PARADIGM CAPITAL MANAGEMNET INC/NY
13F-HR, 1999-11-01
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			Form 13F

Report for the Calendar Year or Quarter Ended: 9/30/99

Check here if Amendment [  ]; Amendment Number:

This amendment (Check only one):  [  ] is a restatment.
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name: Paradigm Capital Management
Address: 9 Elk Street
         Albany, New York 12207

13F File Number:  28-7092

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: Peter E. Bulger
Title: SVP
Phone: 518-431-3500

Signature, Place and Date of Signing:

   Peter E. Bulger Albany NY 4/30/99
Report Type (Check only one.):

[  ]	13F Holdings Report.

[  ]	13F Notice.

[x ]	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.


/ Peter E. Bulger
Paradigm Capital Management, Inc.






Form 13F  SUMMARY PAGE

Report Summary: for Paradigm Capital Management
File # 28-7092

Number of other Included Managers: 0

Form 13F Informational Table Entry Total: 151

Form 13F Informational Table Value Total: $429,761,000
List of Ohter Included Managers:
<TABLE>
                                                                  FORM 13F INFORMATION TABLE
                                                           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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
A C Moore Arts & Crafts Inc.   COM              00086t103      271    61000 SH       SOLE                    60000              1000
Abbott Laboratories            COM              002824100     1086    29600 SH       SOLE                                      29600
Act Manufacturing              COM              000973107    16995   678100 SH       SOLE                   125800            552300
Advo Inc.                      COM              007585102      409    20500 SH       SOLE                                      20500
Amer Precision Indus           COM              029069101     2451   239100 SH       SOLE                                     239100
Amer Woodmark                  COM              030506109     8122   302200 SH       SOLE                    50000            252200
Ameri Credit Corp              COM              03060r101      624    41800 SH       SOLE                                      41800
Angelica Corp                  COM              034663104     1828   159000 SH       SOLE                                     159000
Apogee Enterprises             COM              037598109     1294   184000 SH       SOLE                                     184000
Applied Graphics Technologies  COM              037937109       93    10800 SH       SOLE                                      10800
Artesyn Technologies Inc.      COM              043127109     1379    72700 SH       SOLE                    10000             62700
Avid Technology                COM              05367p100     6589   502000 SH       SOLE                    50000            452000
BHA Group'A'                   COM              055446108     1666   171975 SH       SOLE                                     171975
BMC Software                   COM              055921100      215     3000 SH       SOLE                                       3000
Bacou USA Inc                  COM              056439102     3126   187300 SH       SOLE                                     187300
Baldwin Technology'A'          COM              058264102     3239  1363800 SH       SOLE                   249000           1114800
Ball Corp                      COM              058498106      220     5000 SH       SOLE                                       5000
Baxter International           COM              071813109      524     8700 SH       SOLE                                       8700
Bell Atlantic Corp             COM              077853109      337     5000 SH       SOLE                                       5000
Blair Corp                     COM              092828102      770    43700 SH       SOLE                                      43700
Bogen Communications Intl      COM              097189104      357    64100 SH       SOLE                                      64100
Brush Wellman                  COM              117421107     4530   308400 SH       SOLE                                     308400
Bush Indus Cl'A'               COM              123164105     1458   111600 SH       SOLE                    40000             71600
C & D Technologies             COM              124661109    27866   767400 SH       SOLE                    60900            706500
CPAC Inc                       COM              126145101      576    98100 SH       SOLE                                      98100
CSS Industries                 COM              125906107     5939   258200 SH       SOLE                                     258200
Carlisle Cos                   COM              142339100     7067   178900 SH       SOLE                    10000            178900
Champion Enterprises           COM              158496109      575    63900 SH       SOLE                                      63900
Chartwell Re                   COM              16139w109      889    61600 SH       SOLE                                      61600
Chemfab Corp                   COM              16361l102     2785   172700 SH       SOLE                                     172700
Ciprico Inc                    COM              172529109      918    82500 SH       SOLE                                      82500
Cold Metal Products            COM              192861102      645   191100 SH       SOLE                                     191100
Colgate-Palmolive              COM              194162103     1354    29600 SH       SOLE                                      29600
Columbus McKinnon Corp.        COM              199333105     7279   422000 SH       SOLE                    40000            422000
Concorde Camera                COM              206156101     1201   139300 SH       SOLE                                     139300
Crane Co                       COM              224399105     6787   302500 SH       SOLE                                     302500
DII Group                      COM              232949107     7389   210000 SH       SOLE                    70000            140000
Delta Financial Corp           COM              247918105      424    84800 SH       SOLE                                      84800
Diageo PLC Sponsored ADR       COM              25243q205      207     5000 SH       SOLE                                       5000
Donnelly Corp Cl'A'            COM              257870105     1749   124400 SH       SOLE                                     124400
Elder Beerman Stores           COM              284470101      263    41300 SH       SOLE                                      41300
Electro Rent                   COM              285218103     4566   365300 SH       SOLE                    40000            325300
Enesco Group Inc               COM              292973104     2941   191300 SH       SOLE                     5000            191300
Ensco International Inc.       COM              26874q100      238    13150 SH       SOLE                                      13150
