PARADIGM CAPITAL MANAGEMNET INC/NY
13F-HR, 1999-08-03
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			Form 13F

Report for the Calendar Year or Quarter Ended: 6/30/99

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: 169

Form 13F Informational Table Value Total: $443,105,000
List of Ohter Included Managers:

No.		13F File Number		Name
<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>
3DFX Interactive Inc           COM              88553x103     1587   101597 SH       SOLE                                     101597
Abbott Laboratories            COM              002824100     1311    28900 SH       SOLE                                      28900
Act Manufacturing              COM              000973107     4350   310700 SH       SOLE                    86800            223900
Advanced Technical Products, I COM              007548100      375    28700 SH       SOLE                                      28700
Albany Intl 'A'                COM              012348108     1212    57717 SH       SOLE                                      57717
Amer Business Prod             COM              024763104      633    41500 SH       SOLE                                      41500
Amer Precision Indus           COM              029069101     2717   252700 SH       SOLE                                     252700
Amer Woodmark                  COM              030506109     9218   261500 SH       SOLE                    60000            201500
Ameri Credit Corp              COM              03060r101      483    30200 SH       SOLE                                      30200
Angelica Corp                  COM              034663104     4066   230700 SH       SOLE                     6000            230700
Apogee Enterprises             COM              037598109     1446   107600 SH       SOLE                                     107600
Applied Graphics Technologies  COM              037937109      136    10800 SH       SOLE                                      10800
Avid Technology                COM              05367p100     7746   480400 SH       SOLE                    50000            430400
BHA Group'A'                   COM              055446108     1409   170811 SH       SOLE                                     170811
BMC Industries Inc             COM              055607105      111    10800 SH       SOLE                                      10800
Bacou USA Inc                  COM              056439102      382    22400 SH       SOLE                                      22400
Baldwin Technology'A'          COM              058264102     3974  1353000 SH       SOLE                   249000           1104000
Baxter International           COM              071813109      527     8700 SH       SOLE                                       8700
Bel Fuse Cl B                  COM              077347300      650    25000 SH       SOLE                    20000              5000
Bell Atlantic Corp             COM              077853109      327     5000 SH       SOLE                                       5000
Blair Corp                     COM              092828102     1255    46600 SH       SOLE                                      46600
Bogen Communications Intl      COM              097189104      448    69600 SH       SOLE                                      69600
Brush Wellman                  COM              117421107     5470   301800 SH       SOLE                                     301800
C & D Technologies             COM              124661109    26457   863900 SH       SOLE                    40900            823000
CMC Industries                 COM              125708107     3117   457500 SH       SOLE                   100000            357500
CPAC Inc                       COM              126145101      822    98100 SH       SOLE                                      98100
CSS Industries                 COM              125906107     7214   256500 SH       SOLE                                     256500
Carlisle Cos                   COM              142339100     5804   120600 SH       SOLE                                     120600
Central Garden & Pet           COM              153527106     1441   140600 SH       SOLE                                     140600
Champion Enterprises           COM              158496109      587    31500 SH       SOLE                                      31500
Chartwell Re                   COM              16139w109      371    19900 SH       SOLE                                      19900
Chemfab Corp                   COM              16361l102     2981   163900 SH       SOLE                                     163900
Cold Metal Products            COM              192861102      550   204800 SH       SOLE                                     204800
Colgate-Palmolive              COM              194162103     1517    30800 SH       SOLE                                      30800
Columbus McKinnon Corp.        COM              199333105     8215   342300 SH       SOLE                    10000            342300
Comdisco Inc.                  COM              200336105      246     9600 SH       SOLE                                       9600
Concorde Camera                COM              206156101      788   150100 SH       SOLE                                     150100
Crane Co                       COM              224399105     8986   285850 SH       SOLE                                     285850
DII Group                      COM              232949107     6045   162000 SH       SOLE                    50000            112000
Dentsply Intl                  COM              249030107      253     8750 SH       SOLE                                       8750
