SALEM CAPITAL MANAGEMENT INC
13F-HR, 1999-04-20
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<TABLE>
                                                             VALUE    SHARES/ SH/ PUT/ INVSTMT            -----VOTING AUTHORITY-----
  NAME OF ISSUER                 -TITLE OF CLASS- --CUSIP-- (x$1000)  PRN AMT PRN CALL DSCRETN -MANAGERS-     SOLE   SHARED     NONE
                                 <C>                                              <C>
D KMART CV PFD                   PFD CV           498778208      529     8750 SH       SOLE                   7250              1500
D Nuevo Financing CP A           PFD CV           670511203      222     6950 SH       SOLE                   5250              1700
D USX CV PFD A                   PFD CV           902905819     1440    29350 SH       SOLE                  14550             20400
D Western Gas CV PFD             PFD CV           958259301      381    12300 SH       SOLE                   3800              8500
D Abbott Laboratories            COM              002824100      843    18000 SH       SOLE                   8000             10000
D Allegheny Energy               COM              017361106     1518    51450 SH       SOLE                  18450             42000
D American Express               COM              025816109     5220    44331 SH       SOLE                  16600             33731
D American Home Prods.           COM              026609107      339     5196 SH       SOLE                                     5196
D American Int'l Group           COM              026874107     1714    14206 SH       SOLE                   4517              9689
D American Tower Systems         COM              029912201     1676    68400 SH       SOLE                  15700             52700
D Apache                         COM              037411105     1728    66300 SH       SOLE                  26300             52000
D Automatic Data Proc            COM              053015103      331     8000 SH       SOLE                                     8000
D AvalonBay REIT                 COM              053484101     2394    75104 SH       SOLE                  23816             58202
D BP Amoco PLC ADR               COM              055622104      519     5143 SH       SOLE                   2697              2446
D Baltimore Gas & Elec           COM              059165100      222     8750 SH       SOLE                   1500              7250
D BellSouth                      COM              079860102      342     8526 SH       SOLE                   2000              6526
D Berkshire Hathaway CL B        COM              084670207      907      386 SH       SOLE                     42               344
D Boston Properties              COM              101121101      440    13900 SH       SOLE                   1000             12900
D Cabot Corp                     COM              127055101     1680    79050 SH       SOLE                  28300             59750
D Carter Wallace                 COM              146285101     1150    63900 SH       SOLE                  23200             40700
D Chase Manhattan                COM              16161A108     1758    21600 SH       SOLE                  13700             12100
D Chateau Communities            COM              161726104     1659    60318 SH       SOLE                  21300             47018
D Chevron                        COM              166751107      256     2880 SH       SOLE                    800              2080
D Cintas Corp                    COM              172908105      523     8000 SH       SOLE                                     8000
D Circuit City Stores            COM              172737108      241     3150 SH       SOLE                   1000              2150
D Cisco Systems                  COM              17275R102      405     3700 SH       SOLE                    950              2750
D Clear Channel                  COM              184502102      751    11200 SH       SOLE                   1600              9600
D Comcast CL A                   COM              200300101     1085    17650 SH       SOLE                   3800             13850
D Community Bank                 COM              203607106      288    12100 SH       SOLE                   2000             10100
D Connecticut Energy             COM              207567108     1172    48350 SH       SOLE                  13700             45650
D Cornerstone Propane            COM              218916104      220    13900 SH       SOLE                   2800             11100
D Cox Communications             COM              224044107     1422    18800 SH       SOLE                   5000             13800
D Deere & Co.                    COM              244199105      444    11500 SH       SOLE                   7000              9500
D Duke Realty                    COM              264411505      470    21850 SH       SOLE                   9450             12400
D Dun & Bradstreet Corp.         COM              26483B106     2373    66622 SH       SOLE                  26500             49422
D E.I. DuPont                    COM              263534109     2218    38200 SH       SOLE                   5000             33200
D Enron Oil & Gas Co.            COM              293562104     1526    91800 SH       SOLE                  29500             74300
D Exxon Corp.                    COM              302290101      462     6544 SH       SOLE                                     6544
D Ford Motor                     COM              345370100     2647    46688 SH       SOLE                  17000             36588
D Furniture Brands               COM              360921100     1195    54000 SH       SOLE                  17200             45800
D GTE Corp.                      COM              362320103      745    12308 SH       SOLE                   1500             10808