Esterline Technologies         COM              297425100     1888   119900 SH       SOLE                                     119900
Evans & Sutherland Computer    COM              299096107     1265   102200 SH       SOLE                    28000             74200
Farr Co                        COM              311648109     1493   161450 SH       SOLE                                     161450
Fibermark Inc                  COM              315646109     4724   370500 SH       SOLE                                     370500
First Aviation Services        COM              31865w108      251    45600 SH       SOLE                                      45600
Friedman's Inc'A'              COM              358438109     1898   215400 SH       SOLE                                     215400
Furon Co                       COM              361106107     2743   110000 SH       SOLE                                     110000
General Electric               COM              369604103     1330    11220 SH       SOLE                                      11220
Genicom Corp                   COM              372282103      277   354600 SH       SOLE                   251400            103200
Gerber Scientific              COM              373730100     6627   296200 SH       SOLE                    10000            296200
Gillette Co                    COM              375766102      679    20000 SH       SOLE                                      20000
Hadco Corp                     COM              404681108     4290    99200 SH       SOLE                     4000             95200
Harmon Indus                   COM              413136102     1235    98300 SH       SOLE                                      98300
Hastings Entmt Inc.            COM              418365102      446    51700 SH       SOLE                    50000              1700
Haverty Furniture Co           COM              419596101     1763   121600 SH       SOLE                                     121600
Hawk Corp Cl A                 COM              420089104     1561   297400 SH       SOLE                                     297400
Healthcare Svcs                COM              421906108      851   104300 SH       SOLE                                     104300
Heinz (H.J.)                   COM              423074103      215     5000 SH       SOLE                                       5000
Helen of Troy                  COM              g4388n106     2884   299600 SH       SOLE                    70000            229600
Hewlett-Packard                COM              428236103     1162    12800 SH       SOLE                                      12800
Hollinger Intl Cl A            COM              435569108      153    12900 SH       SOLE                                      12900
Hunt Mfg                       COM              445591100     1632   199300 SH       SOLE                                     199300
Hussman International Inc.     COM              448110106     1586    93300 SH       SOLE                    10000             83300
ICT Group Inc                  COM              44929y101     1341   185000 SH       SOLE                                     185000
Information Resources          COM              456905108      961    86900 SH       SOLE                                      86900
Intel Corp                     COM              458140100      743    10000 SH       SOLE                                      10000
Intl Business Machines         COM              459200101      460     3800 SH       SOLE                                       3800
Jabil Circuit                  COM              466313103     9900   200000 SH       SOLE                                     200000
John B Sanfilippo & Son Inc    COM              800422107       57    20000 SH       SOLE                                      20000
Johnson & Johnson              COM              478160104     3703    40300 SH       SOLE                                      40300
Jos.A. Bank Clothiers          COM              480838101     2760   679400 SH       SOLE                   177800            501600
K-Tron Intl                    COM              482730108     3055   205400 SH       SOLE                                     205400
Katy Inds                      COM              486026107      968    80700 SH       SOLE                                      80700
Lifetime Hoan Corp             COM              531926103      287    39200 SH       SOLE                                      39200
Longs Drug Stores Corp         COM              543162101      597    20000 SH       SOLE                                      20000
Lydall Inc                     COM              550819106     3733   362000 SH       SOLE                    40000            362000
Mail Well Inc                  COM              560321200      198    14300 SH       SOLE                                      14300
Mark IV Industries             COM              570387100     8177   414020 SH       SOLE                                     414020
Mattel, Inc                    COM              577081102     1649    86780 SH       SOLE                                      86780
Maxxim Medical                 COM              57777g105    10939   457000 SH       SOLE                    20000            437000
Mazel Stores                   COM              578792103      300    31200 SH       SOLE                                      31200
Media 100 Inc                  COM              58440w105     1883   266600 SH       SOLE                   170000             96600
Medtronic Inc.                 COM              585055106      711    20000 SH       SOLE                                      20000
Mens Wearhouse Inc             COM              587118100     1159    53900 SH       SOLE                                      53900
Merck & Co                     COM              589331107     1820    28080 SH       SOLE                                      28080
Merix Corp                     COM              590049102     6327   486700 SH       SOLE                   177500            309200
Mestek Inc                     COM              590829107     2384   119200 SH       SOLE                                     119200
Microsemi Corp                 COM              595137100     2117   287000 SH       SOLE                                     287000
Microwave Power Devices        COM              59517m103     1983   144900 SH       SOLE                                     144900
Monro Muffler Brake            COM              610236101     4802   718044 SH       SOLE                    38270            718044
Musicland Stores               COM              62758b109     2851   321200 SH       SOLE                    60000            261200
Myers Inds Inc                 COM              628464109     1716    96700 SH       SOLE                                      96700
Nash Finch Co                  COM              631158102     1257   179600 SH       SOLE                                     179600
Nashua Corp                    COM              631226107      404    45500 SH       SOLE                                      45500
