Argus Investors' Counsel 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Co	COM	88579Y101	4,691	33,112	SH		SOLE		29,312	0	3,800
Air Prods & Chems Inc	COM	009158106	5,141	39,495	SH		SOLE		35,555	0	3,940
Alcoa Inc	COM	013817101	322	20,000	SH		SOLE		20,000	0	0
American Express Co	COM	025816109	4,603	52,585	SH		SOLE		47,155	0	5,430
Amgen Inc	COM	031162100	5,035	35,850	SH		SOLE		31,960	0	3,890
Apple Inc	COM	037833100	5,326	52,865	SH		SOLE		46,740	0	6,125
Archer Daniels Midland	COM	039483102	5,271	103,150	SH		SOLE		91,400	0	11,750
Automatic Data Process	COM	053015103	5,090	61,270	SH		SOLE		55,020	0	6,250
Becton Dickinson & Co	COM	075887109	4,577	40,217	SH		SOLE		35,867	0	4,350
Caterpillar Inc	COM	149123101	4,814	48,610	SH		SOLE		43,860	0	4,750
Chubb Corp	COM	171232101	4,923	54,050	SH		SOLE		48,350	0	5,700
Cisco Sys Inc	COM	17275R102	4,896	194,525	SH		SOLE		173,950	0	20,575
Coach Inc	COM	189754104	3,970	111,475	SH		SOLE		99,575	0	11,900
Corning Inc	COM	219350105	4,325	223,635	SH		SOLE		200,865	0	22,770
Costco Whsl Corp	COM	22160K105	4,767	38,041	SH		SOLE		34,356	0	3,685
Disney Walt Co	COM	254687106	5,000	56,165	SH		SOLE		49,665	0	6,500
Emerson Elec Co	COM	291011104	4,078	65,170	SH		SOLE		64,570	0	600
Exxon Mobil Corp	COM	30231G102	4,516	48,013	SH		SOLE		43,263	0	4,750
Fedex Corp	COM	31428X106	5,197	32,190	SH		SOLE		28,855	0	3,335
General Dynamics Corp	COM	369550108	5,395	42,452	SH		SOLE		37,277	0	5,175
General Electric Co	COM	369604103	4,301	167,875	SH		SOLE		166,325	0	1,550
Google Inc CL A	COM	38259P508	2,539	4,315	SH		SOLE		3,850	0	465
Google Inc CL C (NV)	COM	38259P706	3,051	5,285	SH		SOLE		4,820	0	465
Halliburton Co	COM	406216101	503	7,800	SH		SOLE		0	0	7,800
Home Depot Inc	COM	437076102	5,224	56,940	SH		SOLE		51,640	0	5,300
Illinois Tool Wks Inc	COM	452308109	4,919	58,271	SH		SOLE		52,281	0	5,990
Intel Corp	COM	458140100	5,460	156,813	SH		SOLE		139,913	0	16,900
International Bus Mach	COM	459200101	4,823	25,405	SH		SOLE		22,655	0	2,750
International Paper Co	COM	460146103	4,781	100,150	SH		SOLE		90,590	0	9,560
JPMorgan Chase & Co	COM	46625H100	4,686	77,795	SH		SOLE		77,045	0	750
Johnson & Johnson	COM	478160104	5,151	48,330	SH		SOLE		43,420	0	4,910
Kimberly Clark Corp	COM	494368103	4,948	45,996	SH		SOLE		41,596	0	4,400
McDonalds Corp	COM	580135101	4,739	49,985	SH		SOLE		44,585	0	5,400
Microsoft Corp	COM	594918104	5,087	109,730	SH		SOLE		97,980	0	11,750
Morgan Stanley	COM	617446448	4,958	143,430	SH		SOLE		127,600	0	15,830
Nucor Corp	COM	670346105	5,204	95,870	SH		SOLE		86,970	0	8,900
Occidental Petroleum	COM	674599105	4,822	50,155	SH		SOLE		45,505	0	4,650
Pepsico Inc	COM	713448108	4,790	51,457	SH		SOLE		46,507	0	4,950
Pfizer Inc	COM	717081103	5,048	170,720	SH		SOLE		154,320	0	16,400
Procter & Gamble Co	COM	742718109	5,262	62,842	SH		SOLE		56,567	0	6,275
Qualcomm Inc	COM	747525103	4,787	64,025	SH		SOLE		57,575	0	6,450
Ralph Lauren Corp	COM	751212101	4,606	27,960	SH		SOLE		24,725	0	3,235
Schlumberger Ltd	COM	806857108	4,107	40,392	SH		SOLE		39,992	0	400
Stryker Corp	COM	863667101	4,532	56,118	SH		SOLE		50,418	0	5,700
Time Warner Inc	COM	887317303	4,686	62,310	SH		SOLE		55,910	0	6,400
US Bancorp DE	COM	902973304	4,994	119,378	SH		SOLE		108,328	0	11,050
Unilever NV NY	COM	904784709	4,318	108,830	SH		SOLE		107,850	0	980
Union Pac Corp	COM	907818108	5,145	47,450	SH		SOLE		42,090	0	5,360
Verizon Comm	COM	92343V104	5,141	102,850	SH		SOLE		93,350	0	9,500
Wal-Mart Stores Inc	COM	931142103	4,703	61,502	SH		SOLE		55,202	0	6,300
Walgreen Co	COM	931422109	4,398	74,195	SH		SOLE		66,595	0	7,600
Zoetis Inc	COM	98978V103	5,119	138,550	SH		SOLE		122,850	0	15,700