UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or 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: Hourglass Capital Management, Inc.
Address: 1601 Elm Street, Suite 1750
Dallas, Texas 75201
13F File Number: 28-4856
The institutional investment manager filing this report and the
person by whom it is signed hereby represent tthat 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: Nora L. Phare
Title: Office Manager
Phone: (214) 754-8750 ext. 220
Signature, Place, and Date of Signing:
Nora L. Phare Dallas, Texas May 14, 1999
Report Type (check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
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FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 72
Form 13F Information Table Value Total: $271,390
List of Other Included Managers:
NONE
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FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALCOA INC. COM 022249106 4107 99720.00 SH SOLE 42065.00 57655.00
ALLTEL CORP. COM 020039103 399 6400.00 SH SOLE 1400.00 5000.00
AMERICA ONLINE COM 02364j104 12757 86785.00 SH SOLE 37830.00 48955.00
AMERICAN EXPRESS COM 025816109 9000 76430.00 SH SOLE 30065.00 46365.00
AMERICAN GENERAL COM 026351106 314 4450.00 SH SOLE 1050.00 3400.00
AMERICAN HOME PRODUCTS COM 026609107 8289127040.00 SH SOLE 48950.00 78090.00
AMERICAN INT'L GRP COM 026874107 12198101126.00 SH SOLE 38051.00 63075.00
AMERITECH COM 030954101 435 7550.00 SH SOLE 6800.00 750.00
AT&T CORP. COM 001957109 8209102855.00 SH SOLE 40740.00 62115.00
ATLANTIC RICHFIELD COM 048825103 614 8400.00 SH SOLE 8400.00
ATMOS ENERGY COM 049560105 442 18350.00 SH SOLE 3700.00 14650.00
AUTOMATIC DATA PROCESSING COM 053015103 761 18400.00 SH SOLE 2400.00 16000.00
AVERY DENNISON COM 053611109 6807118385.00 SH SOLE 41825.00 76560.00
BANC ONE CORP COM 059438101 220 4000.00 SH SOLE 4000.00
BANKAMERICA CORP COM 06605f102 1996 28262.00 SH SOLE 6456.00 21806.00
CARDINAL HEALTH COM 14149Y108 5717 86615.00 SH SOLE 33752.00 52863.00
CATALINA MKTG. COM 148867104 206 2400.00 SH SOLE 1800.00 600.00
CATHAY BANCORP COM 149150104 207 5500.00 SH SOLE 5500.00
CHEVRON CORP. COM 166751107 453 5100.00 SH SOLE 5100.00
CISCO SYSTEMS COM 17275R102 8994 82086.00 SH SOLE 33526.00 48560.00
COMPUTER ASSOC. COM 204912109 3504 98527.00 SH SOLE 28752.00 69775.00
CRESCENT REAL ESTATE COM 225756105 335 15600.00 SH SOLE 13450.00 2150.00
DELL COMPUTER COM 247025109 5557135950.00 SH SOLE 58800.00 77150.00
DST SYSTEMS COM 233326107 3045 50700.00 SH SOLE 17725.00 32975.00
DU PONT COM 263534109 252 4340.00 SH SOLE 1140.00 3200.00
EMPIRE DISTRICT ELECTRIC CO. COM 291641108 427 18700.00 SH SOLE 13700.00 5000.00
EXXON CORP. COM 302290101 1780 25224.00 SH SOLE 14924.00 10300.00
FEDERAL NATIONAL MORTGAGE COM 313586109 1593 23000.00 SH SOLE 23000.00
FIRSTAR CORP COM 33763v109 4776 53360.00 SH SOLE 23665.00 29695.00
