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Arnold Schwarzenegger, the muscular action film star, will be the American Cinematheque's 1998 Moving Picture Ball honoree Sept. 12 at the Beverly Hilton Hotel. Schwarzenegger, the 12th recipient of the award, joins the ranks of such past winners as Eddie Murphy, Sean Connery, Bette Midler, Tom Cruise, Steven Spielberg and, most recently, John Travolta.