________ ________________________
FORM 4 U.S. Securities and Exchange Commission OMB APPROVAL
________ Washington, D.C. 20549 ________________________
[X] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form Expires: February 1, 1994
4 or Form 5 obligations may Estimated average burden
continue. See Instruction 1(b). hours per response... 0.5
_________________________
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934,
Section 17(a) of the Public Utility Holding Company Act of 1935
or Section 30(f) of the Investment Company Act of 1940
1. Name and Address of 2. Issuer Name and Ticker
Reporting Person or Trading Symbol
SBL Corporation LSB Industries, Inc. (LSB)
________________________________________________________________________
(Last) (First) (Middle) 3. IRS or Social Security
No. of Reporting Person
16 South Pennsylvania (Voluntary)
____________________________________
(Street) 73-1477865
Oklahoma City, Oklahoma 73107
_________________________________________________________________________
(City) (State) (Zip)
4. Statement for Month/Year: December, 1995
5. If Amendment, Date of Original (Month/Year):
6. Relationship of Reporting Person to Issuer (Check all applicable)
____ Director X 10% Owner ____ Officer (give title below)
____ Other (specify below)
___________________________________
___________________________________________________________________________
Table I - Non-Derivative Securities Acquired, Disposed Of, or Beneficially
Owned
___________________________________________________________________________
1. Title of 2. Transaction 3. Transaction 4. Securities Acquired
Security Date (Month/ Code (A) or Disposed of
Day/Year) (Instr. 8) (D) (Instr. 3, 4, 5)
Code V Amount (A) Price
or
(D)
Common Stock 12/01/95 P 1,000 A $3.875
Common Stock 12/02/95 P 1,000 A $3.875
Common Stock 12/04/95 P 1,000 A $3.75
Common Stock 12/05/95 P 3,000 A $3.75
Common Stock - - - - -
5. Amount of 6. Ownership Form: 7. Nature of
Securities Direct (D) or Indirect
Beneficially Indirect (I) Beneficial
Owned at End (Instr. 4) Ownership
of Month (Instr. 4)
(Instr. 3 & 4)
- - -
- - -
- - -
1,037,699 D -
60,600 I By GPC(1)
___________________________________________________________________________
Reminder: Report on a separate line for each Page 1 of 2
class of securities beneficially SEC 1474 (3/91)
owned directly or indirectly
(Print or Type Response)
FORM 4 (continued)Table II - Derivative Securities Acquired,
Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
___________________________________________________________________________
1. Title of 2. Conversion 3. Transaction 4. Transaction 5. Number of
Security or Exercise Date Code Derivative
(Instr. 3) Price of (Month/Day/ (Instr. 8) Securities
Derivative Year) Code V Acquired (A)
Security or Disposed
of (D)
(Instr. 3,4,5)
(A) (D)
Preferred "B" (2) - - -
Preferred "B" (2) - - -
Preferred "C" $11.55 12/06/95 P 1,000
Preferred "C" $11.55 12/06/95 P 500
Preferred "C" $11.55 12/07/95 P 1,000
Preferred "C" $11.55 12/11/95 P 1,000
Preferred "C" $11.55 12/12/95 P 2,000
Preferred "C" $11.55 12/13/95 P 2,000
Preferred "C" $11.55 12/14/95 P 1,000
Preferred "C" $11.55 12/15/95 P 2,000
Preferred "C" $11.55 12/18/95 P 1,000
6. Date Exercisable 7. Title and Amount of 8. Price of
and Expiration Underlying Securities Derivative
Date (Instr. 3 and 4) Security
(Month/Day/Year) Amount (Instr. 5)
Date Expir- or
Exer- ation No. of
cisable Date Title Shares
(2) (2) Common 400,000 -
(2) (2) Common 133,333 -
(3) (3) Common 4,329 $31.50
(3) (3) Common 2,165 $32.25
(3) (3) Common 4,329 $32.25
(3) (3) Common 4,329 $32.00
(3) (3) Common 8,658 $32.00
(3) (3) Common 8,658 $32.00
(3) (3) Common 4,329 $32.00
(3) (3) Common 8,658 $32.00
(3) (3) Common 4,329 $32.25
9. Number of 10. Ownership Form 11. Nature of Indirect
Derivative of Derivative Beneficial Owner-
Securities Security: ship (Instr. 4)
Beneficially Direct (D) or
Owned at End Indirect (I)
of Month (Instr. 4)
(Instr. 4)
12,000 D
4,000 I By GPC(1)
- I
- I
- I
- I
- I
- I
- I
- I
24,150 I
__________________________
Explanation of Responses:
(1) Golsen Petroleum Corporation ("GPC") is the wholly-owned subsidiary of
SBL Corporation.
(2) Each share of the Company's Series "B" 12% Cumulative Preferred Stock
is convertible, at the option of the holder, into 33.3333 shares of the
Company's Common Stock. Each share is convertible as long as such is
outstanding.
(3) Each share of the Company's $3.25 Convertible Exchangeable Class C
Preferred Stock, Series 2 is convertible at the option of the holder into
4.329 shares of the Company's Common Stock. Each share is convertible as
long as such is outstanding.
**Intentional misstatements or SBL Corporation
omissions of facts constitute
Federal Criminal Violations. /s/ Sylvia H. Golsen January 10, 1996
By_______________________ ________________
See 18 U.S.C. 1001 and **Signature of Reporting Date
15 U.S.C. 78ff(a). Person
Sylvia H. Golsen
Note: File three copies of this Form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure.
Page 2 of 2
MBEN\K-M\LSB\FORMS345\EDGAR\12-95F4.SBL SEC 1474 (3/91)
