13F-HR 1 aic13f2q2004.txt 13F HOLDINGS REPORT FORM 13F COVER PAGE "Report for the Quarter Ended: "jun 30, 2004 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: 450 Form 13F information Table Value Total: 527959162 List of other included managers: NONE 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 ---------------------------------------------------------------------------------------------------------------------------------- AT&T CORP COMMON 001957505 6418181 438700 438700 427800 ABBOTT LABS COMMON 002824100 9381525 230165 230165 225215 450 AIR PRODS & CHEMS INC COMMON 009158106 11306647 215570 215570 211070 400 ALBERTSONS INC COMMON 013104104 13596044 512285 512285 503085 ALCOA INC COMMON 013817101 10399000 314835 314835 307910 725 AMERICAN EXPRESS CO COMMON 025816109 11336997 220650 220650 216130 420 AMERICAN INTL GROUP INC COMMON 026874107 11989581 168204 168204 164804 300 ARCHER DANIELS MIDLAND C COMMON 039483102 958172 57102 57102 57102 AUTOMATIC DATA PROCESSIN COMMON 053015103 11550295 275795 275795 269645 550 BP PLC COMMON 055622104 797122 14880 14880 14440 440 BECTON DICKINSON & CO COMMON 075887109 12451425 240375 240375 235775 CATERPILLAR INC DEL COMMON 149123101 883770 11125 11125 10840 285 CISCO SYS INC COMMON 17275R102 10102718 426275 426275 416475 900 COCA COLA CO COMMON 191216100 1441204 28550 28550 24150 DELL INC COMMON 24702R101 11831346 330300 330300 323450 650 DELTA AIR LINES INC DEL COMMON 247361108 8724278 1225320 1225320 1199320 2200 DELTA AIR LINES INC DEL COMMON 247361108 76184 10700 10700 T 10700 DISNEY WALT CO COMMON 254687106 12611687 494770 494770 484520 1050 DOW CHEM CO COMMON 260543103 11486965 282235 282235 276835 EMERSON ELEC CO COMMON 291011104 10321473 162415 162415 159115 EXXON MOBIL CORP COMMON 30231G102 10493594 236289 236289 230989 FEDERAL NATL MTG ASSN COMMON 313586109 9964354 139635 139635 136360 275 FEDEX CORP COMMON 31428X106 13155358 161040 161040 157590 350 GANNETT INC COMMON 364730101 11227776 132325 132325 129575 250 GENERAL ELEC CO COMMON 369604103 11571498 357145 357145 350025 720 GENERAL MTRS CORP COMMON 370442105 10613202 227800 227800 223140 460 GILLETTE CO COMMON 375766102 13499312 318380 318380 312040 540 HOME DEPOT INC COMMON 437076102 10353728 294140 294140 287640 700 INTEL CORP COMMON 458140100 9907848 358980 358980 351080 800 INTERNATIONAL BUSINESS M COMMON 459200101 9991362 113345 113345 110795 250 INTL PAPER CO COMMON 460146103 1032570 23100 23100 23100 JPMORGAN CHASE & CO COMMON 46625H100 1130378 29156 29156 28556 600 JOHNSON & JOHNSON COMMON 478160104 12182147 218710 218710 214290 420 KIMBERLY CLARK CORP COMMON 494368103 12544870 190420 190420 186420 400 MCDONALDS CORP COMMON 580135101 11801530 453905 453905 444845 860 MICROSOFT CORP COMMON 594918104 10310874 361025 361025 352725 800 MORGAN STANLEY COMMON 617446448 9780128 185335 185335 181135 400 NUCOR CORP COMMON 670346105 14806620 192895 192895 189245 350 PEPSICO INC COMMON 713448108 10422547 193440 193440 192990 450 PFIZER INC COMMON 717081103 11806203 344405 344405 336955 650 PITNEY BOWES INC COMMON 724479100 11155425 252100 252100 246900 PROCTER & GAMBLE CO COMMON 742718109 11606608 213200 213200 209000 QUALCOMM INC COMMON 747525103 13827156 189465 189465 185525 340 ROYAL DUTCH PETE CO COMMON 780257804 1188410 23000 23000 23000 SCHLUMBERGER LTD COMMON 806857108 12985572 204465 204465 200265 400 STAPLES INC COMMON 855030102 12240736 416210 416210 407730 880 3M CO COMMON 88579Y101 12563146 139575 139575 136685 290 TIME WARNER INC COMMON 887317105 11620820 661025 661025 647525 1200 US BANCORP DEL COMMON 902973304 9671769 350935 350935 343135 700 UNILEVER N V COMMON 904784709 12109143 176750 176750 173100 250 UNION PAC CORP COMMON 907818108 880455 14810 14810 14810 VERIZON COMMUNICATIONS COMMON 92343V104 12301307 339909 339909 332849 660 WAL MART STORES INC COMMON 931142103 9416077 178470 178470 174720 350 WALGREEN CO COMMON 931422109 10250870 283095 283095 276745 650 INGERSOLL-RAND COMPANY L COMMON G4776G101 11881158 173930 173930 170180 350 ---------------------------------------------------------------------------------------------------------------------------------- REPORT TOTALS 527959162 13808660 13808660 13520045 23715