FORM 13F
Report for the Calendar Year or Quarter
Ended: March 31, 1999
This Amendment (Check only one.):
is a restatement
X adds new holding entries.
Institutional Investment Manager Filing this Report:
Name: Kahn Brothers & Co., Inc.
Address: 555 Madison Ave., 22nd Floor, NY, NY, 10022
Form 13F File Number:
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: Kenneth Rodwogin
Title: Vice President
Phone: (212) 980-5050
Signature, Place, and Date of Signing:
[Signature]/s/ Kenneth Rodwogin
[City, State] New York, NY
[Date] May 11, 1999
Report Type (Check only one.):
13F HOLDINGS REPORT. (Check here if
all holdings of this reporting manager
are reported in this report.) X
13F NOTICE. (Check here if no holdings
reported are in this report, and all
holdings are reported by other
reporting manager(s).)
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers:
NONE
Form 13F Information Table Entry Total:
338
Form 13F Information Table Value Total:
$383,131,990
Provide a numbered list of the name(s) and
Form 13F file number(s) of all institutional
investment managers with respect to which this
report is filed, other than the manager filing
this report. [If there are no entries in this
list, state "NONE" and omit the column
headings and list entires.]
NONE
KAHN BROTHERS
& CO., INC.
FORM 13F
March 31, 1999
INVEST VOTING
DISCR. AUTH
SECURITY CLASS CUSIP MKT VALUE QTY SOLE NONE
COMMON STOCK
ABBOTT LABORATORIES COM 2824100 303,345 6,480 X 6,480
ACX TECH. COM 51231044 176,715 13,464 X 13,464
ADVANCED MARKETING COM 00753T105 12,692,875 976,375 X 976,375
AEGON NV ADR COM 7924103 55,004 612 X 612
AETNA LIFE & CASUALTY COM 008140105 136,120 1,640 X 1,640
AFFILIATED COMP.SVC . COM 8190100 1,226,420 26,807 X 26,807
AIRTOUCH COMM. COM 00949T100 43,481 450 X 450
ALBERMERMARLE CORP COM 12653101 346,516 16,550 X 16,550
ALCOA COM 22249106 123,563 3,000 X 3,000
ALEXANDER & BALDWIN COM 014482103 104,503 5,325 X 5,325
ALLIED IRISH BANKS COM 19228402 124,200 1,200 X 1,200
ALLERGAN INC. COM 18490102 35,150 400 X 400
ALLSTATE CORP COM 20002101 421,336 11,368 X 11,368
ALLSTATE FIN'L SVCS. COM 020011102 132,600 31,200 X 31,200
ALLSTATE 7.125% PFD 20002200 239,921 9,455 X 9,455
AMCAST INDUSTRIAL COM 023395106 206,400 12,800 X 12,800
AMEREN CORP COM 23608102 36,188 1,000 X 1,000
AMERICAN ELECTRIC PWR COM 02553701 26,472 667 X 667
AMERICAN EXPRESS COM 025816109 232,203 1,972 X 1,972
AMERICAN GENL CAPITAL PFD 02637F202 51,000 2,000 X 2,000
AMERICAN HOME PDTS. COM 022609107 13,376,089 204,998 X 204,998
AMERICA ONLINE COM 23645104 205,800 1,400 X 1,400
AMERICAN TEL & TEL COM 030177109 18,391,871 230,437 X 230,437
AT & T CAP. 8.25% PFD 00206J209 142,313 5,500 X 5,500
AMERITECH CORP. COM 030954101 303,108 5,260 X 5,260
ABN AMRO 7.5 % PFD 00371Q202 193,163 7,650 X 7,650
