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<TABLE>
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<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/93
Institutional Investment Manager:
MERCANTILE BANKSHARES CORPORATION
2 HOPKINS PLAZA
BALTIMORE MD 21203
I REPRESENT THAT I AM AUTHORIZED TO SUBMIT THIS FORM AND THAT ALL INFORMATION
IN THIS FORM AND THE ATTACHMENTS TO IT IS 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 SECURITIES EXCHANGE ACT OF 1934.
Name, Title and Telephone Number of Person Submitting Report:
JOHN A. O'CONNOR, JR. SR. VICE PRESIDENT & SECRETA 410-237-5204
Signature, Place and Date of Signing:
/s/ JOHN A. O'CONNOR, JR. BALTIMORE MD 1/25/94
01 FREDERICKTOWN BANK & TRUST
02 MERCANTILE-SAFE DEPOSIT & TRUST COMPANY 028-00125
<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
GUINNESS PLC COM G42084114 87 12000 SH DEFINED 02 0 12000 0
ABN AMRO HLDG N V COM 000937102 1233 33000 SH DEFINED 02 33000 0 0
ALC COMMUNICATIONS CORP COM 001575307 487 16800 SH DEFINED 02 0 0 16800
ABBOTT LABS COM 002824100 7016 236840 SH DEFINED 02 47674 90274 98892
ACUSON COM 005113105 654 54000 SH DEFINED 02 41300 10100 2600
ADVANCED TECHNOLOGY LABS INC COM 00755N106 243 14525 SH DEFINED 02 975 280 13270
CORESOURCE INC COM 007990104 187 187500 SH DEFINED 02 187500 0 0
CORESOURCE INC PFD 007990120 937 937500 SH DEFINED 02 937500 0 0
AETNA LIFE & CAS CO COM 008140105 2769 45877 SH DEFINED 02 22004 11805 12068
AIR PRODS & CHEMS INC COM 009158106 12565 283974 SH DEFINED 02 138389 98379 47206
AKZO N V COM 010199305 226 4690 SH DEFINED 02 0 0 4690
ALBAN CO PFD 012997110 0 281523 SH DEFINED 02 0 281523 0
ALBAN CO COM 012997102 0 12500 SH DEFINED 02 0 12500 0
ALBERTSON'S INC COM 013104104 214 8000 SH DEFINED 02 0 6400 1600
ALCAN ALUM LTD NEW COM 013716105 384 18512 SH DEFINED 02 10162 1050 7300
ALCO STD CORP COM 013788104 1863 34028 SH DEFINED 02 100 8715 25213
ALCO STD CORP CPF 013788500 330 4758 PRN DEFINED 02 50 1150 3558
ALEX BROWN INC COM 013902101 385 15507 SH DEFINED 02 0 15507 0
ALEXANDER & ALEXANDER SVCS INC SUB 014476AA3 4 4000 PRN DEFINED 02 4000 0 0
ALL AMERN COMMUNICATIONS INC SUB 016480AA3 9 10000 PRN DEFINED 02 0 0 10000
ALLEGHENY PWR SYS INC COM 017411109 453 17106 SH DEFINED 02 3000 12106 2000
ALLERGAN INC COM 018490102 359 15900 SH DEFINED 02 3834 7846 4220
ALLIEDSIGNAL INC COM 019512102 643 8150 SH DEFINED 02 1121 5704 1325
ALLMERICA PPTY & CAS COS INC COM 01975T105 398 6100 SH DEFINED 02 0 6100 0
ALLTRISTA CORP COM 020040101 258 15210 SH DEFINED 02 0 15100 110
ALUMINUM CO AMER COM 022249106 4899 70617 SH DEFINED 02 46529 17493 6595
AMERADA HESS CORP COM 023551104 952 21104 SH DEFINED 02 2600 15428 3076
AMERICAN ASIATIC OIL CORP COM 023879109 0 200000 SH DEFINED 02 0 90000 110000
AMERICAN BARRICK RES CORP COM 02451E109 360 12720 SH DEFINED 02 11600 1120 0
AMERICAN BRANDS INC COM 024703100 1306 39292 SH DEFINED 02 6702 19532 13058
AMERICAN CYANAMID CO COM 025321100 3086 61426 SH DEFINED 02 11685 10944 38797
AMERICAN ELEC PWR INC COM 025537101 629 16952 SH DEFINED 02 3920 11562 1470
AMERICAN EXPRESS CO COM 025816109 428 13880 SH DEFINED 02 4578 2802 6500
AMERICAN EXPRESS CO COM 025816109 927 30025 SH DEFINED 02 7989 9781 12255
AMERICAN GENERAL CORP COM 026351106 8255 288396 SH DEFINED 02 63592 181948 42856
AMERICAN GREETINGS CORP COM 026375105 526 15494 SH DEFINED 02 0 0 15494
AMERICAN HOME PRODS CORP COM 026609107 65499 1011573 SH DEFINED 02 460584 307599 243390
AMERICAN INTL GROUP INC COM 026874107 8579 97770 SH DEFINED 02 40462 31982 25326
AMERICAN TEL & TELEG CO COM 030177109 13899 264758 SH DEFINED 02 71898 110300 82560
AMERITECH CORP NEW COM 030954101 25806 336236 SH DEFINED 02 166137 92756 77343
AMGEN INC COM 031162100 872 17625 SH DEFINED 02 13900 3100 625
AMOCO CDA PETE CO SUB 031678AC9 132 111000 PRN DEFINED 02 108000 1000 2000
AMP INC COM 031897101 32950 521996 SH DEFINED 02 263063 138409 120524
AMOCO CORP COM 031905102 50305 951395 SH DEFINED 02 538005 234051 179339
AMSOUTH BANCORPORATION COM 032165102 1365 43692 SH DEFINED 02 0 0 43692
ANDERSEN GROUP INC SUB 033501AB3 4 5000 PRN DEFINED 02 0 0 5000
ANHEUSER BUSCH COS INC COM 035229103 745 15166 SH DEFINED 02 550 4612 10004
AON CORP COM 037389103 465 9632 SH DEFINED 02 336 3592 5704
APPLE COMPUTER INC COM 037833100 19186 655939 SH DEFINED 02 472174 50750 133015
APPLIED MATLS INC COM 038222105 639 16500 SH DEFINED 02 0 0 16500
<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
ARCHER DANIELS MIDLAND CO COM 039483102 884 38876 SH DEFINED 02 651 11753 26472
ARKLA INC COM 041237108 1049 133330 SH DEFINED 02 100000 6880 26450
ASEA AB COM 043655307 4036 56850 SH DEFINED 02 27600 18725 10525
ATLANTA GAS LT CO COM 047753108 705 18141 SH DEFINED 02 8177 6864 3100
ATLANTIC RICHFIELD CO COM 048825103 30453 289347 SH DEFINED 02 168123 73554 47670
AURA SYS INC COM 051526101 105 14000 SH DEFINED 02 0 0 14000
AUTODESK INC COM 052769106 8687 193050 SH DEFINED 02 139875 15650 37525
AUTOMATIC DATA PROCESSING INC COM 053015103 287 5200 SH DEFINED 02 4400 600 200
AUTOZONE INC COM 053332102 269 4700 SH DEFINED 02 0 0 4700
AVERY DENNISON CORP COM 053611109 739 25186 SH DEFINED 02 15500 6286 3400
AVNET INC SUB 053807AB9 816 779000 PRN DEFINED 02 615000 50000 114000
AVNET INC COM 053807103 688 17662 SH DEFINED 02 10600 5100 1962
BAKER HUGHES INC COM 057224107 369 18471 SH DEFINED 02 10275 2176 6020
