PARADIGM CAPITAL MANAGEMNET INC/NY
13F-HR/A, 2000-01-31
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			Form 13F

Report for the Calendar Year or Quarter Ended: 12/31/99

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 1/30/00
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: 141

Form 13F Informational Table Value Total: $485,268,798

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      904   155500 SH       SOLE                   154500              1000
Abbott Laboratories            COM              002824100      810    22300 SH       SOLE                                      22300
Act Manufacturing              COM              000973107    28414   757700 SH       SOLE                   135600            622100
Advo Inc.                      COM              007585102     1439    60600 SH       SOLE                                      60600
Albany Intl 'A'                COM              012348108     5090   328410 SH       SOLE                                     328410
Amer Precision Indus           COM              029069101     3041   357800 SH       SOLE                    10000            357800
Amer Woodmark                  COM              030506109     6858   282800 SH       SOLE                                     282800
Angelica Corp                  COM              034663104     1380   141500 SH       SOLE                                     141500
Apogee Enterprises             COM              037598109     1052   207900 SH       SOLE                    20000            207900
Artesyn Technologies Inc.      COM              043127109     2764   131600 SH       SOLE                                     131600
Aviall Inc                     COM              05366b102     1161   141800 SH       SOLE                    50000            141800
Avid Technology                COM              05367p100     6820   522100 SH       SOLE                   120000            402100
BHA Group'A'                   COM              055446108     1368   173725 SH       SOLE                                     173725
BMC Software                   COM              055921100      240     3000 SH       SOLE                                       3000
Bacou USA Inc                  COM              056439102     2878   191100 SH       SOLE                                     191100
Baldwin Technology'A'          COM              058264102     2408  1133100 SH       SOLE                                    1133100
Baxter International           COM              071813109      546     8700 SH       SOLE                                       8700
Bell Atlantic Corp             COM              077853109      308     5000 SH       SOLE                                       5000
Bell Microprojects             COM              078137106     1477   134300 SH       SOLE                    14300            120000
Blair Corp                     COM              092828102     1539   109900 SH       SOLE                    12200            109900
Bogen Communications Intl      COM              097189104      495    63900 SH       SOLE                                      63900
Brush Wellman                  COM              117421107     7125   423800 SH       SOLE                     4300            423800
Bush Indus Cl'A'               COM              123164105     4938   287300 SH       SOLE                    70000            217300
C & D Technologies             COM              124661109    35758   841375 SH       SOLE                   122900            718475
CPAC Inc                       COM              126145101      797    98100 SH       SOLE                                      98100
CSS Industries                 COM              125906107     5656   264600 SH       SOLE                                     264600
Carlisle Cos                   COM              142339100    10260   285000 SH       SOLE                    10000            285000
Chemfab Corp                   COM              16361l102     2752   176100 SH       SOLE                                     176100
Ciprico Inc                    COM              172529109      312    27000 SH       SOLE                                      27000
Cold Metal Products            COM              192861102      649   192400 SH       SOLE                                     192400
Colgate-Palmolive              COM              194162103     1924    29600 SH       SOLE                                      29600
Columbus McKinnon Corp.        COM              199333105     4769   471000 SH       SOLE                    65000            471000
Concorde Camera                COM              206156101     1542    67800 SH       SOLE                                      67800
Cooker Restaurant Corp         COM              216284208       45    15500 SH       SOLE                    14500              1000
Crane Co                       COM              224399105     8893   447450 SH       SOLE                    60000            387450
DII Group                      COM              232949107    12036   169600 SH       SOLE                    60000            109600
Datum Inc                      COM              238208102      390    40500 SH       SOLE                    20000             20500
Donnelly Corp Cl'A'            COM              257870105     1448   103400 SH       SOLE                                     103400
ENCAD Inc                      COM              292503109      669   140000 SH       SOLE                    90000             50000
Electro Rent                   COM              285218103     4057   349000 SH       SOLE                    20000            329000
Enesco Group Inc               COM              292973104     2347   212200 SH       SOLE                     4000            212200
Ensco International Inc.       COM              26874q100      239    10450 SH       SOLE                                      10450
Esterline Technologies         COM              297425100     1497   129500 SH       SOLE                    10000            119500
Evans & Sutherland Computer    COM              299096107     1395   122000 SH       SOLE                    28000             94000
Farr Co                        COM              311648109     1560   160050 SH       SOLE                                     160050
