1
          

                                                                      Exhibit 21
                     ESCALADE, INCORPORATED AND SUBSIDIARIES

                    LIST OF SUBSIDIARIES AT DECEMBER 26, 1998




                                                           STATE OF OTHER                      PERCENT OF VOTING
                                                          JURISDICTION OF                       SECURITIES OWNED
                    PARENT                                 INCORPORATION                           BY PARENT
- ----------------------------------------------------------------------------------------------------------------------------
                                                                                                
Escalade, Incorporated                                        Indiana

Subsidiaries
   Indian Industries, Inc. (1)                                Indiana                                 100%
   Martin Yale Industries, Inc. (1)                           Indiana                                 100%
   Harvard Sports, Inc. (1)                                  California                               100%
   Escalade, International Limited (1)                     United Kingdom                             100%
   Master Products Manufacturing
     Company, Inc. (1)                                       California                               100%



(1)   Each subsidiary company so designated has been included in Consolidated
      Financial Statements for all periods following its acquisition. See Notes
      to Consolidated Financial Statements.




                                     (S-4)