FORM 10-Q
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC  20549



(Mark One)
[X]  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended           March 31, 2001

                                      OR

[ ]  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
       SECURITIES EXCHANGE ACT OF 1934

For the transition period from                        to

Commission file number            0-2757

                          THE MONARCH CEMENT COMPANY
            (Exact name of registrant as specified in its charter)

            KANSAS                                      48-0340590
(State or other jurisdiction of                     (I.R.S. Employer
 incorporation or organization)                    Identification No.)

                  P.O. BOX 1000, HUMBOLDT, KANSAS 66748-1000
                   (Address of principal executive offices)
                                  (Zip Code)

                                (620) 473-2222
             (Registrant's telephone number, including area code)


             (Former name, former address and former fiscal year,
                        if changed since last report)


     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.

YES  X      NO

     As of   May 11, 2001   , the Registrant had outstanding  2,294,741
shares of Capital Stock, par value $2.50 per share and 1,758,187  shares of
Class B Capital Stock, par value $2.50 per share.


<PAGE>

                       PART  I.   FINANCIAL INFORMATION

                NOTES TO THE SECURITIES AND EXCHANGE COMMISSION
                    REPORT FORM 10-Q FOR THE QUARTER ENDED
                                  March 31, 2001


1.	The condensed financial statements included herein have been prepared by
the registrant, without audit, pursuant to the rules and regulations of
the Securities and Exchange Commission.  Certain information and footnote
disclosures normally included in financial statements prepared in
accordance with generally accepted accounting principles have been
condensed or omitted pursuant to such rules and regulations, although the
registrant believes that the disclosures are adequate to make the
information presented not misleading.  The accompanying financial
statements reflect all adjustments, which are, in the opinion of
management, necessary to a fair statement of the results of operations
for the interim periods presented. It is suggested that these condensed
financial statements be read in conjunction with the financial statements
and notes thereto included in the registrant's latest annual report on
Form 10-K.

2.	For a summary of accounting policies, the reader should refer to Note 1
of the consolidated financial statements included in the registrant's
annual report on Form 10-K for the fiscal year ended December 31, 2000.

3.	Basic earnings per share of capital stock has been calculated based on
the weighted average shares outstanding during each of the reporting
periods.  The weighted average number of shares outstanding was
4,071,575 and 4,126,742 in the first quarter of 2001 and 2000,
respectively.

4. The registrant groups its operations into two business segments -
Industry Segment A (cement manufacturing) and Industry Segment B (ready-
mixed concrete and sundry building materials). Following is condensed
information for each segment for the quarters ended March 31, 2001 and
2000:

                                                      2001      2000
                                                      (In Thousands)
          Sales to Unaffiliated Customers-
            Industry:           Segment A            $ 5,953   $ 7,102
                                Segment B             14,040    15,287
          Intersegment Sales-
            Industry:           Segment A              1,736     1,719
                                Segment B                  4       -
          Operating Profit-
            Industry:           Segment A              1,114     1,262
                                Segment B             (1,706)      313
          Identifiable Assets-
            Industry:           Segment A             61,479    42,148
                                Segment B             35,642    28,842

5.	Certain statements under the caption "Management's Discussion and
Analysis of Financial Condition and Results of Operations," and elsewhere
in this Form 10-Q, constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995.  Such
forward-looking statements involve known and unknown risks,
uncertainties, and other factors that may affect the actual results,
performance or achievements expressed or implied by such forward-looking
statements.  Such factors include, among others: general economic and
business conditions; competition; raw material and other operating costs;
costs of capital equipment; changes in business strategy or expansion
plans; and demand for the registrant's products.




<PAGE>
<TABLE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS
MARCH 31, 2001 AND DECEMBER 31, 2000

<CAPTION>
ASSETS                                                 2 0 0 1       2 0 0 0
<S>                                                  <C>           <C>
CURRENT ASSETS:
  Cash and cash equivalents                          $  1,704,055  $ 9,451,281
  Short-term investments, at cost which
    approximates market                                   510,231    2,543,286
  Receivables, less allowances of $395,000 in 2001
    and $375,000 in 2000 for doubtful accounts         14,096,479    8,430,945
  Inventories, priced at cost which is not in
    excess of market-
    Cost determined by last-in, first-out method-
      Finished cement                                $  5,821,885  $ 3,675,351
      Work in process                                   6,701,265    4,373,014
      Building products                                 1,266,395    1,250,120
    Cost determined by first-in, first-out method-
      Fuel, gypsum, paper sacks and other               3,699,403    2,268,434
    Cost determined by average method-
      Operating and maintenance supplies                8,525,838    9,458,554
          Total inventories                          $ 26,014,786  $21,025,473
  Refundable federal and state income taxes             1,280,000    1,200,000
  Deferred income taxes                                   450,000      415,000
  Prepaid expenses                                        398,451       63,031
          Total current assets                       $ 44,454,002  $43,129,016