BALTIMORE GAS & ELEC CO COM 059165100 21353 841499 SH DEFINED 02 276199 320115 245185
BANC ONE CORP COM 059438101 323 8261 SH DEFINED 02 347 3665 4249
BANKAMERICA CORP COM 066050105 327 7053 SH DEFINED 02 3526 2305 1222
BANKERS TR N Y CORP COM 066365107 232 2940 SH DEFINED 02 740 1800 400
BANTA CORP COM 066821109 291 8050 SH DEFINED 02 0 1100 6950
BARD C R INC COM 067383109 525 20805 SH DEFINED 02 16805 2200 1800
BARNETT BKS INC COM 068055102 3839 92523 SH DEFINED 02 62098 16200 14225
BARNETT BKS INC CPF 068055300 1669 19250 PRN DEFINED 02 14250 900 4100
BAUSCH & LOMB INC COM 071707103 410 8000 SH DEFINED 02 600 6600 800
BAXTER INTL INC COM 071813109 1232 50550 SH DEFINED 02 11779 21659 17112
BEARINGS INC NEW COM 074005208 6122 215757 SH DEFINED 02 176650 15375 23732
BECKMAN INSTRS INC COM 075816108 1793 65528 SH DEFINED 02 53289 7512 4727
BECTON DICKINSON & CO COM 075887109 661 18492 SH DEFINED 02 1400 12492 4600
BELL ATLANTIC CORP COM 077853109 48735 822539 SH DEFINED 02 436174 198041 188324
BELLSOUTH CORP COM 079860102 36083 622131 SH DEFINED 02 342691 121772 157668
BENEFICIAL CORP COM 081721102 737 19272 SH DEFINED 02 12882 4190 2200
BERKSHIRE HATHAWAY INC DEL COM 084670108 50819 3113 SH DEFINED 02 0 957 2156
BETZ LABS INC COM 087779104 3389 77264 SH DEFINED 02 58564 5300 13400
BIOWHITTAKER INC COM 09066T108 91 14700 SH DEFINED 02 0 14700 0
BLACK & DECKER CORP COM 091797100 542 27454 SH DEFINED 02 12487 7656 7311
BLOCK H & R INC COM 093671105 647 15900 SH DEFINED 02 200 2900 12800
BOEING CO COM 097023105 7014 162186 SH DEFINED 02 97275 38488 26423
BOISE CASCADE CORP SUB 097383AK9 65 70000 PRN DEFINED 02 50000 0 20000
BORDEN INC COM 099599102 11962 703660 SH DEFINED 02 401096 66565 235999
BRANDYWINE FD INC COM 10532D107 806 32304 SH DEFINED 02 0 32304 0
BRINKER INTL INC COM 109641100 370 8050 SH DEFINED 02 0 0 8050
BRISTOL MYERS SQUIBB CO COM 110122108 76622 1315409 SH DEFINED 02 575579 212930 526900
BRITISH PETE LTD COM 110889409 16282 254418 SH DEFINED 02 209250 13343 31825
BRITISH TELECOMMUNICATIONS COM 111021408 305 4300 SH DEFINED 02 1800 2500 0
BROOKLYN UN GAS CO COM 114259104 9433 344609 SH DEFINED 02 240125 66474 38010
BROOKTREE CORP COM 114577109 110 10550 SH DEFINED 02 0 10150 400
BROWN & SHARPE MFG CO SUB 115223AA7 5 5000 PRN DEFINED 02 5000 0 0
BUILDERS TRANS INC SUB 120084AA6 300 300000 PRN DEFINED 02 190000 0 110000
BURLINGTON NORTHERN INC COM 121897102 418 7230 SH DEFINED 02 3900 3230 100
BURLINGTON RES INC COM 122014103 490 11577 SH DEFINED 02 1348 10129 100
BUTTONWOOD PARTNERS L P SUB 124991100 10 4 PRN DEFINED 02 0 4 0
CIGNA CORP SUB 125509AB5 46 45000 PRN DEFINED 02 0 0 45000
<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
CIGNA CORP COM 125509109 1009 16090 SH DEFINED 02 8074 1856 6160
CPC INTL INC COM 126149103 10924 229390 SH DEFINED 02 87492 79278 62620
CSX CORP COM 126408103 3146 38433 SH DEFINED 02 12259 16445 9729
CUC INTL INC COM 126545102 554 15400 SH DEFINED 02 0 0 15400
CACI INTL INC COM 127190304 932 158749 SH DEFINED 02 0 0 158749
CAMCO INTL INC COM 132632100 465 28400 SH DEFINED 02 0 0 28400
CAMPBELL SOUP CO COM 134429109 323 7892 SH DEFINED 02 2992 400 4500
CAPITAL CITIES ABC INC COM 139859102 722 1166 SH DEFINED 02 0 320 846
CAPITAL HLDG CORP DEL COM 140186107 326 8785 SH DEFINED 02 2500 5610 675
CARNIVAL CRUISE LINES INC COM 143658102 464 9800 SH DEFINED 02 0 0 9800
CAROLINA PWR & LT CO COM 144141108 526 17484 SH DEFINED 02 3500 10714 3270
CARR-GOTTSTEIN FOODS CO COM 14441E107 117 11300 SH DEFINED 02 200 2800 8300
CATERPILLAR INC COM 149123101 35345 397144 SH DEFINED 02 269538 24256 103350
CENTRAL & SOUTH WEST CORP COM 152357109 745 24659 SH DEFINED 02 7549 9700 7410
CENTURY TEL ENTERPRISES INC COM 156686107 460 17900 SH DEFINED 02 0 0 17900
CETUS CORP SUB 157199AA8 94 100000 PRN DEFINED 02 16000 35000 49000
CHAMPION INTL CORP SUB 158525AD7 10 10000 PRN DEFINED 02 0 10000 0
CHAMPION INTL CORP COM 158525105 364 10933 SH DEFINED 02 0 2513 8420
CHEMICAL BKG CORP COM 163722101 234 5847 SH DEFINED 02 1570 1852 2425
CHESAPEAKE CORP VA COM 165159104 255 10034 SH DEFINED 02 10034 0 0
CHEVRON CORP COM 166751107 38034 436547 SH DEFINED 02 260110 72846 103591
CHRYSLER CORP COM 171196108 312 5865 SH DEFINED 02 4500 640 725
CHUBB CORP COM 171232101 28124 361151 SH DEFINED 02 196857 57160 107134
CHUBB CAP CORP SUB 171990AB0 283 265000 PRN DEFINED 02 115000 25000 125000
CIRCLE K CORP SUB 172576AE0 0 25000 PRN DEFINED 02 0 25000 0
CISCO SYS INC COM 17275R102 274 4250 SH DEFINED 02 3000 0 1250
CIRCUS CIRCUS ENTMT COM 172909103 264 7200 SH DEFINED 02 0 0 7200
CITICORP COM 173034109 538 14608 SH DEFINED 02 1040 7520 6048
COASTAL CORP COM 190441105 237 8400 SH DEFINED 02 7700 700 0
COCA COLA CO COM 191216100 48313 1082646 SH DEFINED 02 442824 377048 262774
COLGATE PALMOLIVE CO COM 194162103 4825 77358 SH DEFINED 02 34004 26400 16954
COLUMBIA HEALTHCARE CORP COM 197679103 1332 40236 SH DEFINED 02 7254 32982 0
COMCAST CORP COM 200300200 594 16500 SH DEFINED 02 0 1500 15000
COMERICA INC COM 200340107 642 24120 SH DEFINED 02 9910 0 14210
COMPUTER DATA SYS COM 205017106 365 20000 SH DEFINED 02 0 20000 0
CONCORD EFS INC COM 206189102 314 14200 SH DEFINED 02 0 13700 500
CONNER PERIPHERALS INC SUB 208108AB6 13 15000 PRN DEFINED 02 0 0 15000
CONRAIL INC COM 208368100 2033 30400 SH DEFINED 02 2200 26700 1500
