PEKIN SINGER & SHAPIRO ASSET MANAGEMENT /IL
13F-HR, 1999-08-09
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                          UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C. 20549

                                  FORM 13F

                            FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  June 30, 1999

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:     Pekin, Singer & Shapiro Asset Management, Inc.
Address:  311 South Wacker Drive, Suite 4990
          Chicago, Illinois 60606

13F File Number:  28-5740

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:		Gregory J. Suhling
Title:		Chief Financial Officer
Phone: 		312-554-7529
Signature, Place, and Date of Signing:

  Gregory J. Suhling     Chicago, Illinois     August 4, 1999


Report Type  (Check only one.):

[  X]	13F HOLDINGS REPORT.
[   ]	13F NOTICE.
[   ]	13F COMBINATION REPORT

List of Other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.
<PAGE>
                             FORM 13F SUMMARY PAGE
                              AS OF DATE: 06/30/99



REPORT SUMMARY:

NUMBER OF OTHER INCLUDED MANAGERS:        0

FORM 13F INFORMATION TABLE ENTRY TOTAL:   200

FORM 13F INFORMATION TABLE VALUE TOTAL:   $194,615,000



LIST OF OTHER INCLUDED MANAGERS:

NO.   13F FILE NUMBER      NAME
<PAGE>
<TABLE>                        <C>                                   <C>
                                                     FORM 13F INFORMATION TABLE
                                                        AS OF DATE: 06/30/99

                                                            VALUE   SHARES/ SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
  NAME OF ISSUER               TITLE OF CLASS    CUSIP    (x$1000)  PRN AMT PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