Neomagic Corp                  COM              640497103     1362   175800 SH       SOLE                    43300            132500
Newell Rubbermaid              COM              651229106      271     9500 SH       SOLE                                       9500
O'Sullivan Industries Hldg     COM              688609106     8566   571100 SH       SOLE                    70000            501100
Oneida Ltd                     COM              682505102     6856   287900 SH       SOLE                                     287900
Optika Inc                     COM              683973101      198    52800 SH       SOLE                    52800             52800
Patrick Indus                  COM              703343103      911    71800 SH       SOLE                                      71800
Penn Engr & Mfg                COM              707389300     7253   295300 SH       SOLE                                     295300
PepsiCo Inc                    COM              713448108      659    21607 SH       SOLE                                      21607
Perceptron                     COM              71361f100      463   129900 SH       SOLE                                     129900
Pier 1 Imports Inc             COM              720279108      525    80000 SH       SOLE                    30000             50000
Pinnacle Systems               COM              723481107    11802   278516 SH       SOLE                                     278516
Plexus Corp                    COM              729132100     4937   161200 SH       SOLE                                     161200
PrimeSource Corp               COM              741593107     1709   294100 SH       SOLE                                     294100
Printronix Inc                 COM              742578107     2647   141200 SH       SOLE                                     141200
Procter & Gamble               COM              742718109      984    10500 SH       SOLE                                      10500
Provantage Health Svcs Inc.    COM              743725103      206    20000 SH       SOLE                    20000
R & B Inc                      COM              749124103      992   178400 SH       SOLE                                     178400
R&B Falcon Corp                COM              74912e101      192    14600 SH       SOLE                                      14600
Remedy Corp                    COM              759548100      230     8100 SH       SOLE                                       8100
RemedyTemp Inc - Cl A          COM              759549108     2644   183900 SH       SOLE                                     183900
Richardson Electr              COM              763165107     2215   266500 SH       SOLE                                     266500
Rite Aid                       COM              767754104     2193   158750 SH       SOLE                                     158750
Robertson-Ceco Corp            COM              770539203     1331   171700 SH       SOLE                                     171700
Rogers Corp                    COM              775133101     7736   210500 SH       SOLE                                     210500
Rogue Wave Software Inc        COM              775369101     1206   201000 SH       SOLE                    40000            161000
Rohn Inds                      COM              775381106      376   188200 SH       SOLE                                     188200
Roy F Weston Cl A              COM              961137106      299   119600 SH       SOLE                                     119600
Russ Berrie & Co               COM              782233100      373    17800 SH       SOLE                                      17800
Ryans Family Steak Houses Inc. COM              783519101      386    42900 SH       SOLE                                      42900
SED Intl Holdings              COM              784109100      694   270800 SH       SOLE                   140900            129900
Safety 1st Inc                 COM              786475103      481    68100 SH       SOLE                                      68100
Salton Inc                     COM              795757103     8736   281800 SH       SOLE                    62400            219400
Sanmina Corp                   COM              800907107     3706    47900 SH       SOLE                                      47900
Schawk Inc                     COM              806373106      585    60000 SH       SOLE                                      60000
Scott Technologies Inc         COM              810022301     6859   347300 SH       SOLE                                     347300
Sears,Roebuck                  COM              812387108      452    14400 SH       SOLE                                      14400
Shopko Stores                  COM              824911101     9938   342700 SH       SOLE                    70000            272700
Sizzler International          COM              830139101      359   169000 SH       SOLE                                     169000
Smart Modular Tecnologies      COM              831690102    17460   512600 SH       SOLE                    70000            442600
Spectrum Control               COM              847615101     2058   267700 SH       SOLE                                     267700
Sterile Recoveries             COM              859151102      894   115300 SH       SOLE                   104300             11000
Sterling Commerce              COM              859205106      742    40000 SH       SOLE                                      40000
Sybase Inc.                    COM              871130100      281    23750 SH       SOLE                                      23750
Sylvan Inc                     COM              871371100     1320   130400 SH       SOLE                                     130400
Symantec Corp                  COM              871503108    21297   592100 SH       SOLE                   150000            442100
Technitrol                     COM              878555101    11671   331100 SH       SOLE                     6000            331100
Tokheim Corp                   COM              889073102       93    10420 SH       SOLE                                      10420
Trans World Entertainment      COM              89336q100     9493   748200 SH       SOLE                    60000            688200
Trustco Bank Corp              COM              898349105      518    17534 SH       SOLE                                      17534
Tuscarora Inc                  COM              900902107     1777   140750 SH       SOLE                                     140750
Urocor Inc.                    COM              91727p105      307    75000 SH       SOLE                                      75000
Walt Disney Co Holding         COM              254687106      220     8450 SH       SOLE                                       8450
Windmere Durable Holdings      COM              973411101      856    71000 SH       SOLE                    30000             41000
</TABLE>


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