13F-HR 1 aic2qtr03.txt 13F HOLDONGS REPORT FORM 13F COVER PAGE "Report for the Quarter Ended: "jun 30,2003" Check here if Amendment [ ] ; Amendment Number: This Amendment (Check only one.) [ ] is a restatement [ ] adds new holdings entries Institutional Investment Manager Filing this Report: Name: "Argus Investors' Counsel, Inc." Address "100 Prospect Street, South Tower" "Stamford, CT 06901" 13F Filing Number: 28-542 The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that and that it is understood that all requirements, statements, schedules, lists and tables, are considered integral parts of this form Person signing this report on behalf of reporting manager: Name: Stewart P. Zobian Title: President Phone: (203) 316-9000 "Signature, Place and Date of signing" "Stewart P. Zobian, Stamford, CT mar,25,2003" Report Type (Check only one.): [X] 13F Holdings Report [ ] 13F Notice [ ] 13F Combination Report List of other Managers Reporting for this Manager:NONE I am signing this report as required by the Securities Exchange Act of 1934 FORM 13F SUMMARY PAGE Report Summary: Number of other included Managers: 0 Form 13F information Table Entry Total: 460 Form 13F information Table Value Total: 501567338 List of other included managers: NONE FORM 13F 3/31/03 REPORTING MANAGER; ARGUS INVESTORS' COUNSEL PAGE 1 NAME OF ISSUER TITLE CUSIP FAIR SHARES OR INVESTMENT DISCRETION MANA- VOTING AUTHORITY OF NUMBER MARKET PRINCIPAL SHARED GERS CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE 3M CO COMMON 88579Y101 10759512 83420 83420 81875 145 ABBOTT LABS COMMON 002824100 11099286 253640 253640 249090 450 AIR PRODS & CHEMS INC COMMON 009158106 9898720 237950 237950 233450 400 ALBERTSONS INC COMMON 013104104 9676800 504000 504000 494800 ALCOA INC COMMON 013817101 11837993 464235 464235 456610 725 AMERICAN EXPRESS CO COMMON 025816109 11382563 272245 272245 267225 520 AMERICAN INTL GROUP INC COMMON 026874107 10135352 183678 183678 180378 300 AOL TIME WARNER INC COMMON 00184A105 12730891 791230 791230 777730 1200 ARCHER DANIELS MIDLAND C COMMON 039483102 1088956 84612 84612 84612 AT&T CORP COMMON 001957505 9757825 506900 506900 497200 AUTOMATIC DATA PROCESSIN COMMON 053015103 9838700 290570 290570 285020 450 BECTON DICKINSON & CO COMMON 075887109 10496299 270175 270175 265275 BP PLC COMMON 055622104 908725 21626 21626 21126 500 CATERPILLAR INC DEL COMMON 149123101 882768 15860 15860 15540 320 CISCO SYS INC COMMON 17275R102 11299502 672990 672990 660090 1200 COCA COLA CO COMMON 191216100 1465860 31585 31585 27885 DELL COMPUTER CORP COMMON 247025109 12283872 385800 385800 378950 650 DELTA AIR LINES INC DEL COMMON 247361108 11777911 802310 802310 788910 800 DISNEY WALT CO COMMON 254687106 11452038 579850 579850 568600 1050 DOW CHEM CO COMMON 260543103 10876712 351315 351315 345015 EMERSON ELEC CO COMMON 291011104 10560582 206665 206665 202765 EXXON MOBIL CORP COMMON 30231G102 8093001 225369 225369 220069 FEDERAL NATL MTG ASSN COMMON 313586109 10443758 154860 154860 152485 275 FEDEX CORP COMMON 31428X106 12113218 195280 195280 191630 350 GANNETT INC COMMON 364730101 10869767 141515 141515 138965 250 GENERAL ELEC CO COMMON 369604103 11287014 393550 393550 387050 600 GENERAL MTRS CORP COMMON 370442105 10808100 300225 300225 294865 460 GILLETTE CO COMMON 375766102 10524632 330340 330340 324600 540 HOME DEPOT INC COMMON 437076102 11196216 338050 338050 331650 700 INGERSOLL-RAND COMPANY L COMMON G4776G101 11670295 246625 246625 241725 400 INTEL CORP COMMON 458140100 12124947 582650 582650 571850 800 INTERNATIONAL BUSINESS M COMMON 459200101 10594238 128415 128415 126265 250 INTL PAPER CO COMMON 460146103 1121350 31384 31384 31384 J P MORGAN CHASE & CO COMMON 46625H100 1434398 41966 41966 41466 500 JOHNSON & JOHNSON COMMON 478160104 10346721 200130 200130 196510 320 KIMBERLY CLARK CORP COMMON 494368103 10224393 196095 196095 192495 400 MCDONALDS CORP COMMON 580135101 14283299 647475 647475 635615 860 MICROSOFT CORP COMMON 594918104 10885462 424550 424550 416550 800 MORGAN STANLEY COMMON 617446448 10719776 250755 250755 246355 300 NUCOR CORP COMMON 670346105 13724408 280950 280950 275800 350 PEPSICO INC COMMON 713448108 9560825 214850 214850 214350 500 PFIZER INC COMMON 717081103 11453056 335375 335375 329625 650 PHELPS DODGE CORP COMMON 717265102 1272121 33180 33180 33180 PITNEY BOWES INC COMMON 724479100 10309244 268400 268400 263100 PROCTER & GAMBLE CO COMMON 742718109 10282454 115300 115300 113500 QUALCOMM INC COMMON 747525103 10226727 284550 284550 279350 500 ROYAL DUTCH PETE CO COMMON 780257804 1361304 29200 29200 29200 SCHLUMBERGER LTD COMMON 806857108 12198137 256425 256425 251775 450 STAPLES INC COMMON 855030102 9778807 532905 532905 523525 880 UNILEVER N V COMMON 904784709 9248580 171270 171270 168120 250 UNION PAC CORP COMMON 907818108 1184188 20410 20410 20410 VERIZON COMMUNICATIONS COMMON 92343V104 10900548 276313 276313 271433 480 WAL MART STORES INC COMMON 931142103 10778546 200830 200830 197280 350 WALGREEN CO COMMON 931422109 10336942 343420 343420 338095 525 --------- --------- --------- --------- --------- --------- --------- --------- REPORT TOTALS 501567338 15203268 15203268 14932418 21450