FCM INVESTMENTS/TX
13F-HR, 1999-05-14
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                              United States
                      Security and Exchange Comission
                         Washington, D. C. 20549

                                Form 13F

                           Form 13F Cover Page

Report for the Calendar Year of Quarter Ended:  03/31/1999

Institutional Investment Manager Filing this report:

Name:  FCM Investments

Address:  2200 Ross Avenue,
          Suite 4600 West
          Dallas, Texas 75201-2790

13F File Number:  801-29238

The institutional investment manager filing this report and the
person by whom it is signed hereby represent that the person signing the
report is authorized to submit it,  that all
information contained herein is true, correct and complete, and
that it is understood that all required items, statements, 
schedules, lists, and tables, are considered integral parts of this form

Report Type:  13F Holdings Report.

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934

T. Montgomery Jones, Jr.
<PAGE>
                           Form 13F Summary Page

Report Summary:

Number of Other Included Managers:  0

Form 13F Information Table Entry Total:  124

Form 13F Information Table Value Total: $129,494,570
<PAGE>
<TABLE>                       <C>                                           <C>
                                        FORM 13F                            
REPORTING MANAGER:  FCM Investments                                   03/31/99
- -----------------------------------------------------------------------------
    Name of Issuer     Title  CUSIP     Fair   Shares Of  Invest MGR   Voting
                        of   Number     Market  Principal Disc               
                      Class             Value    Amount    Sole       
- -----------------------------------------------------------------------------
ABBOTT LABORATORIES    COM   00282410   744,319  15,900      X  TMJ    15,900
ACUSON                 COM  005113105   405,625  27,500      X  TMJ    27,500
AMERICAN ELECTRIC PO   COM   02553710   410,550  10,200      X  TMJ    10,200
AMERICAN EXPRESS CO    COM   02581610 2,502,900  20,600      X  TMJ    20,600
AMERICAN INTERNATION   COM   02687410 2,588,808  21,675      X  TMJ    21,675
AMERICAN POWER CONVEN  COM  029066107 4,660,685 164,980      X  TMJ   164,980
ANHEUSER BUSCH COS I   COM   03522910    479,58   6,300      X  TMJ     6,300
AUTOMATIC DATA PROCEG  COM   05301510   391,800   9,600      X  TMJ     9,600
BALTIMORE GAS & ELEC   COM   05916510   638,503  25,350      X  TMJ    25,350
BRISTOL MYERS SQUIBB   COM   11012210   602,775   9,400      X  TMJ     9,400
AZKOYEN SA (SPAIN)     INT  112458015   501,066  17,085      X  TMJ    17,085
CDW COMPUTER CENTERS   COM  125129106 4,237,500  60,000      X  TMJ    60,000
CAMBRIDGE TECHNOLOGYTN COM  132524109 2,049,700 159,200      X  TMJ   159,200
CAROLINA POWER & LIG   COM   14414110   511,500  13,200      X  TMJ    13,200
CISCO SYSTEMS          COM   17275R10   395,775   3,600      X  TMJ     3,600
TELEPIZZA (SPAIN)      INT  178344018   832,434 109,400      X  TMJ   109,400
CLAYTON HOMES          COM  184190106 3,015,796 258,036      X  TMJ   258,036
COGNEX CORP            COM  192422103 2,362,119  98,166      X  TMJ    98,166
DELL COMPUTER          COM  247025109   677,875  17,000      X  TMJ    17,000
LERNOUT & HAUSPIE AD   INT    2516055 1,140,000  38,000      X  TMJ    38,000
DOMINION RESOURCES I   COM   25747010   649,238  17,400      X  TMJ    17,400
DUKE ENERGY CORP       COM   26439910 1,168,125  21,000      X  TMJ    21,000
EDISON INTERNATIONAL   COM  281020107   697,175  31,600      X  TMJ    31,600
ENRON CORP             COM   29356110   714,935  10,999      X  TMJ    10,999
EXPRESS SCRIPTS        COM  302182100 4,350,281  47,350      X  TMJ    47,350
EXXON CORP             COM   30229010   206,806   2,900      X  TMJ     2,900
FANNIE MAE             COM   31358610 6,394,081  91,100      X  TMJ    91,100
