UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 13F
Form 13F COVER PAGE
Report for the Calendar Year or Quarter Ended: March 31, 1999
Check here if Amendment [ ]; Amendment Number: _______
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Institutional Investment Manager Filing this Report:
Name: 1838 Investment Advisors, Inc.
Address: 5 Radnor Corp. Center Suite 320
100 Matsonford Rd.
Radnor, PA 19087
Form 13F File Number: 28-__________
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: John J. McElroy
Title: Secretary
Phone: 610-293-4300
Signature, Place, and Date of Signing:
John J. McElroy Radnor, Pa. 5/6/99
-------------------- ------------------ ------------
[Signature] [City, State] [Date]
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT. (Check here if all holdings of this reporting manager
are reported in this report.)
[ ] 13F NOTICE. (Check here if no holdings reported are in this report, and all
holdings are reported by other reporting manager(s).)
[ ] 13F COMBINATION REPORT. (Check here if a portion of the holdings for this
reporting manager are reported in this report and a portion are reported by
other reporting manager(s).)
List of Other Managers Reporting for this Manager:
[If there are no entries in this list, omit this section.]
Form 13F File Number Name
28- ________________ ________________________________________
[Repeat as necessary.]
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FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 1
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ALLSTATE FINANCING I PREFER 020013207 255,625 10,000 N X 10,000
GRANT W T CO. OTC ST 38760410 N/A 10,800 N X 10,800
VIRGINIA ELECTRIC & POWER PREFER 927804617 252,500 10,000 N X 10,000
ALCOA INC equiti 013817101 461,877 11,214 N X 1,214 10,000
ABBOTT LABORATORIES equiti 002824100 7,932,285 169,448 N X 44,248 1,200 124,000
ABBOTT LABORATORIES equiti 002824100 140,438 3,000 N X 600 2,400
ACCOR SA - SPONS ADR OTC ST 00435F101 282,079 11,455 N X 11,455
ADVO INC equiti 007585102 448,185 23,207 N X 23,207
ADECCO S A -SPON ADR OTC ST 006754105 299,510 4,689 N X 4,689
AEGON N.V. - ADR equiti 00792410 251,830 2,802 N X 788 2,014
ALLMERICA FINANCIAL CORP equiti 019754100 4,930,902 89,551 N X 77,551 8,000 4,000
AFLAC INC equiti 00105510 270,935 4,977 N X 4,977
ASSOCIATES FIRST CAPITAL C equiti 046008108 77,068,215 1,712,627 N X 764,620 504,499 443,508
ASSOCIATES FIRST CAPITAL C equiti 046008108 103,500 2,300 N X 400 1,900
ARGENTARIA SP ADR equiti 04011W108 421,094 8,750 N X 8,750
AMERICAN HOME PRODUCTS COR equiti 026609107 65,119,565 998,001 N X 378,545 279,048 340,408
AMERICAN HOME PRODUCTS COR equiti 026609107 156,470 2,398 N X 2,398
ALLIED IRISH BANKS - ADR equiti 019228402 367,943 3,555 N X 3,555
AMERICAN INTERNATIONAL GRO equiti 026874107 88,213,805 731,306 N X 347,246 184,471 199,589
AMERICAN INTERNATIONAL GRO equiti 026874107 243,542 2,019 N X 730 1,289
AMERITECH CORP equiti 03095410 915,835 15,893 N X 6,233 9,660
ALLIED SIGNAL INC equiti 019512102 1,075,337 21,862 N X 7,558 8,800 5,504
ALLIED SIGNAL INC equiti 019512102 59,025 1,200 N X 300 900
ALASKA AIRGROUP INC. equiti 011659109 3,750,078 78,949 N X 70,359 6,600 1,990
ALLSTATE CORP equiti 020002101 1,423,051 38,396 N X 27,686 10,710
ALABAMA POWER CO PREFER 010392637 312,500 12,500 N X 12,500
APPLIED MATERIALS INC OTC ST 038222105 54,865,665 889,413 N X 395,963 258,512 234,938
APPLIED MATERIALS INC OTC ST 038222105 49,350 800 N X 400 400
AMES DEPT STORES INC OTC ST 030789507 8,804,825 237,167 N X 211,692 19,400 6,075
AMP INCORPORATED equiti 03189710 358,879 6,708 N X 3,231 3,477
AMERICAN WOODMARK CORP OTC ST 030506109 3,255,004 102,925 N X 86,825 14,000 2,100
AMERICAN ONLINE INC OTC ST 02364J104 598,674 4,090 N X 3,940 150
AMERICAN ONLINE INC OTC ST 02364J104 980,713 6,700 N X 6,700
AMERICAN POWER CONVERSION OTC ST 029066107 1,393,605 51,615 N X 48,215 3,400
AIR PRODUCTS & CHEMICALS I equiti 009158106 2,433,463 71,050 N X 29,070 41,980
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PAGE COLUMN TOTALS 327,496,304
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<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 2
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
ATLANTIC RICHFIELD CO equiti 048825103 3,395,121 46,429 N X 12,761 33,668
ATLANTIC RICHFIELD CO equiti 048825103 58,500 800 N X 800
AIRGAS INC equiti 00936310 132,325 15,800 N X 15,800
ARM FINANCIAL GROUP INC-CL equiti 001944107 3,789,331 253,679 N X 222,319 22,600 8,760
AMERICAN STORES CO equiti 03009610 15,700,410 475,770 N X 475,770
ASTORIA FINANCIAL CORP OTC ST 046265104 841,148 16,823 N X 13,762 3,061