AAR CORP COM                   COM              000361105      517    22800 SH       DEFINED                     0      400    22400
ABBOTT LABS                    COM              002824100      252     5550 SH       SOLE                        0        0     5550
ABRAXAS PETE CORP COM          COM              003830106       41    34850 SH       SOLE                        0        0    34850
ACE LTD                        COM              G0070K103     7025   248687 SH       DEFINED                     0     1700   246987
ADAPTEC INC CONV SUB NTS 4.750 CONVERTIBLE BOND 00651FAC2      186   200000 PRN      SOLE                        0        0   200000
ALLSTATE CORP COM              COM              020002101      603    16806 SH       DEFINED                     0     2600    14206
AMERICA ONLINE INC COM         COM              02364J104      335     3042 SH       DEFINED                     0        0     3042
AMERICAN GEN DEL L L           CONVERTIBLE PREF 02637G200     1136    12150 SH       SOLE                        0        0    12150
AMERICAN HOME PRODUCTS CORP    COM              026609107      402     7000 SH       SOLE                        0        0     7000
AMERITECH CORP NEW COM         COM              030954101     1017    13834 SH       SOLE                        0        0    13834
AMLI RESIDENTIAL SH BEN INT    COM              001735109     2651   118500 SH       DEFINED                     0     3200   115300
ANDREW CORP COM                COM              034425108      466    24602 SH       DEFINED                     0     1000    23602
ANTEC CORP                     COM              03664P105     5277   164590 SH       DEFINED                     0     1000   163590
ARCHER DANIELS MIDLAND         COM              039483102      564    36525 SH       SOLE                        0        0    36525
ASSOCIATES FIRST CAP CORP CL A COM              046008108      234     5292 SH       SOLE                        0        0     5292
AT & T CORP.                   COM              001957109     1879    33672 SH       DEFINED                     0      600    33072
AURORA ELECTRS INC 7.750% 04/1 CONVERTIBLE BOND 051629AC7        2     7000 PRN      SOLE                        0        0     7000
AVX CORP NEW COM               COM              002444107      366    15000 SH       DEFINED                     0      500    14500
BANK NEW YORK INC              COM              064057102      308     8400 SH       SOLE                        0        0     8400
BANK OF AMERICA                COM              060505104      285     3894 SH       DEFINED                     0      400     3494
BANK ONE CORP                  COM              06423A103     1378    23127 SH       DEFINED                     0      324    22803
BELDEN INC COM                 COM              077459105      206     8600 SH       DEFINED                     0     1000     7600
BELL ATL FINL BONDS 5.750% 04/ CONVERTIBLE BOND 07785GAB6     1005  1000000 PRN      SOLE                        0        0  1000000
BELL ATLANTIC CORP             COM              077853109      366     5596 SH       SOLE                        0        0     5596
BELLSOUTH CORP                 COM              079860102      409     8868 SH       SOLE                        0        0     8868
BLACKROCK INVT QLTY TERM TR CO COM              09247J102      162    19500 SH       SOLE                        0        0    19500
BOEING CO                      COM              097023105      385     8758 SH       DEFINED                     0      150     8608
BP AMOCO P L C ADR SPONSORED   COM              055622104     1444    13307 SH       SOLE                        0        0    13307
BRISTOL MYERS SQUIBB CO        COM              110122108      298     4228 SH       SOLE                        0        0     4228
BURZYNSKI RESH INST INC COM    COM              123159105       10    54000 SH       SOLE                        0        0    54000
CALENERGY CAP TRUST II 6.250%  CONVERTIBLE PREF 12946P403      392     8000 SH       SOLE                        0        0     8000
CANADIAN NATL RY CO COM        COM              136375102     6827   101891 SH       DEFINED                     0     1000   100891
CARNIVAL CRUISE LINE INC CL A  COM              143658102     7652   157770 SH       DEFINED                     0     1700   156070
CELADON GROUP INC              COM              150838100      225    26500 SH       SOLE                        0        0    26500
CELLSTAR CORP 5.000% 10/15/02  CONVERTIBLE BOND 150925AC9       52    75000 PRN      DEFINED                     0    30000    45000
CELSION CORP COM               COM              15117N107       16    20000 SH       SOLE                        0        0    20000
CHEVRON CORP COM               COM              166751107      238     2500 SH       SOLE                        0        0     2500
CHOCK FULL O NUTS CORP 7.000%  CONVERTIBLE BOND 170268AC0       31    25000 PRN      SOLE                        0        0    25000
CISCO SYS INC                  COM              17275R102      510     7900 SH       SOLE                        0        0     7900
CITIGROUP INC.                 COM              172967101     5359   112817 SH       SOLE                        0        0   112817