Fibermark Inc                  COM              315646109     4021   342200 SH       SOLE                                     342200
First Aviation Services        COM              31865w108      348    70400 SH       SOLE                                      70400
Friedman's Inc'A'              COM              358438109     2028   270400 SH       SOLE                                     270400
General Electric               COM              369604103     1736    11220 SH       SOLE                                      11220
Gerber Scientific              COM              373730100     7391   336900 SH       SOLE                    10000            336900
Gillette Co                    COM              375766102      824    20000 SH       SOLE                                      20000
Hadco Corp                     COM              404681108     6084   119300 SH       SOLE                    24000             95300
Harmon Indus                   COM              413136102     1484   122400 SH       SOLE                                     122400
Haverty Furniture Co           COM              419596101     2457   194600 SH       SOLE                                     194600
Hawk Corp Cl A                 COM              420089104     1621   278900 SH       SOLE                                     278900
Healthcare Svcs                COM              421906108      847   121000 SH       SOLE                                     121000
Helen of Troy                  COM              g4388n106      435    60000 SH       SOLE                    60000
Hewlett-Packard                COM              428236103     1456    12800 SH       SOLE                                      12800
Hollinger Intl Cl A            COM              435569108      131    10100 SH       SOLE                                      10100
Hunt Mfg                       COM              445591100     2401   252700 SH       SOLE                    10000            252700
Hussman International Inc.     COM              448110106     5541   367900 SH       SOLE                    75000            292900
Huttig Building                COM              448451104     1833   371199 SH       SOLE                   105555            265644
ICT Group Inc                  COM              44929y101     1797   146700 SH       SOLE                                     146700
Information Resources          COM              456905108     1361   147100 SH       SOLE                                     147100
Intl Business Machines         COM              459200101      410     3800 SH       SOLE                                       3800
Jabil Circuit                  COM              466313103    12717   174200 SH       SOLE                                     174200
John B Sanfilippo & Son Inc    COM              800422107      414   103500 SH       SOLE                    63500             40000
Johnson & Johnson              COM              478160104     3739    40100 SH       SOLE                                      40100
Jos.A. Bank Clothiers          COM              480838101     1807   602500 SH       SOLE                   207800            394700
K-Tron Intl                    COM              482730108     2785   206300 SH       SOLE                                     206300
Katy Inds                      COM              486026107      747    86000 SH       SOLE                                      86000
Lifetime Hoan Corp             COM              531926103      445    84800 SH       SOLE                                      84800
Lydall Inc                     COM              550819106     3083   465400 SH       SOLE                                     465400
Mark IV Industries             COM              570387100     5583   315620 SH       SOLE                                     315620
Mazel Stores                   COM              578792103     1730   187000 SH       SOLE                    60000            127000
Media 100 Inc                  COM              58440w105    10855   410600 SH       SOLE                   170000            240600
Medtronic Inc.                 COM              585055106      729    20000 SH       SOLE                                      20000
Merck & Co                     COM              589331107     1887    28080 SH       SOLE                                      28080
Merix Corp                     COM              590049102     7515   683200 SH       SOLE                   229200            454000
Mestek Inc                     COM              590829107     2412   119100 SH       SOLE                                     119100
Micrografx Inc                 COM              595077108      131    30000 SH       SOLE                    30000
Microsemi Corp                 COM              595137100     2221   250200 SH       SOLE                                     250200
Monro Muffler Brake            COM              610236101     5143   685763 SH       SOLE                                     685763
Musicland Stores               COM              62758b109     2245   266100 SH       SOLE                    60000            206100
Myers Inds Inc                 COM              628464109     2733   173500 SH       SOLE                                     173500
Nash Finch Co                  COM              631158102     1149   180300 SH       SOLE                                     180300
Nashua Corp                    COM              631226107     1173   156400 SH       SOLE                                     156400
Neomagic Corp                  COM              640497103      926    84700 SH       SOLE                                      84700
Objective Systems Integrators  COM              674424106       73    11000 SH       SOLE                                      11000
Oneida Ltd                     COM              682505102     6355   292200 SH       SOLE                                     292200
Optika Inc                     COM              683973101      387    27800 SH       SOLE                    27800             27800
Patrick Indus                  COM              703343103     1201   129800 SH       SOLE                    20000            109800
Penn Engr & Mfg                COM              707389300     4900   211900 SH       SOLE                                     211900
PepsiCo Inc                    COM              713448108      725    20557 SH       SOLE                                      20557