ASTORIA FINANCIAL CORP OTC ST 046265104 42,500 850 N X 850
ASM LITHOGRAPHY HOLDING NV OTC ST N07059111 392,850 8,730 N X 8,730
ALLTEL CORP equiti 02003910 1,929,758 30,938 N X 2,148 28,790
AIR TOUCH COMMUNICATION equiti 00949T10 1,853,365 19,181 N X 9,865 9,316
AIR TOUCH COMMUNICATION equiti 00949T10 28,988 300 N X 300
AUTOMATIC DATA PROCESSING equiti 05301510 473,744 11,450 N X 4,050 7,400
AVONDALE INDUSTRIES INC equiti 054350103 4,406,828 149,384 N X 144,554 4,830
AVON PRODUCTS INC equiti 05430310 3,786,790 80,463 N X 12,013 68,450
AVX CORP equiti 002444107 8,653,824 540,864 N X 477,051 43,900 19,913
AVERY DENNISON CORP equiti 053611109 67,429,905 1,172,694 N X 580,674 302,625 289,395
AVERY DENNISON CORP equiti 053611109 99,188 1,725 N X 300 1,425
AMERICA WEST HLDG CORP equiti 023657208 6,299,260 330,453 N X 294,078 28,500 7,875
AXA-UAP ADR equiti 054536107 423,669 6,395 N X 6,395
AMERICAN EXPRESS CO equiti 02581610 646,801 5,493 N X 4,493 1,000
AMERICAN EXPRESS CO equiti 02581610 11,775 100 N X 100
BOEING COMPANY equiti 097023105 306,850 9,025 N X 225 8,800
BOEING COMPANY equiti 097023105 34,000 1,000 N X 1,000
BANKAMERICA INC equiti 06605F102 24,631,429 348,764 N X 180,035 9,344 159,385
BANKAMERICA INC equiti 06605F102 185,250 2,623 N X 1,923 700
BAXTER INTL INC equiti 071813109 316,800 4,800 N X 2,600 2,200
BLACK BOX CORPORATION OTC ST 091826107 2,812,413 90,723 N X 79,923 9,400 1,400
BURR BROWN CORP OTC ST 122574106 4,736,701 201,562 N X 173,932 21,200 6,430
BRANDYWINE REALTY TRUST equiti 105368203 3,908,190 240,504 N X 212,684 17,900 9,920
BELL ATLANTIC CORP equiti 077853109 42,914,004 830,259 N X 329,394 253,007 247,858
BELL ATLANTIC CORP equiti 077853109 82,701 1,600 N X 1,000 600
BESTFOODS equiti 08658U101 667,071 14,193 N X 7,493 6,700
BESTFOODS equiti 08658U101 62,698 1,334 N X 1,334
BJ'S WHOLESALE CLUB INC equiti 05548J106 10,867,774 413,027 N X 362,107 34,000 16,920
BANKBOSTON CORPORATION equiti 06605R106 237,136 5,475 N X 3,475 2,000
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PAGE COLUMN TOTALS 212,159,097
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<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 3
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
BUCKEYE TECHNOLOGIES equiti 118255108 7,559,538 539,967 N X 476,998 43,900 19,069
BLOCK DRUG COMPANY-CL A OTC ST 093644102 2,417,244 58,957 N X 50,056 7,731 1,170
BELLSOUTH CORP equiti 07986010 1,658,508 41,398 N X 18,250 232 22,916
BELLSOUTH CORP equiti 07986010 16,025 400 N X 400
BUILDING MATERIAL HOLDING OTC ST 120113105 5,065,407 500,287 N X 442,632 40,000 17,655
BRISTOL MYERS SQUIBB equiti 11012210 4,669,958 72,826 N X 20,650 52,176
BRISTOL MYERS SQUIBB equiti 11012210 243,675 3,800 N X 2,000 1,800
BURLINGTON NORTHERN SANTA equiti 12189T104 487,636 14,833 N X 4,698 5,020 5,115
BON-TON STORES INC OTC ST 09776J101 1,582,786 214,615 N X 184,115 27,300 3,200
BP AMOCO PLC - SPONS ADR equiti 055622104 3,009,901 29,801 N X 2,266 27,535
BP AMOCO PLC - SPONS ADR equiti 055622104 124,634 1,234 N X 317 917
BURNHAM PACIFIC PPTY INC equiti 12232C108 3,879,960 373,972 N X 328,487 31,200 14,285
BERKSHIRE HATAHWAY INC-CLB OTC ST 084670207 224,697 96 N X 81 15
BERKSHIRE HATAHWAY INC-CLB OTC ST 084670207 70,530 30 N X 30
BANKERS TRUST NEW YORK COR equiti 06636510 250,895 2,843 N X 2,843
ANHEUSER BUSCH COS INC equiti 03522910 1,129,771 14,841 N X 2,774 12,067
BELDEN INC equiti 077459105 2,936,814 172,121 N X 151,171 14,000 6,950
BANCWEST CORPORATION equiti 059790105 323,000 7,600 N X 700 6,900
BANCWEST CORPORATION equiti 059790105 8,500 200 N X 200
CITIGROUP INC equiti 172967101 142,184,926 2,225,987 N X 1,067,417 540,401 618,170
CITIGROUP INC equiti 172967101 293,442 4,594 N X 3,300 1,294
COMPUTER ASSOC INTL INC equiti 204912109 1,021,160 28,715 N X 5,725 2,587 20,403
COMPUTER ASSOC INTL INC equiti 204912109 24,040 676 N X 676
CASEY'S GENERAL STORES INC OTC ST 14752810 1,630,863 110,567 N X 101,467 9,100
CATERPILLAR INC equiti 149123101 1,119,083 24,361 N X 4,332 20,029
CATERPILLAR INC equiti 149123101 18,375 400 N X 400
CHUBB CORPORATION equiti 171232101 242,449 4,140 N X 140 4,000
CHUBB CORPORATION equiti 171232101 58,563 1,000 N X 1,000
CHELSEA GCA REALTY INC equiti 163262108 1,537,586 55,160 N X 51,510 3,650
CARNIVAL CORP CL A equiti 143658102 74,719,333 1,538,622 N X 735,577 391,301 411,744
CARNIVAL CORP CL A equiti 143658102 29,138 600 N X 600
CAL DIVE INTERNATIONAL INC OTC ST 127914109 2,415,447 115,710 N X 98,110 15,300 2,300
CENTRAL GARDEN & PET OTC ST 153527106 6,167,712 365,494 N X 325,029 31,300 9,165
COASTAL CORP equiti 19044110 211,266 6,402 N X 6,402
