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: Ariel Capital Management, Inc.
Address: 307 N. Michigan Ave.
Suite 500
Chicago, IL 60601
13F File Number: 801-18767
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: Cheryl Cargie
Title: Vice President, Head Trader
Phone: 312-726-0140
Signature, Place, and Date of Signing:
Cheryl Cargie Chicago, Illinois May 7, 1999
Report Type (Check only one.):
[ X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
REPORT SUMMARY:
NUMBER OF OTHER INCLUDED MANAGERS: 0
FORM 13F INFORMATION TABLE ENTRY TOTAL: 76
FORM 13F INFORMATION TABLE VALUE TOTAL: $2,834,083,000
LIST OF OTHER INCLUDED MANAGERS:
NO. 13F FILE NUMBER NAME
<PAGE>
<TABLE> <C> <C>
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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- ---------------
ACNIELSEN CORP COM COM 004833109 6968 256900 SH SOLE 256900 0 0
ALLERGAN INC COM 018490102 19592 222950 SH SOLE 222950 0 0
AMBAC INC COM COM 023139108 7922 146700 SH SOLE 146700 0 0
AMERICAN MEDIA INC CL A COM 02744L100 52523 9134520 SH SOLE 9134520 0 0
AVERY DENNISON CORP COM COM 053611109 8953 155700 SH SOLE 155700 0 0
BAUSCH & LOMB INC COM 071707103 11551 177700 SH SOLE 177700 0 0
BERLITZ INTL INC NEW COM COM 08520F100 1595 70500 SH SOLE 70500 0 0
BOB EVANS FARMS COM 096761101 87012 4350620 SH SOLE 4350620 0 0
BRADY W H CO CL A COM 104674106 85808 4098305 SH SOLE 4098305 0 0
CARNIVAL CRUISE LINE INC CL A COM 143658102 27661 569600 SH SOLE 569600 0 0
CENTRAL NEWSPAPERS INC CL A COM 154647101 121213 3894384 SH SOLE 3894384 0 0
CENTURY TEL ENTERPRISES INC CO COM 156686107 92338 1971630 SH SOLE 1971630 0 0
CINCINNATI BELL INC COM 171870108 8663 386100 SH SOLE 386100 0 0
CLOROX CO COM 189054109 18933 161560 SH SOLE 161560 0 0
CROWN CASTLE INTL CORP COM COM 228227104 1620 90000 SH SOLE 90000 0 0
DAY RUNNER INC COM COM 239545106 17702 1459935 SH SOLE 1459935 0 0
DEPARTMENT 56 INC COM COM 249509100 72373 2377760 SH SOLE 2377760 0 0
ECOLAB INC COM COM 278865100 83532 2353000 SH SOLE 2353000 0 0
EQUIFAX INC COM 294429105 20798 605035 SH SOLE 605035 0 0
FRANKLIN RES INC COM COM 354613101 12691 451250 SH SOLE 451250 0 0
FURNITURE BRANDS INTL INC COM COM 360921100 8965 405200 SH SOLE 405200 0 0
GALILEO INTL INC COM COM 363547100 19816 409635 SH SOLE 409635 0 0
GALLAGHER ARTHUR J & CO COM COM 363576109 24483 532235 SH SOLE 532235 0 0
GANNETT INC COM COM 364730101 8448 134100 SH SOLE 134100 0 0
GENERAL BINDING CORP COM 369154109 57034 2198906 SH SOLE 2198906 0 0
GRACO INC COM COM 384109104 9905 448955 SH SOLE 448955 0 0
GREY ADVERTISING INC COM COM 397838103 25475 73414 SH SOLE 73414 0 0
HARTE-HANKS COMM, INC. COM 416196103 12503 455680 SH SOLE 455680 0 0
HASBRO BRADLEY INC COM 418056107 167415 5785412 SH SOLE 5785412 0 0
HEALTHCARE FINL PARTNERS INCCO COM 42219W108 2802 107249 SH SOLE 107249 0 0
HEFTEL BROADCASTING CORP CL A COM 422799106 434 10000 SH SOLE 10000 0 0
HERSHEY FOODS CORP COM COM 427866108 8482 151300 SH SOLE 151300 0 0
