<PAGE> OMB Number 3235-0287
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FORM 4
/ / Check this box if no longer
subject to Section 16. Form 4 or
Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION
Washington, D. C. 20549
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of
1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
1. Name and Address of Reporting Person
Avocet Investment Partners, L.P.
111 Congress Ave., Suite 1600, Austin, TX 78701
____________________________________________________________________
(Last) (First) (Middle), (Street), (City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
American Locker Group Incorporated (ALGI)
3. IRS or Social Security Number of Reporting Person (Voluntary) _______
4. Statement for Month/Year
9-98 (1)
5. If Amendment, Date of Original (Month/Year)
10-6-98
6. Relationship of reporting person to issuer
(Check all applicable)
____ Director XXXX 10% Owner
____ Officer (give ____ Other (specify
title below) below)
______________________
7. Individual or Joint/Group Filing (Check Applicable line)
XXXX Form filed by one Reporting Person
____ Form filed by More than One Reporting Person
SEC 1474 (7-96)
<PAGE>
FORM 4 (continued) Page 2 of 8 pages
Table I - Non-Derivative Securities Acquired, Disposed of,
or Beneficially Owned
1. Title of Security (Instr. 3)
Common Stock
2. Transaction Date (Month/Day/Year) `
9/24/98
3. Transaction Code (Instr. 8)
Code V
P _____________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
100 A $24.6800
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4) _____________________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
_________________________________________________________________________
<PAGE>
FORM 4 (continued) Page 3 of 8 Pages
1. Title of Security (Instr. 3)
Common Stock
2. Transaction Date (Month/Day/Year)
9/25/98
3. Transaction Code (Instr. 8)
Code V
P ___________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
200 A $23.1950
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4) _____________________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
_________________________________________________________________________
<PAGE>
FORM 4 (continued) Page 4 of 8 pages
1. Title of Security (Instr. 3)
Common Stock
2. Transaction Date (Month/Day/Year)
9/25/98
3. Transaction Code (Instr. 8)
Code V
P ____________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
700 A $23.3457
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4) _____________________
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
_________________________________________________________________________
<PAGE>
FORM 4 (continued) Page 5 of 8 Pages
1. Title of Security (Instr. 3)
Common Stock
2. Transaction Date (Month/Day/Year)
9/29/98
3. Transaction Code (Instr. 8)
Code V
P _______________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
400 A $23.9975
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4)
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
<PAGE>
FORM 4 (continued) Page 6 of 8 Pages
1. Title of Security (Instr. 3)
Common Stock
2. Transaction Date (Month/Day/Year)
9/30/98
3. Transaction Code (Instr. 8)
Code V
P _______________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)
Amount (A) or (D) Price
200 A $24.1200
5. Amount of Securities Beneficially Owned at End of Month
(Inst. 3 and 4)
251,500
6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)
D
7. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
<PAGE>
FORM 4 (continued) Page 7 of 8 pages
Reminder: Report on a separate line for each class of
securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person,
see Instruction 4(b)(v). SEC 1474 (7-96)
Table II - Derivative Securities Acquired, Disposed of,
or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) ______________________________
2. Conversion or Exercise Price of Derivative Security _________________
3. Transaction Date (Month/Day/Year) ______________
4. Transaction Code (Instr. 8)
Code ______ V ______
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5) (A) _____________ (D) ______________
6. Date Exercisable and Expiration Date (Month/Day/Year)
Date Exercisable Expiration Date
____________________ ________________________
7. Title and Amount of Securities Underlying Derivative Security
(Instr. 3 and 4)
Title _______________________ Amount or Number of Shares ________
8. Price of Derivative Security (Instr. 5) _______________
9. Number of derivative Securities Beneficially Owned at End of Month
(Instr. 4) _______________
10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4) __________________
11. Nature of Indirect Beneficial Ownership (Inst. 4)
____________________________________________________________________
_________________________________________________________________________
<PAGE>
FORM 4 (continued) Page 8 of 8 pages
Explanation of Responses: AVOCET INVESTMENT PARTNERS, L.P. 11-4-98
Date
By: Avocet Capital Management, L.P.
General Partner
By: GWL Partners, L.P., General Partner
By: GWL Management, L.L.C.
General Partner
By: /s/ G. Walter Loewenbaum
G. Walter Loewenbaum, Manager
**Signature of Reporting Person
** Intentional misstatements or omissions of facts constitute
Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed.
If space is insufficient, See Instruction 6 for procedure.
Potential persons who are to respond to the collection
of information contained in this form are not required to respond
unless the form displays a currently valid OMB Number. SEC 1474 (7-96)
