<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 06/30/98
Institutional Investment Manager:
STEVENSON CAPITAL MANAGEMENT
2420 SAND HILL ROAD, SUITE 101
MENLO PARK CA 94024
I represent that I am authorized to submit this form and that all information in
this form and the attachments to it are true, correct and complete and I
understand that all required items, statements and schedules are integral parts
of this form and that the submission of any amendment represents that all
unamended items, statements and schedules remain true, correct and complete as
previously submitted.
I am signing this report as required by the Secutities Exchange Act of 1934.
Name, Title and Telephone Number of Person Submitting Report:
WALTER F. STEVENSON PRESIDENT (650) 854-6210
Signature, Place and Date of Signing:
/s/ WALTER F. STEVENSON MENLO PARK CA 06/30/98
<PAGE> PAGE 2
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
3M Company Com 604059105 33 400 SH Sole 400
A O N Corp. Com 37389103 16 225 SH Sole 225
AMB Property Corp. Com 00163T109 12 500 SH Sole 500
AT&T Corp. Com 001957109 811 14200 SH Sole 14200
Abbott Labs Com 002824100 164 4000 SH Sole 4000
Acxiom Corp. Com 005125109 107 4300 SH Sole 4300
Adobe Systems Com 00724F101 21 500 SH Sole 500
AirTouch Communications Com 00949T100 58 1000 SH Sole 1000
All American Semiconductor Com 016557100 6 3000 SH Sole 3000
American General Corp. Com 026351106 185 2600 SH Sole 2600
American International Group Com 026874107 3369 23075 SH Sole 23075
Ameritech Corp. Com 030954101 16 360 SH Sole 360
Amoco Corp. Com 031905102 17 400 SH Sole 400
Apple Computer, Inc. Com 037833100 29 1000 SH Sole 1000
Applied Materials Com 038222105 192 6500 SH Sole 6500
Archer-Daniels Midland Co. Com 039483102 378 19500 SH Sole 19500
Artecon, Inc. Com 043003102 155 62000 SH Sole 62000
Asia Tigers Fund, Inc. Com 04516T105 843 133500 SH Sole 133500
Assoc. First Cap. Com 046008108 745 9689 SH Sole 9689
BRE Properties Com 05564E106 430 16500 SH Sole 16500
Banc One Corp. Com 059438101 620 11110 SH Sole 11110
Bankamerica Corp. Com 066050105 675 7800 SH Sole 7800
Benson Petroleum, Ltd. Com 08261D106 23 2500 SH Sole 2500
Berkshire Hthwy, Class A Com 084670108 235 30 SH Sole 30
Boeing Co. Com 097023105 696 156200 SH Sole 156200
Bristol Myers Com 09247U107 639 5560 SH Sole 5560
British Petroleum Com 110889409 531 6016 SH Sole 6016
Burlington Resources Com 122014103 271 6300 SH Sole 6300
CIGNA Corp. Com 125509109 559 8100 SH Sole 8100
Caterpillar, Inc. Com 149123101 206 3900 SH Sole 3900
Cendant Corp. Com 151313103 21 1000 SH Sole 1000
Chalone Wine Group, Ltd. Com 157639105 1 100 SH Sole 100
Chase Manhattan Bank Com 16161A108 995 13176 SH Sole 13176
Chevron Corp. Com 166751107 1315 15700 SH Sole 15700
Chock Full O Nuts Corp. Com 170268106 793 117500 SH Sole 117500
Chrysler Com 171196108 1674 29700 SH Sole 29700
Cirrus Logic, Inc. Com 172755100 17 1500 SH Sole 1500
Cisco Systems, Inc. Com 17275R102 249 2700 SH Sole 2700
Citicorp Com 173034109 254 1700 SH Sole 1700
Clarify, Inc. Com 180492100 20 1500 SH Sole 1500
Clorox Co. Com 189054109 383 4000 SH Sole 4000
Comerica, Inc. Com 200340107 139 2097 SH Sole 2097
Compaq Computer Com 204493100 184 6500 SH Sole 6500
Computer Assoc. Intl., Inc. Com 204912109 117 2100 SH Sole 2100
Consolidated Edison Com 209115104 225 5000 SH Sole 5000
DSP Communications Com 23332K106 41 3000 SH Sole 3000
Darden Restaurants, Inc. Com 237194105 89 5600 SH Sole 5600
Dell Computer Corp. Com 247025109 149 1600 SH Sole 1600
Deltic Timber Corp. Com 247850100 38 1500 SH Sole 1500
Dominion Resources Com 257470104 734 18000 SH Sole 18000
<PAGE> PAGE 3
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
Duke Energy Com 264399106 2352 39700 SH Sole 39700
Dun & Bradstreet Corp. Com 264830100 180 5000 SH Sole 5000
ENOVA Corp. Com 293552105 857 32200 SH Sole 32200
