BALDWIN BROTHERS INC/MA
13F-HR, 1999-11-09
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                                 UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549

                                   FORM 13F

 INFORMATION REQUIRED ON INSTITUTIONAL INVESTMENT MANAGERS PURSUANT TO SECTION
       13(f) OF THE SECURITIES EXCHANGE ACT OF 1934 AND RULES THEREUNDER

 Report for the Calendar Year or Quarter Ended: September 30, 1999.
                                              --------------  ----

- --------------------------------------------------------------------------------
               (Please read instructions before preparing form.)
- --------------------------------------------------------------------------------

 If amended report check here: [ ]

    Baldwin Brothers, Inc.
- --------------------------------------------------------------------------------
 Name of Institutional Investment Manager

    3 Barnabas Road                Marion,         MA            02738
- --------------------------------------------------------------------------------
 Business Address      (Street)    (City)        (State)         (Zip)

    Michael Baldwin, (508) 748-0800, President, Baldwin Brothers, Inc.
- --------------------------------------------------------------------------------
 Name, Phone No., and Title of Person Duly Authorized to Submit This Report.

                                   ATTENTION
- -----------------------------------         ------------------------------------
  Intentional misstatements or omissions of facts constitute Federal Criminal
             Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
- --------------------------------------------------------------------------------

     The institutional investment manager submitting this Form and its
attachments and the person by whom it is signed represent hereby that all
information contained therein is true, correct and complete. It is understood
that all required items, statements and schedules are considered integral parts
of this Form and that the submission of any amendment represents that all
unamended items, statements and schedules remain true, correct and complete as
previously submitted.
     Pursuant to the requirements of Securities Exchange Act of 1934, the
undersigned institutional investment manager has caused this report to be signed
on its behalf in the City of Marion and the State of Massachusetts on the eighth
                            --------                ---------------      -------
day of November, 1999.
      ---------  ----
                                   Baldwin Brothers, Inc. (28-5814)
                              --------------------------------------------
                               (Name of Institutional Investment Manager)

                                         /s/ Michael Baldwin
                              --------------------------------------------
                              (Manual Signature of Person Duly Authorized
                                        to Submit This Report)

Name and 13F file numbers of ALL Institutional Investment Managers with respect
to which this schedule is filled (other than the one filing this report): (List
in alphabetical order).

13F File Numbers will be assigned to Institutional Investment Managers after
they file their first report.

