BOYS ARNOLD & CO INC
13F-HR, 1999-05-05
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                            UNITED STATES
                  SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C.  20549

                              FORM 13F

                        FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended: March 31, 1999

Check Here if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:    Boys, Arnold and Company
Address: P.O. Drawer 5255
         Asheville, NC  28813-5255

13F File Number:   801-13200

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.


Person Signing this Report on Behalf of Reporting Manager:

Name:     John B. Kuhns
Title:    Vice President
Phone:    828-274-1542
Signature, Place, and Date of Signing:

    John B. Kuhns   Asheville, North Carolina   March 31, 1999

Report Type (Check only one.):
[ X]        13F HOLDINGS REPORT.

[  ]        13F NOTICE.

[  ]        13F COMBINATION REPORT.


List of Other Managers Reporting for this Manager:


I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
<TABLE>
                                                                  FORM 13F INFORMATION TABLE                                        
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY     
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE  
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
ABBOTT LABORATORIES            COM              002824100     2652    56645 SH       SOLE                    56645                 
AEGON N.V.                     COM              007924103      207     2300 SH       SOLE                     2300                 
AFLAC                          COM              001055102      516     9480 SH       SOLE                     9480                 
AMER. HOME PRODUCTS            COM              026609107     1989    30478 SH       SOLE                    30478                 
AMERICA ONLINE                 COM              02364J104      278     1888 SH       SOLE                     1888                 
AMERICAN EXPRESS               COM              025816109      455     3860 SH       SOLE                     3860                 
AMERICAN INTERNATIONAL GROUP   COM              026874107      361     2990 SH       SOLE                     2990                 
AMERITECH                      COM              030954101      495     8587 SH       SOLE                     8587                 
AMGEN                          COM              031162100     1614    21560 SH       SOLE                    21560                 
ANHEUSER BUSCH                 COM              035229103      582     7650 SH       SOLE                     7650                 
AT HOME                        COM              045919107     7863    49925 SH       SOLE                    49925                 
AT&T                           COM              001957109     7791    97622 SH       SOLE                    97622                 
AUTOMATIC DATA PROC.           COM              053015103     4803   116085 SH       SOLE                   116085                 
AVERY DENNISON                 COM              053611109      408     7100 SH       SOLE                     7100                 
BAKER-HUGHES                   COM              057224107      219     9000 SH       SOLE                     9000                 
BANK OF AMERICA                COM              060505104     7609   107735 SH       SOLE                   107735                 
BANK OF NEW YORK               COM              064057102      266     7396 SH       SOLE                     7396                 
BB&T                           COM              054937107     3255    89936 SH       SOLE                    89936                 
BECTON DICKINSON               COM              075887109     3687    96240 SH       SOLE                    96240                 
BELL ATLANTIC                  COM              077853109     1292    25006 SH       SOLE                    25006                 
BELLSOUTH                      COM              079860102     1310    32710 SH       SOLE                    32710                 
BERKSHIRE HATHAWAY - CL B      COM              084670207      903      384 SH       SOLE                      384                 
BMC SOFTWARE                   COM              055921100      263     7100 SH       SOLE                     7100                 
BOEING                         COM              097023105      263     7750 SH       SOLE                     7750                 
BORDEN CHEM & PLASTIC          COM              099541203      387    50000 SH       SOLE                    50000                 
BOSTON PRIVATE FINL HOLDING    COM              101119105      229    31050 SH       SOLE                    31050                 
BP AMOCO PLC                   ADR              055622104     1773    17552 SH       SOLE                    17552                 
BRISTOL-MYERS SQUIBB           COM              110122108     7466   116430 SH       SOLE                   116430                 
BROADCOM                       COM              111320107      376     6100 SH       SOLE                     6100                 
BROWNING FERRIS                COM              115885105    16383   424848 SH       SOLE                   424848                 
BURR-BROWN                     COM              122574106     1636    69600 SH       SOLE                    69600                 
CAMPBELL SOUP CO               COM              134429109      325     8000 SH       SOLE                     8000                 
CAPITAL ONE FINANCIAL          COM              14040H105      886     5870 SH       SOLE                     5870                 
CAROLINA PWR & LIGHT           COM              144141108      642    16966 SH       SOLE                    16966                 
CBS                            COM              12490K107      245     6000 SH       SOLE                     6000                 
CCB FINANCIAL                  COM              124875105      205     3800 SH       SOLE                     3800                 
CENTURA BANKS                  COM              15640T100     1730    29735 SH       SOLE                    29735                 
CHARLES SCHWAB                 COM              808513105      274     2850 SH       SOLE                     2850                 
CHEVRON                        COM              166751107      447     5038 SH       SOLE                     5038                 
CINCINNATI BELL                COM              171870108      622    27734 SH       SOLE                    27734                 
CINTAS                         COM              172908105     1506    23030 SH       SOLE                    23030                 
CISCO SYSTEMS                  COM              17275R102    10586    96619 SH       SOLE                    96619                 
