13F-HR 1 aic3qtr0313f-2.txt 13F HOLDINGS REPORT FORM 13F COVER PAGE "Report for the Quarter Ended: "sept 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: 496225162 List of other included managers: NONE FORM 13F 9/30/03 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 (A) (B) (C) (A) (B) (C) ----------------------------------------------------------------------------------------------------------------------------------- ABBOTT LABS COMMON 002824100 10687071 251165 251165 246615 450 3M CO COMMON 88579Y101 10449600 151290 151290 148600 290 AIR PRODS & CHEMS INC COMMON 009158106 10046025 222750 222750 218450 400 ALBERTSONS INC COMMON 013104104 10363166 503800 503800 494800 ALCOA INC COMMON 013817101 10954108 418735 418735 410410 725 AMERICAN EXPRESS CO COMMON 025816109 11270858 250130 250130 245610 420 AMERICAN INTL GROUP INC COMMON 026874107 10055841 174278 174278 170978 300 AOL TIME WARNER INC COMMON 00184A105 10906851 721830 721830 708330 1200 ARCHER DANIELS MIDLAND C COMMON 039483102 1109263 84612 84612 84612 AT&T CORP COMMON 001957505 9391490 435800 435800 427100 AUTOMATIC DATA PROCESSIN COMMON 053015103 9905176 276295 276295 271245 450 BECTON DICKINSON & CO COMMON 075887109 11167401 309175 309175 304275 BP PLC COMMON 055622104 910455 21626 21626 21126 500 CATERPILLAR INC DEL COMMON 149123101 1061857 15425 15425 15140 285 CISCO SYS INC COMMON 17275R102 11030933 563090 563090 550890 1200 COCA COLA CO COMMON 191216100 1321020 30750 30750 26750 DELL INC COMMON 24702R101 11018574 329700 329700 322850 650 DELTA AIR LINES INC DEL COMMON 247361108 10816358 813260 813260 799110 1050 DISNEY WALT CO COMMON 254687106 11255869 558050 558050 546800 1050 DOW CHEM CO COMMON 260543103 11417473 350875 350875 344575 EMERSON ELEC CO COMMON 291011104 10091162 191665 191665 188465 EXXON MOBIL CORP COMMON 30231G102 8237525 225069 225069 220069 FEDERAL NATL MTG ASSN COMMON 313586109 11067732 157660 157660 154585 275 FEDEX CORP COMMON 31428X106 11183759 173580 173580 169930 350 GANNETT INC COMMON 364730101 10487275 135215 135215 132565 250 GENERAL ELEC CO COMMON 369604103 11323329 379850 379850 373050 600 GENERAL MTRS CORP COMMON 370442105 10335848 252525 252525 247965 460 GILLETTE CO COMMON 375766102 10573867 330640 330640 324900 540 HOME DEPOT INC COMMON 437076102 11059594 347240 347240 340740 700 INGERSOLL-RAND COMPANY L COMMON G4776G101 11375773 212870 212870 208420 350 INTEL CORP COMMON 458140100 11425478 415170 415170 407770 800 INTERNATIONAL BUSINESS M COMMON 459200101 10724587 121415 121415 119065 250 INTL PAPER CO COMMON 460146103 1197290 30684 30684 30684 J P MORGAN CHASE & CO COMMON 46625H100 1443611 42051 42051 41551 500 JOHNSON & JOHNSON COMMON 478160104 10096633 203890 203890 200270 320 KIMBERLY CLARK CORP COMMON 494368103 10503664 204670 204670 200670 400 MCDONALDS CORP COMMON 580135101 11695496 496835 496835 486575 860 MICROSOFT CORP COMMON 594918104 10211496 367320 367320 360120 800 MORGAN STANLEY COMMON 617446448 11396643 225855 225855 221255 300 NUCOR CORP COMMON 670346105 11027258 240350 240350 235800 350 PEPSICO INC COMMON 713448108 9202664 200800 200800 200350 450 PFIZER INC COMMON 717081103 10156490 334315 334315 327865 650 PITNEY BOWES INC COMMON 724479100 9557008 249400 249400 244100 PROCTER & GAMBLE CO COMMON 742718109 10052406 108300 108300 106300 QUALCOMM INC COMMON 747525103 10790447 258950 258950 254250 500 ROYAL DUTCH PETE CO COMMON 780257804 1153620 26100 26100 26100 SCHLUMBERGER LTD COMMON 806857108 11307450 233625 233625 228975 450 STAPLES INC COMMON 855030102 11071892 464425 464425 455445 880 UNILEVER N V COMMON 904784709 10120964 171020 171020 167570 250 UNION PAC CORP COMMON 907818108 1187250 20410 20410 20410 US BANCORP DEL COMMON 902973304 11097894 462605 462605 453805 700 VERIZON COMMUNICATIONS COMMON 92343V104 9343791 288033 288033 282453 580 WAL MART STORES INC COMMON 931142103 10490306 187830 187830 184280 350 WALGREEN CO COMMON 931422109 10095574 329490 329490 323565 525 --------- --------- --------- --------- --------- --------- --------- REPORT TOTALS 496225162 14572493 14572493 14298183 22410