Name:                          13F File No.:   Name:               13F File No.:
- ------------------------------ --------------  ------------------- -------------
1. Michael Baldwin             28-5818         6. Ellen O. Stone   28-7204
- ------------------------------ --------------  ------------------- -------------
2. David A. Barrett            28-6352         7.
- ------------------------------ --------------  ------------------- -------------
3. Andrew M. Wallerstein       28-5816         8.
- ------------------------------ --------------  ------------------- -------------
4. J. Michael Costello         28-6868         9.
- ------------------------------ --------------  ------------------- -------------
5. Malcolm G. Chace, Jr.       28-6870         10.
- ------------------------------ --------------  ------------------- -------------
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>  <C>         <C>     <C>     <C>   <C>
Avalon Bay Community Pfd S           PFD    053484507       398     16900      SH         Sole                              16900
Bank One Cap 8.00% 09/15/2029        PFD    06421b202       415     16600      SH         Sole                              16600
Bellsouth Cap Fd Pfd QUIBS 7.3       PFD    079857207       253     10000      SH         Sole                              10000
Carlton Comm PLC PFD *%              PFD    G19068140       474     20000      SH         Sole                              20000
Equity Res Prop Tr Pfd Cv Cm 7       PFD    29476l859       560     27000      SH         Sole                              27000
Fleet Financial Grp 9.35% cum        PFD    338915838       919     36300      SH         Sole                              36300
Glenborough Realty Trust 7.75%       PFD    37803p105      2388    145300      SH         Sole         4        200        145100
Houston Industries 7% pfd            PFD    442161204      4610     45200      SH         Sole                              45200
ING 7.7% pfd                         PFD    44978d107       371     15500      SH         Sole                              15500
Joseph E. Seagrams & Sons Snr        PFD    811845205      2062     87050      SH         Sole                              87050
MediaOne Fin Pfd Tr III 9.04%        PFD    584458202      1386     54900      SH         Sole                              54900
Merrill Lynch Pfd 7.00% Srs 11       PFD    59021f206       634     28500      SH         Sole                              28500
Natl Westminster Bank ser A 7.       PFD    638539809      1307     53500      SH         Sole                              53500
Rhone-Poulenc Overseas Ser PFD       PFD    G75495104       465     20000      SH         Sole                              20000
SI Financing Trust I 9.25% pfd       PFD    828692103       395     15300      SH         Sole                              15300
Time Warner 8.875% pfd               PFD    88731g204       301     12100      SH         Sole                              12100
Virginia Elec Pwr Co Ser A 6.7       PFD    927804591       239     10000      SH         Sole                              10000
Alza Corp sub Deb Conv               CONV   022615ad0        48     40000      SH         Sole                              40000
Hilton Hotels Conv. Sub Notes        CONV   432848al3       133    165000      SH         Sole                             165000
OHM Corp Sub Deb Conv Cv             CONV   670839aa7        23     25000      SH         Sole                              25000
Avista Corp $12.40 Ser L Conv        PFD CV 05379b503       315     18000      SH         Sole                              18000
Media One Group Pfd Conv Ser D       PFD CV 58440j203       893      6616      SH         Sole                               6616
AT & T Corp Liberty Media Grou       COM    001957208       224      6000      SH         Sole         2       1400          4600
AT Cross CL A                        COM    227478104       369     88000      SH         Sole                              88000
AT&T Corp                            COM    001957109      2467     56703      SH         Sole                              56703
AXA-UAP ADR                          COM    054536107       510      8000      SH         Sole                               8000
Abbott Labs                          COM    002824100      5970    162723      SH         Sole                             162723
Access Solutions                     COM    004317103        91    757212      SH         Sole         2     757212
Aegon NV Amer Reg                    COM    007924103      2290     26476      SH         Sole                              26476
Air Products & Chemicals             COM    009158106       714     24400      SH         Sole                              24400
Airgas Inc                           COM    009363102      5213     44200      SH         Sole         2       5200         39000
Albertson's Inc                      COM    013104104       249      6300      SH         Sole                               6300
Allied Signal Inc                    COM    019512102      2077     34650      SH         Sole                              34650
Ambase Corp.                         COM    023164106        28     35000      SH         Sole                              35000
Amerada Hess Corp                    COM    023551104       259      4222      SH         Sole                               4222
America OnLine Inc Del               COM    02364J104       213      2050      SH         Sole                               2050
American Express Co                  COM    025816109       790      5850      SH         Sole                               5850
American Home Prods Corp             COM    026609107      2276     54840      SH         Sole                              54840
American Int'l Group                 COM    026874107     11941    137353      SH         Sole         5       2624        134729
American Power Conversion            COM    029066107       198     10400      SH         Sole                              10400
</TABLE>