Diageo PLC Sponsored ADR       COM              25243q205      215     5000 SH       SOLE                                       5000
Donnelly Corp Cl'A'            COM              257870105     2078   131400 SH       SOLE                                     131400
Electro Rent                   COM              285218103     3793   352800 SH       SOLE                    40000            312800
Ellis Perry Intl               COM              288853104      254    19000 SH       SOLE                                      19000
Enesco Group Inc               COM              292973104     4678   202300 SH       SOLE                                     202300
Ensco International Inc.       COM              26874q100      246    12350 SH       SOLE                                      12350
Esterline Technologies         COM              297425100     1711   119000 SH       SOLE                                     119000
Expert Software                COM              302131107      252    97200 SH       SOLE                    97200
Farr Co                        COM              311648109     1776   161450 SH       SOLE                                     161450
Fibermark Inc                  COM              315646109     5097   386500 SH       SOLE                                     386500
First Aviation Services        COM              31865w108      147    26800 SH       SOLE                                      26800
Friedman's Inc'A'              COM              358438109     1858   213900 SH       SOLE                                     213900
Furon Co                       COM              361106107     2808   147800 SH       SOLE                                     147800
General Electric               COM              369604103     1268    11220 SH       SOLE                                      11220
Genicom Corp                   COM              372282103      639   386100 SH       SOLE                   282900            103200
Gerber Scientific              COM              373730100     5911   267900 SH       SOLE                                     267900
Gillette Co                    COM              375766102      820    20000 SH       SOLE                                      20000
Guilford Mills                 COM              401794102      326    31400 SH       SOLE                                      31400
Hadco Corp                     COM              404681108     1192    30000 SH       SOLE                                      30000
Hardinge Inc.                  COM              412324303      515    29300 SH       SOLE                                      29300
Harmon Indus                   COM              413136102     1938    97800 SH       SOLE                                      97800
Hastings Entmt Inc.            COM              418365102      977    85000 SH       SOLE                    50000             35000
Haverty Furniture Co           COM              419596101     1703    48300 SH       SOLE                                      48300
Hawk Corp Cl A                 COM              420089104     3097   351400 SH       SOLE                    20000            351400
Healthcare Svcs                COM              421906108      816    83700 SH       SOLE                                      83700
Heilig-Meyers                  COM              422893107      856   125600 SH       SOLE                    32200             93400
Heinz (H.J.)                   COM              423074103      251     5000 SH       SOLE                                       5000
Helen of Troy                  COM              g4388n106     5858   326600 SH       SOLE                    70000            256600
Hewlett-Packard                COM              428236103     1306    13000 SH       SOLE                                      13000
Hollinger Intl Cl A            COM              435569108      153    12900 SH       SOLE                                      12900
Hunt Mfg                       COM              445591100     1627   197200 SH       SOLE                                     197200
Hussman International Inc.     COM              448110106      414    25000 SH       SOLE                                      25000
ICH Corp                       COM              44926l200      146    10000 SH       SOLE                    10000             10000
ICT Group Inc                  COM              44929y101      918   183600 SH       SOLE                                     183600
Information Resources          COM              456905108      850    97200 SH       SOLE                                      97200
Intel Corp                     COM              458140100      595    10000 SH       SOLE                                      10000
Intl Business Machines         COM              459200101      491     3800 SH       SOLE                                       3800
Jabil Circuit                  COM              466313103     8511   188600 SH       SOLE                                     188600
Johnson & Johnson              COM              478160104     3949    40300 SH       SOLE                                      40300
Jos.A. Bank Clothiers          COM              480838101     4387   688100 SH       SOLE                   177800            510300
K-Tron Intl                    COM              482730108     3620   205400 SH       SOLE                                     205400
Katy Inds                      COM              486026107     1046    80500 SH       SOLE                                      80500
Kentucky Electric Steel        COM              49127b100      141    41800 SH       SOLE                                      41800
