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

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  March 31, 1999

Check here if Amendment [   ] ;  Amendment Number:
This Amendment (Check only one.): 	[   ] is a restatement.
[ x  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:		First Wilshire Securities Management, Inc.
Address:	600 South Lake Avenue
Pasadena, CA  91106

Form 13F File Number:   28-983

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:	Gerald F. Winters
Title:	President

Signature, Place, and Date of Signing:

/S/ Gerald F. Winters


By: Gerald F. Winters
Pasadena, California
May 14, 1999

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:	53

Form 13F Information Table Value Total:   $47,316,881


List of Other Included Managers: NONE

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. 






                     FORM 13F FOR PERIOD ENDING 03/31/1999
FORM 13F













Reporting Manager:  First Wilshire Securities Management, Inc.









Ending March 31,1999











Item #1
Item #2
Item #3
Item #4
Item #5

Item #6

Item #7

Item #8







Investment



Voting  







Discretion



Authority






(a)
(b)
(c)

(a)
(b)
(c)
Name Of Issuer
Title 
CUSIP
Fair Market
Shares or
Sole
Shared 
as
Shared 
Managers
Sole
Shared
None

of 
Class
Number
Value
Principal

Defined
Other








Amount

Instr. 
V.





1st South Africa Corp
cmn
G34874100
$1,115,078 
509,750

X

1,2


X
ACLN Ltd
cmn
M01764105
$1,863,000 
248,400

X

1,2


X



$196,500 
26,200
X


1
X


American Safety Razor
cmn
29362100
$276,113 
19,900

X

1


X



$120,713 
8,700
X


1
X


American Vanguard Corp
cmn
30371108
$371,475 
76,200

X

1,2


X
Automobile Protection 
Corp
cmn
52905106
$504,000 
63,000

X

1,2


X



$40,000 
5,000
X


1
X


Central Sprinkler Corp
cmn
155184104
$201,750 
26,900
X


1
X





$2,252,925 
158,100

X

1,2


X
Children Comp.Services
cmn
16875K202
$34,313 
6,100
X


1
X





$980,438 
174,300

X

1,2


X
Decorator Ind Inc.
cmn
243631207
$101,250 
16,875
X


1
X





$337,554 
56,259

X

1,2
X

X
Daktronics Inc.
cmn
234264109
$31,500 
3,000
X


1
X





$1,689,450 
160,900

X

1,2


X
Disc Graphics Inc.
cmn
254590102
$609,781 
123,500

X

1,2


X
Diversified Corp Res 
Inc
cmn
255153108
$907,156 
159,500

X

1,2


X
DMIF Furniture Inc.
cmn
233230101
$682,437 
179,000

X

1


X
Educational Development 
Inc
cmn
281479105
$125,000 
50,000
X


1
X


First Amer.Health 
Concepts
cmn
31852M105
$164,500 
47,000
X


1
X





$80,500 
23,000

X

1


X
Genessee & Wyd Inc.
cmn
371559105
$42,750 
4,000
X


1
X





$69,469 
6,500

X

1


X
Green Mountain Coffee 
Inc.
cmn
393122106
$87,338 
13,700
X


1
X





$556,538 
87,300

X

1,2


X
Hamni Bank
cmn
410493100
$396,880 
26,240
 
X

1,2


X
Healthcare Services 
Group
cmn
421906108
$251,513 
26,475
X


1
X





$2,547,663 
268,175

X

1,2


X
Herbal Life A
classA
426908208
$160,063 
13,000

X

1,2


X
Herbal Life B
classB
426908307
$592,500 
63,200
X


1
X





$1,698,750 
181,200

X

1,2


X
Desc TrIII exch in 
HERBB
cmn
243665205
$106,250 
10,000

X

1,2


X
Healthcare REIT
cmn
42217K106
$107,500 
5,000
X


1
X


Interstate National 
Dealers
cmn
46102P104
$4,409,156 
578,250

X

1,2


X



$6,798,506 
48,700
X


1
X


Konover Property Trust
cmn
50047R100
$61,156 
10,300
X


1
X





$541,500 
91,200

X

1,2


X
Managed Care Sollutions
cmn
561906108
$54,675 
16,200
X


1
X





$643,275 
192,600

X

1,2


X
Media Arts Group Inc.
cmn
58439C102
$256,500 
28,500

X

1,2


X



$72,900 
8,100
X


1
X


Mercury Air Group
cmn
589354208
$188,087 
30,708

X

1


X
Mobile Mini Inc.
cmn
60740F105
$296,125 
23,000
X


1
X

X
Meridian Medical Tech 
Inc.
cmn
589658103
$85,369 
15,700
X


1
X





$1,147,584 
211,050

X

1


X
Mining Services Int 
Inc.
cmn
603665209
$98,000 
19,600

X

1


X




































Natural Alternatives 
Inc.
cmn
638842302
$508,463 
104,300

X

1,2


X



$138,938 
28,500
X


1
X


Nature Sunshine 
Products
cmn
639027101
$270,600 
24,600
X


1
X





$881,628 
80,148

X

1,2


X
Nutrition Management 
Svcs 
cmn
67061Y100
$33,688 
38,500
X


1
X


Ocean Bio-Chem Inc.
cmn
674631106
$21,130 
19,887
X


1
X





$222,942 
209,828

X

1,2


X
Pancho's Mexican Buffet
cmn
698304102
$31,910 
11,099
X


1
X





$52,118 
18,128

X

1


X
Pennsylvania REIT
cmn
709103107
$56,063 
3,000
X


1
X


Polymer Reseach
cmn
731785101
$50,578 
25,289
X


1
X





$354,290 
177,145

X

1,2


X
Q.P.E.C. Co Inc.
cmn
74727K102
$720,688 
88,700

X

1,2


X
Refac Technology Dev.
cmn
758655104
$28,125 
5,000
X


1
X





$689,063 
122,500

X

1,2


X
Research Engineers Inc
cmn
760961102
$335,000 
40,000
X


1
X


Reliv Intl Inc.
cmn
75952R100
$140,200 
70,100
X


1
X


RTI Intl Metals Inc
cmn
74961H203
$98,000 
9,800

X

1


X



$20,000 
2,000
X


1
X


Rural Metro Corp
cmn
781748108
$52,388 
6,600
X


1
X





$2,010,569 
253,300

X

1,2


X
Shopsmith Inc.
cmn
825098106
$26,563 
34,000
X


1
X





$55,547 
71,100

X

1


X
Spectrum Control Inc.
cmn
847615101
$119,343 
28,500

X

1


X
Twinlab Corp
cmn
901774109
$75,000 
8,000
X


1,2
X





$567,188 
60,500

X

1,2


X
Tivoli Inds. Inc.
cmn
888711108
$12,188 
5,000
X


1
X





$77,471 
31,783

X

1


X
Three Five Systems Inc.
cmn
88554L108
$172,500 
20,000
X


1
X


Unicomp Inc.
cmn
90465L409
$80,925 
16,600

X

1,2


X
Video Display Corp
cmn
926555103
$95,000 
20,000
X


1
X

X



$557,175 
117,300

X

1,2


X
Warrentech Corp.
cmn
934648304
$397,481 
124,700
X


1
X





$2,464,703 
773,240

X

1,2


X
Worthington Foods
cmn
981809106
$265,038 
23,300
X


1
X





$1,252,638 
110,122

X

1,2


X
Wyant Corp
cmn
982855108
$93,027 
23,300
X


1
X





$333,233 
136,711

X

1,2


X
Aggregate Total














$47,316,881