February 12, 1998

     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 ** March **
            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

  Indiana Energy   28  7/8   1.18   4.1    .96   30   34  1/4  - 23  1/8  3-1

  Rohm & Hass      92  5/8   2.00   2.2   6.39   14  101  1/4  - 70  5/8  3-1

  Wachovia Corp    78  1/2   1.76   2.2   2.94   27   83 15/16 - 53  1/2  3-1

  Carlisle Cos     48  1/8    .56   1.2   2.16   22   51  1/4  - 27       3-1

  Helmerich & Pay  27 11/16   .28   1.0   1.86   15   45  9/16 - 20 13/16 3-1

  Illinois Tool Wk 55  7/16   .48    .9   2.33   24   60  1/8  - 40  5/16 3-1

  Anheuser-Busch   45 13/16  1.04   2.3   2.35   19   48  1/4  - 38  1/2  3-9

  Chemed Corp      41  9/16  2.12   5.1   3.67   11   43  1/2  - 31       3-10

  Norfolk South'n  33 15/16   .80   2.4   2.19   15   38  1/8  - 28  3/16 3-10

  La-z Boy         43 13/16   .84   1.9   2.45   18   44  7/8  - 30  1/2  3-10

  Utilicorp United 34  1/2   1.80   5.2   2.47   14   39  1/16 - 25  1/8  3-12

  UST Inc          34  1/8   1.62   4.7   2.37   14   36 15/16 - 25  1/2  3-14

  Du Pont E I      61  3/8   1.26   2.1   2.08   30   69  3/4  - 49  3/4  3-14

  First Union Cp   49  5/8   1.48   3.0   2.99   17   53       - 38  5/16 3-15

  Supervalu Inc    46  1/8   1.04   2.3   3.61   13   47       - 28  3/8  3-15

  Kellogg Comp     43  9/16   .90   2.1   1.36   32   50  1/2  - 32       3-15 

  Seagram Co LTD   37  3/4    .66   1.7   1.28   29   42       - 30  1/4  3-15

  Dean Foods       52  5/8    .80   1.5   2.43   22   60 11/16 - 31  1/2  3-15

  Hershey Foods    63         .88   1.4   2.23   28   66  3/16 - 43  7/8  3-15

  Dover Corp       35  5/8    .38   1.1   1.79   20   37  1/2  - 24  3/8  3-15

  Leggett & Platt  49  5/8    .56   1.1   2.08   24   50  5/8  - 32  1/4  3-15

  Duke Energy      53  7/8   2.20   4.1   2.51   21   56  9/16 - 41  7/8  3-16

  WPS Energy       32  7/16  1.94   6.0   1.86   17   34  1/4  - 23  3/8  3-20

  Questar Corp     42        1.26   3.0   2.55   16   44  3/4  - 34  1/4  3-20

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