September 24, 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 ** July **

            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

  Johnson Controls 44 13/16   .92   2.1   3.33   13   61  7/8  - 42  3/16  6-30

  Becton Dickinson 38  3/4    .29    .7    .90   43   43 13/16 - 20 15/16  6-30

  Banc One Corp    45  1/8   1.52   3.4   3.65   12   65  5/8  - 37  3/4   6-31

  DQE Inc          38  3/4   1.44   3.7   2.45   16   39  9/16 - 29  3/4   7-1

  Lee Enterprises  24  7/8    .56   2.3   1.35   18   33  7/8  - 23  1/2   7-1

  Amsouth Bancorp  35  3/8    .80   2.3   1.98   18   42  5/8  - 30  5/16  7-1

  Automatic Data   77         .53    .7   1.98   39   79  1/2  - 47  3/8   7-1

  Laclede Gas      23  1/5   1.32   5.6   1.42   17   28  5/8  - 22  3/8   7-3

  ALLTEL           44  1/4   1.16   2.6   2.35   19   48 13/16 - 33  3/16  7-3

  Baxter Int'l     59  7/16  1.16   2.0   2.00   30   62  7/16 - 43  5/8   7-3

  Int'l Flav/Frag  33  1/8   1.48   4.5   1.94   17   51  7/8  - 32 15/16  7-11

  Nat'l Ser Ind    33  3/4   1.24   3.7   2.55   13   60  3/4  - 33  3/4   7-13

  Morgan J P       84  5/16  3.80   4.5   6.79   12  148  3/4  - 82  3/4   7-15

  BCE Inc          31        1.36   4.4   1.93   16   46  5/8  - 26  3/8   7-15

  Valspar Corp     30  1/16   .42   1.4   1.61   19   42  1/8  - 28  5/8   7-15

  State Street Cp  55  5/16   .52    .9   2.53   22   74  5/16 - 48  1/2   7-15

  First Virg Bk    45  7/8   1.20   2.6   2.45   19   59  7/16 - 43        7-17

  Bandag Inc       29  1/2   1.10   3.7   4.98    6   54  3/8  - 28  7/16  7-20

  Bandag A Inc     30  1/5   1.10   3.6   4.98    6   59  3/4  - 29  7/8   7-20

  Bankers Tr NY    62  9/16  4.00   6.5   7.47    8  136  7/16 - 60  1/8   7-25

  General Elect    80        1.20   1.5   2.62   31   96  7/8  - 59        7-25

  Campbell Soup    49  7/8    .84   1.7   1.50   33   60  3/16 - 44  1/16  7-31

  Rite Aid Corp    34  7/8    .43   1.2   1.29   27   45  1/8  - 26  5/8   7-31

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