Lifetime Hoan Corp             COM              531926103      334    36600 SH       SOLE                                      36600
Longs Drug Stores Corp         COM              543162101      691    20000 SH       SOLE                                      20000
Lydall Inc                     COM              550819106     3729   324300 SH       SOLE                    40000            324300
Macneal-Schwendler Corp        COM              554806109      116    20000 SH       SOLE                    20000
Mark IV Industries             COM              570387100    13280   628620 SH       SOLE                    30000            628620
Matlack Systems                COM              576901102       78    14800 SH       SOLE                                      14800
Mattel, Inc                    COM              577081102     2267    86780 SH       SOLE                                      86780
Maxxim Medical                 COM              57777g105    12948   555400 SH       SOLE                    40000            515400
Mazel Stores                   COM              578792103      339    31200 SH       SOLE                                      31200
McNaughton Apparel Group       COM              582524104       88    10500 SH       SOLE                                      10500
Media 100 Inc                  COM              58440w105      818   161600 SH       SOLE                   120000             41600
Medtronic Inc.                 COM              585055106      234     3000 SH       SOLE                                       3000
Merck & Co                     COM              589331107     2097    28480 SH       SOLE                                      28480
Merix Corp                     COM              590049102     2265   297100 SH       SOLE                   120000            177100
Merrill Corp                   COM              590175105      786    54200 SH       SOLE                    42700             11500
Mestek Inc                     COM              590829107     2664   121100 SH       SOLE                                     121100
Microsemi Corp                 COM              595137100     2677   285500 SH       SOLE                                     285500
Microwave Power Devices        COM              59517m103     2003   130300 SH       SOLE                    58700             71600
Monro Muffler Brake            COM              610236101     5744   718044 SH       SOLE                    38270            718044
Musicland Stores               COM              62758b109      760    80000 SH       SOLE                    20000             60000
Myers Inds Inc                 COM              628464109      740    37000 SH       SOLE                                      37000
Nash Finch Co                  COM              631158102     1901   188300 SH       SOLE                                     188300
Nashua Corp                    COM              631226107      446    45200 SH       SOLE                                      45200
Neomagic Corp                  COM              640497103      867   103100 SH       SOLE                    50000             53100
Newell Rubbermaid              COM              651229106      464    10000 SH       SOLE                                      10000
O'Sullivan Industries Hldg     COM              688609106     7934   466700 SH       SOLE                    70000            396700
Oneida Ltd                     COM              682505102     7678   273000 SH       SOLE                                     273000
Optika Inc                     COM              683973101      297    52800 SH       SOLE                    52800             52800
Patrick Indus                  COM              703343103      723    46300 SH       SOLE                                      46300
Penn Engr & Mfg                COM              707389300     7315   325100 SH       SOLE                                     325100
PepsiCo Inc                    COM              713448108      836    21607 SH       SOLE                                      21607
Perceptron                     COM              71361f100      373    81700 SH       SOLE                                      81700
Philips Electronics NV         COM              718337504      464     4600 SH       SOLE                                       4600
Pier 1 Imports Inc             COM              720279108      911    81000 SH       SOLE                    30000             51000
Pinnacle Systems               COM              723481107    13106   389778 SH       SOLE                    48262            341516
Platinum Technology            COM              72764t101     7662   263073 SH       SOLE                    60000            203073
Plexus Corp                    COM              729132100      301    10000 SH       SOLE                                      10000
PrimeSource Corp               COM              741593107     1835   299600 SH       SOLE                     5500            299600
Printronix Inc                 COM              742578107     2185   156100 SH       SOLE                                     156100
Procter & Gamble               COM              742718109      973    10900 SH       SOLE                                      10900
R & B Inc                      COM              749124103     1453   176100 SH       SOLE                                     176100
Remedy Corp                    COM              759548100      218     8100 SH       SOLE                                       8100
RemedyTemp Inc - Cl A          COM              759549108     2469   182900 SH       SOLE                                     182900