CONSECO INC COM 208464107 481 8628 SH DEFINED 02 5200 0 3428
CONSOLIDATED EDISON CO N Y INC COM 209111103 208 6497 SH DEFINED 02 1440 1485 3572
CONSOLIDATED NAT GAS CO SUB 209615BL6 46 40000 PRN DEFINED 02 0 40000 0
CONSOLIDATED NAT GAS CO COM 209615103 1803 38373 SH DEFINED 02 11310 15046 12017
COOPER INDS INC COM 216669101 18369 372988 SH DEFINED 02 242203 66567 64218
COOPER INDS INC CPF 216669507 17540 607450 PRN DEFINED 02 358025 121300 128125
COOPER TIRE & RUBR CO COM 216831107 585 23400 SH DEFINED 02 1000 0 22400
CORESTATES FINL CORP COM 218695104 40185 1538190 SH DEFINED 02 861766 344060 332364
CORNING INC COM 219350105 599 21408 SH DEFINED 02 8708 8000 4700
CRESTAR FINL CORP COM 226091106 338 8084 SH DEFINED 02 5500 2584 0
CUMMINS ENGINE INC CPF 231021403 245 3500 PRN DEFINED 02 3500 0 0
CUSTER CHANNEL WING CORP COM 231705203 0 16000 SH DEFINED 02 16000 0 0
<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
DPL INC COM 233293109 8119 393650 SH DEFINED 02 317675 18975 57000
DANA CORP SUB 235811AE6 17 20000 PRN DEFINED 02 10000 10000 0
DANA CORP COM 235811106 8093 135176 SH DEFINED 02 50662 11980 72534
DANKA BUSINESS SYS PLC COM 236277109 632 15800 SH DEFINED 02 0 0 15800
DART & KRAFT FIN N V SUB 237990AB2 88 40000 PRN DEFINED 02 40000 0 0
DEAN WITTER SELECT CORPORATE COM 2424J4218 3 14000 SH DEFINED 02 0 0 14000
DEAN WITTER DISCOVER & CO COM 24240V101 422 12193 SH DEFINED 02 6387 1519 4287
PROM NOTE NO. 4 DTD 1/31/86 SUB 243990AB4 0 84375 PRN DEFINED 02 84375 0 0
DEERE & CO COM 244199105 25184 340334 SH DEFINED 02 208685 43549 88100
DELMARVA PWR & LT CO COM 247109101 871 36886 SH DEFINED 02 3139 22644 11103
DELTA AIR LINES INC DEL COM 247361108 6641 121575 SH DEFINED 02 98700 5875 17000
DELTA AIR LINES INC DEL CPF 247361306 10297 192482 PRN DEFINED 02 130330 24140 38012
DELUXE CORP COM 248019101 201 5550 SH DEFINED 02 900 3350 1300
DEXTER CORP COM 252165105 7311 311133 SH DEFINED 02 174700 28883 107550
DIGI INTL INC COM 253798102 239 10750 SH DEFINED 02 200 7750 2800
DIGITAL EQUIP CORP COM 253849103 9875 288343 SH DEFINED 02 202392 46752 39199
DILLARD DEPT STORES INC COM 254063100 634 16700 SH DEFINED 02 900 700 15100
DISNEY WALT CO COM 254687106 1717 40284 SH DEFINED 02 2568 24296 13420
DR PEPPER / SEVEN-UP COS INC COM 256131301 537 22400 SH DEFINED 02 0 0 22400
DOMINION RES INC VA COM 257470104 795 17533 SH DEFINED 02 6515 8035 2983
DONALDSON INC COM 257651109 952 21516 SH DEFINED 02 562 10800 10154
DONNELLEY R R & SONS CO COM 257867101 3420 109909 SH DEFINED 02 39133 55576 15200
DOVATRON INTL INC COM 259859106 376 13694 SH DEFINED 02 6535 2607 4552
DOVER CORP COM 260003108 10366 170650 SH DEFINED 02 75850 37450 57350
DOW CHEM CO SUB 260543BB8 295 275000 PRN DEFINED 02 20000 65000 190000
DOW CHEM CO COM 260543103 30365 535070 SH DEFINED 02 285423 164153 85494
DRESSER INDS INC COM 261597108 20156 971378 SH DEFINED 02 551936 246105 173337
DU PONT E I DE NEMOURS & CO COM 263534109 47114 976467 SH DEFINED 02 463885 293666 218916
DUKE PWR CO COM 264399106 8061 190251 SH DEFINED 02 100039 37696 52516
DUN & BRADSTREET CORP COM 264830100 69590 1129263 SH DEFINED 02 860768 125366 143129
E M C CORP MASS COM 268648102 666 40400 SH DEFINED 02 0 0 40400
EASTMAN KODAK CO COM 277461109 3869 68790 SH DEFINED 02 23691 30196 14903
EATON CORP COM 278058102 4267 84508 SH DEFINED 02 52878 13732 17898
ECHLIN INC COM 278749106 350 10550 SH DEFINED 02 3950 200 6400
EMERSON ELEC CO COM 291011104 26533 440394 SH DEFINED 02 253580 75963 110851
ENRON CORP COM 293561106 6693 230801 SH DEFINED 02 75035 38784 116982
EQUITABLE GAS CO SUB 294497AJ1 848 377000 PRN DEFINED 02 187000 135000 55000
EQUITABLE RES INC COM 294549100 21973 599971 SH DEFINED 02 368891 118023 113057
EQUITEC FINL GROUP INC SUB 294588AC2 0 50000 PRN DEFINED 02 0 0 50000
ERICSSON L M TEL CO COM 294821509 16 11000 SH DEFINED 02 0 1500 9500
ESPIRITO SANTO FINL HLDG S A COM 29665F200 241 6850 SH DEFINED 02 0 6550 300
ESTERLINE INTL FIN N V SUB 297430AA8 465 465000 PRN DEFINED 02 415000 0 50000
EURO PAC GROWTH FD COM 298706102 1214 54946 SH DEFINED 02 54946 0 0
EXXON CORP COM 302290101 124194 1967444 SH DEFINED 02 876707 674642 416095
F&M BANCORP COM 302367107 1620 67541 SH DEFINED 02 2070 65471 0
FPA PARAMOUNT FD INC COM 302546106 251 16811 SH DEFINED 02 16811 0 0
FPL GROUP INC COM 302571104 333 8535 SH DEFINED 02 5348 937 2250
FASTENAL CO COM 311900104 580 18715 SH DEFINED 02 0 15950 2765
FEDERAL HOME LN MTG CORP COM 313400301 937 18806 SH DEFINED 02 1800 4706 12300
FEDERATED EXCHANGE FD COM 314175100 328 4607 SH DEFINED 02 0 2755 1851
<PAGE> PAGE 6
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
FIDELITY ADVISOR SER I COM 315805101 668 22909 SH DEFINED 02 0 22909 0
FIDELITY PURITAN FD INC COM 316345107 309 19632 SH DEFINED 02 19632 0 0
FINANCIAL INDL FD INC COM 317549103 592 106906 SH DEFINED 02 106906 0 0
FINANCIAL INDL INCOME FD COM 317567105 314 26354 SH DEFINED 02 26354 0 0
FIRST ALA BANCSHARES INC COM 318464104 13859 428084 SH DEFINED 02 238775 102439 86870
FIRST BK SYS INC COM 319279105 412 13400 SH DEFINED 02 0 13400 0
FIRST CHICAGO CORP COM 319455101 229 5306 SH DEFINED 02 0 4406 900
FIRST FID BANCORPORATION NEW COM 320195100 294 6476 SH DEFINED 02 3756 400 2320
FIRST FINL MGMT CORP COM 320245103 516 9100 SH DEFINED 02 0 0 9100
FIRSTAR CORP NEW COM 33761C103 331 10796 SH DEFINED 02 0 0 10796