Perceptron                     COM              71361f100      552   138100 SH       SOLE                                     138100
Pier 1 Imports Inc             COM              720279108     4510   707500 SH       SOLE                   150000            557500
Pinnacle Systems               COM              723481107    10534   258900 SH       SOLE                                     258900
Plexus Corp                    COM              729132100    13156   299000 SH       SOLE                    26800            272200
Policy Management Systems Inc. COM              731108106     1022    40000 SH       SOLE                                      40000
Power One Inc                  COM              739308104     1736    37900 SH       SOLE                                      37900
PrimeSource Corp               COM              741593107     1511   318200 SH       SOLE                                     318200
Printronix Inc                 COM              742578107     3745   164600 SH       SOLE                    20000            144600
Procter & Gamble               COM              742718109     1150    10500 SH       SOLE                                      10500
Provantage Health Svcs Inc.    COM              743725103     2970   332300 SH       SOLE                   100000            232300
R & B Inc                      COM              749124103      814   176100 SH       SOLE                                     176100
R&B Falcon Corp                COM              74912e101      146    11000 SH       SOLE                                      11000
Radisys Corp                   COM              750459109      765    15000 SH       SOLE                    15000
RemedyTemp Inc - Cl A          COM              759549108     3532   185900 SH       SOLE                                     185900
Richardson Electr              COM              763165107     1180   157300 SH       SOLE                                     157300
Rite Aid                       COM              767754104      142    12800 SH       SOLE                                      12800
Robotic Vision Systems Inc.    COM              771074101      734    79400 SH       SOLE                    58100             21300
Rogers Corp                    COM              775133101     7964   208200 SH       SOLE                                     208200
Rogue Wave Software Inc        COM              775369101     1844   230500 SH       SOLE                    20000            210500
Rohn Inds                      COM              775381106      828   287900 SH       SOLE                                     287900
Roy F Weston Cl A              COM              961137106      519   251700 SH       SOLE                                     251700
Ryans Family Steak Houses Inc. COM              783519101      463    54500 SH       SOLE                                      54500
SBS Technologies               COM              78387p103     1942    53200 SH       SOLE                    53200
SED Intl Holdings              COM              784109100      326   140900 SH       SOLE                   140900
Safety 1st Inc                 COM              786475103      664    88600 SH       SOLE                     6000             88600
Salton Inc                     COM              795757103     9262   277000 SH       SOLE                    50000            227000
Sanmina Corp                   COM              800907107     2697    27000 SH       SOLE                                      27000
Scott Technologies Inc         COM              810022301     5617   297600 SH       SOLE                                     297600
Shopko Stores                  COM              824911101    10504   456700 SH       SOLE                                     456700
Sizzler International          COM              830139101      425   169900 SH       SOLE                                     169900
Software Spectrum              COM              833960107      499    28200 SH       SOLE                    28200
Solectron Corp                 COM              834182107    15853   166659 SH       SOLE                    10200            156459
Spectrum Control               COM              847615101     2351   221300 SH       SOLE                                     221300
Sterile Recoveries             COM              859151102      731   106300 SH       SOLE                   104300              2000
Sterling Commerce              COM              859205106     1360    40000 SH       SOLE                                      40000
Sterling Software              COM              859547101      222     7050 SH       SOLE                                       7050
Sybase Inc.                    COM              871130100      302    17750 SH       SOLE                                      17750
Sylvan Inc                     COM              871371100     1122   132000 SH       SOLE                                     132000
Symantec Corp                  COM              871503108    32115   547800 SH       SOLE                   150000            397800
Technitrol                     COM              878555101    11054   248400 SH       SOLE                                     248400
Total Renal Care               COM              891510107      134    20000 SH       SOLE                    20000
Trans World Entertainment      COM              89336q100     6929   659900 SH       SOLE                   194400            465500
Trenwick Re                    COM              895290104     1700   100371 SH       SOLE                                     100371
Trustco Bank Corp              COM              898349105      401    30258 SH       SOLE                                      30258
Tuscarora Inc                  COM              900902107     1747   144050 SH       SOLE                                     144050
Urocor Inc.                    COM              91727p105      357    85300 SH       SOLE                                      85300
Waste Mgmt                     COM              94106l109        ?     2554 SH       SOLE                                       2554
Windmere Durable Holdings      COM              973411101     2606   153300 SH       SOLE                    42300            111000

</TABLE>


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