_______ _________________________
FORM 4 U.S. Securities and Exchange Commission OMB APPROVAL
_______ Washington, D.C. 20549 _________________________
[ ] Check this box if no longer OMB Number 3235-0287
subject to Section 16. Form Expires: September 30, 1998
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 Reporting 2. Issuer Name and Ticker or
Person Trading Symbol
SBL Corporation LSB Industries, Inc. (LSBD)
_______________________________________________________________________________
(Last) (First) (Middle) 3. IRS or Social Security
No. of Reporting Person
16 South Pennsylvania (Voluntary)
____________________________________
(Street) 73-1477865
Oklahoma City, Oklahoma 73101
_______________________________________________________________________________
(City) (State) (Zip)
4. Statement for Month/Year: July 1999
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)
____________________________________
7. Individual or Joint/Group Filing
(Check applicable line)
X Form filed by One Reporting Person
___
___Form filed by More than One Reporting Person
_______________________________________________________________________________
Table I - Non-Derivative Securities Acquired, Disposed Of, or
Beneficially Owned
_______________________________________________________________________________
1. Title of 2. Transaction 3. Transaction 4. Securities Acquired
Security Date Code (A) or Disposed of
(Instr. 3) Month/ (Instr. 8) (D) (Instr. 3, 4, 5)
Day/ ________________ ____________________
Year) Code V Amount (A) Price
or
(D)
Common Stock 7/23/99 P 600 A $2.00
Common Stock 7/23/99 P 74,500 A $1.50
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)
D
1,117,799 D
60,600 I By GPC(1)
_______________________________________________________________________________
If the form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each Page 1 of 2
class of securities beneficially SEC 1474 (7/96)
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
Derivative or Exercise Date Code Derivative
Security Price of (Month/Day/ (Instr. 8) Securities
(Instr. 3) Derivative Year) Code V Acquired (A)
Security or Disposed
of (D) (Inst.
(Instr. 3,4,5)
(A) (D)
Preferred "B" (2)
Preferred "B" (2)
Preferred "C" $11.55
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 Number of
cisable Date Title Shares
(2) (2) Common Stock 400,000
(2) (2) Common Stock 133,333
(3) (3) Common Stock 39,177
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)
9,050 D
__________________________
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 omissions of facts
constitute Federal Criminal
Violations.
SBL Corporation
/s/ Sylvia H. Golsen August 9, 1999
_______________________________ ______________
See 18 U.S.C. 1001 and **Signature of Reporting Person Date
15 U.S.C. 78ff(a). Sylvia H. Golsen, President
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
K-M\LSB\FORMS345\7-99F4.SBL SEC 1474 (7/96)