FISERV INC COM 337738108 586 30450 SH DEFINED 02 0 8000 22450
FISHER SCIENTIFIC INTL INC SUB 338032AA3 177 150000 PRN DEFINED 02 0 0 150000
FISHER SCIENTIFIC INTL INC COM 338032105 427 12090 SH DEFINED 02 0 1500 10590
FLAG INVS VALUE BLDR FD INC COM 33832R105 166 14436 SH DEFINED 02 0 0 14436
FLAG INVS TEL INCOME FD INC COM 338331101 654 47745 SH DEFINED 02 9141 38603 0
FLEET MTG GROUP INC COM 339012106 201 12100 SH DEFINED 02 0 0 12100
FLEETWOOD ENTERPRISES INC COM 339099103 2643 111300 SH DEFINED 02 15800 70000 25500
FLIGHTSAFETY INTL INC COM 339423105 355 10390 SH DEFINED 02 0 900 9490
FLORIDA EAST COAST INDS INC COM 340632108 3609 55000 SH DEFINED 02 0 0 55000
FLUOR CORP COM 343861100 200 4952 SH DEFINED 02 200 2533 2219
FORD MTR CO DEL COM 345370100 649 10074 SH DEFINED 02 4800 760 4514
FRANKLIN CUSTODIAN FDS INC COM 353496607 102 14461 SH DEFINED 02 9868 4593 0
FREEPORT MCMORAN INC COM 356714105 242 12296 SH DEFINED 02 1452 2600 8244
GTE CORP COM 362320103 8533 243805 SH DEFINED 02 86534 97724 59547
GANNETT INC COM 364730101 13044 227859 SH DEFINED 02 120336 76928 30595
GENERAL DYNAMICS CORP COM 369550108 544 5900 SH DEFINED 02 0 5600 300
GENERAL ELEC CO COM 369604103 149399 1424553 SH DEFINED 02 653970 514809 255774
GENERAL MILLS INC COM 370334104 1626 26776 SH DEFINED 02 21160 4450 1166
GENERAL MOTORS CORP COM 370442105 13353 243335 SH DEFINED 02 108742 45016 89577
GENERAL MTRS CORP COM 370442402 627 21448 SH DEFINED 02 9410 10239 1799
GENERAL RE CORP COM 370563108 34748 324756 SH DEFINED 02 207596 61819 55341
GENETICS INST INC COM 371855305 1109 23000 SH DEFINED 02 0 23000 0
GENRAD INC SUB 372447AA0 7 10000 PRN DEFINED 02 0 5000 5000
GENUINE PARTS CO COM 372460105 15203 404079 SH DEFINED 02 270568 84966 48545
GENZYME CORP SUB 372917AB0 23 25000 PRN DEFINED 02 0 25000 0
GENZYME CORP COM 372917104 253 9200 SH DEFINED 02 8200 700 300
GEORGIA PAC CORP COM 373298108 452 6583 SH DEFINED 02 1296 3280 2007
GIANT FOOD INC COM 374478105 18845 731879 SH DEFINED 02 470025 170665 91189
GIDDINGS & LEWIS INC WIS COM 375048105 1267 49238 SH DEFINED 02 47000 0 2238
GILLETTE CO COM 375766102 5458 91540 SH DEFINED 02 2566 17936 71038
GLATFELTER P H CO COM 377316104 29809 1600500 SH DEFINED 02 1012025 188600 399875
GLAXO HLDGS PLC NEW COM 377327309 615 29475 SH DEFINED 02 1800 16250 11425
GLOBAL NAT RES INC COM 379355100 145 20000 SH DEFINED 02 0 20000 0
GOULDS PUMPS INC COM 383550100 246 9900 SH DEFINED 02 9900 0 0
GOVERNMENT SECS INCOME FD COM 383743580 1 11974 SH DEFINED 02 11974 0 0
GRACE W R & CO COM 383883105 312 7696 SH DEFINED 02 0 4714 2982
GRAINGER W W INC COM 384802104 5437 94567 SH DEFINED 02 17220 14570 62777
GREAT LAKES CHEM CORP COM 390568103 715 9584 SH DEFINED 02 6400 1800 1384
HALLIBURTON CO COM 406216101 8049 252540 SH DEFINED 02 130949 23500 98091
HANSON PLC COM 411352305 2836 141844 SH DEFINED 02 115729 8615 17500
<PAGE> PAGE 7
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
HARSCO CORP COM 415864107 5283 130050 SH DEFINED 02 93400 18060 18590
HAUSER CHEM RESH INC NEW COM 419141304 115 14475 SH DEFINED 02 0 13675 800
HEALTH CARE PPTY INVS INC COM 421915109 265 9800 SH DEFINED 02 0 4800 5000
HEINZ H J CO COM 423074103 1251 34881 SH DEFINED 02 9933 13848 11100
HERCULES INC SUB 427056AK2 702 275000 PRN DEFINED 02 200000 10000 65000
HERCULES INC COM 427056106 4236 37327 SH DEFINED 02 14550 6530 16247
HERSHEY FOODS CORP COM 427866108 8116 165646 SH DEFINED 02 94655 29623 41368
HEWLETT PACKARD CO COM 428236103 42218 534415 SH DEFINED 02 347379 81625 105411
HILTON HOTELS CORP COM 432848109 500 8240 SH DEFINED 02 0 940 7300
HOME DEPOT INC COM 437076102 1637 41462 SH DEFINED 02 6249 21866 13347
HOMESTAKE MNG CO COM 437614100 3317 150812 SH DEFINED 02 32300 12362 106150
HONEYWELL INC COM 438506107 2627 76712 SH DEFINED 02 32556 37452 6704
HOSPITALITYFRAN COM 440912103 504 9500 SH DEFINED 02 0 0 9500
HOST INTL INC SUB 441074AA9 3 5000 PRN DEFINED 02 0 0 5000
HOUGHTON MIFFLIN CO COM 441560109 455 9370 SH DEFINED 02 0 0 9370
HOUSEHOLD INTL CORP COM 441815107 265 8141 SH DEFINED 02 0 5714 2427
HOUSTON INDS INC COM 442161105 344 7236 SH DEFINED 02 200 4836 2200
HUBBELL INC COM 443510201 7378 136324 SH DEFINED 02 79014 18286 39024
HUGHES SUPPLY INC SUB 444482AA1 1123 1080000 PRN DEFINED 02 705000 20000 355000
HUMANA INC COM 444859102 376 21210 SH DEFINED 02 2910 18300 0
IDB COMMUNICATIONS GROUP INC SUB 449355AB2 9 8000 PRN DEFINED 02 0 3000 5000
ITT CORP COM 450679105 5069 55553 SH DEFINED 02 10679 27913 16961
ILLINOIS TOOL WORKS INC COM 452308109 3012 77250 SH DEFINED 02 64100 5600 7550
IMPERIAL CHEM INDS PLC COM 452704505 18611 393892 SH DEFINED 02 267917 37725 88250
INDRESCO INC COM 455905109 386 24913 SH DEFINED 02 5542 9954 9417
INGERSOLL RAND CO COM 456866102 10178 266100 SH DEFINED 02 82076 80924 103100
INFORMATION MGMT TECHNS CORP SUB 456990AA8 100 100000 PRN DEFINED 02 0 100000 0
INSURANCE AUTO AUCTIONS INC COM 457875102 201 5400 SH DEFINED 02 0 5000 400
INTEL CORP COM 458140100 26517 427694 SH DEFINED 02 289019 54110 84565
INTERNATIONAL BUSINESS MACHS COM 459200101 37390 661780 SH DEFINED 02 270352 229651 161777
INTERNATIONAL FLAVORS & COM 459506101 228 2006 SH DEFINED 02 1556 250 200
INTERNATIONAL GAME TECHNOLOGY COM 459902102 309 10500 SH DEFINED 02 10500 0 0
INTERNATIONAL PAPER CO COM 460146103 837 12355 SH DEFINED 02 4810 4985 2560
