied.   Mr. Williams has held executive  
positions with privately held and publicly traded life and health insurance  
companies, and insurance marketing agencies.  Mr. Meier is a practicing  
attorney, who served as a Texas State Senator from January 1973 through  
January 1983, and also has extensive experience in the insurance industry.  
It  is anticipated that the present management of ARCA will be replaced by a  
management team selected by Mr. Williams and Mr. Meier and the principal  
shareholders of Allied.

"I am delighted with the possible acquisition of Allied", said Harry Santoro,  
President of ARCA.  Allied brings to ARCA a solid executive team with an  
exciting business plan which calls for not only the expansion of Allied's  
business, but also an integrated finance company."

The acquisition of Allied by ARCA is subject to regulatory approvals and  
Allied raising a net of approximately $30,000,000 by November 24, 1998.  
There  can be no assurance that such regulatory approvals will be obtained, or 
that  Allied will secure financing, or if financing becomes available, that it 
will  be on acceptable terms.

Certain statements made in this Press Release are "forward looking  
statements".  Without limiting the generality of the foregoing, such  
information can be identified by the use of forward-looking terminology such  
as "anticipate", "will", "would", "expect", "intend", "plans to" or  
"believes", or other variations thereon, or comparable terminology.  Actual  
results, performance or developments may differ materially from those  
expressed or implied by such forward-looking statements as a result of market  
uncertainties or industry factors.  Some important factors that may cause  
actual results that differ materially from those in any forward-looking  
statements may include the availability of financing in the time frame  
required, market acceptance of Allied's products and services , competitive  
pressures, and the ability to attract and retain key executive sales and  
management personnel.  ARCA disclaims any obligation or responsibility to  
update any such forward-looking statements.