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 COVER PAGE

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

Report for the Calendar Year or Quarter Ended: 09-30-2014
Check here if Amendment   Amendment Number:
This Amendment (Check only one.):   is a restatement.
  adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: ARGUS INVESTORS' COUNSEL, INC.
Address: HOLLY POND PLAZA
1281 E. MAIN STREET, FIRST FLOOR
STAMFORD , CT06902
Form 13F File Number: 028-00542

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:
Name: Sharon D. Wagoner
Title: Chairman, President, Secretary and Chief Compliance Officer
Phone: 203-548-9885
Signature, Place, and Date of Signing:
Sharon D. Wagoner Stamford , CT 10-21-2014
[Signature] [City, State] [Date]
Report Type (Check only one.):
X 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager are reported in this report.)
  13F NOTICE. (Check here if no holdings reported are in this report, and all holdings are reported by other reporting manager(s).)
  13F COMBINATION REPORT. (Check here if a portion of the holdings for this reporting manager are reported in this report and a portion are reported by other reporting manager(s).)
Form 13F Summary Page
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 52
Form 13F Information Table Value Total: 238,774
(thousands)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name

List of Other Included Managers:
Provide a numbered list of the name(s) and Form 13F file number(s) of all institutional investment managers with respect to which this report is filed, other than the manager filing this report.
[If there are no entries in this list, state “NONE” and omit the column headings and list entries.]
No. Form 13F File Number Name


SEC FORM 13F-HR

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

OMB APPROVAL
OMB Number: 3235-0006
Expires: July 31, 2015
Estimated average burden
hours per response: 23.8

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