                                     Page 1
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>  <C>       <C>        <C>     <C>  <C>
Amgen                                COM    031162100       644      7900      SH         Sole                                7900
Analog Devices                       COM    032654105       595     11616      SH         Sole                               11616
Andrew Corp                          COM    034425108      4991    287225      SH         Sole             4     600        286625
Applied Extrusion Tech               COM    038196101       175     23725      SH         Sole             2   10225         13500
Atlantic Richfield Co                COM    048825103       815      9200      SH         Sole                                9200
Automatic Data Processing            COM    053015103       791     17732      SH         Sole                               17732
BP Amoco Pls Spons ADR               COM    055622104      3013     27194      SH         Sole                               27194
Baker Hughes Inc.                    COM    057224107       334     11500      SH         Sole                               11500
Banc One Corp Ohio                   COM    06423a103       697     20014      SH         Sole                               20014
Bank New York Inc                    COM    064057102       424     12675      SH         Sole                               12675
Bank Rhode Island                    COM    064576101       747     73825      SH         Sole       1,2 & 3     300         73625
Bank of America Corp                 COM    06605f102      1193     21422      SH         Sole             2     200         21222
BankBoston Corp                      COM    060716107      8315    191709      SH         Sole             2    4200        187509
Barbecue Galore Ltd spon ADR         COM    067091108        98     14000      SH         Sole             2    5000          9000
Bell Atlantic Corp                   COM    077853109      2527     37536      SH         Sole             2     200         37336
Bellsouth Corp                       COM    079860102      1979     43970      SH         Sole                               43970
Belo Series A                        COM    080555105       383     20000      SH         Sole                               20000
Berkshire Hathaway Cl B              COM    084670207       980       528      SH         Sole                                 528
Berkshire Hathaway Inc               COM    084670108      5115        93      SH         Sole             5      30            63
Bestfoods                            COM    08658u101       435      8950      SH         Sole                                8950
Boeing Company                       COM    097023105       386      9065      SH         Sole                                9065
Boston Scientific Corp               COM    101137107      5953    240515      SH         Sole             2    2200        238315
Bristol Myers Squibb Co              COM    110122108      4879     72277      SH         Sole                               72277
Brown Forman Corp Class A            COM    115637209       404      7002      SH         Sole                                7002
Burlington Northn Inc                COM    12189T104       268      9738      SH         Sole                                9738
C U N O Inc.                         COM    126583103       398     20000      SH         Sole                               20000
CBS Corp                             COM    12490K107       474     10250      SH         Sole                               10250
CNF Transportation Inc               COM    12612W104       313      8400      SH         Sole                                8400
CVS Corp                             COM    126650100      1744     42725      SH         Sole                               42725
Cabot Industrial Trust               COM    127072106       372     19325      SH         Sole                               19325
Capital One Financial                COM    14040H105       919     23566      SH         Sole                               23566
Cardinal Health Inc                  COM    14149Y108       221      4062      SH         Sole                                4062
Carnival Corp                        COM    143658102       218      5000      SH         Sole                                5000
Carolina Pwr & Lt Co                 COM    144141108       407     11516      SH         Sole                               11516
Cendant Corp                         COM    151313103       825     46500      SH         Sole             2    5200         41300
Centerpoint Properties Corp          COM    151895109       236      7000      SH         Sole                                7000
Charles Schwab Corp New              COM    808513105       425     12700      SH         Sole                               12700
Chase Manhattan Corp                 COM    16161A108      1619     21477      SH         Sole                               21477
Chevron Corp                         COM    166751107      1017     11455      SH         Sole                               11455
Chubb Corp                           COM    171232101       337      6800      SH         Sole             4     400          6400
Cincinnati Financial Corp            COM    172062101       254      6771      SH         Sole                                6771
Circuit City Stores Inc              COM    172737108      1097     26000      SH         Sole                               26000
Cisco Systems Inc                    COM    17275R102     17169    250414      SH         Sole             2     200        250214
Citigroup Inc                        COM    172967101      1135     25802      SH         Sole                               25802
Citizens Util                        COM    177342201       294     26000      SH         Sole                               26000
Coca Cola Co                         COM    191216100      7786    161371      SH         Sole             2    3200        158171
</TABLE>