ANALOGIC CORP COM 032657207 32,938 1,000 X 1,000
ANNALY MORT/ COM 35710409 1,044,000 104,400 X 104,400
ANGELO AMER.GOLD LTD. COM 034870501 46,875 10,000 X 10,000
APEX MORT. CAPITAL INC COM 37564101 58,050 4,300 X 4,300
ARCHER DANIELS MIDLAND COM 039483102 454,186 30,923 X 30,923
ARCHSTONE COMM. TR. COM 39581103 358,225 17,800 X 17,800
ARTIC CAT INC COM 39670104 308,063 31,000 X 31,000
ASHLAND OIL CO. COM 044540102 557,166 13,610 X 13,610
ASTORIA FIN'L COM 46265104 1,533,300 30,667 X 30,667
AUSTRALIA & N.ZEALAND PFD 052528403 312,728 11,450 X 11,450
AUSTRALIA & N.ZEALAND PFD 1824101 665,719 26,300 X 26,300
BAKER FENTRESS CO. COM 057213100 687,665 45,654 X 45,654
BANKAMERICA COM 66050105 63,916 905 X 905
BANK OF NY PRC PFD 96564208 684,394 26,450 X 26,450
BASSETT FURNITURE COM 70203104 180,319 8,150 X 8,150
BCE INC. COM 05534B109 5,124,342 115,640 X 115,640
BELL ATLANTIC COM 77853109 268,465 5,194 X 5,194
BELLSOUTH CORP COM 79860102 387,565 9,674 X 9,674
BOWL AMER. CL. A COM 102565108 154,895 23,830 X 23,830
BOWL AMER. CL B. COM 102565108 18,785 2,890 X 2,890
BRISTOL MYERS SQUIBB COM 110122108 4,777,313 74,500 X 74,500
BANCO SANTANDER COM 059574202 48,150 2,400 X 2,400
BP AMOCO COM 55622104 407,434 4,034 X 4,034
BURLINGTON RESOURCES COM 122014103 257,597 6,450 X 6,450
CABOT CORP COM 127055101 682,869 31,135 X 31,135
CANADIAN PACIFIC COM 136440302 246,488 12,600 X 12,600
CARDINAL FIN'L CORP COM 14149F109 56,000 8,000 X 8,000
CARLTON COMM. 8% PFD G19068140 558,125 22,325 X 22,325
CATELIUS DEV. COM 149111106 40,125 3,000 X 3,000
CBS CORP. COM 12490K107 57,138 1,400 X 1,400
CENTRIS GROUP COM 155904105 10,540,135 997,836 X 997,836
CFS BANCORP COM 12525D102 4,622,363 440,225 X 440,225
CHEVRON CORP COM 166751107 418,190 4,712 X 4,712
CHARTER ONE FIN'L COM 160903100 7,951,560 275,531 X 275,531
CITIGROUP COM 172967101 287,796 4,453 X 4,453
CISCO SYS INC COM 17275R102 117,780 1,075 X 1,075
CLASSIC BANCSHARES COM 18272M104 388,125 27,000 X 27,000
CLAYTON HOMES COM 184190106 134,133 12,125 X 12,125
CLEVELAND CLIFFS COM 1858961077 1,068,897 31,380 X 31,380
COMMERCIAL NET LEASE COM 202218103 719,916 64,350 X 64,350
COMMONWEALTH BANC COM 20268X102 182,250 12,000 X 12,000
COMMUNITY BANK. OF VA. COM 203631106 208,869 8,841 X 8,841
COLGATE PALMOLIVE COM 194162103 393,760 4,280 X 4,280
COLUMBIA GAS SYS. COM 197648108 559,598 10,710 X 10,710
CONAGRA INC. COM 205887102 126,049 4,919 X 4,919
COOPER CAMERON CORP COM 216640102 33,875 1,000 X 1,000
COOPER TIRE & RUBBER COM 216831107 567,789 30,900 X 30,900
CORNING INC. COM 219350105 1,293,000 21,550 X 21,550
CRAZY WOMAN CREEK COM 225233105 975,000 75,000 X 75,000
CRIIMI MAE INC COM 226603108 4,563 1,698 X 1,698
CYPRUS AMAX MINERALS COM 232809103 189,756 15,650 X 15,650
