UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Report for the Calendar Year or Quarter Ended: December 31, 1998
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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: Elias Asset Management
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Address: 500 Essjay Rd. Suite 220
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Williamsville, NY 14221
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Form 13F File Number: 28-
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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: Nicholas Verbanic
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Title: Portfolio Manager
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Phone: 716-633-3800
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Signature, Place, and Date of Signing:
/s/ Nicholas Verbanic Williamsville, NY August 12, 1999
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[Signature] [City, State] [Date]
Report Type (Check only one.):
[ X ] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting
manager are reported in this report.
[ ] 13F NOTICE. (Check here if no holdings reported are in this report,
and all holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for
this reporting manager are reported in this report and a portion are
reported by other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
<PAGE>
Form 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
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Form 13F Information Table Entry Total: 86
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Form 13F Information Table Value Total: $355,216
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(thousands)
List of other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all
institutional investment managers with respect to which this report is filed,
other than the manager filing this report.
[If there are no entries in this list, state "NONE" and omit the column headings
and list entries.]
<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>
AT & T com 001957109 14166 187015 SH SOLE 187015
America Online com 02364J104 1070 6900 SH SOLE 6900
American Express com 025816109 14919 145550 SH SOLE 145550
American International Group com 026874107 11146 115351 SH SOLE 115351
American Precision com 029069101 2771 268700 SH SOLE 268700
Amgen com 031162100 1108 10600 SH SOLE 10600
Ascend Communications com 043491109 782 11900 SH SOLE 11900
Bank One Corp. com 06423A103 12475 244310 SH SOLE 244310
Bankamerica Corp. com 060505104 262 4357 SH SOLE 4357
Bristol Myers Squibb com 110122108 17347 129636 SH SOLE 129636
CBS Corporation com 12490K107 1326 40400 SH SOLE 40400
Cisco Sys Inc. com 17275R102 979 10553 SH SOLE 10553
Citigroup com 172967101 9635 193922 SH SOLE 193922
Compaq Computer com 204493100 12958 308522 SH SOLE 308522
Exxon Corp com 302290101 12135 165949 SH SOLE 165949
Fannie Mae com 313586109 12034 162625 SH SOLE 162625
Federal Mogul Corp. com 313549107 452 7600 SH SOLE 7600
GATX, Corp. com 361448103 12873 339890 SH SOLE 339890
General Electric com 369604103 18139 177838 SH SOLE 177838
Gillette Inc. com 375766102 543 11348 SH SOLE 11348
Hartford Financial Svcs Grp com 416515104 664 12100 SH SOLE 12100
Intel Corp. com 458140100 20507 172963 SH SOLE 172963
International Business Machine com 459200101 437 2371 SH SOLE 2371
Johnson & Johnson com 478160104 14517 173083 SH SOLE 173083
KeyCorp com 493267108 320 10000 SH SOLE 10000
Lilly, Eli & Co. com 532457108 12192 137180 SH SOLE 137180
Lucent Technologies com 549463107 12625 114838 SH SOLE 114838
MCI WorldCom Inc. com 55268B106 15227 212227 SH SOLE 212227
Media One Group, Inc. com 58440J104 630 13400 SH SOLE 13400
Merck and Co. com 589331107 17002 115270 SH SOLE 115270
Merrill-Lynch com 590188108 8356 125185 SH SOLE 125185
Microsoft, Inc. com 594918104 8708 62790 SH SOLE 62790
Pepsico Inc. com 713448108 476 11650 SH SOLE 11650
Procter & Gamble com 742718109 11355 124351 SH SOLE 124351
Schering-Plough com 806605101 10074 182335 SH SOLE 182335
United Technologies com 913017109 10275 94485 SH SOLE 94485
Wal-Mart Stores com 931142103 11317 138970 SH SOLE 138970
Walt Disney Co. com 254687106 12178 405945 SH SOLE 405945
Abbott Labs com 002824100 243 4950 SH SOLE 4950
American Express com 025816109 346 3375 SH SOLE 3375
American Home Products com 026609107 1033 18320 SH SOLE 18320
American International Group com 026874107 219 2268 SH SOLE 2268
Amgen com 031162100 1359 13000 SH SOLE 13000
Autonation com 05329W102 356 6000 SH SOLE 6000
Banc One Corp. com 06423A103 266 5200 SH SOLE 5200
Bankamerica Corp. com 060505104 232 3852 SH SOLE 3852
Bestfoods com 08658U101 538 10100 SH SOLE 10100
Bristol Myers Squibb com 110122108 1927 14400 SH SOLE 14400
Century Business Services com 156490104 259 18000 SH SOLE 18000
Chevron com 166751107 348 4200 SH SOLE 4200
Citigroup com 173034109 204 4100 SH SOLE 4100
Colgate - Palmolive com 194162103 409 4400 SH SOLE 4400
Colonial Bancgroup com 195493309 216 18000 SH SOLE 18000
Compaq Computer com 204493100 271 6450 SH SOLE 6450
Computer Task Group com 205477102 3557 131150 SH SOLE 131150
Corning Inc. com 219350105 294 6541 SH SOLE 6541
DuPont E.I. com 263534109 558 10516 SH SOLE 10516
Exxon Corp com 302290101 2139 29248 SH SOLE 29248
Fannie Mae com 313586109 522 7050 SH SOLE 7050
General Electric com 369604103 3629 35580 SH SOLE 35580
Gillette Inc. com 375766102 1513 31634 SH SOLE 31634
Intel Corp. com 458140100 1031 8700 SH SOLE 8700
International Business Machine com 459200101 745 4040 SH SOLE 4040
Iomega Corp. com 462030107 73 10000 SH SOLE 10000
Jefferson Pilot Corp. com 475070108 228 3037 SH SOLE 3037
Johnson & Johnson com 478160104 566 6750 SH SOLE 6750
Lilly, Eli & Co. com 532457108 355 4000 SH SOLE 4000
Lucent Technologies com 549463107 432 3926 SH SOLE 3926
Mellon Bank Corp. com 585509102 279 4056 SH SOLE 4056
Merck and Co. com 589331107 1696 11500 SH SOLE 11500
Microsoft, Inc. com 594918104 585 4216 SH SOLE 4216
Mobil com 607059102 727 8348 SH SOLE 8348
Motorola com 620076109 208 3400 SH SOLE 3400
Pfizer com 717081103 450 3600 SH SOLE 3600
Pharmacia & Upjohn Inc. com 716941109 200 3535 SH SOLE 3535
Philip Morris com 718154107 351 6555 SH SOLE 6555
Procter & Gamble com 742718109 536 5870 SH SOLE 5870
Rand Capital Corp. com 752185108 8 10000 SH SOLE 10000
Smithkline Beecham PLC Adr Rep com 832378301 222 3200 SH SOLE 3200
Texaco Corp com 881694103 252 4750 SH SOLE 4750
Union Pacific com 907818108 252 5600 SH SOLE 5600
United Technologies com 913017109 454 4175 SH SOLE 4175
WM Wrigley Jr. Co. com 982526105 269 3000 SH SOLE 3000
Walgreen and Co. com 931422109 234 4000 SH SOLE 4000
Walt Disney Co. com 254687106 425 14170 SH SOLE 14170
DuPont E.I. com 263534109 216 4080 SH SOLE 4080
</TABLE>