CHINA TELECOM HK-LTD ADR equiti 169428109 210,930 6,320 N X 6,320
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PAGE COLUMN TOTALS 267,543,792
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FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 4
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
O'CHARLEYS INC OTC ST 670823103 2,978,732 219,630 N X 188,230 27,300 4,100
CHEVRON CORPORATION equiti 166751107 60,172,678 678,002 N X 291,517 195,830 190,655
CHEVRON CORPORATION equiti 166751107 26,625 300 N X 300
CIGNA CORP equiti 12550910 1,266,659 15,113 N X 7,202 7,911
C.I.T GROUP INC - A equiti 125577106 2,290,965 74,960 N X 69,960 5,000
SEACOR SMIT INC equiti 811904101 8,950,472 166,327 N X 146,937 14,000 5,390
COLGATE-PALMOLIVE CO equiti 194162103 617,044 6,707 N X 4,107 600 2,000
COLGATE-PALMOLIVE CO equiti 194162103 18,400 200 N X 200
CLAIRE'S STORES INC equiti 179584107 9,246,719 306,945 N X 271,555 24,500 10,890
CLOSURE MEDICAL CORP OTC ST 189093107 380,000 10,000 N X 10,000
CLOROX COMPANY equiti 18905410 1,942,852 16,579 N X 891 15,688
CHASE MANHATTAN CORP equiti 16161A108 1,700,412 20,896 N X 6,296 14,600
COMCAST CORP CL A SPL OTC ST 20030020 1,266,428 20,122 N X 11,072 9,050
COLE NATIONAL equiti 193290103 4,619,002 253,096 N X 224,131 20,600 8,365
CONRAD INDUSTRIES INC OTC ST 208305102 54,375 15,000 N X 15,000
COACHMEN INDUSTRIES INC equiti 189873102 6,902,104 336,688 N X 295,743 28,600 12,345
COSTCO COMPANIES INC OTC ST 22160Q102 825,802 9,019 N X 9,019
CAMPBELL SOUP CO equiti 13442910 370,745 9,112 N X 1,768 7,344
CAROLINA POWER & LIGHT CO equiti 14414110 332,750 8,800 N X 800 8,000
COMPAQ COMPUTER CORP COM equiti 204493100 39,067,964 1,232,914 N X 568,238 345,919 318,757
CPL CAPITAL I PREFER 12615P205 256,250 10,000 N X 10,000
CISCO SYSTEMS INC OTC ST 17275R102 108,584,081 991,070 N X 481,878 241,281 267,911
CISCO SYSTEMS INC OTC ST 17275R102 202,033 1,844 N X 562 1,282
CSK OTC ST 126375302 243,004 7,535 N X 7,535
COVENTRY CORPORATION OTC ST 222862104 3,483,151 464,420 N X 414,065 38,500 11,855
DOMINION RESOURCES INC VA equiti 25747010 337,388 9,134 N X 150 8,984
DIME COMMUNITY BANCORP INC OTC ST 253922108 7,128,424 310,776 N X 264,608 34,600 11,568
DAIMLERCHRSLER AG equiti GR5529027 1,074,350 12,336 N X 12,336
E I DUPONT DE NEMOURS & CO equiti 263534109 15,216,730 262,075 N X 118,951 143,124
E I DUPONT DE NEMOURS & CO equiti 263534109 58,063 1,000 N X 200 800
DEERE & COMPANY equiti 24419910 513,713 13,300 N X 300 13,000
DELL COMPUTER CORP OTC ST 247025109 30,920,752 756,471 N X 333,280 218,881 204,310
DEL GLOBAL TECHNOLOGIES CO OTC ST 245073101 2,776,561 321,920 N X 271,420 43,900 6,600
DAYTON-HUDSON CORP equiti 239753106 292,817 4,395 N X 4,395
D. R. HORTON INC equiti 23331A109 4,703,166 280,786 N X 249,796 23,800 7,190
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PAGE COLUMN TOTALS 318,821,211
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FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 5
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
DANAHER CORP equiti 235851102 335,477 6,421 N X 6,421
DISNEY WALT CO equiti 254687106 1,464,245 47,044 N X 13,500 33,544
DISNEY WALT CO equiti 254687106 78,746 2,530 N X 2,530
DIAL CORP equiti 25247D101 226,188 6,580 N X 6,580
DOW CHEMICAL CO equiti 260543103 1,359,699 14,591 N X 11,930 2,661
DOW CHEMICAL CO equiti 260543103 41,934 450 N X 450
DUKE ENERGY CORP equiti 264399106 290,123 5,293 N X 3,169 2,124
ELECTRONIC DATA SYSTEMS CO equiti 285661104 265,006 5,443 N X 162 5,281
ENHANCE FINANCIAL SVCS GRO equiti 293310108 1,413,580 61,460 N X 49,905 8,000 3,555
EQUIFAX INC equiti 29442910 856,350 24,912 N X 24,912
EARTHGRAINS COMPANY equiti 270319106 278,963 12,573 N X 12,173 400
EDISON INTERNATIONAL equiti 28102010 378,250 17,000 N X 200 16,800
EASTMAN KODAK CO equiti 277461109 1,372,099 21,481 N X 9,194 12,287
EASTMAN KODAK CO equiti 277461109 43,691 684 N X 684
ESTEE LAUDER COMPANIES - C equiti 518439104 74,144,511 784,598 N X 362,902 219,968 201,728
ESTEE LAUDER COMPANIES - C equiti 518439104 116,235 1,230 N X 250 980
ENDESA-SPONSORED ADR(EMPRE equiti 29258N107 297,256 11,950 N X 11,950
ENDESA-SPONSORED ADR(EMPRE equiti 29258N107 39,800 1,600 N X 1,600
ELAN CORP PLC ADR equiti 284131208 1,057,061 15,155 N X 2,155 13,000
ELECTROLUX AB - ADR OTC ST 010198208 433,908 10,985 N X 10,985
EMC CORP equiti 268648102 87,409,233 684,221 N X 336,305 174,601 173,315
EMC CORP equiti 268648102 38,325 300 N X 300
EMPIRE OF CAROLINA equiti 292007101 28,125 50,000 N X 50,000
EMERSON ELECTRIC CO equiti 291011104 1,101,735 20,812 N X 4,506 16,306