CRONOS GROUP COM L20708100 199,656 40,955 X 40,955
CSX CORP COM 126408403 23,363 600 X 600
DAMEN FIN'L COM 235906104 773,719 45,850 X 45,850
DAMES & MOORE COM 235713104 677,963 60,600 X 60,600
DEBEERS COM 240253302 5,424,425 286,431 X 286,431
DEERE & CO. COM 244199105 205,678 5,325 X 5,325
DETROIT DIESEL COM 250837101 45,000 2,000 X 2,000
DEUTSCHE BK. COM 251525200 102,000 2,000 X 2,000
DIME COMM.BANC. COM 253922108 4,419,235 192,660 X 192,660
DORAL FIN'L COM 25811P110 220,500 12,000 X 12,000
DOW CHEMICAL CO COM 260543103 37,275 400 X 400
DUFFS & PHELP.UTIL.BD.TR COM 26432K108 34,356 2,300 X 2,300
E.I. DUPONT DE NEMOURS COM 263534109 194,684 3,353 X 3,353
DUKE ENERGY CORP COM 264399106 80,355 1,466 X 1,466
DUKE REALTY INV PFD 264411604 12,900 600 X 600
DT INDS COM 23333J108 133,481 18,900 X 18,900
EASTMAN KODAK COM 277461109 51,100 800 X 800
EDO CORP. COM 281347104 146,250 22,500 X 22,500
ELEC. DATA SYS COM 285661104 976,184 20,050 X 20,050
ELF OVERSEAS 7.625% PFD G29974113 1,143,271 45,055 X 45,055
EMERSON ELECTRIC COM 291011104 52,938 1,000 X 1,000
ELF ACQUITAINE COM 286269105 13,664 203 X 203
ENGELHARD CORP COM 292845104 390,409 23,050 X 23,050
ETHYL CORP COM 297659104 773,774 182,055 X 182,055
EUITABLE COMPANIES INC COM 29444G107 52,500 750 X 750
EXCEL TECHNOLOGY INC COM 30067I103 38,699 3,730 X 3,730
EXXON CORP. COM 302290101 1,537,281 21,786 X 21,786
FEDERAL NAT'L MTGE. COM 313586109 866,941 12,519 X 12,519
FED.REALTY INVT. TR. COM 313747206 633,506 29,900 X 29,900
FFY FIN'L COM 302424108 2,699,288 146,900 X 146,900
FIDELITY FIN'L OF OHIO COM 31614P107 782,163 63,850 X 63,850
FIRST AUSTRALIA FUND INC COM 318652104 22,351 3,031 X 3,031
FIRST DEFIANCE FIN CORP. COM 32006W106 1,131,375 107,750 X 107,750
FIRST PLACE FIN'L COM 33610T109 1,853,229 183,035 X 183,035
FIRST UNION CORP. COM 337358105 549,231 10,278 X 10,278
FIRST WASHINGTON RLTY PFD 337489603 145,119 5,350 X 5,350
FLUSHING FINANCIAL CORP COM 343873105 4,302,788 301,950 X 301,950
F&M NATIONAL CORP COM 302374103 236,736 9,864 X 9,864
FREEPORT MCMORAN PFD 35671D600 38,281 2,500 X 2,500
FREEPORT MCMO COP PFD 35671D501 49,213 3,100 X 3,100
FPL GROUP INC COM 302571104 29,075 546 X 546
FRESH DEL MONTE COM G36738105 459,421 24,750 X 24,750
FRANCE GROWTH FD. COM 35177K108 175,078 12,909 X 12,909
GTE CORP COM 362320103 122,815 2,030 X 2,030
GATX CORP. COM 361448103 2,384,020 72,379 X 72,379
GENERAL ELECTRIC COM 369604103 2,308,523 20,868 X 20,868
GENERAL MOTORS COM 370442105 180,612 2,076 X 2,076
GERMANY FUND COM 374143105 53,665 4,209 X 4,209
GLAXO HOLDINGS COM 377327309 174,038 2,600 X 2,600
GREAT LAKE CHEM. COM 390568103 80,850 2,200 X 2,200
GREEN POINT FINANCIALS COM 395384100 1,292,005 37,180 X 37,180
GUILFORD PHARMACEUT. COM 401829106 73,938 6,500 X 6,500