INVESTMENT CO AMER COM 461308108 227 12144 SH DEFINED 02 10545 1599 0
IOWA NATL BANKSHARES CORP COM 462483108 434 17644 SH DEFINED 02 17644 0 0
JACOBSON STORES INC SUB 469834AC9 44 55000 PRN DEFINED 02 0 15000 40000
JAMES RIV CORP VA COM 470349101 250 13018 SH DEFINED 02 7500 5518 0
JAMESWAY CORP SUB 470736AB5 3 15000 PRN DEFINED 02 0 15000 0
JANUS FD INC COM 471023101 405 20919 SH DEFINED 02 15113 5806 0
JEFFERSON PILOT CORP COM 475070108 4020 85761 SH DEFINED 02 38675 27536 19550
JOHNSON & JOHNSON COM 478160104 49955 1113219 SH DEFINED 02 547840 369454 195925
JOHNSON CTLS INC COM 478366107 2484 46767 SH DEFINED 02 15608 16614 14545
JONES APPAREL GROUP COM 480074103 705 23600 SH DEFINED 02 0 0 23600
K MART CORP COM 482584109 20089 934374 SH DEFINED 02 569432 182673 182269
K MART CORP PFD 482584208 6989 157075 SH DEFINED 02 149900 0 7175
K N ENERGY INC COM 482620101 5511 214038 SH DEFINED 02 131327 37204 45507
KAMAN CORP SUB 483548AC7 1032 1215000 PRN DEFINED 02 852000 129000 234000
KAMAN CORP COM 483548103 2931 289500 SH DEFINED 02 166550 70200 52750
KAMAN CORP CPF 483548509 2559 49699 PRN DEFINED 02 36285 4678 8736
KELLOGG CO COM 487836108 1997 35200 SH DEFINED 02 11800 17900 5500
<PAGE> PAGE 8
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
KEMPER GOVT SECS TR COM 488903394 98 94339 SH DEFINED 02 94339 0 0
KERR MCGEE CORP COM 492386107 287 6346 SH DEFINED 02 1000 4646 700
KEYSTONE INTL INC COM 493503106 14193 518479 SH DEFINED 02 396450 49499 72530
KIMBERLY CLARK CORP COM 494368103 1293 24928 SH DEFINED 02 11300 5232 8396
KOLLMORGEN CORP SUB 500440AA0 79 80000 PRN DEFINED 02 20000 50000 10000
KULICKE & SOFFA INDS INC SUB 501242AA9 110 110000 PRN DEFINED 02 100000 0 10000
LCI INTL INC COM 501813109 262 7100 SH DEFINED 02 0 0 7100
LDDS COMMUNICATIONS INC GA COM 50182L108 493 10218 SH DEFINED 02 0 118 10100
KRUGERRAND WHOLE SUB 501990501 5 1421 PRN DEFINED 02 0 1419 2
LANDMARK GRAPHICS CORP COM 514913102 288 15600 SH DEFINED 02 14000 100 1500
LAWTER INTL INC COM 520786104 237 17400 SH DEFINED 02 0 0 17400
LEGGETT & PLATT INC COM 524660107 600 12000 SH DEFINED 02 0 12000 0
LEGG MASON INC SUB 524901AA3 22 20000 PRN DEFINED 02 0 20000 0
LENNAR CORP COM 526057104 559 16400 SH DEFINED 02 0 0 16400
LEUCADIA NATL CORP COM 527288104 2000 48800 SH DEFINED 02 0 32000 16800
LILLY ELI & CO COM 532457108 6653 112052 SH DEFINED 02 65985 23967 22100
LIMITED INC COM 532716107 182 10735 SH DEFINED 02 1500 8135 1100
LINCOLN NATL CORP IND COM 534187109 10144 233200 SH DEFINED 02 123950 28350 80900
LECHTERS INC SUB 5359919E5 37 45000 PRN DEFINED 02 45000 0 0
LOEWS CORP COM 540424108 823 8860 SH DEFINED 02 100 5700 3060
LOTUS DEV CORP COM 545700106 4962 90225 SH DEFINED 02 65275 6600 18350
LOUISIANA PAC CORP COM 546347105 269 6534 SH DEFINED 02 150 1184 5200
LOYOLA CAP CORP COM 549089100 696 45314 SH DEFINED 02 20000 8000 17314
LUBRIZOL CORP COM 549271104 18708 548247 SH DEFINED 02 327796 117863 102588
M A COM SUB 552618AA8 159 155000 PRN DEFINED 02 0 70000 85000
MBIA INC COM 55262C100 333 5300 SH DEFINED 02 0 0 5300
MCI COMMUNICATIONS CORP COM 552673105 1966 69602 SH DEFINED 02 6000 31200 32402
MGIC INVT CORP WISC COM 552848103 204 7000 SH DEFINED 02 0 0 7000
M S D & T FDS INC COM 553537507 15093 1217257 SH DEFINED 02 121486 11140 1084631
M S D & T FDS INC COM 553537804 31673 2795544 SH DEFINED 02 1672167 504521 618856
MANOR CARE INC COM 564054104 307 12618 SH DEFINED 02 200 2400 10018
MARK IV INDS INC COM 570387100 982 54573 SH DEFINED 02 0 54573 0
MARSH & MCLENNAN COS INC COM 571748102 23345 287333 SH DEFINED 02 189391 59958 37984
MARRIOTT INTL INC COM 571900109 722 24900 SH DEFINED 02 300 6700 17900
MARTIN MARIETTA CORP NEW COM 572900108 7286 163740 SH DEFINED 02 54622 31718 77400
MASCO CORP SUB 574599AG1 4492 4330000 PRN DEFINED 02 2299000 465000 1566000
MASCO CORP COM 574599106 847 22900 SH DEFINED 02 14800 7000 1100
MASKWA NICKEL CHROME MINES LTD COM 574990214 0 12000 SH DEFINED 02 0 0 12000
MASON-DIXON BANCSHARES INC COM 575207105 2150 48328 SH DEFINED 02 44553 2109 1666
MATTEL INC COM 577081102 698 25300 SH DEFINED 02 550 6132 18618
MAY DEPT STORES CO COM 577778103 54642 1387749 SH DEFINED 02 559444 559148 269157
MCCORMICK & CO INC COM 579780107 369 14492 SH DEFINED 02 13500 512 480
MCCORMICK & CO INC COM 579780206 12079 490522 SH DEFINED 02 211296 184920 94306
MCDONALDS CORP COM 580135101 1993 34980 SH DEFINED 02 7600 10550 16830
MCGRAW HILL INC COM 580645109 258 3820 SH DEFINED 02 0 3820 0
MEAD CORP SUB 582834AJ6 402 387000 PRN DEFINED 02 0 75000 312000
MEAD CORP COM 582834107 239 5320 SH DEFINED 02 362 2358 2600
MEDICAL CTR INS CO LTD COM 584990105 125 125000 SH DEFINED 02 125000 0 0
MEDTRONIC INC COM 585055106 542 6600 SH DEFINED 02 300 400 5900
MERCANTILE BANKSHARES CORP COM 587405101 39985 2090729 SH DEFINED 02 733578 894181 462970
<PAGE> PAGE 9
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
MERCANTILE BANKSHARES CORP COM 587405101 43 2256 SH DEFINED 01 2256 0 0
MERCK & CO INC COM 589331107 82144 2389646 SH DEFINED 02 993643 880299 515704
MICHAELS STORES INC COM 594087108 275 7700 SH DEFINED 02 0 0 7700
MICROPOLIS CORP SUB 594907AA5 6 10000 PRN DEFINED 02 0 5000 5000
MICROSOFT CORP COM 594918104 2259 28025 SH DEFINED 02 22325 3575 2125
MID-ATLANTIC RLTY TR COM 595232109 312 34231 SH DEFINED 02 6332 8644 19255
