_______ _________________________ 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: 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 8/31/99 P 123,500 A $0.986 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) 1,241,299 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/ Jack E. Golsen September 9, 1999 ______________________________ _________________ See 18 U.S.C. 1001 and **Signature of Reporting Person Date 15 U.S.C. 78ff(a). Jack E. 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\8-99F4.SBL SEC 1474 (7/96)