SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
Lone Star Industries, Inc.
(Name of Issuer)
Common Stock, $1.00 par value
(Title of Class of Securities)
542290408
(CUSIP Number)
David W. Wallace
Lone Star Industries, Inc.
300 Stamford Place
P. O. Box 120014
Stamford, CT 06912-0014
(203) 969-8515
(Name, Address and Telephone Number of
Person Authorized to Receive Notices
and Communications)
November 22, 1996
(Date of Event which Requires Filing
of this Statement)
If the filing person has previously filed a statement on Schedule
13G to report the acquisition which is the subject of this
Schedule 13D, and is filing this schedule because of Rule 13d-
1(b)(3) or (4), check the following box: / /
Check the following box if a fee is being paid with this
statement: /x/
SCHEDULE 13D
CUSIP No. 542290408 Page 1 of 4 Pages
1. NAME OF REPORTING PERSON
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
David W. Wallace
SSN ###-##-####
2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (a) / /
(b) /x/
3. SEC USE ONLY
4. SOURCE OF FUNDS
WC
5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED
PURSUANT TO ITEMS 2(d) or 2(e) / /
6. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
7. SOLE VOTING POWER
61,715
8. SHARED VOTING POWER
487,500
9. SOLE DISPOSITIVE POWER
62,492
10. SHARED DISPOSITIVE POWER
487,500
11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
549,992
12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES
CERTAIN SHARES /X/
13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (11)
5.17%
14. TYPE OF REPORTING PERSON
IN
Item 1. Security and Issuer
This statement relates to the Common Stock of Lone Star
Industries, Inc., 300 First Stamford Place, Stamford, CT 06912.
Item 2. Identity and Background
David W. Wallace
Chairman and Chief Executive Officer
Lone Star Industries, Inc.
300 First Stamford Place
Stamford, CT 06912
Mr. Wallace, a United States citizen, has not been convicted
of a criminal proceeding or a party to a civil proceeding of the
type specified in this Item.
Item 3. Sources and Amount of Funds or other Consideration
See Item 4, facing page.
Item 4. Purpose of Transaction.
Investment purposes.
Item 5. See Items 7-13, facing page.
487,500 shares are owned by the Robert R. Young Foundation of
which Mr. Wallace is an executive officer and trustee. Other
executive officers and trustees -- with whom Mr. Wallace shares
voting and dispositive power over the shares owned by the
Foundation -- are Mr. Wallace's wife and two daughters. None of
the executive officers/trustees has any pecuniary interest in the
shares held by the Robert R. Young Foundation.
Mrs. Wallace also owns directly 88,099 shares of Common Stock
of Lone Star which are not included in this Report and as to which
Mr. Wallace disclaims beneficial ownership. The Robert R. Young
Foundation disclaims beneficial ownership of all shares held by Mr.
and Mrs. Wallace. Mr. and Mrs. Wallace also disclaim
beneficial ownership of all shares held by the Robert R. Young
Foundation.
Within the past 60 days, the Robert R. Young Foundation,
through open market transactions, has purchased an aggregate of
approximately 171,000 shares at prices ranging from $32.25 to
$38.00. In addition, Mr. Wallace participates in the Lone Star
Industries Employee Stock Purchase Plan, which provides that a
participant may vote and dispose of shares in his or her account.
Included in this Report are the 1,778 shares held in Mr. Wallace's
account on November 11, 1996. The reported number includes 777
shares issuable upon the exercise of warrants that are currently
exercisable and have an exercise price of $18.75.
Item 6. Contracts, Arrangements, Understandings or Relationships
with Respect to Securities of the Issuer.
None.
Item 7. Materials to be Filed as Exhibits.
None.
Signature
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
November 22, 1996 /s/ David W. Wallace
Date Signature
Name: David W. Wallace
Title: Chairman of the Board
and Chief Executive
Officer