Eastman Kodak Com 277461109 58 800 SH Sole 800
Edison International Com 281020107 900 30440 SH Sole 30440
Elan PLC ADR Com 284131208 64 1000 SH Sole 1000
Emrgng. Mrkts. Infrstrc. Fund Com 290921105 49 5000 SH Sole 5000
Emerson Elec. Com 291011104 248 4100 SH Sole 4100
Ennis Business Forms, Inc. Com 293389102 58 5000 SH Sole 5000
Enron Corp. Com 293561106 106 1965 SH Sole 1965
European Warrant Fund, Inc. Com 298792102 138 5970 SH Sole 5970
Exxon Corp. Com 302290101 3162 44300 SH Sole 44300
Fairfield Communities, Inc. Com 304231301 46 2406 SH Sole 2406
Farmers & Merchants Bnk. Cntr. Com 308035104 35 190 SH Sole 190
Farmers & Merchants Bnk. of Lo Com 308243104 315 110 SH Sole 110
Fdrl. Ntl. Mortg. Assn. Com 313586109 4652 76580 SH Sole 76580
First Chicago NBD Com 31945A100 80 905 SH Sole 905
First Commerical Corp. Com 319825105 74 1061 SH Sole 1061
First Ntl. Bnk. of Ancorage Com 322387101 132 100 SH Sole 100
Ford Motor Co. Com 345370100 3599 61000 SH Sole 61000
Foundation Health Systems A Com 350404109 21 780 SH Sole 780
Freddie Mac Voting Shares Com 313400301 751 15200 SH Sole 15200
GTE Corp. Com 362320103 2698 48500 SH Sole 48500
General Electric Com 369604103 2608 28700 SH Sole 28700
General Mills, Inc. Com 370334104 293 4300 SH Sole 4300
General Motors Class H. Com 370442832 137 2900 SH Sole 2900
Glaxo Wellcome PLC ADR Com 37733W105 90 1500 SH Sole 1500
Global Small Cptl. Fund Inc. Com 37935V103 484 30000 SH Sole 30000
Golden West Financial Com 381317106 74 700 SH Sole 700
Halliburton Co. Com 406216101 298 6700 SH Sole 6700
Hewlett Packard Co. Com 428236103 2138 35700 SH Sole 35700
Hong Kong Telecommunications Com 438579203 1586 84000 SH Sole 84000
I K O S Systems New Com 451716203 4 1000 SH Sole 1000
ICG Communications, Inc. Com 449246107 63 1725 SH Sole 1725
Informix Corp. Com 456779107 167 21100 SH Sole 21100
Innkeepers USA Trust Com 4576J0104 139 11000 SH Sole 11000
International House of Pancake Com 449623107 372 9000 SH Sole 9000
Integrated Silicon Solutions Com 45812P107 11 1600 SH Sole 1600
Intel Corp. Com 458140100 4333 58450 SH Sole 58450
Intl. Business Machines Com 459200101 3449 30044 SH Sole 30044
Interstate Energy Corp. Com 460845100 1118 34400 SH Sole 34400
J P Morgan & Co. Com 616880100 328 2800 SH Sole 2800
Jackpot Enterprises, Inc. Com 466392107 163 13000 SH Sole 13000
John Hancock Bank & Thrift Opp Com 409735107 54 4500 SH Sole 4500
Johnson & Johnson Com 478160104 229 3100 SH Sole 3100
Kimberly Clark Com 494368103 124 2700 SH Sole 2700
LSI Logic Corp. Com 502161102 18 800 SH Sole 800
Latin America Eqty. Fund Inc. Com 51827T100 119 11500 SH Sole 11500
Lee Enterprises, Inc. Com 523768109 31 1000 SH Sole 1000
Lehman Bros. Holding Com 524908100 2878 37100 SH Sole 37100
<PAGE> PAGE 4
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
Lilly Eli & Co. Com 532457108 27 400 SH Sole 400
Loews Corp. Com 540424108 157 1800 SH Sole 1800
London Pacific Group Com 542073101 1191 75000 SH Sole 75000
Lucent Technologies, Inc. Com 549463107 237 2854 SH Sole 2854
MED Design Corp. Com 583926100 30 20000 SH Sole 20000
Mariner Health Group Inc. Com 56845J109 58 3500 SH Sole 3500
McDonalds Corp. Com 580135101 297 4300 SH Sole 4300
Merck & Co. Com 589331107 147 1100 SH Sole 1100
Merrill Lynch & Co. Com 590188108 2537 27500 SH Sole 27500
Microsoft Corp. Com 594918104 54 500 SH Sole 500
Mobil Corp. Com 607059102 169 2200 SH Sole 2200
Motorola Com 620076109 63 1200 SH Sole 1200
NCI Building Systems Com 628852105 1201 20800 SH Sole 20800
NationsBank Com 638585109 379 4948 SH Sole 4948
New Century Energies, Inc. Com 64352U103 96 2102 SH Sole 2102
New Plan Rlty. Com 648059103 466 19000 SH Sole 19000
Northern States Power Com 665772109 1088 38000 SH Sole 38000
Novell Inc. Com 670006105 32 2500 SH Sole 2500
Occidental Petroleum Com 674990080 13 490 SH Sole 490
