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>