CITIGROUP                      COM              172967101     5734    89774 SH       SOLE                    89774                 
COCA-COLA                      COM              191216100     4818    78507 SH       SOLE                    78507                 
COLGATE-PALMOLIVE              COM              194162103     1004    10915 SH       SOLE                    10915                 
COMPAQ COMPUTER                COM              204493100     4693   148110 SH       SOLE                   148110                 
COMPUTER ASSOC. INTL           COM              204912109      240     6750 SH       SOLE                     6750                 
CONAGRA                        COM              205887102      326    12706 SH       SOLE                    12706                 
CONVERGYS                      COM              212485106      679    39634 SH       SOLE                    39634                 
COX COMMUNICATIONS             COM              224044107      529     7000 SH       SOLE                     7000                 
DATASTREAM SYSTEMS             COM              238124101      315    36500 SH       SOLE                    36500                 
DIEBOLD                        COM              253651103     3634   151409 SH       SOLE                   151409                 
DIMON                          COM              254394109      109    28621 SH       SOLE                    28621                 
DOLLAR GENERAL                 COM              256669102      744    21875 SH       SOLE                    21875                 
DUKE POWER                     COM              264399106     1259    22966 SH       SOLE                    22966                 
DUPONT                         COM              263534109     2864    49330 SH       SOLE                    49330                 
DYNAMICS RESEARCH              COM              268057106       65    12599 SH       SOLE                    12599                 
EAGLE PACIFIC INDUSTRIES       COM              269719100       88    55000 SH       SOLE                    55000                 
ELI LILLY                      COM              532457108     6128    72196 SH       SOLE                    72196                 
EMC                            COM              268648102      346     2707 SH       SOLE                     2707                 
EMERSON ELECTRIC               COM              291011104      570    10760 SH       SOLE                    10760                 
ENRON                          COM              293561106      408     6350 SH       SOLE                     6350                 
EXXON                          COM              302290101     7445   105509 SH       SOLE                   105509                 
FEDERAL NATL MTG ASSN          COM              313586109     7246   104635 SH       SOLE                   104635                 
FIRST CHARTER                  COM              319439105      300    15787 SH       SOLE                    15787                 
FIRST UNION                    COM              337358105     3291    61586 SH       SOLE                    61586                 
FORD MOTOR CO.                 COM              345370100      210     3700 SH       SOLE                     3700                 
FORTUNE BRANDS                 COM              349631101      388    10083 SH       SOLE                    10083                 
FPL GROUP                      COM              302571104      295     5532 SH       SOLE                     5532                 
GANNETT                        COM              364730101      338     5366 SH       SOLE                     5366                 
GENERAL ELECTRIC               COM              369604103    27222   246078 SH       SOLE                   246078                 
GENERAL MILLS                  COM              370334104      410     5423 SH       SOLE                     5423                 
GENTEX                         COM              371901109     4152   192550 SH       SOLE                   192550                 
GILLETTE                       COM              375766102     5175    87063 SH       SOLE                    87063                 
GLAXO WELCOME PLC              ADR              37733W105      870    13000 SH       SOLE                    13000                 
GTE                            COM              362320103      991    16381 SH       SOLE                    16381                 
HEINZ                          COM              423074103      371     7825 SH       SOLE                     7825                 
HERSHEY FOODS                  COM              427866108      428     7640 SH       SOLE                     7640                 
HEWLETT PACKARD                COM              428236103     7114   104914 SH       SOLE                   104914                 
HOME DEPOT                     COM              437076102     1386    22268 SH       SOLE                    22268                 
HOMEGOLD FINANCIAL             COM              43740E104      390   270992 SH       SOLE                   270992                 
IKON OFFICE SOLUTIONS          COM              451713101     1371   106992 SH       SOLE                   106992                 
ILLINOIS TOOL WORKS            COM              452308109     4498    72696 SH       SOLE                    72696                 
INTEL                          COM              458140100    12320   103641 SH       SOLE                   103641                 
INTERNATIONAL BUSINESS MACHINE COM              459200101     7838    44221 SH       SOLE                    44221                 
INTERPUBLIC                    COM              460690100     5796    74422 SH       SOLE                    74422                 
JOHNSON & JOHNSON              COM              478160104     8627    92272 SH       SOLE                    92272                 
KEANE                          COM              486665102      238    11150 SH       SOLE                    11150                 
KIMBERLY-CLARK                 COM              494368103      291     6080 SH       SOLE                     6080                 
LEXMARK                        COM              529771107     1415    12650 SH       SOLE                    12650                 
LOWES COMPANIES                COM              548661107    17742   293260 SH       SOLE                   293260                 
LUCENT TECHNOLOGY              COM              549463107     4489    41562 SH       SOLE                    41562                 
MC DONALDS                     COM              580135101     7040   155364 SH       SOLE                   155364                 
MCI WORLDCOM                   COM              98155K102      572     6457 SH       SOLE                     6457                 