GUARANTY FIN'L CORP. COM 401086103 258,750 23,000 X 23,000
HAGGAR COM 405173105 6,928,517 684,298 X 684,298
HARBOR FED.BANC. COM 41151A108 10,973 660 X 660
HARTFORD FIN SVCS PFD 416315208 396,825 15,600 X 15,600
HARTFORD CAP SER B PFD 416320208 313,530 12,200 X 12,200
HB FULLER CO COM 359694106 11,788 200 X 200
HEILIG-MEYERS COM 422893107 67,438 13,000 X 13,000
HELMERICH PAYNE COM 423452101 165,619 7,300 X 7,300
HERITAGE BANK (VA) COM 42721D101 138,244 30,300 X 30,300
HERMAN MILLER INC COM 60054410 2,919,544 159,975 X 159,975
H & Q HEALTHCARE COM 404052102 1,002,641 76,392 X 76,392
H & Q LIFE SCIENCE COM 404053100 686,090 62,372 X 62,372
HEALTH CARE PPTY COM 421915109 8,625 300 X 300
HERSHEY FOODS COM 427866108 61,669 1,100 X 1,100
H.F.BANCORP COM 403910102 8,935,000 508,740 X 508,740
HIGHLANDS CAP TR PFD 431008200 390,000 15,000 X 15,000
HOLOGIC COM 436440101 385,178 42,500 X 42,500
HOUSEHOLD INT'L COM 441815107 82,125 1,800 X 1,800
HONG KONG TELECOMM COM 438579203 19,680 1,004 X 1,004
HUBCO COM 404382103 3,768,789 112,290 X 112,290
HUDSON RIVER COM 444128102 6,844,541 625,758 X 625,758
IBM COM 459200101 14,259,940 80,451 X 80,451
ICN PHARM. COM 448924100 13,819 550 X 550
IMCO RECYCLING INC COM 449681105 665,638 51,700 X 51,700
IMPERIAL SUGAR CORP COM 453096109 6,261,606 1,022,303 X 1,022,303
INT'L MULTIFOODS CORP. COM 460043102 627,130 26,901 X 26,901
INTERSTATE/JOHNSON COM 460892102 225,951 7,216 X 7,216
INTEL CORP. COM 458140100 285,300 2,400 X 2,400
IRI INT'L COM 45004F107 40,625 10,000 X 10,000
IRT PROPERTY CO. COM 450058102 693,579 78,704 X 78,704
JSB FIN'L COM 46624M100 7,883,209 157,271 X 157,271
JEFFERSON PILOT COM 475070108 711,375 10,500 X 10,500
JOHN HANCOCK PATRIOT COM 41013T105 11,188 1,000 X 1,000
JOHNSON & JOHNSON COM 478160104 1,011,670 10,820 X 10,820
JP MORGAN & CO INC. COM 616880100 51,818 420 X 420
JP MORGAN & CO INC ADJ PFD 616880209 32,025 350 X 350
KELLY SVCS. INC. COM 488152208 10,822 390 X 390
KEYCORP COM 493267108 315,255 10,400 X 10,400
KIMCO RALTY CORP PFD 49446R604 610,272 24,350 X 24,350
KLEINWORT BENSON COM 498577105 1,047,909 158,175 X 158,175
KLAMATH FIRST BANCORP COM 49842P103 36,025 2,200 X 2,200
KOGER EQUITY INC. COM 500228101 25,881 1,926 X 1,926
K-SWISS INC. COM 482686102 4,657,312 184,448 X 184,448
LANCHILE COM 501723100 52,469 11,500 X 11,500
LATIN AMER. FUND COM 518279104 536,625 53,000 X 53,000
LAFARGE CORP. COM 505862102 680,400 24,300 X 24,300
LANDMARK SVGS. BK. COM 514928100 2,402,238 117,901 X 117,901
LEHMAN BROS. HOLDINGS COM 524908100 71,700 1,200 X 1,200
LINCOLN NATL CORP PFD 534178207 180,688 7,000 X 7,000
LG & E ENERGY CORP COM 501917108 15,609 750 X 750
LOEWS CORP COM 540424108 14,925 200 X 200
LORAL SPACE COM G56462107 816,441 56,550 X 56,550
LUCENT COM 549463107 333,072 3,084 X 3,084