EMERSON ELECTRIC CO equiti 291011104 127,050 2,400 N X 1,200 1,200
ENRON CORP equiti 29356110 640,573 9,970 N X 3,870 6,100
ENRON CORP equiti 29356110 51,400 800 N X 800
ENGLE HOMES INC OTC ST 292896107 1,718,955 163,710 N X 138,510 21,900 3,300
KINDER MORGAN ENERGY PRTNR equiti 494550106 247,569 7,150 N X 800 6,350
KINDER MORGAN ENERGY PRTNR equiti 494550106 10,388 300 N X 300
L.M. ERICSSON TEL SEK 10B OTC ST 29482140 1,275,398 53,560 N X 17,400 36,160
L.M. ERICSSON TEL SEK 10B OTC ST 29482140 11,906 500 N X 500
E.W. BLANCH HOLDINGS INC equiti 093210102 11,077,343 210,997 N X 181,894 19,900 9,203
FORD MOTOR CO equiti 345370100 625,717 11,038 N X 8,438 2,600
FURNITURE BRANDS INTL INC. equiti 360921100 7,916,702 357,817 N X 314,972 32,000 10,845
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PAGE COLUMN TOTALS 196,773,541
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FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 6
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
FRESH DEL MONTE PRODUCE equiti G36738105 3,290,315 177,256 N X 155,456 19,000 2,800
FINISH LINE INC - CL A OTC ST 317923100 4,832,812 375,364 N X 333,464 36,500 5,400
FIFTH THIRD BANCORP OTC ST 316773100 283,531 4,300 N X 4,300
FEDDERS CORP CL A equiti 313135303 2,703,619 584,566 N X 516,587 48,500 19,479
FLEET FINANCIAL GROUP INC equiti 338915101 209,421 5,566 N X 5,566
FLEET FINANCIAL GROUP INC equiti 338915101 71,187 1,892 N X 1,892
FANNIE MAE equiti 313586109 1,639,078 23,669 N X 10,769 12,900
SPRINT CORP (FON GROUP) equiti 852061100 89,675,558 913,891 N X 443,221 236,377 234,293
SPRINT CORP (FON GROUP) equiti 852061100 49,063 500 N X 500
FPIC INS GROUP INC OTC ST 302563101 3,612,783 87,055 N X 74,555 10,800 1,700
FPL GROUP INC equiti 30257110 539,955 10,140 N X 600 9,540
FPL GROUP INC equiti 30257110 34,666 651 N X 651
FEDERAL HOME LOAN MTGE COM equiti 313400301 500,682 8,736 N X 7,136 1,600
FIRSTAR CORP equiti 33763V109 66,614,582 744,297 N X 341,021 214,221 189,055
FIRSTAR CORP equiti 33763V109 83,235 930 N X 130 800
FIRST TENNESSEE NATL CORP OTC ST 337162101 1,587,218 43,337 N X 42,237 1,100
FIRST UNION CORP equiti 337358105 6,045,652 113,135 N X 38,916 74,219
FIRST UNION CORP equiti 337358105 214,017 4,005 N X 1,675 2,330
CEDAR FAIR L.P. equiti 15018510 201,000 8,000 N X 8,000
GILLETTE COMPANY equiti 375766102 79,955,566 1,345,204 N X 623,024 351,172 371,008
GILLETTE COMPANY equiti 375766102 42,914 722 N X 722
GENERAL CHEMICAL GROUP INC equiti 369332101 843,478 64,265 N X 57,207 7,058
GANNETT COMPANY INC equiti 364730101 551,250 8,750 N X 4,950 3,800
GANNETT COMPANY INC equiti 364730101 18,900 300 N X 300
GENERAL CABLE CORP equiti 369300108 3,099,989 293,490 N X 256,133 24,600 12,757
GERBER CHILDRENSWEAR INC equiti 373701101 1,011,547 160,245 N X 132,295 24,300 3,650
GUIDANT CORP equiti 40169810 233,772 3,864 N X 3,864
GENERAL ELECTRIC CO equiti 369604103 180,401,722 1,630,750 N X 720,889 343,557 566,304
GENERAL ELECTRIC CO equiti 369604103 731,231 6,610 N X 3,760 2,850
GUILFORD MILLS INC equiti 401794102 89,600 10,240 N X 6,565 3,675
GENERAL GROWTH PROP equiti 370021107 1,295,846 39,949 N X 7,440 600 31,909
GENERAL GROWTH PROP equiti 370021107 136,238 4,200 N X 1,200 3,000
GENERAL MILLS INC equiti 37033410 480,729 6,362 N X 860 5,502
GENERAL MILLS INC equiti 37033410 15,113 200 N X 200
GALILEO INTERNATIONAL INC equiti 363547100 261,467 5,405 N X 5,405
---------------
PAGE COLUMN TOTALS 451,357,736
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 7
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
CORNING INC equiti 219350105 258,000 4,300 N X 2,500 1,800
GLAXO WELCOME PLC equiti 37733W105 648,357 9,686 N X 7,286 2,400
GLAXO WELCOME PLC equiti 37733W105 33,469 500 N X 500
GENERAL MOTORS CORP equiti 370442105 999,684 11,491 N X 4,191 7,300
GENERAL MOTORS CORP equiti 370442105 26,100 300 N X 300
GAP INC. equiti 364760108 249,730 3,710 N X 1,010 2,700
GAP INC. equiti 364760108 45,436 675 N X 675
GRG INC OTC ST 36225R103 30,000 20,000 N X 20,000
GTE CORP equiti 362320103 4,567,145 75,490 N X 17,146 5,000 53,344
GTE CORP equiti 362320103 158,934 2,627 N X 650 1,977
GT INTERACTIVE SOFTWARE CO OTC ST 36236E109 3,192,898 690,356 N X 617,811 53,700 18,845
HALLIBURTON CO equiti 406216101 385,000 10,000 N X 10,000
HASTINGS ENTERTAINMENT INC OTC ST 418365102 1,482,525 143,760 N X 118,460 22,000 3,300
HANCOCK HOLDING CO OTC ST 410120109 391,000 8,500 N X 8,500
HCC INSURANCE HOLDINGS INC equiti 404132102 6,265,067 325,458 N X 290,428 22,600 12,430
HEALTH CARE PPTY INVS INC equiti 42191510 521,411 18,136 N X 618 17,518
HEALTH CARE PPTY INVS INC equiti 42191510 37,375 1,300 N X 500 800