Richardson Electr              COM              763165107     1873   275000 SH       SOLE                    10000            275000
Rite Aid                       COM              767754104     6889   279750 SH       SOLE                                     279750
Robertson-Ceco Corp            COM              770539203     1736   175800 SH       SOLE                                     175800
Rogers Corp                    COM              775133101     6174   209300 SH       SOLE                                     209300
Rogue Wave Software Inc        COM              775369101      912    99900 SH       SOLE                    20000             79900
Rohn Inds                      COM              775381106      259   188200 SH       SOLE                                     188200
Roy F Weston Cl A              COM              961137106      237    79000 SH       SOLE                                      79000
Russ Berrie & Co               COM              782233100      562    22700 SH       SOLE                                      22700
S3 Inc                         COM              784849101      273    30000 SH       SOLE                    30000
SED Intl Holdings              COM              784109100      554   233200 SH       SOLE                    90900            142300
Safety 1st Inc                 COM              786475103      280    47600 SH       SOLE                                      47600
Salton Inc                     COM              795757103    10925   218500 SH       SOLE                    41600            176900
Sanmina Corp                   COM              800907107     4370    57600 SH       SOLE                     9000             48600
Sbarro Inc.                    COM              805844107     1359    50200 SH       SOLE                                      50200
Schawk Inc                     COM              806373106      442    49500 SH       SOLE                                      49500
Scotsman Industries            COM              809340102     7635   354100 SH       SOLE                    50000            304100
Scott Technologies Inc         COM              810022301     7323   380400 SH       SOLE                                     380400
Seamed Co.                     COM              81218q100     2430   206800 SH       SOLE                    71800            135000
Sears,Roebuck                  COM              812387108      446    10000 SH       SOLE                                      10000
Shopko Stores                  COM              824911101    10910   298900 SH       SOLE                    50000            248900
Sizzler International          COM              830139101      265   118000 SH       SOLE                                     118000
Smart Modular Tecnologies      COM              831690102     9363   538900 SH       SOLE                    90000            448900
Spectrum Control               COM              847615101     2081   284600 SH       SOLE                                     284600
Stage Stores Inc.              COM              85254c107      130    20000 SH       SOLE                    20000
Sterile Recoveries             COM              859151102      875    75300 SH       SOLE                    64300             11000
Sterling Commerce              COM              859205106     1470    40000 SH       SOLE                                      40000
Supreme Industries Inc,Cl.A    COM              868607102      636    65700 SH       SOLE                                      65700
Sybase Inc.                    COM              871130100      222    20200 SH       SOLE                                      20200
Sylvan Inc                     COM              871371100     1597   137400 SH       SOLE                                     137400
Symantec Corp                  COM              871503108    16886   662200 SH       SOLE                   150000            512200
Tandycrafts Inc.               COM              875386104      676   186600 SH       SOLE                                     186600
Technitrol                     COM              878555101    11404   353600 SH       SOLE                     9000            353600
Tokheim Corp                   COM              889073102      119    10420 SH       SOLE                                      10420
Trans World Entertainment      COM              89336q100     7938   705600 SH       SOLE                    60000            645600
Trustco Bank Corp              COM              898349105      471    17534 SH       SOLE                                      17534
Tuscarora Inc                  COM              900902107     1783   131450 SH       SOLE                                     131450
Unitrode Corp                  COM              913283107      270     9400 SH       SOLE                                       9400
Urocor Inc.                    COM              91727p105      373    76000 SH       SOLE                                      76000
Via Soft Inc.                  COM              925520102       87    25000 SH       SOLE                    25000             25000
Waste Mgmt                     COM              94106l109      210     3912 SH       SOLE                                       3912
Windmere Durable Holdings      COM              973411101      337    20000 SH       SOLE                                      20000
Worldtex Corp                  COM              981907108      551   232100 SH       SOLE                                     232100
Xerox Corp                     COM              984121103      236     4000 SH       SOLE                                       4000
</TABLE>


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