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, 1999                       

                                      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)

                                (316) 473-2225                   
             (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 10, 1999   , the Registrant had outstanding  2,290,895  
shares of Capital Stock, par value $2.50 per share and 1,865,279  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, 1999


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, 1998.

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 
4,174,479 and 4,211,158 in the first three months of 1999 and 1998, 
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, 1999 and 
1998:

                                                      1999      1998   
                                                      (In Thousands)
          Sales to Unaffiliated Customers-
            Industry:           Segment A            $ 6,289   $ 5,109
                                Segment B             11,983     9,990
          Intersegment Sales-
            Industry:           Segment A              1,477     1,307
                                Segment B                 45        35
          Operating Profit-
            Industry:           Segment A                850       128
                                Segment B                (21)     (468)
          Identifiable Assets-
            Industry:           Segment A             36,344    30,823
                                Segment B             21,672    16,767

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, 1999 AND DECEMBER 31, 1998

<CAPTION>
ASSETS                                                  1 9 9 9      1 9 9 8  
<S>                                                   <C>          <C>        
CURRENT ASSETS:
  Cash and cash equivalents                           $ 2,743,927  $ 4,254,795
  Short term investments, at cost which
    approximates market                                16,189,427   19,622,255
  Receivables, less allowances of $423,000 in 1999
    and $412,000 in 1998 for doubtful accounts         11,161,087   10,762,210
  Inventories, priced at cost which is not in 
    excess of market-
    Cost determined by last-in, first-out method-
      Finished cement                                 $ 5,362,284  $ 1,634,302
      Work in process                                     988,034    1,703,942
      Building products                                 1,255,943    1,184,358
    Cost determined by first-in, first-out method-
      Fuel, gypsum, paper sacks and other               2,094,209    1,899,440
    Cost determined by average method-
      Operating and maintenance supplies                7,395,780    7,082,948
          Total inventories                           $17,096,250  $13,504,990
  Refundable federal and state income taxes                14,051       14,051
  Deferred income taxes                                   410,000      410,000 
  Prepaid expenses                                        196,957       45,284 
          Total current assets                        $47,811,699  $48,613,585 

PROPERTY, PLANT AND EQUIPMENT, at cost, less
  accumulated depreciation and depletion of 
  $80,336,352 in 1999 and $79,239,388 in 1998          29,561,157   29,372,287 
DEFERRED INCOME TAXES                                   1,685,000    1,390,000 
OTHER ASSETS                                            4,820,747    5,506,149 
                                                      $83,878,603  $84,882,021 


LIABILITIES AND STOCKHOLDERS' INVESTMENT
CURRENT LIABILITIES:
  Accounts and notes payable                          $ 5,564,967  $ 4,640,205
  Accrued liabilities                                   2,142,407    4,063,922
          Total current liabilities                   $ 7,707,374  $ 8,704,127

ACCRUED POSTRETIREMENT BENEFITS                         9,559,684    9,620,253
ACCRUED PENSION EXPENSE                                    50,276       50,276
MINORITY INTEREST IN CONSOLIDATED SUBSIDIARIES          2,464,688    2,371,601

STOCKHOLDERS' INVESTMENT:
Capital stock, par value $2.50 per share-
  Authorized 10,000,000 shares, Issued
  2,288,520 shares at 3-31-99 and 
  2,290,049 shares at 12-31-98                        $ 5,721,300  $ 5,725,123
Class B capital stock, par value $2.50 per
  share-Authorized 10,000,000 shares, Issued
  1,881,376 shares at 3-31-99 and 1,887,347 
  shares at 12-31-98                                    4,703,440    4,718,367
Retained Earnings                                      51,941,841   51,492,274
                                                      $62,366,581  $61,935,764
Plus:  Unrealized holding gain                          1,730,000    2,200,000
          Total stockholders' investment              $64,096,581  $64,135,764
                                                      $83,878,603  $84,882,021
</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, 1999 and 1998

<CAPTION>
                                                      1999           1998     
<S>                                                <C>            <C>
NET SALES                                          $18,271,807    $15,098,857

COST OF SALES                                       15,694,795     13,766,503

    Gross profit from operations                   $ 2,577,012    $ 1,332,354

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES         1,748,161      1,671,896

    Income (loss) from operations                  $   828,851    $  (339,542)

OTHER INCOME (EXPENSE):
  Interest income                                  $   187,082    $   240,472
  Other, net                                          (102,460)         1,182
                                                   $    84,622    $   241,654 

    Income (loss) before taxes on income           $   913,473    $   (97,888)

PROVISION FOR (BENEFIT FROM) TAXES ON INCOME           335,000         (35000)

NET INCOME (LOSS)                                  $   578,473    $   (62,888)

RETAINED EARNINGS, beginning of period              51,492,274     45,486,139

Less purchase and retirement of treasury stock         128,906        178,400

RETAINED EARNINGS, end of period                   $51,941,841    $45,244,851

Basic earnings (loss) per share                           $.14          $(.01) 