HON INDS INC COM COM 438092108 5555 253200 SH SOLE 253200 0 0
HOUGHTON MIFFLIN CO COM 441560109 15408 328700 SH SOLE 328700 0 0
HUNT CORP COM COM 445591100 16502 1671080 SH SOLE 1671080 0 0
HUSSMANN INTL INC COM COM 448110106 24310 1655177 SH SOLE 1655177 0 0
IDEX CORP COM COM 45167R104 62269 2642710 SH SOLE 2642710 0 0
INTERFACE , INC. CL A COM 458665106 81624 8480375 SH SOLE 8480375 0 0
INTERNATIONAL GAME TECH COM COM 459902102 77192 5278100 SH SOLE 5278100 0 0
INVACARE CORP COM COM 461203101 5290 217600 SH SOLE 217600 0 0
ITT EDUCATIONAL SVCS INC COM COM 45068B109 5456 145245 SH SOLE 145245 0 0
LEE ENTERPRISES INC COM COM 523768109 117668 4057515 SH SOLE 4057515 0 0
LEGGETT & PLATT INC COM 524660107 75424 3771195 SH SOLE 3771195 0 0
LIBBEY INC COM COM 529898108 93245 3007900 SH SOLE 3007900 0 0
LITTELFUSE INC COM COM 537008104 63648 3463810 SH SOLE 3463810 0 0
LONGS DRUG STORES INC COM 543162101 80633 2649130 SH SOLE 2649130 0 0
MBIA INC COM 55262C100 134593 2320570 SH SOLE 2320570 0 0
MBNA CORP COM COM 55262L100 21230 889195 SH SOLE 889195 0 0
MCCLATCHY CO CL A COM 579489105 1108 33000 SH SOLE 33000 0 0
MCCORMICK & CO INC NON VOTING COM 579780206 94214 3248760 SH SOLE 3248760 0 0
MELLON BANK CORP COM 585509102 8522 121100 SH SOLE 121100 0 0
MILLER HERMAN INC COM 600544100 74431 4078390 SH SOLE 4078390 0 0
NORTHERN TRUST CORP COM 665859104 13378 150630 SH SOLE 150630 0 0
OIL DRI CORP AMER COM 677864100 585 40200 SH SOLE 40200 0 0
OMNICARE INC COM COM 681904108 2922 153310 SH SOLE 153310 0 0
OMNICOM GROUP COM COM 681919106 13601 170145 SH SOLE 170145 0 0
ORBITAL SCIENCES CORP COM COM 685564106 1669 58825 SH SOLE 58825 0 0
ORION CAP CORP COM COM 686268103 44331 1418585 SH SOLE 1418585 0 0
PITNEY BOWES INC COM 724479100 12641 198285 SH SOLE 198285 0 0
PREMIER PKS INC COM NEW COM 740540208 3635 97585 SH SOLE 97585 0 0
ROUSE CO. COM 779273101 127531 5747875 SH SOLE 5747875 0 0
RSL COMMUNICATIONS LTD / PLCOR COM G7702U102 3225 89740 SH SOLE 89740 0 0
SABRE GROUP HLDGS INC CL A COM 785905100 2496 55000 SH SOLE 55000 0 0
SHOREWOOD PACKAGING CORP COM COM 825229107 104138 5306397 SH SOLE 5306397 0 0
SIMON PPTY GROUP INC NEW COM COM 828806109 11227 409200 SH SOLE 409200 0 0
SPECIALTY EQUIP COS INC COM NE COM 847497203 150963 5464715 SH SOLE 5464715 0 0
SYBRON CORP DEL COM COM 87114F106 21202 848075 SH SOLE 848075 0 0
TRIBUNE CO COM COM 896047107 14990 229075 SH SOLE 229075 0 0
TRUE NORTH COMMUNICATIONS COM COM 897844106 540 19300 SH SOLE 19300 0 0
U S TR CORP NEW COM COM 91288L105 5395 72715 SH SOLE 72715 0 0
WASHINGTON POST CO CL B COM 939640108 2816 5400 SH SOLE 5400 0 0
WESLEY JESSEN VISIONCARE INCCO COM 951018100 20600 747390 SH SOLE 747390 0 0
WHITMAN CORP COM COM 96647K102 95464 5554260 SH SOLE 5554260 0 0
WPP GROUP PLC ADR SPONSORED COM 929309300 5216 60300 SH SOLE 60300 0 0
XL CAPITAL LTD CL A COM G98255105 4550 74900 SH SOLE 74900 0 0
YOUNG & RUBICAM INC COM COM 987425105 7436 182480 SH SOLE 182480 0 0
LINE COUNT: 76
</TABLE>