                                     Page 2
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>  <C>       <C>       <C>    <C>    <C>
Colgate Palmolive Co                 COM    194162103      1261     27566      SH         Sole         2        400         27166
Commerce Group Inc Mass              COM    200641108       315     13700      SH         Sole                              13700
Compaq Computer                      COM    204493100       818     35755      SH         Sole                              35755
Computer Associates Intl Inc         COM    204912109       239      3912      SH         Sole                               3912
Computer Sciences                    COM    205363104       281      4000      SH         Sole                               4000
Conectiv Inc                         COM    206829103       998     50875      SH         Sole                              50875
Corning Inc                          COM    219350105       202      2950      SH         Sole                               2950
DLJ High Yield Bond Fund             COM    23322y108       427     52964      SH         Sole         2       1200         51764
Disney Walt Company                  COM    254687106      1134     43617      SH         Sole                              43617
Dover Corp                           COM    260003108       474     11600      SH         Sole                              11600
Dow Chemical Corp                    COM    260543103       511      4495      SH         Sole                               4495
Du Pont E I De Nemours Co            COM    263534109       656     10838      SH         Sole                              10838
Duke Energy Co.                      COM    264399106       609     11049      SH         Sole                              11049
Duke-Weeks Realty Corp               COM    264411505       404     20700      SH         Sole                              20700
E M C Corp MA                        COM    268648102       635      8895      SH         Sole                               8895
Eastman Kodak                        COM    277461109       227      2999      SH         Sole                               2999
Eaton Corp                           COM    278058102       911     10557      SH         Sole                              10557
Echelon Corp                         COM    27874n105       114     15000      SH         Sole                              15000
Electronic Data Systems Corp         COM    285661104       635     12000      SH         Sole                              12000
Emerson Elec Co                      COM    291011104      1035     16376      SH         Sole                              16376
Enron Corp                           COM    293561106      7108    173094      SH         Sole                             173094
Exxon Corp                           COM    302290101     11355    149410      SH         Sole                             149410
Family Ventures III Part             COM    999027816        25     21250      SH         Sole                              21250
Fannie Mae                           COM    313586109      4213     67203      SH         Sole                              67203
Federated Dept Stores                COM    31410H101       262      6000      SH         Sole                               6000
First Data Corporation               COM    319963104      5645    128660      SH         Sole         2       2700        125960
First Union Corp                     COM    337358105       264      7401      SH         Sole                               7401
Fleet Boston Corp                    COM    33901a108      4676    127674      SH         Sole     4 & 5        389        127285
Foxborough Svgs Bank                 COM    351644109       784     14000      SH         Sole         2       4000         10000
Freddie Mac                          COM    313400301       359      6900      SH         Sole                               6900
GTE Corp                             COM    362320103      3214     41809      SH         Sole                              41809
Gannett Inc Del                      COM    364730101      1045     15110      SH         Sole                              15110
General Electric Company             COM    369604103     30005    253074      SH         Sole         5       1600        251474
Gillette Co                          COM    375766102      1734     51086      SH         Sole         2         90         50996
Glaxo Wellcome plc ADR               COM    37733W105       380      7300      SH         Sole                               7300
Glenborough Realty Trust             COM    37803P105      1089     66001      SH         Sole                              66001
Halliburton Co                       COM    406216101      2151     52463      SH         Sole                              52463
Hancock J Ptrot Pfd D Fund           COM    41013J107       559     50250      SH         Sole                              50250
Harken Energy                        COM    412552101        20     17950      SH         Sole                              17950
Hershey Foods Corp                   COM    427866108       292      6000      SH         Sole                               6000
Hewlett Packard Co                   COM    428236103      2683     29567      SH         Sole                              29567
Home Depot Inc                       COM    437076102      5666     82558      SH         Sole         2        200         82358
Il International Inc Escrow          COM    449658996        21   1033676      SH         Sole         2     492373        541303
Illinois Tool Works                  COM    452308109       378      5070      SH         Sole                               5070
Int'l Business Machines              COM    459200101      4505     37233      SH         Sole                              37233
Integra, Inc.                        COM    45811m105        31     20996      SH         Sole         2       4296         16700