D General Electric               COM              369604103     5039    45549 SH       SOLE                  17800             27749
D General Mills                  COM              370334104      758    10032 SH       SOLE                   2453              7579
D HSB Group Inc.                 COM              40428N109      466    12550 SH       SOLE                   8200              4350
D Halliburton Co.                COM              406216101     1977    51350 SH       SOLE                  22900             37450
D Haverty Furniture              COM              419596101     2413    95100 SH       SOLE                  37500             71600
D Hewlett-Packard                COM              428236103     2131    31420 SH       SOLE                  13700             21720
D Home Depot Inc.                COM              437076102     1652    26540 SH       SOLE                   6300             20240
D Int'l Bus Machines             COM              459200101      258     1456 SH       SOLE                                     1456
D Johnson & Johnson              COM              478160104     1072    11460 SH       SOLE                   4500              6960
D KN Energy Inc.                 COM              482620101     1116    56000 SH       SOLE                  15750             47000
D Kimball Intl CL B              COM              494274103      205    13800 SH       SOLE                   4000              9800
D Kimberly-Clark                 COM              494368103     1946    40600 SH       SOLE                  14000             31600
D Lafarge                        COM              505862102     1820    65000 SH       SOLE                  28900             48100
D Mallinckrodt, Inc.             COM              561232109     1588    59650 SH       SOLE                  20500             46150
D Mark IV                        COM              570387100      476    36600 SH       SOLE                  14800             21800
D Massbank                       COM              576152102      675    17832 SH       SOLE                   4333             13499
D Merck & Co.                    COM              589331107     2307    28790 SH       SOLE                   9920             18870
D Microsoft                      COM              594918104     1948    21740 SH       SOLE                   4000             17740
D Mitchell Energy & Dev B        COM              606592301      940    75200 SH       SOLE                  23800             66400
D Motorola                       COM              620076109      337     4606 SH       SOLE                    306              4300
D Noble Affiliates               COM              654894104      884    30500 SH       SOLE                  11100             19400
D Nthwest Natural Gas            COM              667655104     1503    68725 SH       SOLE                  13900             54825
D Ocean Energy Inc.NEW           COM              67481E106      485    71220 SH       SOLE                  19080             52140
D Paychex Inc                    COM              704326107      814    17150 SH       SOLE                   1750             15400
D Pfizer Inc.                    COM              717081103     1460    10524 SH       SOLE                   4824              5700
D Potomac Electric               COM              737679100     1747    75350 SH       SOLE                  25750             59100
D Regions Financial              COM              758940100     3101    89560 SH       SOLE                  31270             73590
D Rouge Industries CL A          COM              779088103      214    24500 SH       SOLE                  20000             17500
D SBC Communications             COM              78387G103      221     4674 SH       SOLE                                     4674
D SCANA Corp                     COM              805898103     1650    76100 SH       SOLE                  22800             62300
D Schering Plough                COM              806605101      227     4100 SH       SOLE                                     4100
D Schlumberger Ltd               COM              806857108      785    13050 SH       SOLE                   3000             10050
D Snyder Oil                     COM              833482102     1520   102590 SH       SOLE                  28366             74224
D Sysco                          COM              871829107      669    25442 SH       SOLE                   4000             21442
D TCF Financial                  COM              872275102      553    21200 SH       SOLE                   4200             17000
D Time Warner                    COM              887315109      394     5560 SH       SOLE                   1560              4000
D Travelers PPTY                 COM              893939108     1246    34850 SH       SOLE                   4750             30100
D USEC                           COM              90333E108      353    25900 SH       SOLE                  15500             10400
D Warner Lambert Co.             COM              934488107      279     4212 SH       SOLE                   3612               600
D Williams-Sonoma                COM              969904101      390    13800 SH       SOLE                   4000              9800
D Yankee Energy                  COM              984779108     1914    83000 SH       SOLE                  27500             65500
D Berkshire Hathaway CL B        COM              084670207     2156      917 SH       SOLE                                      917
D Int'l Business Mach            COM              459200101     1702     9604 SH       SOLE                   9604                 
S REPORT SUMMARY                 84 DATA RECORDS               98848            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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