_______ _________________________
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
Sylvia H. Golsen LSB Industries, Inc. (LSBD)
_______________________________________________________________________________
(Last) (First) (Middle) 3. IRS or Social Security
No. of Reporting Person
16 South Pennsylvania (Voluntary)
Post Office Box 705
____________________________________ ###-##-####
(Street)
Oklahoma City, Oklahoma 73101
_______________________________________________________________________________
(City) (State) (Zip)
4. Statement for Month/Year: August 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
Common Stock 8/31/99 P 123,500 A $0.986
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)
1,052,250(4) D
1,301,899(5) I By SBL(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 "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 533,333
(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)
16,000(5) I By SBL(1)
9,050 I By SBL(1)
__________________________
Explanation of Responses:
(1) SBL Corporation ("SBL") is wholly owned by Sylvia H. Golsen (40%
owner), Barry Golsen (son and 20% owner), Steven Golsen (son and
20% owner), and Linda Rappaport (daughter and 20% owner). The
number of shares beneficially owned by SBL includes shares owned
of record by Golsen Petroleum Corporation, the wholly owned
subsidiary of SBL.
(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.
(4) The amount shown does not include, and Sylvia H. Golsen disclaims
beneficial ownership of (a) the 129,029 shares of Common Stock
owned of record by Jack E. Golsen, (b) the 4,000 shares of Common
Stock that Jack E. Golsen has the right to acquire upon the
conversion of a promissory note, (c) the 365,000 shares of Common
Stock underlying options granted to Jack E. Golsen under the
Company's Incentive Stock Option Plans, (d) the 133,333 shares of
Common Stock which Jack E. Golsen has the right to acquire upon
conversion of the 4,000 shares of Series B Preferred Stock owned
of record by him, and (e) the 10,000 shares owned of record by the
MG Trust, of which Jack E. Golsen is the sole trustee.
(5) The number of shares includes, as applicable, 60,600 shares of
Common Stock or 4,000 shares of Preferred "B" owned of record by
Golsen Petroleum Corporation, the wholly owned subsidiary of SBL.
**Intentional misstatements
or omissions of facts
constitute Federal Criminal
Violations.
/s/ Sylvia H. Golsen Septempber 9, 1999
_______________________________ ________________
See 18 U.S.C. 1001 and **Signature of Reporting Person Date
15 U.S.C. 78ff(a). 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
K-M\LSB\FORMS345\8-99F4.SHG SEC 1474 (7/96)