Oracle Systems Com 68389X105 25 1000 SH Sole 1000
Oxford Health Plans New Com 691471106 46 3000 SH Sole 3000
Pacific Gas & Electric Com 69331C108 172 5465 SH Sole 5465
Pacificorp Com 695114108 509 22500 SH Sole 22500
Pfizer, Inc. Com 717081103 391 3600 SH Sole 3600
Pharmaceutical Prod. Dev. Com 717124101 29 1297 SH Sole 1297
Philip Services Corp. Com 71819M103 12 12375 SH Sole 12375
Premier Laser Systems Com 740522107 4 1000 SH Sole 1000
Proctor & Gamble Com 742718109 73 800 SH Sole 800
RJR Nabisco Inc. Com 74960K876 48 2000 SH Sole 2000
Raychem Com 754603108 26 894 SH Sole 894
Raymond James Financial Com 754730109 54 1800 SH Sole 1800
Raytheon Co. Class A Com 755111309 58 1011 SH Sole 1011
Reuters Group PLC Com 76132M102 12 173 SH Sole 173
Royal Dutch Shell Com 780857804 553 10080 SH Sole 10080
Royce Global Trust, Inc. Com 78080N108 1953 355000 SH Sole 355000
Royce Value Trust Com 780910105 3039 184200 SH Sole 184200
S & P 500 Spiders Com 78462F103 5110 45100 SH Sole 45100
SLM Holding Corp. Com 78442A109 206 4200 SH Sole 4200
Salomon Brothers Fund Com 795477108 99 5500 SH Sole 5500
Schlumberger, Ltd. Com 806857108 642 9400 SH Sole 9400
Scientific Atlanta, Inc. Com 808655104 868 34200 SH Sole 34200
Shuffle Master Inc. Com 825549108 82 9000 SH Sole 9000
Silicon Graphics Inc. Com 827056102 18 1500 SH Sole 1500
Singer Co. Com 82930F109 13712 192500 SH Sole 192500
Southern Co. Com 842587107 775 28000 SH Sole 28000
St. Joe Corp. Com 790148100 140 5100 SH Sole 5100
Staten Island Bancorp Com 857550107 216 9500 SH Sole 9500
Steelcase Inc. Com 858155203 26 1000 SH Sole 1000
Sun Microsystems Com 866810104 43 1000 SH Sole 1000
Sunbeam Corp. Com 867071102 1587 152000 SH Sole 152000
<PAGE> PAGE 5
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
Sybase, Inc. Com 871130100 10 1500 SH Sole 1500
TECO Energy Com 872375100 1236 46100 SH Sole 46100
Templeton Dragon Fund Com 88018T101 85 10000 SH Sole 10000
Three Com Corp. Com 885535104 61 2000 SH Sole 2000
Time Warner Com 887315109 957 11200 SH Sole 11200
Travelers Group, Inc. Com 894190107 45 750 SH Sole 750
Tri Valley Corp. Com 895735108 4 5000 SH Sole 5000
U.S. Diagnostic Inc. Eff. Com 90328Q108 4 1000 SH Sole 1000
UST Inc. Com 917488108 189 7000 SH Sole 7000
Unisys Com 909214108 198 7000 SH Sole 7000
Utah Medical Inc. Com 917488108 725 100000 SH Sole 100000
WMX Technologies Com 94106K101 385 11000 SH Sole 11000
Wal-Mart Stores Inc. Com 931142103 152 2500 SH Sole 2500
Warner-Lambert Co. Com 934488107 2081 30000 SH Sole 30000
Medical Specialists Fund Com 45837N202 9 1000 SH Sole 1000
Pilgrim Amer Bank & Thrift Fun Com 998908727 91500 332500 SH Sole 332500
Smith Barney Small Cap Blend F Com 83181R107 14938 1049000 SH Sole 1049000
Vanguard 500 Fund Com 922908108 780 7410 SH Sole 7410
Windsor Fund Com 922018106 78 4203 SH Sole 4203
Blackrock Calif. Muni Fund Com 09247U107 157 10000 SH Sole 10000
Blackrock Strategic Term Trust Com 09247P108 88 10000 SH Sole 10000
Blackrock Term 1999 Com 09247T100 1214 127000 SH Sole 127000
Blackrock Term Trust 2001 Com 092477108 176 20000 SH Sole 20000
Franklin Term 2001 Com 35459D103 3042 308000 SH Sole 308000
Greenwich St. Calif. Muni Com 397009101 2110 162300 SH Sole 162300
Hyperion 1999 Term Trust Com 448913103 2108 295800 SH Sole 295800
Hyperion Term 2005 Com 448918102 5624 661700 SH Sole 661700
MFS Charter Income Trust Com 552727109 785 78000 SH Sole 78000
Pilgrim Amer Prime Rate Com 720906106 2640 264000 SH Sole 264000
Pimco Commercial Mortgage Com 693388100 2415 178900 SH Sole 178900
RCM Global Government Fund Com 74936A101 4378 421968 SH Sole 421968
TCW/DW Term 2003 Com 87234U108 2894 315000 SH Sole 315000
TCW/DW Term Trust 2000 Com 87234V106 1119 121000 SH Sole 121000
REPORT SUMMARY 183 DATA RECORDS 242320 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>