1

                      [LETTERHEAD OF ARTHUR ANDERSEN LLP]

                                                              Exhibit 23(b)

                  CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS



As independent public accountants, we hereby consent to the incorporation by
reference of our report dated November 5, 1997 (related to the consolidated
financial statements of Vail Resorts, Inc. and subsidiaries for the fiscal
year ended September 30, 1997, not presented separately herein), included in
this Form 10-K into Ralcorp Holdings, Inc. previously filed Registration
Statements on Form S-8, File No. 333-20879 and No. 333-20881, pertaining to
Ralcorp Holdings, Inc.


                                       /s/ Arthur Andersen LLP

Denver, Colorado,
  November 5, 1997.