FIRST UNION CORP       COM   33735810   838,500  15,600      X  TMJ    15,600
FOREST LABORATORIES    COM   34583810 1,804,000  32,000      X  TMJ    32,000
FRANCO-NEVADA MINING   COM  351860101 3,242,634 204,503      X  TMJ   204,503
GENERAL ELECTRIC CO    COM   36960410   221,250   2,000      X  TMJ     2,000
W W GRAINGER  INC      COM   38480210   861,250  20,000      X  TMJ    20,000
H.J. HEINZ COMPANY     COM   42307410   563,526  11,895      X  TMJ    11,895
UNICREDITO ITALIANO IT INT    4232445   974,052 180,900      X  TMJ   180,900
HEWLETT PACKARD CO     COM   42823610   619,128   9,130      X  TMJ     9,130
INTERNATIONAL BUSINESS COM   45920010 1,028,050   5,800      X  TMJ     5,800
KELLOGG CO             COM   48783610   622,150  18,400      X  TMJ    18,400
KIMBERLY CLARK CORP    COM   49436810   958,750  20,000      X  TMJ    20,000
LINEAR TECHNOLOGIES    COM  535678106 2,899,656  56,304      X  TMJ    56,304
MARSH & MCLENNAN COS   COM   57174810 1,553,131  20,900      X  TMJ    20,900
MAXIM INTEGRATED PRODU COM  57772K101 3,612,127  68,639      X  TMJ    68,639
MAYTAG CORP            COM   57859210   561,488   9,300      X  TMJ     9,300
MCDONALDS CORP         COM   58013510 2,397,150  53,270      X  TMJ    53,270
MEDTRONIC              COM  585055106 3,111,677  43,444      X  TMJ    43,444
MERCK & CO             COM   58933110   608,950   7,600      X  TMJ     7,600
JIANGSU EXPRESSWAY     INT    6005504    39,226 200,000      X  TMJ   200,000
AIFUL CORP (JAPAN)     INT    6019419 1,549,766  22,800      X  TMJ    22,800
AMOY PROPERTIES  (HK)  INT    6030506    43,548  50,000      X  TMJ    50,000
MINNESOTA MINING & MFG COM   60405910   396,200   5,600      X  TMJ     5,600
CHINA TELECOM          INT    6073556   116,516  70,000      X  TMJ    70,000
JOLLIBEE FOODS CORP. ( INT    6108135    79,103 183,000      X  TMJ   183,000
CHEUNG KONG            INT    6190273   205,548  27,000      X  TMJ    27,000
CHINA LIGHT & POWER CO INT    6190916    86,400  18,000      X  TMJ    18,000
CITIC PACIFIC          INT    6196152    94,645  45,000      X  TMJ    45,000
COLES MYER LTD (AUS)   INT     620990    84,625  15,600      X  TMJ    15,600
CHEUNG KONG INFRASTRUC INT    6212553    76,387  40,000      X  TMJ    40,000
DAH SING FINANCIAL     INT    6249799    69,006  28,000      X  TMJ    28,000
MUTUAL RISK MANAGEMENT COM  628351108 2,601,606  69,031      X  TMJ    69,031
DAO HENG BANK          INT    6287131   132,129  40,000      X  TMJ    40,000
FIRST PACIFIC CO. LTD. INT    6339872    96,000 160,000      X  TMJ   160,000
COSCO PACIFIC          INT    6354251    70,161 150,000      X  TMJ   150,000
GP BATTERIES INT'L (SI INT    6382467    60,012  41,000      X  TMJ    41,000
GUANGDONG KELON (HK)   INT    6391935    92,671 126,000      X  TMJ   126,000
NETWORK ASSOCIATES     COM  640938106 2,991,748 102,501      X  TMJ   102,501
CHINA MERCHANT HOLDING INT    6416139    58,065 100,000      X  TMJ   100,000
NEW CENTURY ENERGIES I COM  64352U103   620,160  18,240      X  TMJ    18,240
HONG KONG ELECTRIC     INT    6435327    75,650  25,000      X  TMJ    25,000
WHARF (HK)             INT    6435576   107,484  70,000      X  TMJ    70,000
HONG KONG & SHANGHAI H INT    6436386    84,452 110,000      X  TMJ   110,000
HONG KONG TELECOM      INT    6436461    59,220  30,000      X  TMJ    30,000
HUTCHISON WHAMPOA      INT    6448068   196,774  25,000      X  TMJ    25,000
IJM CORP (MAL)         INT    6455217    31,832  64,000      X  TMJ    64,000
JOHN FAIRFAX HLDINGS ( INT     646707    96,424  39,000      X  TMJ    39,000
NEW YORK TIMES A       COM   65011110   842,400  28,800      X  TMJ    28,800
LEGEND HOLDINGS        INT    6508821    35,355  80,000      X  TMJ    80,000
NEWELL RUBBERMAID INC  COM  651229106 1,128,046  23,686      X  TMJ    23,686
LI & PUNG              INT    6514635    42,323  20,000      X  TMJ    20,000
NICE SYSTEMS ADR (ISRA INT  653656108 1,207,317  40,926      X  TMJ    40,926