GABLES RESIDENTIAL TRUST COM 362418105 246 11200.00 SH SOLE 9600.00 1600.00
GAP INC COM 364760108 1843 27375.00 SH SOLE 27375.00
GATX CORP. COM 361448103 5144156160.00 SH SOLE 70735.00 85425.00
GENERAL ELECTRIC COM 369604103 9130 82530.00 SH SOLE 31430.00 51100.00
GILLETTE CO. COM 375766102 6723113112.00 SH SOLE 40600.00 72512.00
HEINZ (H.J.) COM 423074103 227 4800.00 SH SOLE 1500.00 3300.00
HERSHEY FOODS COM 427866108 1065 19000.00 SH SOLE 19000.00
HOME DEPOT COM 437076102 644 10350.00 SH SOLE 6400.00 3950.00
HSB GROUP INC. COM 40428N109 538 14480.00 SH SOLE 7400.00 7080.00
IBM CORP. COM 459200101 8502 47965.00 SH SOLE 18115.00 29850.00
INTEL CORP. COM 458140100 630 5300.00 SH SOLE 800.00 4500.00
J C PENNY CO. COM 708160106 259 6400.00 SH SOLE 2700.00 3700.00
JOHNSON & JOHNSON COM 478160104 8353 89333.00 SH SOLE 31905.00 57428.00
KOALA CORP COM 499866101 276 13300.00 SH SOLE 12500.00 800.00
KOHLS CORP. COM 500255104 5999 84645.00 SH SOLE 38150.00 46495.00
LINCOLN NATIONAL COM 534187109 430 4350.00 SH SOLE 950.00 3400.00
LUCENT TECH. COM 549463107 6592 61040.00 SH SOLE 23370.00 37670.00
MARSH & MCLENNAN COM 571748102 8088108925.00 SH SOLE 39355.00 69570.00
MCI WORLDCOM INC. COM 5526B1062 6463 72975.00 SH SOLE 32935.00 40040.00
MCKESSON HBOC COM 581557105 4299 65134.00 SH SOLE 28454.00 36680.00
MEDTRONIC INC COM 585055106 7938110440.00 SH SOLE 43435.00 67005.00
MELLON BANK CORP. COM 585509102 5985 85045.00 SH SOLE 39505.00 45540.00
MERCK & CO. COM 589331107 2099 26200.00 SH SOLE 2200.00 24000.00
MICROSOFT INC. COM 594918104 7320 81670.00 SH SOLE 32750.00 48920.00
MIDCAP S&P DEPOSITORY RECEIPTS COM 595635103 307 4455.00 SH SOLE 2345.00 2110.00
MOBIL CORP. COM 607059102 6438 73155.00 SH SOLE 23870.00 49285.00
MORGAN (J.P.) & CO. COM 616880100 308 2500.00 SH SOLE 2500.00
OMNICOM GROUP COM 681919106 7367 92165.00 SH SOLE 33230.00 58935.00
PHILLIPS PETROLEUM COM 718507106 572 12100.00 SH SOLE 8000.00 4100.00
PRENTISS PROPERTIES COM 740706106 236 12600.00 SH SOLE 12200.00 400.00
PROCTER & GAMBLE COM 742718109 6496 66330.00 SH SOLE 21960.00 44370.00
SCHERING-PLOUGH COM 806605101 8902161117.00 SH SOLE 58005.00 103112.00
SEACOAST FINL SVCS COM 81170q106 246 24901.00 SH SOLE 24901.00
SOUTHERN CO. COM 842587107 309 13250.00 SH SOLE 11750.00 1500.00
SOUTHWEST AIR COM 844741108 6239206238.00 SH SOLE 79949.00 126289.00
SPRINT CORP COM 852061100 7418 75595.00 SH SOLE 26975.00 48620.00
STANDARD & POOR'S DEP RECPTS COM 78462F103 2684 20910.00 SH SOLE 7165.00 13745.00
TEXACO INC. COM 881694103 4739 83510.00 SH SOLE 31965.00 51545.00
THE WILLIAMS CO. COM 969457100 213 5400.00 SH SOLE 5400.00
WALT DISNEY CO. COM 254687106 4429142296.00 SH SOLE 49978.00 92318.00
WARNER-LAMBERT COM 934488107 5852 88335.00 SH SOLE 39995.00 48340.00
WD-40 CO. COM 929236107 231 7950.00 SH SOLE 7950.00
XEROX CORP. COM 984121103 6218119295.00 SH SOLE 41785.00 77510.00
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