May 1, 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 

                                                               U.S.A. 

                               BLUE CHIP STOCKS

                               ISSN # 0896-4904

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

            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

  Torchmark Corp   44         .60   1.4   2.56   17   49 13/16 - 30  1/8  5-1

  Bell Atlantic Cp 92 9/16   3.08   3.3   3.13   30  106       - 65  7/8  5-1

  Great Lakes Chem 49 7/8     .64   1.3   3.51   14   54  7/8  - 40       5-5

  Betz Dearborn    53 5/8    1.52   2.8   2.80   19   71       - 51  5/8  5-9

  E G & G Inc      29 7/8     .56   1.9    .74   40   31  5/16 - 18       5-10

  Marsh/Mc Lennan  88 13/16  2.00   2.3   2.39   37   94  7/8  - 58  3/8  5-15

  MASCO            56 15/16   .84   1.5   2.35   24   60  1/2  - 37  1/8  5-15

  Russell Corp     26 3/4     .56   2.1   1.47   18   32  3/4  - 23  1/2  5-15

  Firstar Corp     37 1/4     .92   2.5   2.00   19   43 11/16 - 28  5/8  5-15

  Houghton Miffin  31 7/8     .50   1.6   1.73   18   40  1/4  - 26  3/4  5-24

  Standex Int'l    30 3/16    .76   2.5   2.05   15   37       - 24  3/4  5-25

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