MARCH 4, 1999

     ELTON STEPHENS - INVESTMENT ADVISOR            Page 1

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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 

     http://www.eltonstephens.com                              U.S.A. 

                               BLUE CHIP STOCKS

                               ISSN # 0896-4904

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

            The information given herein is taken from sources which we

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

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

  Auto Data Proc   38 13/16   .31    .8   1.04   37   42  5/8  - 30  1/2  1-1

  Baltimore G & E  26  1/8   1.68   6.4   2.06   13   35  1/4  - 25  3/16 1-3

  First Virginia   48  9/16  1.28   2.6   2.53   19   59  7/16 - 39 11/16 1-9

  Tootsie Roll Ind 46  1/4    .21    .5   1.37   34   47  7/8  - 32  3/4  1-10

  Hubbell A        37  9/16  1.24   3.3   2.50   15   49  1/16 - 33  3/8  1-11

  Hubbell B        38  5/8   1.24   3.2   2.03   19   52  5/8  - 33  7/8  1-11

  Nat'l Fuel Gas   40  1/4   1.80   4.5    .84   48   49  5/8  - 39  5/8  1-15

  Hewlett-Packard  72  7/16   .64    .9   2.77   26   83  7/8  - 47  1/16 1-15

  State Street Cp  78  7/8    .56    .7   2.66   30   78  1/2  - 47  7/8  1-15

  Circuit City Str 56  7/8    .14    .2   1.19   48   64  1/8  - 28 13/16 1-15

  Bandag A Inc     26  5/16  1.14   4.3   4.71    6   54       - 25  3/4  1-19

  Bandag Inc       31  3/8   1.14   3.6   4.71    7   59  3/4  - 28  5/16 1-19

  North'n State Pw 26  3/8   1.43   5.4   1.84   14   30 13/16 - 25  7/16 1-20

  Raytheon Co A    53  1/16   .80   1.5   1.10   48   59  5/8  - 39  7/8  1-29

  Raytheon Co B    53  1/4    .80   1.5   1.10   48   60  3/4  - 40 11/16 1-29

  Fort James       28  9/16   .60   2.1    .78   37   53       - 26  1/2  1-31

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