PROPERTY, PLANT AND EQUIPMENT, at cost, less
  accumulated depreciation and depletion of
  $85,455,961 in 2001 and $83,666,552 in 2000          56,611,534   45,809,748
DEFERRED INCOME TAXES                                   1,990,000    2,430,000
OTHER ASSETS                                            5,984,777    4,862,955
                                                     $109,040,313  $96,231,719


LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES:
  Accounts payable                                   $  8,100,428  $ 5,452,004
  Accrued liabilities                                   3,178,474    4,725,998
          Total current liabilities                  $ 11,278,902  $10,178,002

ACCRUED POSTRETIREMENT BENEFITS                         8,437,604    8,397,620
LONG-TERM DEBT                                         12,195,504        -
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES          2,576,711    2,346,663

STOCKHOLDERS' INVESTMENT:
Capital stock, par value $2.50 per share-
  Authorized 10,000,000 shares, Issued
  2,291,170 shares at 3/31/2001 and
  2,312,547 shares at 12/31/2000                     $  5,727,925  $ 5,781,368
Class B capital stock, par value $2.50 per
  share-Authorized 10,000,000 shares, Issued
  1,766,856 shares at 3/31/2001 and 1,788,349
  shares at 12/31/2000                                  4,417,140    4,470,872
Retained Earnings                                      63,316,527   64,117,194
Accumulated other comprehensive income                  1,090,000      940,000
          Total stockholders' investment             $ 74,551,592  $75,309,434
                                                     $109,040,313  $96,231,719
</TABLE>
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<TABLE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENT OF INCOME AND RETAINED EARNINGS
For the Three Months Ended March 31, 2001 and 2000

<CAPTION>
                                                      2001           2000
<S>                                                <C>            <C>
NET SALES                                          $19,993,638    $22,388,688

COST OF SALES                                       18,260,536     18,784,452

    Gross profit from operations                   $ 1,733,102    $ 3,604,236

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES         2,325,457      2,028,883

    Income (loss) from operations                  $  (592,355)   $ 1,575,353

OTHER INCOME (EXPENSE):
  Interest income                                  $    59,765    $   249,053
  Other, net                                           296,941       (157,629)
                                                   $   356,706    $    91,424

    Income (loss) before taxes on income           $  (235,649)   $ 1,666,777

PROVISION FOR (BENEFIT FROM) TAXES ON INCOME           (80,000)       600,000

NET INCOME (LOSS)                                  $  (155,649)   $ 1,066,777

RETAINED EARNINGS, beginning of period              64,117,194     57,308,627

Less purchase and retirement of treasury stock         645,018        141,366

RETAINED EARNINGS, end of period                   $63,316,527    $58,234,038

Basic earnings (loss) per share                          $(.04)          $.26

</TABLE>
<TABLE>
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 2001 and 2000

<CAPTION>
                                                       2001         ,2000 ,
<S>                                                 <C>           <C>
NET INCOME (LOSS)                                   $ (155,649)   $1,066,777
UNREALIZED APPRECIATION (DEPRECIATION)
  ON AVAILABLE FOR SALE SECURITIES (Net
  of deferred tax expense (benefit) of
  $100,000 and $(10,000) for 2001 and
  2000, respectively)                                  150,000       (20,000)
COMPREHENSIVE INCOME (LOSS)                         $   (5,649)   $1,046,777
</TABLE>

<PAGE>
<TABLE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 2001 and 2000

<CAPTION>
                                                       2001         2000
<S>                                                <C>           <C>
OPERATING ACTIVITIES:
Net income (loss)                                  $   (155,649) $ 1,066,777
Adjustments to reconcile net income to
 net cash provided by operating activities:
  Depreciation and depletion                          1,719,596    1,437,130
  Gain on disposal of assets                            (75,903)      (5,574)
  Change in assets and liabilities:
   Receivables, net                                  (5,267,272)  (4,178,112)
   Inventories                                       (3,948,766)  (3,546,717)
   Refundable federal and state income taxes            (80,000)       -
   Prepaid expenses                                    (289,619)    (319,994)
   Deferred income taxes                                100,000      (10,000)
   Accounts payable, notes payable and
    accrued liabilities                                 987,769      822,362
   Accrued postretirement benefits                       39,984      (48,230)
   Accrued pension expense                              (40,338)       -
   Minority interest in earnings of subsidiaries       (281,138)     165,432
  Net cash used for operating activities           $ (7,291,336) $(4,616,926)