CNF TR I GTD TECONS A CV       CONVERTIBLE PREF 12612V205     1731    30300 SH       SOLE                        0        0    30300
COASTAL CORP                   COM              190441105      236     5852 SH       SOLE                        0        0     5852
COHO ENERGY INC COM            COM              192481109      105   201740 SH       DEFINED                     0     4500   197240
COLTEC CAPITAL TRUST           CONVERTIBLE PREF 196878409      230     5000 SH       SOLE                        0        0     5000
COMPUTER SCIENCES CORP         COM              205363104      277     4000 SH       SOLE                        0        0     4000
CORNING INC                    COM              219350105     1069    15240 SH       DEFINED                     0      300    14940
CORPORATE EXPRESS CONV NTS 4.5 CONVERTIBLE BOND 219888AE4      292   325000 PRN      SOLE                        0        0   325000
CRANE CO                       COM              224399105      252     8000 SH       SOLE                        0        0     8000
CSX CORP                       COM              126408103     1298    28600 SH       SOLE                        0        0    28600
DECS TR IV DECS EXCHBLE        CONVERTIBLE PREF 243664208       66    10000 SH       SOLE                        0        0    10000
DEERE & CO.                    COM              244199105     2559    65300 SH       SOLE                        0        0    65300
DLJ CAPITAL TRUST I TR PFD SEC PREFERRED STOCKS 23321W202      313    12350 SH       DEFINED                     0     1000    11350
DOW CHEMICAL CORP              COM              260543103      336     2650 SH       SOLE                        0        0     2650
DURA PHARMACEUTICALS 3.500% 07 CONVERTIBLE BOND 26632SAA7      255   345000 PRN      SOLE                        0        0   345000
EASTMAN KODAK CO               COM              277461109     3042    44899 SH       SOLE                        0        0    44899
EL PASO ENERGY CAP CONV PFD 4. CONVERTIBLE PREF 283678209      668    13500 SH       SOLE                        0        0    13500
EQUITY RESIDENTIAL PPTYS TR PF CONVERTIBLE PREF 29476L826      638    22800 SH       DEFINED                     0     1500    21300
EQUITY RESIDENTIAL PROP CONVRT CONVERTIBLE PREF 29476L859     1167    49000 SH       DEFINED                     0      500    48500
EXXON CORP                     COM              302290101     1678    21757 SH       DEFINED                     0      600    21157
FEDERAL NAT MORTGAGE ASSN      COM              313586109      372     5448 SH       SOLE                        0        0     5448
FEDERAL SIGNAL CORP COM        COM              313855108      581    27400 SH       DEFINED                     0     2100    25300
FIRST MERCHANTS ACCEP CORP     COM              320816101        0    26600 SH       DEFINED                     0      300    26300
FIRSTSERVICE CORP SUB VTG SH   COM              33761N109      153    10000 SH       SOLE                        0        0    10000
FLEETWOOD CAPITAL TRUST PFD    PREFERRED STOCKS 339072407      410    10000 SH       SOLE                        0        0    10000
GATX CORP                      COM              361448103     2347    61654 SH       DEFINED                     0     1000    60654
GAYLORD CONTAINER CORP CL A    COM              368145108       89    11172 SH       SOLE                        0        0    11172
GENERAL ELECTRIC CO            COM              369604103     3870    34244 SH       DEFINED                     0      200    34044
GILLETTE CO                    COM              375766102      325     7936 SH       SOLE                        0        0     7936
GOLDEN ST BANCORP INC LTGTN TR WARRANT AND RIGH 381197136       98    74800 SH       SOLE                        0        0    74800
GOLDEN STATE BANCORP           COM              381197102     1683    74800 SH       SOLE                        0        0    74800
GOODRICH B F CO COM            COM              382388106     3349    78800 SH       DEFINED                     0      700    78100
GTE CORP                       COM              362320103      309     4090 SH       SOLE                        0        0     4090
GULF USA CORP COM              COM              4025719B1        4    32940 SH       DEFINED                     0     5940    27000
HALLIBURTON CO COM             COM              406216101     4439    98110 SH       DEFINED                     0     2000    96110
HANNA M A CO COM               COM              410522106      169    10300 SH       DEFINED                     0     1400     8900
HA-LO INDS INC COM             COM              404429102      459    46525 SH       DEFINED                     0     3000    43525
HCR MANOR CARE INC COM         COM              404134108      358    14800 SH       DEFINED                     0     1200    13600
HEALTHSOUTH CORP SUB NT 3.250% CONVERTIBLE BOND 421924AF8      254   300000 PRN      SOLE                        0        0   300000
HEALTHSOUTH CORP SUB NT 3.250% CONVERTIBLE BOND 421924AD3      423   500000 PRN      SOLE                        0        0   500000
HEARTLAND EXPRESS INC COM      COM              422347104      418    25500 SH       DEFINED                     0     3100    22400