HOME DEPOT INC equiti 437076102 54,283,182 872,019 N X 419,988 215,101 236,930
HOME DEPOT INC equiti 437076102 242,775 3,900 N X 600 3,300
HENKEL KGAA-SPONS ADR OTC ST 42550U109 268,620 4,070 N X 4,070
HARRAH'S ENTERTAINMENT INC equiti 413619107 8,069,194 423,302 N X 379,787 37,300 6,215
HELLER FINANCIAL INC equiti 423328103 8,519,643 362,538 N X 319,888 31,900 10,750
HARLEYSVILLE GROUP INC OTC ST 412824104 3,794,304 195,835 N X 166,035 25,900 3,900
HOUSEHOLD INTL CORP equiti 441815107 736,844 16,150 N X 2,250 13,900
HOLOPHANE CORP equiti 43645B106 4,438,544 201,752 N X 175,631 18,250 7,871
HEINZ H J CO equiti 42307410 3,430,424 72,410 N X 7,335 65,075
HEINZ H J CO equiti 42307410 49,744 1,050 N X 1,050
HONEYWELL INC equiti 438506107 351,922 4,642 N X 1,442 3,200
HEALTHCARE REALTY TRUST IN equiti 421946104 2,082,875 109,625 N X 90,525 16,600 2,500
HSB GROUP INC equiti 40428N109 445,500 12,000 N X 12,000
HSBC HLDGS PLC ADR OTC ST 404280307 259,560 824 N X 824
HERSHEY FOOD CORP equiti 42786610 740,586 13,210 N X 910 12,300
HEWLETT-PACKARD CO equiti 428236103 2,780,991 41,010 N X 8,410 32,600
INDIGO AVIATION AB-SPON AD OTC ST 45567P104 1,306,051 180,145 N X 148,745 27,300 4,100
INTERNATIONAL BUSINESS equiti 459200101 11,960,653 67,479 N X 38,924 28,555
---------------
PAGE COLUMN TOTALS 123,053,543
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 8
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
INTERNATIONAL BUSINESS equiti 459200101 274,383 1,548 N X 1,548
ING GROEP N. V. ADR equiti 456837103 521,632 9,495 N X 9,495
INTEL CORP OTC ST 458140100 121,429,627 1,021,490 N X 412,865 184,255 424,370
INTEL CORP OTC ST 458140100 109,366 920 N X 300 620
INTERPUBLIC GROUP OF COS. equiti 460690100 57,801,243 742,231 N X 348,390 208,491 185,350
IPALCO ENTERPRISES INC equiti 46261310 431,423 19,666 N X 1,266 18,400
INGERSOLL-RAND CO equiti 45686610 365,091 7,357 N X 6,082 1,275
INGERSOLL-RAND CO equiti 45686610 14,888 300 N X 300
ILLINOIS TOOL WORKS equiti 452308109 51,991,956 840,274 N X 372,104 245,222 222,948
IVEX PACKAGING CORP equiti 465855104 2,014,319 132,630 N X 112,830 17,200 2,600
JAN BELL MARKETING INC equiti 470760109 3,387,069 732,339 N X 640,099 69,800 22,440
JOHNSON & JOHNSON equiti 478160104 22,641,866 242,159 N X 132,156 6,300 103,703
JOSTENS INC. equiti 481088102 4,847,911 228,137 N X 202,752 19,600 5,785
JEFFERSON-PILOT CORP equiti 47507010 3,196,310 47,178 N X 47,178
MORGAN J P & CO INC equiti 616880100 2,705,737 21,931 N X 200 21,731
KELLOGG COMPANY equiti 48783610 486,900 14,400 N X 14,400
KAO CORP - ADR OTC ST 485537203 269,230 1,235 N X 1,235
KOALA CORP OTC ST 499866101 1,002,225 48,300 N X 38,600 8,400 1,300
COLE KENNETH PROD INC - CL equiti 193294105 2,806,564 106,410 N X 90,710 13,700 2,000
KEYCORP NEW equiti 493267108 1,352,241 44,610 N X 6,010 38,600
KIMBERLY-CLARK CORP equiti 494368103 1,311,043 27,349 N X 12,213 15,136
COCA-COLA CO equiti 191216100 12,546,155 204,418 N X 98,424 105,994
COCA-COLA CO equiti 191216100 42,963 700 N X 700
LINEAR TECHNOLOGY CORP OTC ST 53567810 372,280 7,264 N X 7,264
LILLY ELI & CO INC equiti 532457108 4,301,635 50,682 N X 35,482 15,200
LINCARE HOLDINGS INC OTC ST 53279110 1,840,332 65,434 N X 59,134 6,300
LATTICE SEMICONDUCTOR CORP OTC ST 518415104 4,437,517 97,394 N X 82,194 13,200 2,000
LUCENT TECHNOLOGIES INC equiti 549463107 9,645,894 89,314 N X 56,454 32,860
LUCENT TECHNOLOGIES INC equiti 549463107 66,096 612 N X 64 548
LEXMARK HOLDINGS INC - CL equiti 52977110 3,339,133 29,847 N X 25,197 4,650
MATTEL INC equiti 577081102 1,771,536 71,039 N X 1,831 69,208
MATTEL INC equiti 577081102 22,369 897 N X 897
MAXWELL SHOE COMPANY INC - OTC ST 577766108 505,124 58,565 N X 52,800 5,065 700
MCDONALDS CORP equiti 580135101 65,988,641 1,456,301 N X 647,570 403,655 405,076
MCDONALDS CORP equiti 580135101 45,313 1,000 N X 1,000
---------------
PAGE COLUMN TOTALS 383,886,012
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 9
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
MCKESSON HBOC INC equiti 58155Q103 251,464 3,810 N X 1,442 2,368
MEDTRONIC INC. equiti 585055106 90,751,671 1,262,632 N X 565,099 346,180 351,353
MEDTRONIC INC. equiti 585055106 102,422 1,425 N X 425 1,000
MEAD CORPORATION equiti 582834107 415,125 13,500 N X 13,500
MELLON BANK CORP equiti 585509102 653,784 9,290 N X 9,290
MERRILL LYNCH & CO INC equiti 59018810 368,868 4,168 N X 4,168
MERKERT AMERICAN CORP OTC ST 590080107 1,796,441 165,190 N X 139,990 22,000 3,200
M & F WORLDWIDE CORP equiti 552541104 864,885 123,555 N X 115,255 7,200 1,100
MGM GRAND HOTEL equiti 552953101 2,793,762 83,086 N X 80,007 3,079
