UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Waibel, James J.
14643 Dallas Parkway Suite 1000
Dallas, TX 75240-8871
USA
2. Issuer Name and Ticker or Trading Symbol
Elcor Corporation
ELK
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
September 2, 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President - Administration
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock, $1 par value |9/2/97|M | |344 |A |10.250 | | | |
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|9/2/97|M | |152 |A |7.000 |4,806.00 |D | |
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| | | | | | |7,704.001 |I |by ESOP Trustee |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option|$10.250 |9/2/9|M | |344 |D |9/26/|9/26/|Common Stock|344 |$10.250|6,551 |D | |
(Right to Buy) | |7 | | | | |91* |97* | | | | | | |
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|$7.000 |9/2/9|M | |152 |D |9/25/|9/25/|" |152 |$7.000 |6,399 |D | |
| |7 | | | | |92** |98** | " | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
* The option became exercisable in 20% installments on 9/26/91, 9/26/92,
9/26/93, 9/26/94 and 9/26/95
respectively.
**The option became exercisable in 20% installments on 9/25/92, 9/25/93,
9/25/94, 9/25/95 and 9/25/96
respectively.
