ARGUS INVESTORS COUNSEL INC
13F-HR, 1999-04-26
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FORM 13F COVER PAGE

Report for the 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:	Argus Investors' Counsel Inc.
Address:	100 Prospect Street, South Tower
		Stamford, CT  06901

13F File number:28-542

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:	Herman Roseman
Title:	President
Phone:	203-316-9000
Signature, Place, and Date of Signing
	Herman I. Roseman   Stamford, CT   April 26, 1999

Report Type (Check only one.):

[X]  	13F Holdings Report.

[ ]		13F Notice.

[ ] 		13F Combination Report.

List of other Managers Reporting for this Manager:  NONE

I am signing this report as required by the Securities Exchange Act 
of 1934.

FORM 13F SUMMARY PAGE

Report Summary:

Number of other included Managers:			0

Form 13F information Table Entry Total:750

Form 13F Information Table Value Total:1,955,300

List of other Included managers:NONE	


FORM 13F INFORMATION TABLE
<TABLE>                <C>                         <C>

NAME OF ISSUER                     TITLE OF CLASS             CUSIP     VALUE(K)  SH/P AMT    S/P P/C    INV DSC 
MANAGERS    SOLE      SHARED  NONE
AT&T CORP                          COMMON                    1957109         22832      286075SH         SOLE                    
280475       0     600
ABBOTT LABS                        COMMON                    2824100          3988       85190SH         SOLE                     
78090       0       0
AIR PRODS & CHEMS INC              COMMON                    9158106         27427      800775SH         SOLE                    
788175       0    1000
ALBERTSONS INC                     COMMON                    13104104        24437      448900SH         SOLE                    
443500       0       0
ALCOA INC                          COMMON                    13817101        27461      666720SH         SOLE                    
658520       0       0
AMERICA ONLINE INC DEL             COMMON                   02364J104        33594      228530SH         SOLE                    
225230       0       0
AMERICAN EXPRESS CO                COMMON                    25816109        29810      253160SH         SOLE                    
249360       0     500
AMERICAN INTL GROUP INC            COMMON                    26874107        33981      281710SH         SOLE                    
278110       0       0
ARCHER DANIELS MIDLAND C           COMMON                    39483102        24722     1683230SH         SOLE                   
1662499       0       0
ARMSTRONG WORLD INDS INC           COMMON                    42476101         1157       25600SH         SOLE                     
25000       0     600
ATLANTIC RICHFIELD CO              COMMON                    48825103          589        8050SH         SOLE                      
8050       0       0
AUTOMATIC DATA PROCESSIN           COMMON                    53015103        22878      552945SH         SOLE                    
552145       0     800
BP AMOCO P L C                     DEPOSITORY RECEI          55622104         6350       62869SH         SOLE                     
62869       0       0
BECTON DICKINSON & CO              COMMON                    75887109        27527      718485SH         SOLE                    
710185       0       0
BRISTOL MYERS SQUIBB CO            COMMON                   110122108          212        3310SH         SOLE                      
1310       0    2000
CAMPBELL SOUP CO                   COMMON                   134429109         1203       29560SH         SOLE                     
29560       0       0
CATERPILLAR INC DEL                COMMON                   149123101        24963      543415SH         SOLE                    
535815       0       0
CHASE MANHATTAN CORP NEW           COMMON                   16161A108        25417      312350SH         SOLE                    
307650       0       0
CISCO SYS INC                      COMMON                   17275R102        30855      281620SH         SOLE                    
277620       0     200
COLUMBIA/HCA HEALTHCARE            COMMON                   197677107        19913     1051522SH         SOLE                   
1051522       0       0
DEERE & CO                         COMMON                   244199105         1800       46595SH         SOLE                     
46595       0       0
DELTA AIR LINES INC DEL            COMMON                   247361108        33501      482035SH         SOLE                    
475735       0       0
DISNEY WALT COMPANY                COMMON                   254687106        26816      861550SH         SOLE                    
848950       0    1400
DOW CHEMICAL COMPANY               COMMON                   260543103        27851      298868SH         SOLE                    
295468       0       0
EASTMAN KODAK CO                   COMMON                   277461109        25562      400186SH         SOLE                    
394786       0     400
EMERSON ELEC CO                    COMMON                   291011104        23356      441200SH         SOLE                    
435300       0       0
EXXON CORP                         COMMON                   302290101         1037       14700SH         SOLE                     
10200       0       0
FDX CORP                           COMMON                   31304N107        28455      305965SH         SOLE                    
301965       0       0
FEDERAL NATL MTG ASSN              COMMON                   313586109        26068      376435SH         SOLE                    
371835       0       0
FORD MTR CO DEL                    COMMON                   345370100        19440      342925SH         SOLE                    
336525       0       0
GTE CORP                           COMMON                   362320103         2909       48080SH         SOLE                     
48080       0       0
GANNETT INC                        COMMON                   364730101        25781      409220SH         SOLE                    
402720       0    1200
GENERAL ELEC CO                    COMMON                   369604103        30396      274770SH         SOLE                    
270870       0       0