MARSHALL IND equiti 572393106 487,458 36,108 N X 31,113 4,995
HERMAN MILLER OTC ST 600544100 1,752,876 96,048 N X 89,248 6,800
MARSH & MCLENNAN COS INC equiti 57174810 712,801 9,600 N X 1,650 7,950
MINNESOTA MINING & equiti 60405910 1,175,865 16,620 N X 4,852 11,768
MINEBEA CO LTD - ADR OTC ST 602725301 234,822 11,525 N X 11,525
MONY GROUP INC equiti 615337102 1,850,950 74,410 N X 58,410 13,900 2,100
PHILIP MORRIS COMPANIES IN equiti 718154107 8,547,994 242,927 N X 110,373 132,554
PHILIP MORRIS COMPANIES IN equiti 718154107 42,225 1,200 N X 1,200
MOBIL CORP equiti 607059102 88,805,816 1,009,157 N X 458,779 256,038 294,340
MOBIL CORP equiti 607059102 174,592 1,984 N X 1,984
MOTOROLA INC equiti 620076109 763,045 10,417 N X 2,617 7,800
MARINER POST-ACUTE NETWORK equiti 568459101 2,152,380 983,945 N X 861,035 93,266 29,644
MERCK & CO INC equiti 589331107 113,614,687 1,417,968 N X 588,004 242,318 587,646
MERCK & CO INC equiti 589331107 460,719 5,750 N X 2,100 3,650
MICROSOFT CORP OTC ST 594918104 139,498,355 1,556,467 N X 699,389 425,910 431,168
MICROSOFT CORP OTC ST 594918104 900,731 10,050 N X 10,050
MONSANTO CO equiti 61166210 1,608,272 35,010 N X 18,480 16,530
MONSANTO CO equiti 61166210 153,110 3,333 N X 3,333
MORGAN ST DEAN WITTER DISC equiti 617446448 1,627,682 16,287 N X 6,579 9,708
MORGAN ST DEAN WITTER DISC equiti 617446448 30,781 308 N X 308
MAAX INC equiti 57777C104 183,117 14,200 N X 14,200
MACRONIX INTL CO LTD-SP AD OTC ST 556103109 151,256 16,576 N X 16,576
NATIONAL CITY CORP equiti 635405103 1,928,924 29,061 N X 13,661 15,400
NEWMONT MINING CORP equiti 65163910 255,326 14,590 N X 13,337 1,253
NIPSCO INDUSTRIES INC equiti 629140104 2,326,590 86,170 N X 65,007 21,163
NEC CORP - ADR OTC ST 629050204 210,476 3,530 N X 3,530
---------------
PAGE COLUMN TOTALS 467,649,272
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 10
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
NEW JERSEY RESOURCES CORP equiti 64602510 611,675 17,200 N X 17,200
NOKIA CORP - ADR equiti 654902204 948,518 6,090 N X 6,090
NORFOLK SOUTHERN CORP equiti 65584410 1,818,689 68,955 N X 64,500 4,455
NESTLE S A REP RG SH ADR OTC ST 641069406 252,000 2,800 N X 400 2,400
NOVARTIS AG-ADR OTC ST 66987V109 293,607 3,636 N X 3,636
NEWS CORP LTD - ADR equiti 652487703 273,937 9,286 N X 9,286
QUANEX CORP equiti 747620102 2,866,633 184,944 N X 164,459 13,300 7,185
NEXTEL COMMUNICATIONS INC OTC ST 65332V103 274,688 7,500 N X 7,500
OAK INDS INC equiti 671400505 8,217,789 258,828 N X 226,320 23,600 8,908
OCEANEERING INTERNATIONAL equiti 675232102 2,117,954 140,030 N X 134,635 5,395
BANK ONE CORP equiti 06423A103 756,614 13,741 N X 9,338 4,403
ORACLE SYSTEMS CORP OTC ST 68389X10 192,221 7,288 N X 3,313 3,975
ORACLE SYSTEMS CORP OTC ST 68389X10 219,572 8,325 N X 8,325
ONE VALLEY BANCORP/WV equiti 682419106 269,061 7,715 N X 7,715
BANK OF OZARKS OTC ST 063904106 215,000 10,000 N X 10,000
PACIFIC GULF PROPERTIES IN equiti 694396102 2,197,800 122,100 N X 102,200 17,300 2,600
SPRINT GROUP (PCS GROUP) equiti 852061506 2,275,647 51,355 N X 28,300 3,450 19,605
SPRINT GROUP (PCS GROUP) equiti 852061506 11,078 250 N X 250
PEPSICO INC equiti 713448108 15,953,270 407,101 N X 207,862 6,139 193,100
PEPSICO INC equiti 713448108 235,125 6,000 N X 1,200 4,800
PFIZER INC equiti 717081103 96,223,403 693,502 N X 300,984 119,930 272,588
PFIZER INC equiti 717081103 41,625 300 N X 300
PROCTER & GAMBLE CO equiti 742718109 85,670,047 874,742 N X 358,021 228,718 288,003
PROCTER & GAMBLE CO equiti 742718109 68,557 700 N X 500 200
PEOPLES ENERGY CORP equiti 71103010 423,294 13,100 N X 13,100
PETROLEUM GEO-SVCS-SPON AD equiti 716597109 1,147,319 75,234 N X 75,234
PIONEER HI-BRED INTL INC equiti 723686101 1,839,298 48,885 N X 27,070 11,050 10,765
KONINKLIJKE PHILIPS EL NY equiti 500472105 330,162 4,005 N X 4,005
PIER 1 IMPORTS INC equiti 720279108 6,036,445 742,947 N X 656,047 75,900 11,000
PHOTRONICS INC OTC ST 719405102 1,150,802 61,788 N X 59,338 2,450
PMC-SIERRA INC OTC ST 69344F106 253,072 3,555 N X 3,555
PARAMETRIC TECHNOLOGY CORP OTC ST 699173100 258,330 13,080 N X 80 13,000
PNC BANK CORP equiti 693475105 869,831 15,655 N X 3,155 12,500
PIEDMONT NATURAL GAS INC equiti 72018610 339,500 9,700 N X 9,700
P P G INDUSTRIES INC equiti 69350610 1,561,486 30,468 N X 20,866 9,602
---------------
PAGE COLUMN TOTALS 236,214,049
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 11
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
P P G INDUSTRIES INC equiti 69350610 25,625 500 N X 500
P P & L RESOURCES INC. equiti 693499105 242,550 9,800 N X 9,800
PEARSON PLC-ADR OTC ST 705015105 545,910 23,480 N X 23,480