</TABLE>
<TABLE>
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
For the Three Months Ended March 31, 1999 and 1998

<CAPTION>
                                                        1999        1998    
<S>                                                   <C>         <C>
NET INCOME (LOSS)                                     $578,473    $(62,888)
UNREALIZED APPRECIATION (DEPRECIATION) ON
  AVAILABLE FOR SALE SECURITIES (Net of
  deferred tax expense (benefit) of $(295,000)
  and $250,000, for 1999 and 1998, respectively)      (470,000)    430,000 
Comprehensive Income                                  $108,473    $367,112 
</TABLE>

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

CONSOLIDATED STATEMENTS OF CASH FLOWS
For the Three Months Ended March 31, 1999 and 1998 

<CAPTION>
                                                       1999         1998    
<S>                                                 <C>          <C>
OPERATING ACTIVITIES:
Net income (loss)                                   $   578,473  $   (62,888)
Adjustments to reconcile net income (loss) to  
 net cash provided by operating activities:
  Depreciation and depletion                          1,286,491    1,227,463 
  Gain on disposal of assets                             (6,446)     (19,536)
  Change in assets and liabilities:
   Receivables, net                                    (398,877)     412,450 
   Inventories                                       (3,591,260)  (2,501,586)
   Refundable federal and state income taxes              -           11,564 
   Prepaid expenses                                    (151,673)    (138,684)
   Deferred income taxes, long-term                    (295,000)     280,000
   Long-term notes receivable                              -           1,250 
   Accounts payable, notes payable and
    accrued liabilities                                 507,231       45,869 
   Accrued postretirement benefits                      (60,569)      (5,339)
   Minority interest in earnings of subsidiaries         93,087       36,045 
  Net cash used for operating activities            $(2,038,543) $  (713,392)

INVESTING ACTIVITIES:
Acquisition of property, plant and equipment        $(1,487,240) $(1,769,469)
Proceeds from disposals of property, plant
 and equipment                                           18,325       24,700
(Increase) decrease in other assets                     215,402     (389,238)
Decrease in short term investments, net               3,432,828    4,891,794 
  Net cash provided by investing activities         $ 2,179,315  $ 2,757,787

FINANCING ACTIVITIES:
Cash dividends                                      $(1,503,984) $(1,349,029)
Purchase of treasury stock                             (147,656)    (203,400)
  Net cash used for financing activities            $(1,651,640) $(1,552,429)

Net increase (decrease) in cash and
 cash equivalents                                   $(1,510,868) $   491,966 

CASH AND CASH EQUIVALENTS, beginning of year          4,254,795    4,093,317 

CASH AND CASH EQUIVALENTS, end of period            $ 2,743,927  $ 4,585,283 


Interest paid                                              $321         $510
Income taxes paid                                      $582,135      $74,698
</TABLE>

<PAGE>
THE MONARCH CEMENT COMPANY

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 1999 primarily due to funding increased inventories and capital 
expenditures.  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.

RESULTS OF OPERATIONS

     Net sales for the first quarter of 1999 increased 21% as compared to the 
first quarter of 1998 as a result of increases in the volume of cement and 
ready-mixed concrete sold.  During the first quarter of 1998, wet weather 
interrupted construction projects causing a delay in the need for cement and 
ready-mixed concrete.  More favorable weather conditions during the first 
quarter of 1999 allowed construction projects to proceed, increasing sales of 
both cement and ready-mixed concrete.  Demand for cement and ready-mixed 
concrete in the registrant's market area was excellent during both the first 
quarter of 1999 and the first quarter of 1998 and is expected to continue 
during the balance of 1999.
     While net sales increased 21% for the first quarter of 1999 as compared 
to the first quarter of 1998, cost of sales increased only 14% resulting in a 
60% increase in gross profit as a percent of sales.  This increase in gross 
profit as a percent of sales is a result of a reduction in maintenance costs 
during the first quarter of 1999 as compared to the first quarter of 1998 and 
an increase in production. 
     Even though the registrant entered the second quarter with higher levels 
of inventories, to meet anticipated demand for cement during the coming peak 
construction season, the registrant has negotiated the purchase of additional 
clinker from foreign markets.  Although these purchases will ikely reduce 
future gross profits from operations as a percent of net sales, the additional 
product will allow the registrant to meet the demand of its customer base in 
both the cement and ready-mixed concrete markets. 

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, 1999.

         (b)	There were no reports required to be filed on Form 8-K during 
the quarter January 1, 1999 to March 31, 1999, 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 12, 1999                     /s/ Walter H. Wulf, Jr.         
                                          Walter H. Wulf, Jr.
                                          President and
                                          Vice Chairman of the Board


Date       May 12, 1999                     /s/ Lyndell G. Mosley           
                                          Lyndell G. Mosley, CPA
                                          Chief Financial Officer and
                                          Assistant Secretary-Treasurer