May 1, 1998

     ELTON STEPHENS - INVESTMENT ADVISOR            Page 1 

     ************************************************************************

     SPECIALIZING IN COMMON STOCKS - NYSE           P.O. BOX 476

     800-55-ELTON (35866) OR 219-291-3823           SOUTH BEND, IN 46624-0476 

                                                               U.S.A. 

                               BLUE CHIP STOCKS

                               ISSN # 0896-4904

                 Blue Chip Stocks Buys for the month of ** April **

            The information given herein is taken from sources which we

      believe to be reliable, but which we in no way can guarantee.

                                                                          Buy

      Name          Price    Div.  Yield  Earn. P.E.         Range        Date

  Bausch & Lomb    49 5/16   1.04   2.1    .89   55   52       -  37      4-1

  Gannett Comp     67 1/16    .76   1.1   2.50   27   75  1/8  -  42 1/2  4-1

  Merck & Comp    116 1/2    1.80   1.5   3.74   31  133       -  82      4-1

  Union Pacific    54 3/4     .80   1.5   1.74   31   72 15/16 - 49       4-1

  Lilly Ind        18 5/16    .32   1.7   1.22   15   24  5/8  - 17       4-1

  WITCO Corp       39 1/16   1.12   2.9   1.72   23   47  5/8  - 35  3/8  4-2

  Heinz H J        54 1/2    1.26   2.3   1.05   52   59 15/16 - 40  7/8  4-10

  Philip Morris    37 1/8    1.60   4.3   2.58   14   48  1/8  - 36 15/16 4-10

  Legg Mason Inc   58 13/16   .44    .7   2.78   21   64  9/16 - 34  1/16 4-13

  L G & E Energy   26        1.19   4.6   1.47   18   27  1/8  - 21  1/4  4-15

  MBIA Inc         74         .78   1.1   4.22   18   80 15/16 - 47  1/8  4-15

  Household Int'l 129 3/4    1.80   1.4   6.50   20  147  1/16 - 84  3/4  4-15

  PNC Bank         59 3/8    1.56   2.6   3.25   18   66  3/4  - 39  7/8  4-24

  CPC Int'l        53 13/16   .90   1.7   2.37   23   59  1/16 - 37 15/16 4-25

  HSP Group        65 5/8    2.40   3.7   3.29   20   69  7/8  - 47  1/4  4-25

  Lowe's Cos       67 5/8     .22    .3   2.05   33   73  3/8  - 33 11/16 4-28

  Service Corp Int 41 1/8     .36    .9   1.47   28   44  5/8  - 27  7/8  4-28

  Clarcor Inc      22 1/4     .44   2.0   1.80   12   24  5/8  - 14  1/16 4-29

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