M.A. HANNA COM 410522106 1,168,368 91,190 X 91,190
MANPOWER INC COM 56418H100 32,725 1,400 X 1,400
MARATHON FINANCIAL COM 56580P104 147,500 20,000 X 20,000
MARION CAPITAL HLDG COM 568635106 13,200 600 X 600
MARITRANS INC. COM 570363101 4,799,259 834,654 X 834,654
MARRIOTT INT'L COM 571900109 134,567 4,002 X 4,002
MASCO CORP. COM 574599106 347,475 12,300 X 12,300
MASON-DIXON CAP PFD 57520R200 250,750 8,500 X 8,500
MAXXAM CORP. COM 577913106 2,198,768 43,648 X 43,648
MCI CAPITAL PFD 552674206 263,250 10,400 X 10,400
MEDIAONE GROUP INC COM 58440J104 76,125 1,200 X 1,200
MELLON BANK COM 585509102 95,006 1,350 X 1,350
MERCK COM 589331107 840,191 10,486 X 10,486
MERCHANTS GROUP COM 588539106 3,292,275 156,775 X 156,775
MERRILL LYNCH& CO PFD 590188819 107,844 3,500 X 3,500
MERRILL LYNCH CAP PFD 59021C203 214,447 8,150 X 8,150
MEXICO FD. COM 592835102 21,916 1,443 X 1,443
MICROSOFT COM 594918104 71,700 400 X 400
MIDLAND BK PLC 9.55% PFD 597433853 26,438 1,000 X 1,000
MINE SAFETY APPLIANCE COM 602720104 1,577,600 27,200 X 27,200
MINN. MINING & MFG. COM 604059105 65,090 920 X 920
MISSISSIPPI CHEMICAL COM 605288208 6,219,441 663,407 X 663,407
MONOGAHELA POWER PFD 61020250 10,838 100 X 100
MORGAN STAN. AFR.FD. COM 617444104 120,938 12,900 X 12,900
ML CAP 7.28 PFD 59021K205 163,669 6,450 X 6,450
MOBIL CORP. COM 607059102 578,952 6,579 X 6,579
MOORE PRODUCTS COM 615836103 398,400 19,200 X 19,200
MONTEREY BAY BANCORP. COM 61239H107 3,574,989 324,999 X 324,999
MONY GROUP COM 615337102 7,348,945 295,435 X 295,435
MORTON INDL GROUP INC COM 619328107 221,875 25,000 X 25,000
MOTOROLA INC. COM 620076109 1,280,044 17,475 X 17,475
NALCO CHEMICAL CO. COM 629853102 245,039 9,225 X 9,225
NESTLE SA-SPONSORED COM 641069406 18,000 200 X 200
NAT'L AUST BK COM 632525408 468,578 5,192 X 5,192
NAT'L WEST. 8.75% PFD PFD 638539700 156,750 6,000 X 6,000
NAT'L WEST. 7.875% PFD PFD 638539809 406,897 15,575 X 15,575
NAT'L RURAL UTIL. PFD 637432204 1,995,947 78,755 X 78,755
NATIONWIDE HEALTH PROP COM 638620104 60,800 3,200 X 3,200
NEXTEL COMM CORP COM 65332V103 119,031 3,250 X 3,250
NEW GERMANY FD. COM 644465106 790,060 66,183 X 66,183
NEW YORK MAGIC COM 629484106 401,180 30,860 X 30,860
NORDSON CORP. COM 655663102 1,195,838 21,450 X 21,450
NORFOLK & SOUTHERN COM 655844108 15,825 600 X 600
NORTHERN TELECOM LTD PFD 665815106 18,638 300 X 300
NORTHWEST PIPE CO COM 667746101 228,525 13,850 X 13,850
NOVARTIS ADR COM 66987V109 11,956,474 147,535 X 147,535
OAKWOOK HOMES COM 674098108 242,200 17,300 X 17,300
OCCIDENTAL PETE CORP. COM 674599105 482,724 26,818 X 26,818
OFFSHORE LOGISTICS COM 676255102 2,301,401 197,970 X 197,970
OLSTEN CORP. COM 681385100 574,478 92,845 X 92,845
OLD REPUBLIC COM 680223104 3,981,184 218,147 X 218,147
PACIFIC CORP. COM 695114108 301,875 17,500 X 17,500