NOKIA ADR (FINLAND)    INT  654902204 3,216,238  20,650      X  TMJ    20,650
MANILLA ELECTRIC COMPA INT    6574833    81,590  24,700      X  TMJ    24,700
MISUKI CORPORATION (JA INT    6595179 1,242,283  43,000      X  TMJ    43,000
NORTHERN STATES POWER  COM   66577210   825,263  35,400      X  TMJ    35,400
OGE ENERGY CORP        COM  670837103   711,450  30,600      X  TMJ    30,600
RALSE CO. LTD (JAPAN)  INT    6721930 1,340,072  74,000      X  TMJ    74,000
SHANGHAI INDUSTRIAL    INT    6810010    45,458  26,000      X  TMJ    26,000
SINGAPORE TECH (SING)  INT    6814250    88,447  98,000      X  TMJ    98,000
SHENZHEN EXPRESSWAY CO INT    6848743    38,968 200,000      X  TMJ   200,000
SUN HUNG KAI PROPERTIE INT    6859927   119,742  16,000      X  TMJ    16,000
TELEVISION BROADCASTS  INT   68816740    40,095  11,000      X  TMJ    11,000
THAI THEPAROS FOOD PRO INT    6883733   100,666  54,000      X  TMJ    54,000
GUANGDONG INVESTMENT L INT    6913168    69,161 400,000      X  TMJ   400,000
P P & L RESOURCES, INC COM  693499105   678,375  27,000      X  TMJ    27,000
WESFARMERS LTD.        INT     694883    93,932  10,000      X  TMJ    10,000
WING HANG BANK         INT    6972374    69,110  26,000      X  TMJ    26,000
CHINA RESOURCES ENT. L INT    6972459   131,226  90,000      X  TMJ    90,000
PARAMETRIC TECHNOLOGY  COM  699173100 8,453,813 429,400      X  TMJ   429,400
THAI UNION PROZEN PROD INT    6B02627    77,550  26,000      X  TMJ    26,000
PITNEY-BOWES INC       COM   72447910 1,657,500  26,000      X  TMJ    26,000
PRECISION CASTPARTS CO COM   74018910   358,225   8,900      X  TMJ     8,900
PUBLIC SERVICE ENTERPR COM   74457310   807,188  21,000      X  TMJ    21,000
REPSOL SA ADR (SPAIN)  INT  76026T205 1,127,500  22,000      X  TMJ    22,000
SAP AG ADR (GERMANY)   INT  803054204 1,973,964  75,020      X  TMJ    75,020
SARA LEE CORPORATION   COM   80311110   207,900   8,400      X  TMJ     8,400
SCHERING PLOUGH CORP   COM   80660510   729,300  13,200      X  TMJ    13,200
SELECT APPOINTMENTS AD INT  81617E203 1,990,888  74,600      X  TMJ    74,600
SIGMA ALDRICH CORP.    COM   82655210   611,756  20,650      X  TMJ    20,650
SIGCORP INC            COM  826912107   647,946  23,998      X  TMJ    23,998
STATE STREET CORP.     COM  857477103 1,641,250  20,000      X  TMJ    20,000
SHOHKOH FUND (JAPAN)   INT    85970JP 2,476,311   4,900      X  TMJ     4,900
STNICROELECTRONICS ADR INT  861012102 2,232,515  22,986      X  TMJ    22,986
SYMBOL TECHNOLOGIES    COM   87150810   334,125   7,425      X  TMJ     7,425
SYSCO CORP             COM   87182910   297,688  11,000      X  TMJ    11,000
TECO ENERGY INC        COM   87237510   822,000  41,100      X  TMJ    41,100
TELLABS                COM  879664100 3,695,700  38,100      X  TMJ    38,100
TEXAS INSTRUMENTS      COM   88250810   236,550   2,400      X  TMJ     2,400
TIMES MIRROR CO        COM  887364107   201,881   3,700      X  TMJ     3,700
UNITED STATIONERS INC  COM  913004107   157,594  10,250      X  TMJ    10,250
WASHINGTON MUTUAL INC  COM  939322103   523,563  13,028      X  TMJ    13,028
WISCONSIN ENERGY CORP  COM   97665710   779,831  29,850      X  TMJ    29,850
LORAL SPACE COMMUNICAT COM  G56462107   226,875  15,000      X  TMJ    15,000
SAWAKO CORP (JAPAN)    INT  JB3323100   577,031 103,800      X  TMJ   103,800
CORE LABORATORIES      COM  N22717107 1,954,613 110,900      X  TMJ   110,900
TOOLEX INTL ADR (NETHE INT  N8715N103   718,773  65,343      X  TMJ    65,343
BHI CORPORATION        COM  P1668J102 1,804,444  64,158      X  TMJ    64,158
                                   ------------                                                                            
        Column TOTALS               129,494,570                 
                                                                            
Miller Global - Subadvisory assets               22,081,332                 

</TABLE>



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