HELLER FINL INC CL A           COM              423328103     1766    63500 SH       DEFINED                     0     1500    62000
HILTON HOTELS CORP CVT 5.000%  CONVERTIBLE BOND 432848AL3     1147  1250000 PRN      SOLE                        0        0  1250000
HUMAN GENOME SCIENCES INC 5.50 CONVERTIBLE BOND 444903AA6      243   250000 PRN      SOLE                        0        0   250000
HVIDE MARINE INC CL A          COM              448515106       42    19700 SH       DEFINED                     0     1700    18000
IDEX CORP COM                  COM              45167R104     7106   216143 SH       DEFINED                     0     3975   212168
IMMUNE RESPONSE CORP DEL       COM              45252T106      540   100500 SH       SOLE                        0        0   100500
INCO LTD CVT 7.750% 03/15/16   CONVERTIBLE BOND 453258AH8     1125  1250000 PRN      SOLE                        0        0  1250000
INGERSOLL RAND PRIDES 6.750%   CONVERTIBLE PREF 456867209      969    32300 SH       DEFINED                     0     1300    31000
INGRAM MICRO INC 0.000% 06/09/ CONVERTIBLE BOND 457153AB0      167   500000 PRN      SOLE                        0        0   500000
INTEL CORP                     COM              458140100      361     6070 SH       DEFINED                     0      350     5720
INTL BUSINESS MACHINES CORP    COM              459200101    12255    94814 SH       DEFINED                     0        0    94814
IONICS INC COM                 COM              462218108      303     8300 SH       DEFINED                     0      600     7700
IPC HOLDINGS LTD COM           COM              G4933P101     1332    66624 SH       SOLE                        0        0    66624
K MART CORP                    COM              482584109      165    10000 SH       DEFINED                     0        0    10000
KELLSTROM INDS INC 5.500% 06/1 CONVERTIBLE BOND 488035AE6      408   500000 PRN      SOLE                        0        0   500000
KIMBERLY CLARK CORP            COM              494368103      259     4550 SH       SOLE                        0        0     4550
KOPIN CORP COM                 COM              500600101     3865   161460 SH       DEFINED                     0     1500   159960
KYOCERA CORP ADR               COM              501556203      210     3500 SH       DEFINED                     0      400     3100
LECHTERS INC CONV 5.000% 09/27 CONVERTIBLE BOND 995240AA6       55    75000 PRN      SOLE                        0        0    75000
LO JACK CORP COM               COM              539451104      153    18300 SH       DEFINED                     0      600    17700
LOEWS CORP 3.125% 09/15/07     CONVERTIBLE BOND 540424AL2     1322  1625000 PRN      SOLE                        0        0  1625000
LUCENT TECHNOLOGIES INC COM    COM              549463107      460     6820 SH       DEFINED                     0       72     6748
MAGNA INTL INC 4.875% 02/15/05 CONVERTIBLE BOND 559222AF1      741   750000 PRN      SOLE                        0        0   750000
MARK IV IND CONV SUB NT 144 4. CONVERTIBLE BOND 570387AR1      488   550000 PRN      SOLE                        0        0   550000
MARK IV IND CONV SUB NT 144 4. CONVERTIBLE BOND 570387AN0      666   750000 PRN      SOLE                        0        0   750000
MAY DEPT STORES CO             COM              577778103      376     9210 SH       SOLE                        0        0     9210
MCI WORLDCOM                   COM              55268B106      215     2500 SH       SOLE                        0        0     2500
MCKESSON FINANCING TRUST-5%    CONVERTIBLE PREF 58155P501     1107    21500 SH       SOLE                        0        0    21500
MEDICAL CARE INTL INC SUB D 7. CONVERTIBLE BOND 584505AB7      566   615000 PRN      SOLE                        0        0   615000
MEDPARTNERS INC NEW COM        COM              58503X107      902   120300 SH       SOLE                        0        0   120300
MERCK & CO INC                 COM              589331107     1163    15800 SH       SOLE                        0        0    15800
MERRILL LYNCH & CO INC STRYPES CONVERTIBLE PREF 590188751      419    20500 SH       SOLE                        0        0    20500
MICROSOFT CORP                 COM              594918104      262     2910 SH       SOLE                        0        0     2910
MOBIL CORP                     COM              607059102      733     7426 SH       SOLE                        0        0     7426
MOLEX INC                      COM              608554101     2827    76400 SH       DEFINED                     0     3449    72951
MONSANTO CO                    COM              611662107     3074    77707 SH       DEFINED                     0     1800    75907
MONSANTO CO PFD ADJ 6.500%     CONVERTIBLE PREF 611662305     1637    40800 SH       DEFINED                     0     1000    39800
MORGAN STANLEY DEAN WITTER DIS COM              617446448      210     2048 SH       SOLE                        0        0     2048
MOTOROLA INC                   COM              620076109     2115    22327 SH       DEFINED                     0      127    22200
MYLAN LABS INC COM             COM              628530107      451    17000 SH       SOLE                        0        0    17000