PALL CORP PV COM 696429307 220,281 13,300 X 13,300
PETROLEUM HELO. COM 716604202 981,825 74,100 X 74,100
PEOPLESOFT INC. COM 712713106 32,175 2,200 X 2,200
PFIZER INC. COM 717081103 1,359,750 9,800 X 9,800
PHOENIX INVESTMENT COM 719085102 77,625 9,000 X 9,000
PLATINUM TECH COM 72764T101 70,125 2,750 X 2,750
PNC BANK CORP. COM 693475105 88,900 1,600 X 1,600
POST PROPERTIES COM 737464107 358,875 9,900 X 9,900
POCAHONTAS BANCORP COM 730234101 53,438 7,500 X 7,500
PP & L RESOURCES COM 693499105 24,750 1,000 X 1,000
PROCTER & GAMBLE COM 742718109 203,710 2,080 X 2,080
PRAXAIR INC. COM 74005P104 548,150 15,200 X 15,200
PROVIDENT BK. CORP COM 743859100 240,272 9,197 X 9,197
PROVIDIAN CORP. COM 744061102 115,500 1,050 X 1,050
PUBLIC SER. ENT. COM 744573106 63,582 1,665 X 1,665
PUBLIC STORAGE INC. COM 74460D109 30,978 1,239 X 1,239
PHARMACIA UPJOHN COM 716941109 11,574,617 185,565 X 185,565
QUAKER OATS CO COM 747402105 87,150 1,400 X 1,400
QUESTAR CORP. COM 748356102 691,065 40,800 X 40,800
QUEENS CNTY SVGS. COM 748242104 16,767,782 621,029 X 621,029
QUEST DIAG. COM 74834L100 2,781 125 X 125
RAYCHEM CORP COM 754603108 403,869 17,900 X 17,900
RAYTHEON CO CL A COM 755111309 18,653 323 X 323
R&B FLACON CORP COM 74912 101 13,369 1,550 X 1,550
READERS DIGEST CL. B COM 755267200 725,450 26,380 X 26,380
RELIANCE BANCORP COM 759451107 8,777,375 305,300 X 305,300
RESOURCE CAP 9.25 PFD 761201201 309,375 12,500 X 12,500
REPSOL COM 76026T205 30,750 600 X 600
REPUBLIC N.Y. COM 760719104 78,413 1,700 X 1,700
REUTERS HLDS PLC COM 761324201 16,854 194 X 194
RHONE POULENCE 8.125% PFD G75495104 226,406 8,750 X 8,750
RICHFOOD HOLDINGS COM 763408101 241,500 11,200 X 11,200
ROYAL DUTCH COM 780257804 25,792 496 X 496
ROYCE VALUE TR. INC. COM 780910105 227,429 20,104 X 20,104
ROYCE VALUE TR PFD 780910204 830,025 32,550 X 32,550
SANTANDER OVERSEAS 8% PFD 802814509 382,500 15,000 X 15,000
SBC COMMUNICATIONS INC COM 78387G103 266,704 5,652 X 5,652
SEABOARD CORP. COM 811543107 8,323,140 27,930 X 27,930
SEAGRAM LTD COM 811850106 2,466,500 49,330 X 49,330
SEARS ROEBUCK & CO. COM 812387108 10,619 235 X 235
SHELBY WMS. INDUS. COM 822135109 404,016 42,250 X 42,250
SEMPRA ENERGY COM 816851109 62,570 3,261 X 3,261
SIMON PROPERTY GROUP COM 828805101 196,068 7,146 X 7,146
SINCLAIR BROADCAST COM 829226109 8,738 600 X 600
SLM HOLDING CORP COM COM 78442A109 2,590,796 62,055 X 62,055
SMITHKLINE BEECHAM COM 832378400 243,100 3,400 X 3,400
SONY CORP ADR COM 835699307 20,180 221 X 221
SOUTHDOWN INC. COM 841297104 926,109 17,250 X 17,250
SOUTHERN MINERAL CORP COM 843367202 25,000 50,000 X 50,000
SPRINT CORP. COM 852061100 53,773 548 X 548
STATEN ISLAND BANC. COM 857550109 515,245 29,977 X 29,977
ST.FRANCIS CAP.CORP. COM 789374105 128,625 3,000 X 3,000