MILLIPORE CORP COM 601073109 642 16066 SH DEFINED 02 0 8910 7156
MINERALS TECHNOLOGIES INC COM 603158106 800 27600 SH DEFINED 02 0 0 27600
MINNESOTA MNG & MFG CO COM 604059105 52317 481085 SH DEFINED 02 246288 127855 106942
MIRAGE RESORTS INC COM 60462E104 310 13000 SH DEFINED 02 13000 0 0
MOBIL CORP COM 607059102 43781 553317 SH DEFINED 02 305193 141685 106439
MOLEX INC COM 608554200 225 6687 SH DEFINED 02 312 0 6375
MONSANTO CO COM 611662107 559 7624 SH DEFINED 02 408 5178 2038
MOOG INC SUB 615394AA1 244 240000 PRN DEFINED 02 215000 0 25000
MORGAN J P & CO INC COM 616880100 17808 256705 SH DEFINED 02 148220 43625 64860
MORTON INTL INC IND COM 619331101 2406 25738 SH DEFINED 02 14800 8363 2575
MOTOROLA INC SUB 620076AJ8 66 100000 PRN DEFINED 02 100000 0 0
MOTOROLA INC COM 620076109 42732 463226 SH DEFINED 02 207812 125364 130050
MURPHY OIL CORP COM 626717102 22294 557350 SH DEFINED 02 333697 78766 144887
MUTUAL SER FD INC COM 628380107 661 8166 SH DEFINED 02 0 7775 391
MYLAN LABS INC COM 628530107 484 19100 SH DEFINED 02 0 6000 13100
NALCO CHEM CO COM 629853102 851 22700 SH DEFINED 02 7800 1300 13600
NATIONAL CITY CORP COM 635405103 821 33536 SH DEFINED 02 16402 12834 4300
NATIONAL CITY CORP CPF 635405509 316 4620 PRN DEFINED 02 350 850 3420
NATIONAL LN BK HOUSTON TEX COM 636804106 6 63730 SH DEFINED 02 0 63696 34
NATIONAL MED ENTERPRISES INC COM 636886103 392 28000 SH DEFINED 02 0 28000 0
NATIONSBANK CORP COM 638585109 2850 58167 SH DEFINED 02 6106 44594 7467
NATIONWIDE HEALTH PPTYS INC COM 638620104 275 7750 SH DEFINED 02 1200 6100 450
NESTLE S A COM 641069406 12107 280245 SH DEFINED 02 117350 103025 59870
NEW ENGLAND ELEC SYS COM 644001109 2156 55128 SH DEFINED 02 34900 9375 10853
NEW YORK VENTURE FD INC COM 650121106 6080 507964 SH DEFINED 02 0 172985 334979
NEWELL CO COM 651192106 13388 331610 SH DEFINED 02 187700 31704 112206
NORFOLK SOUTHERN CORP COM 655844108 30760 436315 SH DEFINED 02 220657 109388 106270
NORTHEAST UTILS COM 664397106 9105 383394 SH DEFINED 02 281149 86370 15875
NORTHEAST UTILS COM 664397106 2952 124335 SH DEFINED 02 40934 43696 39705
NORTHERN STS PWR CO MINN COM 665772109 1632 37855 SH DEFINED 02 13808 20947 3100
NORTHERN TR CORP COM 665859104 298 7525 SH DEFINED 02 0 450 7075
NOVACARE INC SUB 669930AA7 1651 1795000 PRN DEFINED 02 1610000 20000 165000
NOVELL INC COM 670006105 10149 489125 SH DEFINED 02 424700 19050 45375
NUCOR CORP COM 670346105 265 5000 SH DEFINED 02 0 200 4800
NYNEX CORP COM 670768100 897 22370 SH DEFINED 02 8966 8740 4664
OCEANEERING INTL INC COM 675232102 245 18000 SH DEFINED 02 0 0 18000
OFFICE DEPOT INC COM 676220106 322 9603 SH DEFINED 02 0 1203 8400
OLIN CORP COM 680665205 4567 92498 SH DEFINED 02 10025 3372 79101
OMNICARE INC SUB 681904AA6 38 30000 PRN DEFINED 02 0 20000 10000
OMNICARE INC COM 681904108 204 6400 SH DEFINED 02 0 6200 200
OPPENHEIMER STRATEGIC INCOME COM 68380K102 107 20547 SH DEFINED 02 0 20547 0
ORYX ENERGY CO SUB 68763FAD2 72 75000 PRN DEFINED 02 0 40000 35000
PHH CORP COM 693320103 1638 39471 SH DEFINED 02 18000 13700 7771
PNC BK CORP SUB 693475AA3 12 5000 PRN DEFINED 02 0 0 5000
<PAGE> PAGE 10
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
PNC BK CORP COM 693475105 546 18834 SH DEFINED 02 10100 3934 4800
PPG INDS INC COM 693506107 3313 43670 SH DEFINED 02 15402 23918 4350
PACIFIC GAS & ELEC CO COM 694308107 409 11659 SH DEFINED 02 4086 4235 3338
PACIFIC TELESIS GROUP COM 694890104 27887 514057 SH DEFINED 02 286583 124138 103336
PACIFICORP COM 695114108 3882 201692 SH DEFINED 02 168846 25440 7406
PARAMOUNT COMMUNICATIONS INC COM 699216107 206 2657 SH DEFINED 02 0 2657 0
PENNEY J C INC COM 708160106 8315 158010 SH DEFINED 02 89000 41110 27900
PENNSYLVANIA MUT FD INC COM 709000103 605 72825 SH DEFINED 02 0 72825 0
PENNSYLVANIA PWR & LT CO COM 709051106 334 12386 SH DEFINED 02 2842 8966 578
PENNZOIL CO COM 709903108 304 5700 SH DEFINED 02 0 2344 3356
PEPSICO INC COM 713448108 17580 430106 SH DEFINED 02 226057 138465 65584
PERKIN ELMER CORP COM 714041100 447 11627 SH DEFINED 02 6760 4000 867
PERPETUAL SVGS BK F S B SUB 714275AA2 0 10000 PRN DEFINED 02 10000 0 0
PETRIE STORES CORP SUB 716434AC9 738 555000 PRN DEFINED 02 10000 115000 430000
PETROLITE CORP COM 716723101 210 6000 SH DEFINED 02 6000 0 0
PFIZER INC COM 717081103 43523 630769 SH DEFINED 02 315424 215028 100317
PHELPS DODGE CORP COM 717265102 9260 189955 SH DEFINED 02 145425 17650 26880
PHILIP MORRIS COS INC COM 718154107 68140 1224992 SH DEFINED 02 664675 354063 206254
PHILLIPS PETE CO COM 718507106 243 8400 SH DEFINED 02 300 7800 300
PIER 1 IMPORTS INC COM 720279108 1199 123000 SH DEFINED 02 123000 0 0
PIONEER HI BRED INTL INC COM 723686101 1731 44400 SH DEFINED 02 0 12700 31700
PITNEY BOWES INC COM 724479100 4459 107782 SH DEFINED 02 0 8936 98846
PITTSTON CO COM 725701106 807 27600 SH DEFINED 02 0 0 27600
PITTWAY CORP DEL COM 725790208 234 7281 SH DEFINED 02 200 2281 4800
POTLATCH CORP COM 737628107 9833 208662 SH DEFINED 02 116088 48526 44048
POTOMAC ELEC PWR CO COM 737679100 1369 51193 SH DEFINED 02 14262 23037 13894
PREMARK INTL INC COM 740459102 1226 15288 SH DEFINED 02 10065 1977 3246
PREMIER INDL CORP NEW COM 740512306 490 17500 SH DEFINED 02 0 9213 8287
PRICE CO SUB 741440AC5 41 40000 PRN DEFINED 02 0 40000 0
T ROWE PRICE ASSOC INC COM 741477103 3646 125734 SH DEFINED 02 0 122334 3400