PEOPLESOFT INC. OTC ST 712713106 379,841 25,972 N X 372 25,600
PENN TREATY AMER CORP equiti 707874103 2,379,717 95,908 N X 83,223 9,300 3,385
PROVIDIAN CORP equiti 74406A102 245,850 2,235 N X 2,235
RECKSON ASSOCIATION equiti 75621K106 1,201,127 58,414 N X 54,200 4,214
RALSTON PURINA GROUP equiti 751277302 32,790,853 1,228,697 N X 518,632 379,055 331,010
RALSTON PURINA GROUP equiti 751277302 71,176 2,667 N X 2,667
RARE HOSPITALITY INTL INC OTC ST 753820109 2,754,537 200,330 N X 169,730 26,600 4,000
AMERICAN SAFETY RAZOR CO OTC ST 029362100 3,727,477 268,647 N X 231,022 30,200 7,425
ROYAL CARIBBEAN CRUISES LT equiti V7780T103 374,283 9,597 N X 9,597
ROYAL DUTCH PETRO CO-NY SH equiti 780257804 1,748,240 33,620 N X 8,790 24,830
ROYAL DUTCH PETRO CO-NY SH equiti 780257804 62,400 1,200 N X 1,200
RUDDICK CORP equiti 781258108 9,479,612 486,134 N X 424,801 43,900 17,433
EVEREST REINSURANCE HLDGS equiti 299808105 7,226,800 231,721 N X 205,355 18,600 7,766
RELIANT ENERGY INC equiti 75952J108 1,199,501 46,024 N X 46,000 24
RELIANCE GROUP HOLDINGS equiti 759464100 2,995,826 389,701 N X 345,361 29,900 14,440
REPSOL S A SPONSORED ADR equiti 76026T20 388,731 7,585 N X 7,585
REGIONS FINANCIAL CORP OTC ST 758940100 259,688 7,500 N X 7,500
ROLLINS TRUCK LEASING CORP equiti 775741101 6,798,654 720,387 N X 634,030 62,200 24,157
DELCO REMY INTL INC equiti 246626105 1,339,870 146,835 N X 123,935 19,900 3,000
ROHM & HAAS CO equiti 775371107 1,597,810 47,607 N X 31,582 16,025
ROCHE HLDG LTD SPONSORED A equiti 771195104 450,790 3,695 N X 3,695
RAYTHEON CO-CLASS B equiti 755111408 451,119 7,695 N X 640 7,055
RAYTHEON CO-CLASS B equiti 755111408 46,900 800 N X 800
RENTOKIL INITIAL PLC-ADR OTC ST 760125104 326,563 5,225 N X 5,225
IMS HEALTH INC. equiti 449934108 526,754 15,902 N X 2,600 13,302
SEARS ROEBUCK & CO equiti 81238710 470,492 10,412 N X 7,580 2,832
SEARS ROEBUCK & CO equiti 81238710 17,849 395 N X 395
SAP AG-SPONSORED ADR OTC ST 803054204 513,936 19,532 N X 9,032 10,500
SBC COMMUNICATIONS INC equiti 78387G103 91,706,128 1,943,441 N X 883,072 555,396 504,973
SBC COMMUNICATIONS INC equiti 78387G103 71,536 1,516 N X 1,516
SMITHKLINE BEECHAM PLC ADR equiti 832378301 1,665,950 23,300 N X 13,600 9,700
SMITHKLINE BEECHAM PLC ADR equiti 832378301 151,580 2,120 N X 860 1,260
---------------
PAGE COLUMN TOTALS 174,235,675
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 12
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
STIRLING COOKE BROWN HLDGS OTC ST G84951105 729,190 104,170 N X 88,070 14,000 2,100
SCHWAB (CHARLES) CORP equiti 808513105 1,122,740 11,680 N X 956 674 10,050
SCI SYSTEMS INC equiti 783890106 1,269,284 42,845 N X 38,345 4,500
SEA CONTAINERS LTD - CL A OTC ST 811371707 7,206,884 249,589 N X 219,549 21,300 8,740
SMITHFIELD FOODS INC. OTC ST 832248108 10,232,199 451,006 N X 395,861 40,100 15,045
SCHERING-PLOUGH CORP equiti 806605101 72,835,854 1,318,296 N X 580,032 310,719 427,545
SCHERING-PLOUGH CORP equiti 806605101 359,788 6,512 N X 2,456 4,056
SCHLUMBERGER LTD equiti 806857108 53,416,874 887,508 N X 380,298 248,798 258,412
SCHLUMBERGER LTD equiti 806857108 156,247 2,596 N X 1,598 998
SARA LEE CORP equiti 80311110 4,001,630 161,682 N X 110,182 51,500
SILGAN HOLDINGS INC. OTC ST 827048109 3,271,468 196,043 N X 173,973 16,800 5,270
STEIN MART INC OTC ST 858375108 137,550 13,755 N X 11,755 1,800 200
SOUTHERN COMPANY equiti 84258710 480,517 20,612 N X 2,494 18,118
SOUTHERN COMPANY equiti 84258710 18,650 800 N X 500 300
SOUTHTRUST CORP OTC ST 844730101 376,856 10,100 N X 100 10,000
STAPLES INC OTC ST 855030102 72,302,723 2,199,322 N X 951,877 626,003 621,443
STAPLES INC OTC ST 855030102 44,381 1,350 N X 1,350
SEMPRA ENERGY equiti 816851109 230,826 12,030 N X 12,030
STATE AUTO FINL CORP OTC ST 855707105 3,522,248 325,757 N X 290,336 20,600 14,821
SUNTRUST BANKS INC equiti 86791410 1,292,061 20,756 N X 20,756
STATE STREET CORP equiti 857477103 61,882,597 752,372 N X 346,122 216,035 190,215
SUN MICROSYSTEMS INC OTC ST 866810104 47,573,650 380,399 N X 148,244 136,600 95,555
CNA SURETY CORP equiti 12612L108 2,040,515 164,890 N X 133,490 27,300 4,100
SOVEREIGN BANCORP INC. OTC ST 84590510 387,566 31,638 N X 31,638
SOVEREIGN BANCORP INC. OTC ST 84590510 23,814 1,944 N X 1,944
SHOREWOOD PACKAGING CORP equiti 825229107 8,332,501 424,586 N X 373,130 37,600 13,856
SAFEWAY INC equiti 786514208 66,063,871 1,287,481 N X 628,492 318,461 340,528
SAFEWAY INC equiti 786514208 71,838 1,400 N X 400 1,000
SYLVAN INC OTC ST 871371100 3,209,576 318,964 N X 265,288 37,300 16,376
SYMANTEC CORP OTC ST 871503108 8,542,378 504,347 N X 449,112 42,500 12,735