NATIONAL AUSTRALIA BK LTD CAP  CONVERTIBLE PREF 632525309     2872    94550 SH       DEFINED                     0     4400    90150
NCR CORP NEW COM               COM              62886E108     4372    89562 SH       DEFINED                     0     2800    86762
NEWELL FINANCIAL 5.25% 12/01/2 CONVERTIBLE PREF 651195208      980    17500 SH       SOLE                        0        0    17500
NEWELL FINL TR I 5.250% PFD    PREFERRED STOCKS 651195307      610    10900 SH       DEFINED                     0      300    10600
NEWELL RUBBERMAID INC COM      COM              651229106      232     5000 SH       DEFINED                     0      750     4250
NEWSCORP OVERSEAS PREF SHS SER PREFERRED STOCKS G6478B108      268    10700 SH       DEFINED                     0     1000     9700
NISOURCE INC PIES CORP         PREFERRED STOCKS 65473P303      617    12500 SH       DEFINED                     0      500    12000
NORFOLK SOUTHERN CORP          COM              655844108      226     7500 SH       SOLE                        0        0     7500
NORTH AMER VACCINE CONV SUB 6. CONVERTIBLE BOND 657201AC3       98   260000 PRN      SOLE                        0        0   260000
NORTH AMER VACCINE REG S CN 6. CONVERTIBLE BOND 571995JR1      150   375000 PRN      SOLE                        0        0   375000
NORTH AMERICAN VACCINE CVT 6.5 CONVERTIBLE BOND 657201AA7      200   500000 PRN      SOLE                        0        0   500000
NORTH AMERN VACCINE INC COM    COM              657201109     1139   233640 SH       DEFINED                     0     5000   228640
NUCOR CORP COM                 COM              670346105      275     5800 SH       DEFINED                     0     1000     4800
ODETICS INC CL A               COM              676065204      432    44056 SH       SOLE                        0        0    44056
OMI CORP COM                   COM              Y6476W104       68    33000 SH       SOLE                        0        0    33000
ORYX ENERGY CO CVT 7.500% 05/1 CONVERTIBLE BOND 68763FAD2       55    56000 PRN      SOLE                        0        0    56000
OWENS CORNING COM              COM              69073F103      416    12100 SH       DEFINED                     0      500    11600
OWENS ILL INC PFD CONV 4.750%  CONVERTIBLE PREF 690768502      506    11500 SH       SOLE                        0        0    11500
OWENS-CORNING CAPITAL LLC 6.50 CONVERTIBLE PREF 690733209      480    10000 SH       SOLE                        0        0    10000
OXY CAP TR I TOPS 8.16%        PREFERRED STOCKS 692070204      481    19650 SH       DEFINED                     0     1800    17850
PACIFIC TELESIS FING I TR ORG  PREFERRED STOCKS 694887209      211     8500 SH       DEFINED                     0      200     8300
PALL CORP                      COM              696429307      890    40100 SH       DEFINED                     0     1000    39100
PENNZENERGY CO 4.950% 08/15/08 CONVERTIBLE BOND 70931QAB5      510   500000 PRN      SOLE                        0        0   500000
PEPSICO INC                    COM              713448108      948    24500 SH       DEFINED                     0      400    24100
PFIZER INC                     COM              717081103      295     8130 SH       SOLE                        0        0     8130
PHILADELPHIA CONS HLDG CORP IN CONVERTIBLE PREF 717528301      882    84500 SH       DEFINED                     0     2000    82500
PHILIP MORRIS COS INS          COM              718154107     1267    31531 SH       SOLE                        0        0    31531
PHILIP SVCS CORP COM           COM              71819M103       10    62400 SH       SOLE                        0        0    62400
POSSIS CORP                    COM              737407106      118    10000 SH       SOLE                        0        0    10000
PRISON RLTY CORP COM           COM              74264N105      108    11000 SH       DEFINED                     0      300    10700
PROCTER & GAMBLE CO            COM              742718109      268     3000 SH       SOLE                        0        0     3000
PROVIDENT COS INC COM          COM              743862104      215     5366 SH       SOLE                        0        0     5366
PUBLIC STORAGE INC DS 1/1000 8 PREFERRED STOCKS 74460D778      229     9200 SH       DEFINED                     0     1000     8200
QUANEX CORP                    COM              747620102     1063    37300 SH       SOLE                        0        0    37300
QUANEX CORP CVT DEB 6.880% 06/ CONVERTIBLE BOND 747620AC6     2378  2265000 PRN      SOLE                        0        0  2265000
RALSTON PURINA CO CONV PFD 7.0 CONVERTIBLE PREF 751277401      465    10000 SH       SOLE                        0        0    10000
RESPIRONICS INC COM            COM              761230101      431    28500 SH       DEFINED                     0     1700    26800
RITE AID CORP 5.250% 09/15/02  CONVERTIBLE BOND 767754AL8     1519  1500000 PRN      SOLE                        0        0  1500000
ROBERT HALF INTL INC COM       COM              770323103      392    15200 SH       SOLE                        0        0    15200
ROHM & HAAS CO COM             COM              775371107      341     7952 SH       SOLE                        0        0     7952