T ROWE PRICE GROWTH STK FD COM 741479109 552 27066 SH DEFINED 02 3277 16690 7098
PRIMERICA CORP NEW COM 741589105 1310 33716 SH DEFINED 02 7000 23216 3500
PROCTER & GAMBLE CO COM 742718109 126404 2217624 SH DEFINED 02 1090016 818503 309105
PROGRESSIVE CORP OHIO COM 743315103 481 11900 SH DEFINED 02 0 0 11900
PROMUS COS INC COM 74342A109 315 6900 SH DEFINED 02 6000 900 0
PROTECTIVE LIFE CORP COM 743674103 1250 28428 SH DEFINED 02 0 4228 24200
PROVIDENT BANKSHARES CORP COM 743859100 340 17681 SH DEFINED 02 300 11000 6381
PUBLIC SVC ENTERPRISE GROUP COM 744573106 362 11343 SH DEFINED 02 3053 4570 3720
QUAKER OATS CO COM 747402105 1235 17408 SH DEFINED 02 1080 12828 3500
QUAKER ST CORP COM 747410108 3134 234322 SH DEFINED 02 80459 12600 141263
QUANTUM CHEM CORP SUB 747633AB1 23 25000 PRN DEFINED 02 0 0 25000
QUESTAR CORP COM 748356102 10105 306240 SH DEFINED 02 163950 83340 58950
RJR NABISCO HLDGS CORP COM 74960K108 651 102250 SH DEFINED 02 101750 0 500
RJR NABISCO HLDGS CORP CPF 74960K405 1872 267450 PRN DEFINED 02 235000 8000 24450
RALSTON PURINA CO COM 751277302 471 11850 SH DEFINED 02 1904 3300 6646
RAYTHEON CO COM 755111101 5983 90655 SH DEFINED 02 56652 18563 15440
READERS DIGEST ASSN INC COM 755267101 13888 308625 SH DEFINED 02 224000 37150 47475
READERS DIGEST ASSN INC COM 755267200 976 22700 SH DEFINED 02 12450 8100 2150
RECOGNITION INTL INC COM 756231106 225 15000 SH DEFINED 02 0 15000 0
REEBOK INTL LTD COM 758110100 626 20870 SH DEFINED 02 0 0 20870
<PAGE> PAGE 11
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
RESEARCH INDS CORP COM 761004100 115 10750 SH DEFINED 02 0 10300 450
RETIREMENT PLANNING FDS AMER COM 761293604 255 10902 SH DEFINED 02 0 0 10902
REYNOLDS METALS CO COM 761763101 8763 193134 SH DEFINED 02 148973 16986 27175
RESERVOIR CAP CORP SUB 761990407 1 25500 PRN DEFINED 02 0 13500 12000
ROHM & HAAS CO COM 775371107 940 15812 SH DEFINED 02 7962 7650 200
ROUSE CO COM 779273101 2423 136559 SH DEFINED 02 1050 79800 55709
T ROWE PRICE INTL FD INC COM 77956H203 204 16835 SH DEFINED 02 16835 0 0
T ROWE PRICE NEW HORIZONS FD COM 779562107 553 34273 SH DEFINED 02 0 18563 15709
T ROWE PRICE TAX FREE SHORT COM 779902105 120 22368 SH DEFINED 02 0 22368 0
ROYAL DUTCH PETE CO COM 780257705 1976 18933 SH DEFINED 02 4971 9553 4409
ROYCE FD COM 780905105 701 72142 SH DEFINED 02 0 72142 0
SCECORP COM 783882103 412 20624 SH DEFINED 02 14958 4666 1000
ST PAUL COS INC COM 792860108 358 3992 SH DEFINED 02 1100 1000 1892
SALOMON INC COM 79549B107 1068 22430 SH DEFINED 02 0 22060 370
SALOMON INC CONV SER HWP CPF 79549B446 471 6100 PRN DEFINED 02 5800 0 300
SAN JUAN RACING ASSN INC COM 798407102 0 34385 SH DEFINED 02 0 29061 5324
SANTA FE ENERGY RES INC COM 802012104 149 16209 SH DEFINED 02 992 14487 730
SANTA FE PAC CORP COM 802183103 1188 53414 SH DEFINED 02 4935 46032 2447
SARA LEE CORP COM 803111103 1438 57523 SH DEFINED 02 4500 33160 19863
SCANA CORP COM 805898103 484 9732 SH DEFINED 02 5082 3386 1264
SCHERER R P CORP DEL COM 806528105 486 12900 SH DEFINED 02 0 0 12900
SCHERING PLOUGH CORP COM 806605101 20286 296147 SH DEFINED 02 78517 197198 20432
SCHLUMBERGER LTD COM 806857108 33993 574944 SH DEFINED 02 352298 117045 105601
SCHULMAN A INC COM 808194104 1225 36325 SH DEFINED 02 0 1000 35325
SCOTT PAPER CO COM 809877103 427 10392 SH DEFINED 02 200 5092 5100
SCUDDER INTL FD INC COM 811165109 361 8198 SH DEFINED 02 8077 120 0
SCUDDER PORTFOLIO TR COM 811192103 3242 236299 SH DEFINED 02 236299 0 0
SEAGRAM LTD COM 811850106 283 10856 SH DEFINED 02 0 9100 1756
SEARS ROEBUCK & CO COM 812387108 1609 30435 SH DEFINED 02 16146 3900 10389
SENSORMATIC ELECTRS CORP COM 817265101 524 15150 SH DEFINED 02 0 1500 13650
SEQUOIA FD INC COM 817418106 726 13255 SH DEFINED 02 0 4418 8837
SERVICEMASTER LTD PARTNERSHIP COM 817615107 2605 95168 SH DEFINED 02 1350 17800 76018
SHAW INDS INC COM 820286102 377 14800 SH DEFINED 02 1800 13000 0
SHERWIN WILLIAMS CO COM 824348106 854 23892 SH DEFINED 02 7192 8600 8100
SIGMA ALDRICH CORP COM 826552101 211 4400 SH DEFINED 02 0 3600 800
SIGNET BKG CORP COM 826681108 4352 125248 SH DEFINED 02 39232 37284 48732
SMITHKLINE BEECHAM PLC COM 832378400 4147 151510 SH DEFINED 02 57700 48910 44900
SOCIETY CORP COM 833663305 376 12664 SH DEFINED 02 0 7922 4742
SONAT INC COM 835415100 1711 59288 SH DEFINED 02 32960 24368 1960
SOUTHERN CO COM 842587107 590 13391 SH DEFINED 02 4518 4804 4069
SOUTHERN UN CO NEW COM 844030106 226 8556 SH DEFINED 02 0 0 8556
MCNEIL REAL ESTATE FD XXV COM 844990101 0 80000 SH DEFINED 02 0 0 80000
SOUTHWESTERN BELL CORP COM 845333103 1674 40344 SH DEFINED 02 9764 19858 10722
SOUTHWESTERN PUB SVC CO COM 845743103 464 15216 SH DEFINED 02 3320 11596 300
SPACELABS MED INC COM 846247104 352 14525 SH DEFINED 02 975 280 13270
SPRINT CORP COM 852061100 1159 33362 SH DEFINED 02 12528 17260 3574
STANDARD COML CORP SUB 853258AA9 2759 3355000 PRN DEFINED 02 2350000 35000 970000
STANLEY WKS COM 854616109 507 11400 SH DEFINED 02 10800 0 600
STAPLES INC SUB 855030AB8 956 920000 PRN DEFINED 02 605000 65000 250000
STATE STR BOSTON CORP COM 857473102 1542 41125 SH DEFINED 02 34300 6625 200
<PAGE> PAGE 12
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
STEWART & STEVENSON SVCS INC COM 860342104 953 18600 SH DEFINED 02 0 0 18600
STRYKER CORP COM 863667101 373 13225 SH DEFINED 02 800 925 11500
SUBURBAN BANCSHARES INC COM 864350103 20 15000 SH DEFINED 02 0 0 15000