</TABLE>

                                     Page 3
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>  <C>         <C>      <C>    <C>   <C>
Intel Corp                           COM    458140100     22513    302943      SH         Sole         5       3200         299743
Interface Inc CL A                   COM    458665106        60     11700      SH         Sole                               11700
J P Morgan & Co Inc                  COM    616880100       234      2048      SH         Sole                                2048
Jacobs Engr Group                    COM    469814107      1967     60515      SH         Sole         4        100          60415
Johnson & Johnson                    COM    478160104      4366     47520      SH         Sole                               47520
Kimberly-Clark                       COM    494368103      2636     49973      SH         Sole         4        277          49696
Korea Fund                           COM    500634100       125     10000      SH         Sole                               10000
Lexmark International Group In       COM    529771107       403      5000      SH         Sole                                5000
Liberty Ppty Tr                      COM    531172104       204      9000      SH         Sole                                9000
Lilly Eli & Co                       COM    532457108      2036     31720      SH         Sole                               31720
Lucent Technologies                  COM    549463107      5023     77430      SH         Sole                               77430
MCI WorldCom                         COM    55268b106     10197    141875      SH         Sole         2        800         141075
Mascotech Corp                       COM    57632n105       200     12000      SH         Sole                               12000
Mattell Inc                          COM    577081102       237     12468      SH         Sole                               12468
Maxim Integrated Products            COM    57772k101     33026    523440      SH         Sole                              523440
McDonald's Corp                      COM    580135101      1689     39053      SH         Sole                               39053
Medford Bancorp                      COM    584303101      1833    119238      SH         Sole         2       6448         112790
MediaOne Group Inc                   COM    58440j104       730     10688      SH         Sole                               10688
Mediscience                          COM    585901101        41    133000      SH         Sole                              133000
Medtronic                            COM    585055106      8747    245950      SH         Sole                              245950
Mellon Bank                          COM    585509102       339     10000      SH         Sole                               10000
Merck & Co                           COM    589331107     12182    187957      SH         Sole                              187957
Mercury Genl Corp                    COM    589400100       331     12000      SH         Sole                               12000
Meristar Hotels & Resorts            COM    589988104        29     10000      SH         Sole         2       2000           8000
Messagemedia Inc                     COM    590787107       108     10000      SH         Sole                               10000
MicroTel Intl Inc New (restric       COM    59514K209        19     82067      SH         Sole         3       8189          73878
Microsoft Corp Wash                  COM    594918104      5395     59577      SH         Sole                               59577
Miller Inds                          COM    600551105       788    280000      SH         Sole                              280000
Minnesota Mng & Mfg Co               COM    604059105      1459     15185      SH         Sole                               15185
Mobil Corp                           COM    607059102      1368     13578      SH         Sole                               13578
Monsanto Company                     COM    611662107       300      8407      SH         Sole                                8407
Morgan Stanley Dean Witter Dis       COM    617446448       676      7578      SH         Sole                                7578
Motorola                             COM    620076109      2314     26300      SH         Sole                               26300
Murray United Development            COM    627189103         1    100000      SH         Sole                              100000
National City Corp                   COM    635405103      2352     88128      SH         Sole                               88128
Network Associates                   COM    640938106      1279     66900      SH         Sole         4        300          66600
News Corp Ltd Spd Pref ADR           COM                    378     14174      SH         Sole                               14174
Norfolk Southern Corp                COM    655844108       296     12100      SH         Sole                               12100
Oak Inds                             COM    671400505      4794    141000      SH         Sole                              141000
Office Depot                         COM    676220106       146     13925      SH         Sole         2       1323          12602
Optika                               COM    683973101       389    103850      SH         Sole         2       6500          97350
Oracle Sys Corp                      COM    68389X105     15054    330849      SH         Sole         2       1975         328874
PNC Bank                             COM    693475105      3978     75508      SH         Sole                               75508
PPG Industries                       COM    693506107       591      9842      SH         Sole                                9842
Parametric Technology                COM    699173100       186     13800      SH         Sole                               13800
Pepsico Inc                          COM    713448108      2943     96488      SH         Sole         4        200          96288

