SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
(Rule 13d-102)
INFORMATION STATEMENT PURSUANT TO RULES 13d-1 AND 13d-2
Under the Securities Exchange Act of 1934
(Amendment No. ____1______)*
HOWELL CORPORATION
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(Name of Issuer)
COMMON STOCK
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(Title of Class of Securities)
443051107
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(CUSIP Number)
Check the following box if a fee is being paid with this statement [ ].
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*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).
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CUSIP No. 443051107 13G Page 2_ of 5_ Pages
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1. NAME OF REPORTING PERSON(S)
S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON(S)
Robert L. Gipson
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2. CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) [ ]
(b) [ ]
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3. SEC USE ONLY
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4. CITIZENSHIP OR PLACE OF ORGANIZATION
USA
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NUMBER OF 5. SOLE VOTING POWER
SHARES 220,000
BENEFICIALLY --------------------------------------------------------------
OWNED BY 6. SHARED VOTING POWER
EACH 242,424 (Assuming Conversion of 80,000 $3.50 Convertible
Preferred Shares "CVPRA")
REPORTING --------------------------------------------------------------
PERSON 7. SOLE DISPOSITIVE POWER
WITH 220,000
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8. SHARED DISPOSITIVE POWER
476,215 (assuming conversion of 83000 $3.50 CVPRA shares)
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9. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
696,215
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10. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
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11. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
12.2% (Assuming Conversion of 83,000 $3.50 CVPRA Shares)
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12. TYPE OF REPORTING PERSON*
IN
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*SEE INSTRUCTIONS BEFORE FILLING OUT!
<PAGE>
13G Page 3_ of 5_ Pages
Item 1. (a) Name of Issuer:
HOWELL CORPORATION
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(b) Address of Issuer's Principal Executive Offices:
1111 FANNIN, SUITE 1500, HOUSTON, TX 77002
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Item 2. (a) Name of Person Filing:
Robert L. Gipson
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(b) Address of Principal Business Office, or if None, Residence:
c/o Ingalls & Snyder LLC, 61 BROADWAY, NEW YORK,NY 10006
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(c) Citizenship:
USA
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(d) Title of Class of Securities:
COMMON STOCK
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(e) CUSIP Number:
443051107
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Item 3. If this statement is filed pursuant to Rules 13d-1(b), or
13d-2(b), check whether the person filing is a:
(a) [ ] Broker or Dealer registered under Section 15 of the
Act,
(b) [ ] Bank as defined in Section 3(a)(6) of the Act,
(c) [ ] Insurance Company as defined in Section 3(a)(19) of
the Act,
(d) [ ] Investment Company registered under Section 8 of the
Investment Company Act,
(e) [ ] Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940,
(f) [ ] Employee Benefit Plan, Pension Fund which is subject
to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see Section
240.13d-1(b)(ii)(F); see Item 7,
(g) [ ] Parent Holding Company, in accordance with Section
240.13d-1(b)(1)(ii)(G); see Item 7,
(h) [ ] Group, in accordance with Section
240.13d-1(b)(1)(ii)(H).
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13-G Page 4_ of 5_ Pages
Item 4. Ownership.
If more than five percent of the class is owned, indicate:
(a) Amount beneficially owned: 696,215
(Assuming conversion of 89,000 $3.50 CV PRA shares.)
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(b) Percent of class: 12.2%
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(c) Number of shares as to which such person has:
(i) Sole power to vote or to direct the vote 220,000
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(ii) Shared power to vote or to direct the vote 242,424
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(Assuming conversion of 80,000 $3.50 CVPRA shares)
(iii) Sole power to dispose or to direct the disposition of
220,000
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(iv) Shared power to dispose or to direct the disposition of
476,215 (assuming conversion of 83,000 $3.50 CV PR A
shares)
--------------------------------------------------, and
(d) Shares which there is a right to acquire: 0
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Item 5. Ownership of Five Percent or Less of a Class.
Item 6. Ownership of More Than Five Percent on Behalf of Another Person.
Shares beneficially owned by the reporting person reflect the
following:
224,700 shares held in brokerage accounts over which
the reporting person has discretionary dispositive authority,
242,424 shares, assuming conversion of 80,000 $3.50 CVPRA
shares, held by Ingalls & Snyder Value Partners, L.P. ("ISVP")
9,091 shares, assuming conversion of 3000 CVPRA shares held by
other such discretionary accounts
220,000 shares held individually Robert L. Gipson, a Senior
Director of Ingalls & Snyder LLC.
Robert L. Gipson and Thomas O. Boucher, Jr., a Managing Director of Ingalls &
Snyder LLC, are General Partners of ISVP and share voting authority over the
shares owned by ISVP.
Item 7. Identification and Classification of the Subsidiary which Acquired
the Security Being Reported on By the Parent Holding Company.
Item 8. Identification and Classification of Members of the Group.
Item 9. Notice of Dissolution of Group.
Item 10. Certification.
By signing below I certify that, to the best of my
knowledge and belief, the securities referred to above were acquired
in the ordinary course of business and were not acquired for the
purpose of and do not have the effect of changing or influencing the
control of the issuer of such securities and were not acquired in
connection with or as a participant in any transaction having such
purpose or effect.
<PAGE>
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.
Date: 03/31/99
/s/Robert L. Gipson
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(Signature)*
Robert L. Gipson
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(Name/Title)
* Attention. Intentional misstatements or omissions of fact constitute federal
criminal violations (see 18 U.S.C. 1001).
(022597DTI)