MEDTRONIC                      COM              585055106     4537    63120 SH       SOLE                    63120                 
MERCK                          COM              589331107     5587    69733 SH       SOLE                    69733                 
MICROSOFT                      COM              594918104      923    10298 SH       SOLE                    10298                 
MINNESOTA MINING &  MANUFACTUR COM              604059105      307     4338 SH       SOLE                     4338                 
MOBIL                          COM              607059102     3120    35453 SH       SOLE                    35453                 
MONSANTO                       COM              611662107     5849   127315 SH       SOLE                   127315                 
MOTOROLA                       COM              620076109     6686    91271 SH       SOLE                    91271                 
NETWORK APPLIANCE              COM              64120L104      251     4950 SH       SOLE                     4950                 
NIKE INC -CL B                 COM              654106103      268     4650 SH       SOLE                     4650                 
NORFOLK SOUTHERN               COM              655844108      463    17536 SH       SOLE                    17536                 
NORTHERN TELECOM LTD           COM              656569100     6736   108420 SH       SOLE                   108420                 
OLD KENT FINANCIAL             COM              679833103      237     5595 SH       SOLE                     5595                 
PEPSICO                        COM              713448108     5825   148640 SH       SOLE                   148640                 
PFIZER                         COM              717081103     6318    45532 SH       SOLE                    45532                 
PHILIP MORRIS                  COM              718154107      400    11365 SH       SOLE                    11365                 
PITNEY BOWES                   COM              724479100      682    10700 SH       SOLE                    10700                 
PROCTER & GAMBLE               COM              742718109     3235    33035 SH       SOLE                    33035                 
PROTECTIVE LIFE                COM              743674103     6198   163633 SH       SOLE                   163633                 
PROVIDIAN                      COM              74406A102      462     4200 SH       SOLE                     4200                 
QUAKER OATS                    COM              747402105      349     5600 SH       SOLE                     5600                 
RESORTQUEST INTERNATIONAL      COM              761183102      295    18427 SH       SOLE                    18427                 
ROYAL DUTCH                    COM              780257804     3893    74865 SH       SOLE                    74865                 
SARA LEE                       COM              803111103     5524   223175 SH       SOLE                   223175                 
SBC COMMUNICATIONS             COM              78387G103     1140    24163 SH       SOLE                    24163                 
SCHERING PLOUGH                COM              806605101     5458    98790 SH       SOLE                    98790                 
SCHLUMBERGER                   COM              806857108     3380    56161 SH       SOLE                    56161                 
SCHULMAN A                     COM              808194104      243    17800 SH       SOLE                    17800                 
SHAW INDUSTRIES                COM              820286102     2059   111300 SH       SOLE                   111300                 
SHERWIN-WILLIAMS               COM              824348106      472    16800 SH       SOLE                    16800                 
SMITHKLINE BEECHAM PLC         ADR              832378301      386     5400 SH       SOLE                     5400                 
SONOCO PRODUCTS                COM              835495102     1146    49819 SH       SOLE                    49819                 
SOUTHERN COMMUNITY BANK & TRUS COM              842630105      378    13750 SH       SOLE                    13750                 
SOUTHTRUST                     COM              844730101     4459   119499 SH       SOLE                   119499                 
STRYKER                        COM              863667101     1420    28150 SH       SOLE                    28150                 
SUN MICROSYSTEMS               COM              866810104      617     4930 SH       SOLE                     4930                 
SUN TRUST BANKS                COM              867914103      452     7254 SH       SOLE                     7254                 
SYSCO                          COM              871829107     1308    49696 SH       SOLE                    49696                 
TEXAS INSTRUMENTS              COM              882508104     3079    31023 SH       SOLE                    31023                 
TIMES MIRROR CO. CL A          COM              887364107      704    13000 SH       SOLE                    13000                 
TOSCO                          COM              891490302      236     9500 SH       SOLE                     9500                 
TRICOM SA                      COM              89612A100     2002   242700 SH       SOLE                   242700                 
U.S. BANCORP                   COM              902973106      265     7779 SH       SOLE                     7779                 
UNISOURCE WORLDWIDE            COM              909208100      265    37216 SH       SOLE                    37216                 
US WEST                        COM              91273H101      332     6033 SH       SOLE                     6033                 
WACHOVIA                       COM              929771103     3929    48393 SH       SOLE                    48393                 
WAL-MART                       COM              931142103    10512   114025 SH       SOLE                   114025                 
WALGREEN                       COM              931422109     1221    43208 SH       SOLE                    43208                 
WALT DISNEY                    COM              254687106     3307   106251 SH       SOLE                   106251                 
WARNER-LAMBERT                 COM              934488107      757    11420 SH       SOLE                    11420                 
WATSON PHARMACEUTICAL          COM              942683103      541    12250 SH       SOLE                    12250                 
WILLIAMS COMPANIES             COM              969457100      752    19050 SH       SOLE                    19050                 
XOMA                           COM              G9825R107       34    11000 SH       SOLE                    11000                 
</TABLE>



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