September 24, 1998

   ELTON STEPHENS - INVESTMENT ADVISOR              Page 1 of 2

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   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 ** August **

            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

  Carolina Pwr/Lt  45        1.94   4.3   2.78   16   46 13/16 - 33  1/8   8-1

  Frontier Corp    28  1/16   .89   3.2    .66   43   37  1/8  - 20        8-1

  Lincoln Nat'l Cp 88  1/2   2.08   2.4  10.46    8   98  7/8  - 64  5/8   8-1

  ABM Industries   28  1/4    .48   1.7   1.29   22   37       - 25        8-1

  Bristol-Meyer Sq 99 15/16  1.56   1.6   3.35   30  125 15/16 - 80        8-1

  Universal Corp   36  5/8   1.12   3.1   3.99    9   49  1/2  - 31  1/2   8-1

  Graco Inc        24  3/16   .44   1.8   1.89   13   36  1/2  - 22  1/16  8-3

  Pall Corp        22         .62   2.8    .77   29   23 11/16 - 19  3/8   8-6

  Interstate Engy  30 11/16  2.00   6.5   1.48   21   35  3/8  - 28        8-15

  Cal Water Ser    21  1/4   1.07   5.0   1.31   16   33  3/4  - 20  3/4   8-15

  Consolidated N G 51  5/8   1.94   3.8   2.41   21   60 15/16 - 41 11/16  8-15

  American Wtr Wk  29  3/4    .82   2.8   1.53   19   33  5/16 - 20 11/16  8-15

  Hormel Food      25 11/16   .64   2.5   1.82   14   39  3/8  - 26        8-15

  Crawford & Co A  17  1/4    .50   2.9   1.01   17   21  1/4  - 17        8-16

  Crawford & Co B  19  3/8    .50   2.3   1.01   18   22  7/8  - 16 13/16  8-16

  St Joseph Lt/Pwr 18  3/8    .98   5.3   1.36   14   19  3/8  - 16        8-18

  NIPSCO Ind       30  3/8    .96   3.2   1.46   21   31       - 20 11/16  8-20

  Travelers Group  38  3/8    .50   1.3   3.01   13   73  1/2  - 37  1/8   8-23

  Fannie Mae       64  3/4    .96   1.5   3.05   21   68  5/16 - 44 11/16  8-25

  Hillenbrand Ind  58 11/16   .72   1.2   2.39   24   64 11/16 - 42  3/16  8-26

  Cent & Southwest 27  7/16  1.74   6.3    .99   28   28  7/16 - 20        8-31

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