GENERAL MTRS CORP                  COMMON                   370442105         8105       93165SH         SOLE                     
93165       0       0
GENUINE PARTS CO                   COMMON                   372460105        21881      759439SH         SOLE                    
759439       0       0
GOODYEAR TIRE & RUBR CO            COMMON                   382550101        21444      430500SH         SOLE                    
430500       0       0
HEINZ H J CO                       COMMON                   423074103        21738      458846SH         SOLE                    
458846       0       0
HEWLETT PACKARD CO                 COMMON                   428236103        22909      337835SH         SOLE                    
331635       0    1200
INGERSOLL RAND CO                  COMMON                   456866102        29291      590252SH         SOLE                    
582952       0       0
INTEL CORP                         COMMON                   458140100        28194      237170SH         SOLE                    
233520       0     150
INTERNATIONAL BUS MACH             COMMON                   459200101         3936       22205SH         SOLE                     
22205       0       0
INTL FLAVORS FRAGRANCE             COMMON                   459506101        23376      622325SH         SOLE                    
621625       0     700
INTERNATIONAL PAPER CO             COMMON                   460146103         3826       90690SH         SOLE                     
90690       0       0
K MART CORP                        COMMON                   482584109        22457     1335730SH         SOLE                   
1335730       0       0
KIMBERLY CLARK CORP                COMMON                   494368103        25927      540848SH         SOLE                    
532848       0     400
LILLY ELI & CO                     COMMON                   532457108        18401      216800SH         SOLE                    
212000       0    4800
MAY DEPT STORES CO                 COMMON                   577778103        26103      667161SH         SOLE                    
658611       0     450
MCDONALDS CORP                     COMMON                   580135101         7560      166840SH         SOLE                    
157240       0       0
MERCK & CO INC                     COMMON                   589331107         8956      111780SH         SOLE                    
107180       0       0
MICROSOFT CORP                     COMMON                   594918104        30844      344150SH         SOLE                    
336150       0    2400
MINNESOTA MNG & MFG CO             COMMON                   604059105         1533       21665SH         SOLE                     
21065       0     600
MOBIL CORP                         COMMON                   607059102        18156      206320SH         SOLE                    
206320       0       0
MORGAN J P & CO INC                COMMON                   616880100         5584       45260SH         SOLE                     
44760       0     500
MORGAN STAN DEAN WITTR             COM NEW                  617446448         6297       63005SH         SOLE                     
58100       0       0
MOTOROLA INC                       COMMON                   620076109        31202      425965SH         SOLE                    
420365       0       0
NORFOLK SOUTHERN CORP              COMMON                   655844108          528       20000SH         SOLE                     
20000       0       0
PPG INDS INC                       COMMON                   693506107        25098      489715SH         SOLE                    
483415       0       0
PEPSICO INC                        COMMON                   713448108        21834      557170SH         SOLE                    
556770       0     400
PFIZER INC                         COMMON                   717081103          316        2275SH         SOLE                      
2275       0       0
PHELPS DODGE CORP                  COMMON                   717265102        22954      466065SH         SOLE                    
466065       0       0
PITNEY-BOWES INC                   COMMON                   724479100        26952      422770SH         SOLE                    
416870       0       0
PROCTER & GAMBLE CO                COMMON                   742718109         1676       17115SH         SOLE                     
17115       0       0
RAYTHEON CO                        CL B                     755111408        26632      454270SH         SOLE                    
448670       0       0
ROYAL DUTCH PETE CO                DEPOSITORY RECEI         780257804         3749       72100SH         SOLE                     
72100       0       0
SCHLUMBERGER LTD                   COMMON                   806857108        33021      548630SH         SOLE                    
541030       0     300
SONAT INC                          COMMON                   835415100        27916      930530SH         SOLE                    
930530       0       0
TEXAS UTILS CO                     COMMON                   882848104        17323      412450SH         SOLE                    
412450       0       0
UNILEVER N V                       DEPOSITORY RECEI         904784501        22561      339585SH         SOLE                    
335385       0       0
UNION CAMP CORP                    COMMON                   905530101        25186      375205SH         SOLE                    
368705       0       0
UNION PAC CORP                     COMMON                   907818108        25797      482756SH         SOLE                    
482756       0       0
V F CORP                           COMMON                   918204108         2632       55400SH         SOLE                     
55400       0       0
WAL MART STORES INC                COMMON                   931142103         8499       92190SH         SOLE                     
86690       0    1000
WASTE MGMT INC DEL                 COMMON                   94106L109        26615      599785SH         SOLE                    
591733       0     652
WISCONSIN ENERGY CORP              COMMON                   976657106         2241       86000SH         SOLE                     
86000       0       0



</TABLE>


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