AT & T CORP equiti 001957109 2,207,223 27,655 N X 15,261 12,394
AT & T CORP equiti 001957109 23,944 300 N X 300
TDK CORP ADR equiti 872351408 293,526 3,635 N X 3,635
TELEFONICA SA equiti 879382208 429,981 3,366 N X 2,040 1,326
TELEFONICA SA equiti 879382208 104,244 816 N X 816
---------------
PAGE COLUMN TOTALS 434,195,194
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 13
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
TELEFLEX INC equiti 87936910 353,569 10,380 N X 180 10,200
TRIGON HEALTHCARE INC. equiti 89618L100 8,003,540 233,680 N X 207,445 17,300 8,935
TELECOM ITALIA SPA-ADR equiti 87927W106 503,088 4,820 N X 4,820
TJX COMPANIES INC. equiti 87254010 247,554 7,281 N X 7,281
LEARNING COMPANY INC equiti 522008101 5,157,099 177,831 N X 151,401 15,600 10,830
TOLL BROTHERS INC equiti 889478103 4,680,275 258,222 N X 226,322 22,900 9,000
PRICE (T. ROWE) ASSOCIATES OTC ST 741477103 212,953 6,195 N X 395 800 5,000
TROPICAL SPORTSWEAR INTL OTC ST 89708P102 5,201,330 255,280 N X 218,280 32,200 4,800
TIME WARNER INC equiti 88731510 516,365 7,292 N X 3,292 4,000
TEXACO INC equiti 88169410 7,194,198 126,770 N X 65,422 2,400 58,948
TEXACO INC equiti 88169410 53,913 950 N X 200 750
TEXACO CAPITAL LLC 6.875% PREFER Y50124364 428,475 17,400 N X 17,400
TEXAS INSTRUMENTS INC equiti 882508104 59,802,789 602,547 N X 263,685 174,789 164,073
TEXAS INSTRUMENTS INC equiti 882508104 148,875 1,500 N X 300 1,200
TYCO INTERNATIONAL LTD equiti 902124106 282,767 3,941 N X 3,941
UNITED COMPANIES FINANCIAL equiti 909870107 2,500 20,000 N X 20,000
UNIVERSAL ELECTRONICS INC OTC ST 913483103 2,677,875 214,230 N X 182,530 27,600 4,100
MEDIA ONE GROUP, INC equiti 58440J104 841,181 13,260 N X 1,628 11,632
UNILEVER NV equiti 904784501 1,113,028 16,753 N X 5,753 11,000
UNION PACIFIC CORP equiti 907818108 529,405 9,907 N X 34 9,873
UNION PACIFIC CORP equiti 907818108 14,214 266 N X 266
UNITED SECURITY BANCORP OTC ST 91146A10 552,017 48,529 N X 48,529
U S CAN CORP equiti 90328W105 5,542,357 375,753 N X 333,233 27,300 15,220
UNITED STATIONERS INC OTC ST 913004107 3,409,336 223,563 N X 195,993 19,900 7,670
US WEST INC equiti 91273H101 1,634,365 29,682 N X 6,634 23,048
UNITED TECHNOLOGIES CORP equiti 91301710 1,278,530 9,440 N X 8,640 800
UNITED TECHNOLOGIES CORP equiti 91301710 216,565 1,599 N X 1,599
VALASSIS COMMUNICATIONS IN equiti 918866104 11,395,039 220,194 N X 194,859 18,200 7,135
VELCRO INDS N V OTC ST 922571104 5,651,459 379,930 N X 325,930 47,000 7,000
VODAFONE GROUP PLC ADR equiti 92857T10 1,396,860 7,440 N X 2,440 5,000
MCI WORLDCOM INC OTC ST 55268B106 138,819,420 1,567,474 N X 718,015 424,738 424,721
MCI WORLDCOM INC OTC ST 55268B106 132,844 1,500 N X 400 1,100
WELLS FARGO COMPANY equiti 949746101 85,935,947 2,450,936 N X 1,099,139 649,854 701,943
WELLS FARGO COMPANY equiti 949746101 77,138 2,200 N X 400 1,800
WASHINGTON GAS & LIGHT CO equiti 93883710 458,202 20,252 N X 452 19,800
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PAGE COLUMN TOTALS 354,465,072
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
FORM 13F 03/31/99
REPORTING MANAGER: 1838 INVESTMENT ADVISORS PAGE 14
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
WASHINGTON GAS & LIGHT CO equiti 93883710 22,625 1,000 N X 1,000
WHITMAN CORP equiti 96647K102 419,598 24,413 N X 113 24,300
WICOR INC equiti 92925310 267,300 13,200 N X 13,200
WINN-DIXIE STORES INC equiti 974280109 261,625 7,000 N X 7,000
WILMINGTON TRUST CORP OTC ST 97180710 848,363 14,851 N X 8,851 6,000
WARNER-LAMBERT CO equiti 934488107 1,818,497 27,449 N X 19,349 4,850 3,250
WARNER-LAMBERT CO equiti 934488107 9,938 150 N X 75 75
WOLVERINE TUBE INC equiti 978093102 3,616,474 171,194 N X 149,959 15,300 5,935
WILLIAMS COMPANIES equiti 969457100 737,031 18,659 N X 5,159 13,500
WAL-MART STORES equiti 931142103 99,901,291 1,083,675 N X 495,612 308,944 279,119
WAL-MART STORES equiti 931142103 46,094 500 N X 500
WORLD COLOR PRESS INC equiti 981443104 4,973,010 234,024 N X 205,099 20,700 8,225
WHITNEY HOLDING CORP OTC ST 966612103 498,234 13,500 N X 13,500
WEYERHAEUSER CO equiti 96216610 949,050 17,100 N X 17,100
EXCITE INC OTC ST 300904109 280,000 2,000 N X 2,000
EXXON CORP equiti 302290101 29,915,325 423,955 N X 200,271 8,000 215,684
EXXON CORP equiti 302290101 720,585 10,212 N X 1,000 9,212
XEROX CORP equiti 984121103 2,348,231 45,050 N X 5,200 39,850
TRICON GLOBAL RESTAURANTS, equiti 895953107 2,166,840 30,845 N X 16,810 680 13,355
ZALE CORP equiti 988858106 9,702,584 283,805 N X 249,710 23,300 10,795
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PAGE COLUMN TOTALS 159,502,695
---------------
AGGREGATE COLUMN TOTALS 4,107,353,193
</TABLE>