</TABLE>

                                     Page 4
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>   <C>      <C>        <C>    <C>   <C>
Pfizer Inc                           COM    717081103      2587     72114      SH         Sole                               72114
Philip Morris Cos                    COM    718154107      1548     45265      SH         Sole         2       1500          43765
Procter & Gamble Co                  COM    742718109      8514     90813      SH         Sole                               90813
Protein Design Labs                  COM    74369L103      1407     38950      SH         Sole         2       1500          37450
Providian Corp                       COM    744061102      3924     49559      SH         Sole                               49559
QUALCOMM                             COM    747525103     38725    204688      SH         Sole     4 & 5       3100         201588
QWEST Communications Intl            COM    749121109       773     26150      SH         Sole                               26150
Quintiles Transnational Corp         COM    748767100      1306     68650      SH         Sole                               68650
Raytheon Co New CL B                 COM    755111408       737     14850      SH         Sole                               14850
Reuters Group plc ADR                COM    76132M102       243      3531      SH         Sole                                3531
Rohm & Haas Co                       COM    775371107       400     11062      SH         Sole                               11062
Roper Industries Inc                 COM    776696106       433     11320      SH         Sole                               11320
Royal Dutch Pete NLG 1.25            COM    780257705      5965    100998      SH         Sole                              100998
SBC Communications Inc PV$1          COM    78387G103      1079     21122      SH         Sole                               21122
Sara Lee Corp                        COM    803111103       659     28210      SH         Sole                               28210
Schering Plough Corp                 COM    806605101       347      7960      SH         Sole                                7960
Schlumberger                         COM    806857108      1878     30133      SH         Sole                               30133
Seacoast Financial Svcs Corp         COM    81170q106       658     65750      SH         Sole         2       3000          62750
Servicemaster Co.                    COM    81760N109       728     45336      SH         Sole         2        300          45036
Sherwin Williams Co                  COM    824348106      1229     58700      SH         Sole         4        100          58600
Smithkline Beecham ADS               COM    832378301       859     14899      SH         Sole                               14899
St. Joe Co                           COM    790148100       311     14400      SH         Sole                               14400
Staples                              COM    855030102      2657    121815      SH         Sole         2       2000         119815
State Street Corp                    COM    857477103       228      3525      SH         Sole                                3525
Sun Microsystem Inc                  COM    866810104      5162     55500      SH         Sole                               55500
Supertex                             COM    868532102       816     50000      SH         Sole                               50000
Sybron Intl corp Wisc                COM    87114F106       929     34575      SH         Sole                               34575
Teleflex Inc.                        COM    879369106       252      6400      SH         Sole                                6400
Thermo Electron Corp                 COM    883556102       171     12762      SH         Sole         6        100          12662
Time Warner Inc                      COM    887315109       617     10150      SH         Sole                               10150
Transwitch Corp                      COM    894065101      1513     26549      SH         Sole         4        600          25949
Tyco International Limited           COM    902124106       981      9498      SH         Sole                                9498
U S West Inc                         COM    91273h101       793     13894      SH         Sole                               13894
United Technologies Corp             COM    913017109       225      3800      SH         Sole                                3800
UnumProvident Corp                   COM    91529y106      5181    176000      SH         Sole         2       2800         173200
Wal Mart Stores Inc                  COM    931142103       896     18830      SH         Sole                               18830
Walgreen Company                     COM    931422109      1199     47250      SH         Sole                               47250
Warner Lambert Co                    COM    934488107       383      5768      SH         Sole                                5768
Washington Mutual Inc                COM    939322103       216      7395      SH         Sole                                7395
Whirlpool Corp                       COM    963320106       392      6000      SH         Sole                                6000
Williams Companies                   COM    969457100      5279    140300      SH         Sole                              140300
Xerox Corp                           COM    984121103       689     16436      SH         Sole                               16436
Alliance Cap Mgt Holding LP          MLP    01855A101      4099    149400      SH         Sole         2       4000         145400
Buckeye Partners L P                 MLP    118230101      1937     71754      SH         Sole         2        400          71354
Crown Pacific Partners L.P.          MLP    228439105       771     36800      SH         Sole                               36800
Kinder Morgan Energy Partners,       MLP    494550106      8741    201817      SH         Sole         2        500         201317

</TABLE>

                                     Page 5
<PAGE>

<TABLE>
<CAPTION>

                                                                    Form 13F  Information
                                    Title               Value     Shares/     Sh/   Put/  Invstmt   Other       Voting Authority
Name of Issuer                     of Class   CUSIP    (x$1000)   Prn Amt     Prn   Call  Dscretn   Managers  Sole   Shared  None
- --------------                     --------   -----    --------   --------    ---   ----  -------   -------- ------- ------ ------
<S>                                <C>     <C>            <C>      <C>        <C>   <C>  <C>         <C>       <C>   <C>   <C>
Lakehead Pipeline PS L P             MLP    511557100      2425     56900      SH         Sole         2        300          56600
Leviathan Gas Partners L P           MLP    527367205      3445    151423      SH         Sole         2        800         150623
Northern Border Partners L P         MLP    664785102      3434    118400      SH         Sole         2        500         117900
PIMCO Advisors Cl A LP               MLP    69338p102       790     25086      SH         Sole         2        500          24586
TC Pipeline LP                       MLP    87233q108      1542     86250      SH         Sole         2        500          85750
Teppco Partners L P                  MLP    872384102      3327    166350      SH         Sole         2        800         165550
Carrefour SA FRF Par Ordinary        FORGN                  240      1500      SH         Sole                                1500
Dordtsche Petrol .65NLG Ord          FORGN  n27145189       250      5120      SH         Sole                                5120
Hays PLC 1P Gbp Par Ordinary         FORGN                  303     28000      SH         Sole                               28000
Koninklijke Numico NV (EUR) 0.       FORGN                  249      6000      SH         Sole                                6000
Koninklijke Philips Electronic       FORGN  500472204      4386     43430      SH         Sole         4        184          43246
Novartis ADR                         FORGN  66987v109      3866     52127      SH         Sole                               52127
Shire Pharmaceuticals Grp adr        FORGN  82481r106      5620    195050      SH         Sole                              195050

</TABLE>

                                     Page 6


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