UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
Under the Securities Exchange Act of 1934
(Amendment No. 0)
POPE & TALBOT
(Name of Issuer)
Common
(Title of Class of Securities)
732827100
(CUSIP Number)
1) Name of Reporting Person National Rural Electric
S.S. or I.R.S. Identification Cooperative Association
No. of Above Person 53-0116145
2) Check the Appropriate Box N/A
if a Member of a Group
3) SEC Use Only
4) Citizenship or Place of Arlington, VA
Organization
Number of 5) Sole Voting Power 856,000
Shares
Beneficially Owned 6) Shared Voting Power 0
by Each Reporting
Person With 7) Sole Dispositive Power 856,000
8) Shared Dispositive Power 0
9) Aggregate Amount Bene- 856,000
ficially Owned by Each
Reporting Person
10) Check Box if the Aggregate N/A
Amount in Row (9) Excludes
Certain Shares
11) Percent of Class Represented 6.4%
by Amount in Row 9
12) Type of Person Reporting EP
Item 1 (a) Name of Issuer
POPE & TALBOT
(b) Address of Issuer's Principal Executive Offices
Pope & Talbot
1500 S.W. First Avenue
Portland, Oregon 97201
Item 2 (a) Name of Person Filing
National Rural Electric Cooperative Association
(b) Address of Principal Business Office
4301 Wilson Blvd.
Arlington, VA 22203
(c) Citizenship
Commonwealth of Virginia - National Rural Electric
Cooperative Association
(d) Title of Class of Securities
Common
(e) CUSIP Number
732827100
Item 3 The person filing this statement pursuant to Rule 13d-1(b)
or 13d-2(b) is:
(f) Employee Benefit Plan, Pension Fund which is
subject to the provisions of the Employee Retirement Income
Security Act of 1974 or Endowment Fund; see 240.13d-
1(b)(1)(ii)(F)
Item 4 Ownership (a) Amount Beneficially Owned 856,000
(b) Percent of Class 6.4%
(c) Number of Shares as to which
Such Person Has:
(i) sole power to vote or to direct the vote 856,000
(ii) shared power to vote or to direct the vote 0
(iii) sole power to dispose or to direct the
disposition of 856,000
(iv) shared power to dispose or to direct the
disposition of 0
Item 5 Ownership of Five Percent or Less of a Class
Not Applicable
Item 6 Ownership of More than Five Percent on Behalf of
Another Person
Not Applicable
Item 7 Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By
the Parent Holding Company
Not Applicable
Item 8 Identification and Classification of Members of the Group
Not Applicable
Item 9 Notice of Dissolution of Group
Not Applicable
Item 10 Certification:
By signing below I certify that,
to the best of my knowledge and belief, the securities referred to
above were acquired in the ordinary course of business and were
not acquired for the purpose of and do not have the effect of
changing or influencing the control of the issuer of such
securities and were not acquired in connection with or as a
participant in any transaction having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement
is true, complete and correct.
February 16, 1999
Date
Peter R. Morris
Signature
Peter R. Morris, Executive Director/Investments
Name and Title