ROUSE CO PFD CONV B %          CONVERTIBLE PREF 779273309      401    10000 SH       SOLE                        0        0    10000
ROYAL DUTCH PETRO-NY SHARES    COM              780257804     2921    48480 SH       SOLE                        0        0    48480
SAFEWAY INC COM NEW            COM              786514208      201     4065 SH       SOLE                        0        0     4065
SBC COMMUNICATIONS, INC COMMON COM              78387G103      706    12178 SH       SOLE                        0        0    12178
SCHLUMBERGER LTD               COM              806857108      527     8270 SH       SOLE                        0        0     8270
SCOTTISH ANNUITY & LIFE HLDGOR COM              G7885T104      153    14250 SH       SOLE                        0        0    14250
SIMULA INC CONV SR SUB NTS 8.0 CONVERTIBLE BOND 829206AB7      240   300000 PRN      SOLE                        0        0   300000
SOLA INTL INC COM              COM              834092108     3026   155684 SH       DEFINED                     0     1800   153884
SPIEKER PPTYS INC PFD SR C 7.8 PREFERRED STOCKS 848497301      206     8500 SH       DEFINED                     0     1000     7500
ST JOE CORP COM                COM              790148100      946    35032 SH       SOLE                        0        0    35032
TECHNOMATIX TECH CONV SUB 5.25 CONVERTIBLE BOND 878732AA4      540   750000 PRN      SOLE                        0        0   750000
TECNOMATIX TECHNOLOGIES 5.250% CONVERTIBLE BOND 878732AD8      288   400000 PRN      SOLE                        0        0   400000
TELEFONOS DE MEX S A DEB 4.250 CONVERTIBLE BOND 879403AD5      413   400000 PRN      SOLE                        0        0   400000
TEXACO INC                     COM              881694103      976    15641 SH       DEFINED                     0      500    15141
TEXAS UTILS CO INCOME PRIDES   PREFERRED STOCKS 882848203     1548    28150 SH       DEFINED                     0      500    27650
THE CHASE MANHATTEN CORPORATIO COM              16161A108      330     3814 SH       DEFINED                     0      400     3414
THERMO INSTR SYS INC 4.000% 01 CONVERTIBLE BOND 883559AE6       21    25000 PRN      SOLE                        0        0    25000
THERMO INSTRUMENT SYS CONV 4.5 CONVERTIBLE BOND 883559AC0     1113  1250000 PRN      SOLE                        0        0  1250000
THERMO INSTRUMENT SYS INC 4.50 CONVERTIBLE BOND U88355AF6      445   500000 PRN      SOLE                        0        0   500000
TII INDS INC COM NEW           COM              872479209       63    32900 SH       DEFINED                     0     4500    28400
TIME WARNER INC                COM              887315109      253     3480 SH       SOLE                        0        0     3480
TOWER AUTOMOTIVE 3.375% 6/30/1 CONVERTIBLE PREF 891706202      380     7500 SH       SOLE                        0        0     7500
TRANSAMERICA CUM MIPS          PREFERRED STOCKS 893490201      375    14900 SH       DEFINED                     0     2000    12900
TRAVELERS PPTY CAS CORP CL A   COM              893939108      334     8525 SH       SOLE                        0        0     8525
TRINET CORP RLTY TR INC PFD SE PREFERRED STOCKS 896287406      269    13600 SH       DEFINED                     0     1000    12600
TUSCARORA PLASTIC INC          COM              900902107      279    20600 SH       DEFINED                     0     1000    19600
UICI COM                       COM              902737105      316    11450 SH       SOLE                        0        0    11450
UNION PACIFIC CORP             COM              907818108      310     5318 SH       SOLE                        0        0     5318
UNIQUE CASUAL RESTAURANTS INC  COM              90915K100      840   253650 SH       DEFINED                     0     1500   252150
UNOCAL CAP TRUST 6.25% TR CONV CONVERTIBLE PREF 91528T207     1415    25500 SH       SOLE                        0        0    25500
VISHAY INTERTECHNOLOGY         COM              928298108     4980   237148 SH       DEFINED                     0     3215   233933
VLSI TECH INC CONV SUB NTS 8.2 CONVERTIBLE BOND 918270AB5      391   397000 PRN      DEFINED                     0    30000   367000
VODAFONE GROUP PLC SPONSORED A COM              92857T107      236     1200 SH       SOLE                        0        0     1200
WASTE MANAGEMENT INC           COM              94106L109      398     7400 SH       DEFINED                     0      200     7200
WATTS INDS INC                 COM              942749102      234    12200 SH       DEFINED                     0     1400    10800
WELLS FARGO NEW                COM              949746101      363     8500 SH       SOLE                        0        0     8500
WENDYS FING I GTCST PFD A      CONVERTIBLE PREF 950588202     1180    19500 SH       SOLE                        0        0    19500
WINSTAR COMMUNICATIONS $7.25   PREFERRED STOCKS 975515867      292      300 SH       SOLE                        0        0      300
WRIGLEY WM JR CO               COM              982526105      442     4960 SH       SOLE                        0        0     4960
WRIGLEY WM JR CO CL B          COM              982526204      209     2400 SH       SOLE                        0        0     2400
</TABLE>


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