ST. PAUL COMPANIES COM 792860108 5,304,390 170,762 X 170,762
SUPERIOR NAT'L COM 86822P208 456,000 24,000 X 24,000
SWEDISH EXPORT PFD W92947212 1,116,893 43,480 X 43,480
SWEDISH MATCH COM 870309507 376,844 10,923 X 10,923
SYMS CORP COM 871551107 357,024 48,000 X 48,000
TECUMSEH CL. B COM 878895101 2,354,509 51,890 X 51,890
TECUMSEH CL. A COM 878895200 3,220,400 63,222 X 63,222
TELEFONOS DE ESPANA COM 879382208 57,488 450 X 450
TELEFONOS DE MEXICO COM 879403780 31,350 475 X 475
TEMPLETON DRAGON FD. COM 880188101 395,983 51,510 X 51,510
TENET HEALTHCARE COM 636886103 160,590 8,480 X 8,480
TENN VALLEY AUTH PAR PFD 880591300 520,000 20,800 X 20,800
TENN VALLEY AUTH QIDS PFD 880591102 86,275 3,400 X 3,400
TENNECO INC. COM 880370101 39,113 1,400 X 1,400
TEXACO COM 881694103 351,680 6,197 X 6,197
THORNBURG MORTG. COM 885218107 298,425 34,600 X 34,600
THISTLE GROUP COM 88431E103 139,145 16,370 X 16,370
TMP WORLDWIDE COM 872941109 162,031 2,500 X 2,500
TREMONT CORP. COM 894745207 1,064,993 60,425 X 60,425
TRANSAMERICA COM 893485870 292,946 4,126 X 4,126
TEMPLE INLAND COM 879868107 3,059,325 48,754 X 48,754
TRANS. NETWORK SVCS COM 893414102 16,375 1,000 X 1,000
TRW INC COM 872649108 18,200 400 X 400
UNILEVER NV-NY SHARES COM 904784501 19,931 300 X 300
UNION PACIFIC CORP. COM 907818108 107,409 2,010 X 2,010
UNION PACIFIC RESOURCE COM 907834105 50,383 4,243 X 4,243
UNION CARBIDE CORP. COM 905581104 14,460 320 X 320
UNION COMM. BANC. COM 906054101 606,813 51,100 X 51,100
UNIVERSAL FOODS CORP. COM 913538104 82,500 4,000 X 4,000
UNITED DOMINION REALTY PFD 910197300 441,659 17,890 X 17,890
UNITED TECHNOLOGIES COM 913017109 27,088 200 X 200
UNOCAL COM 915289102 422,219 11,450 X 11,450
U. S. WEST INC. COM 912889102 84,136 1,528 X 1,528
UNITED DOMINION COM 910197102 303,400 29,600 X 29,600
USB HLDG INC COM 902910108 1,038,282 74,164 X 74,164
VELCRO INDS. COM 922571104 6,180,794 415,516 X 415,516
VIACOM COM 925524308 104,922 1,250 X 1,250
VOLVO COM 928856400 7,317,888 283,497 X 283,497
WACHOVIA CORP COM 929771103 31,095 383 X 383
WALDEN RESIDENTIAL COM 931210108 226,481 12,850 X 12,850
WARNER LAMBERT CO. COM 934488107 769,759 11,619 X 11,619
WARWICK COMM.BK. COM 936559103 7,266,552 548,419 X 548,419
WASHINGTON MUTUAL COM 939322103 104,231 2,550 X 2,550
WASTE MGMT CORP COM 94106K101 16,064 362 X 362
WELLS FARGO COM 949746101 43,828 1,250 X 1,250
WESTINGHOUSE AIR COM 960386100 1,005,653 48,175 X 48,175
WESTPAC BKG LTD COM 961214301 914,436 25,096 X 25,096
WEYCO GROUP COM 962149100 266,400 11,100 X 11,100
WILLAMETTE INDS. COM 969133107 64,175 1,700 X 1,700
WISCONSIN ENERGY COM 976657106 23,456 900 X 900
XTRA CORP COM 984138107 1,277,662 33,348 X 33,348
WALDEN RES.CV PFD PFD 931210306 327,875 15,250 X 15,250
TOTALS 383,131,990 18,519,922 18,519,922