INVESTING ACTIVITIES:
Acquisition of property, plant and equipment       $(10,803,383) $(2,941,469)
Business acquisition                                 (1,040,400)       -
Proceeds from disposals of property, plant
 and equipment                                          103,610        6,500
Payment for purchases of equity investments            (463,177)    (519,341)
Increase in other assets                                (97,111)     (34,772)
Decrease in short-term investments, net               2,041,618    7,879,992
  Net cash provided by investing activities        $(10,258,843) $ 4,390,910

FINANCING ACTIVITIES:
Increase in long-term debt                         $ 12,195,504  $     -
Cash dividends                                       (1,640,358)  (1,569,282)
Purchase of treasury stock                             (752,193)    (161,968)
  Net cash used for financing activities           $  9,802,953  $(1,731,250)

Net decrease in cash and cash equivalents          $ (7,747,226) $(1,957,266)

CASH AND CASH EQUIVALENTS, beginning of year          9,451,281    4,782,168

CASH AND CASH EQUIVALENTS, end of period           $  1,704,055  $ 2,824,902


Interest paid                                          $ 55,201     $   -
Income taxes paid                                      $   -        $103,725
</TABLE>

<PAGE>
THE MONARCH CEMENT COMPANY AND SUBSIDIARIES

MANAGEMENT'S DISCUSSION AND ANALYSIS
OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

LIQUIDITY

     The registrant's ability to generate cash adequate to meet its needs has
been derived primarily from operations and the maturity of short-term
investments.  Cash and short-term investments decreased during the first
quarter of 2001 primarily due to increases in receivables and inventories and
the purchase of equipment.  The registrant generally produces additional
inventory during this quarter in anticipation of sales volume in excess of
production capabilities during the summer and early fall.
	In January 2001, the registrant entered into an unsecured credit
commitment with the Bank of Oklahoma N.A.  This commitment consists of a
$30,000,000 advancing term loan maturing December 31, 2005 and a $5,000,000
line of credit maturing December 31, 2002 with floating interest rates based
on Chase Manhattan Bank prime rate less 1.25%.  These loans are being utilized
to help finance the expansion project currently underway at the registrant's
cement manufacturing facility.  The registrant believes its internal and
external capital resources are adequate to meet its foreseeable capital
expenditure requirement and liquidity needs.

RESULTS OF OPERATIONS

     Net sales for the first quarter of 2001 decreased 11% as compared to the
first quarter of 2000 primarily due to decreases in volume of cement and
ready-mixed concrete sold.  Wet, cold weather during the first quarter of 2001
slowed construction projects, decreasing sales of both cement and ready-mixed
concrete. In contrast, during the first quarter of 2000, mild, dry weather
allowed construction projects to proceed.
     While net sales decreased 11% for the first quarter of 2001 as compared
to the first quarter of 2000, cost of sales decreased only 3% resulting in a
46% decrease in gross profit as a percent of sales.  This decrease in gross
profit as a percent of sales is primarily due to the decrease in volume sold.

SEASONALITY

     The registrant's highest revenue and earnings historically occur in its
second and third fiscal quarters, April through September.

                         PART  II.   OTHER INFORMATION

Item 6.  Exhibits and Reports on Form 8-K

         (a)	There are no exhibits required to be filed for the quarter ended
March 31, 2001.

         (b)	There were no reports required to be filed on Form 8-K during
the quarter January 1, 2001 to March 31, 2001, inclusive, for
which this Form 10-Q is being filed.




                            S I G N A T U R E S

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.

                                          THE MONARCH CEMENT COMPANY
                                                 (Registrant)


Date       May 14, 2001                     /s/ Walter H. Wulf, Jr.
                                          Walter H. Wulf, Jr.
                                          President and
                                          Chairman of the Board


Date       May 14, 2001                     /s/ Lyndell G. Mosley
                                          Lyndell G. Mosley, CPA
                                          Chief Financial Officer and
                                          Assistant Secretary-Treasurer