SUN INC COM 866762107 400 13643 SH DEFINED 02 2512 5447 5684
SUNBEAM-OSTER INC COM 867071102 389 17700 SH DEFINED 02 0 0 17700
SUNTRUST BKS INC COM 867914103 5867 130395 SH DEFINED 02 68550 40195 21650
SUPERVALU INC COM 868536103 290 8000 SH DEFINED 02 2000 6000 0
SYMBION INC COM 871504106 7 42500 SH DEFINED 02 0 42500 0
SYSCO CORP COM 871829107 324 11100 SH DEFINED 02 2400 8700 0
TECO ENERGY INC COM 872375100 349 15431 SH DEFINED 02 6508 6592 2331
TIG HLDGS INC COM 872469101 358 15600 SH DEFINED 02 0 200 15400
TRW INC COM 872649108 314 4544 SH DEFINED 02 2564 980 1000
TAMBRANDS INC COM 875080103 225 5100 SH DEFINED 02 500 2600 2000
TECHNE CORP COM 878377100 154 14000 SH DEFINED 02 0 13600 400
TELEFONOS DE MEXICO S A COM 879403780 426 6323 SH DEFINED 02 1000 4025 1298
TENNECO INC PFD 880370721 443 4427 SH DEFINED 02 0 3113 1314
TEXACO INC COM 881694103 2651 40944 SH DEFINED 02 13654 19191 8099
TEXAS INDUSTRIES INC COM 882491103 348 10800 SH DEFINED 02 0 10800 0
TEXAS INSTRS INC SUB 882508A*5 774 770000 PRN DEFINED 02 25000 0 745000
TEXAS INSTRUMENTS INC COM 882508104 310 4886 SH DEFINED 02 318 2200 2368
TEXAS UTILS CO COM 882848104 2311 53437 SH DEFINED 02 26705 15210 11522
THERMO INSTR SYS INC SUB 883559AA4 97 50000 PRN DEFINED 02 50000 0 0
THOMAS & BETTS CORP COM 884315102 6292 107557 SH DEFINED 02 55729 35861 15967
TIDEWATER INC SUB 886423AB8 45 45000 PRN DEFINED 02 10000 25000 10000
TIME WARNER INC SUB 887315AQ2 821 780000 PRN DEFINED 02 35000 732000 13000
TIME WARNER INC COM 887315109 455 10296 SH DEFINED 02 1500 5704 3092
TIMES MIRROR CO COM 887360105 18631 558238 SH DEFINED 02 334060 73427 150751
TIMES MIRROR CO COM SER C COM 887360303 279 8342 SH DEFINED 02 6942 732 668
TIMKEN CO COM 887389104 5403 160701 SH DEFINED 02 68235 10532 81934
TORCHMARK CORP COM 891027104 480 10673 SH DEFINED 02 0 5423 5250
TOYS R US COM 892335100 813 19892 SH DEFINED 02 7875 11817 200
TRANSAMERICA CORP COM 893485102 241 4247 SH DEFINED 02 1462 1085 1700
TRAVELERS CORP SUB 894180AD0 121 120000 PRN DEFINED 02 45000 15000 60000
TRIMAS CORP SUB 896215AA8 43 35000 PRN DEFINED 02 35000 0 0
TRINITY INDS INC COM 896522109 291 6750 SH DEFINED 02 6750 0 0
TRINOVA CORP SUB 896678AB5 95 100000 PRN DEFINED 02 100000 0 0
TRINOVA CORP COM 896678109 483 15400 SH DEFINED 02 10050 300 5050
TWEEDY BROWNE FD INC COM 901165100 328 28436 SH DEFINED 02 0 28436 0
TYCO INTL LTD COM 902120104 1176 22791 SH DEFINED 02 75 550 22166
UCCEL CORP SUB 902629AA2 20 20000 PRN DEFINED 02 0 20000 0
USX CORP SUB 902905AG3 33 80000 PRN DEFINED 02 0 0 80000
USX-MARATHON GROUP NEW COM 902905827 527 31966 SH DEFINED 02 29632 687 1647
UST INC COM 902911106 1354 48828 SH DEFINED 02 6828 42000 0
UNUM CORP COM 903192102 2384 45412 SH DEFINED 02 8650 20262 16500
USF&G CORP COM 903290104 929 63026 SH DEFINED 02 1485 25534 36007
USF&G CORP CPF 903290302 1465 21556 PRN DEFINED 02 12200 856 8500
USLICO CORP SUB 903297AA7 20 20000 PRN DEFINED 02 0 20000 0
UNIFI INC COM 904677101 655 24400 SH DEFINED 02 0 3600 20800
UNILEVER N V COM 904784501 2345 20305 SH DEFINED 02 7100 8755 4450
UNION CAMP CORP COM 905530101 28625 601066 SH DEFINED 02 387790 69326 143950
<PAGE> PAGE 13
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
UNION PAC CORP COM 907818108 16080 256771 SH DEFINED 02 105209 88552 63010
UNITED DOMINION RLTY TR INC COM 910197102 179 12572 SH DEFINED 02 0 3572 9000
U S HEALTHCARE INC COM 911910107 345 6000 SH DEFINED 02 4500 0 1500
UNITED PARACALE MNG CO COM 911990307 0 25834 SH DEFINED 02 25834 0 0
U S WEST INC COM 912889102 1134 24737 SH DEFINED 02 8340 10086 6311
UNITED TECHNOLOGIES CORP COM 913017109 28702 462941 SH DEFINED 02 334160 64644 64137
UNIVERSAL CORP VA COM 913456109 686 26790 SH DEFINED 02 800 24590 1400
UNOCAL CORP COM 915289102 365 13101 SH DEFINED 02 2296 10205 600
V F CORP COM 918204108 11211 243060 SH DEFINED 02 134675 13310 95075
VLSI TECHNOLOGY INC SUB 918270AA7 179 190000 PRN DEFINED 02 180000 0 10000
VALASSIS COMMUNICATIONS INC COM 918866104 286 21400 SH DEFINED 02 0 0 21400
VANCE SANDERS EXCH FD COM 921902102 680 2702 SH DEFINED 02 0 2702 0
VANGUARD INDEX TR COM 922908108 416 9507 SH DEFINED 02 0 0 9507
VANGUARD INDEX TR COM 922908306 266 22768 SH DEFINED 02 0 0 22768
WMX TECHNOLOGIES INC COM 92929Q107 1672 63399 SH DEFINED 02 27437 19732 16230
WPG TUDOR FD COM 92930L105 287 12287 SH DEFINED 02 12287 0 0
WPG GROWTH & INCOME FD COM 929302107 500 21448 SH DEFINED 02 21448 0 0
WACHOVIA CORP NEW COM 929771103 301 8990 SH DEFINED 02 2400 6190 400
W&L SALES CO INC COM 929990406 3329 571500 SH DEFINED 02 571500 0 0
WAL MART STORES INC COM 931142103 5024 200975 SH DEFINED 02 30875 152000 18100
WARNACO GROUP INC COM 934390105 410 13500 SH DEFINED 02 0 0 13500
WARNER LAMBERT CO COM 934488107 26672 395151 SH DEFINED 02 176225 133521 85405
WASHINGTON GAS LT CO COM 938837101 348 8458 SH DEFINED 02 2918 4595 945
WASHINGTON GAS LT CO COM 938837101 14 346 SH DEFINED 01 346 0 0
WASHINGTON POST CO COM 939640108 17047 66919 SH DEFINED 02 27525 2437 36957
WEIS MKTS INC COM 948849104 203 7545 SH DEFINED 02 1225 2245 4075
WEISS PECK & GREER FDS TR COM 949024103 471 45425 SH DEFINED 02 45425 0 0
WEISS PECK & GREER FDS TR COM 949024509 377 67662 SH DEFINED 02 67662 0 0
WELLFLEET COMMUNICATIONS INC COM 949497101 304 4716 SH DEFINED 02 0 3366 1350
WESTINGHOUSE ELEC CORP COM 960402105 204 14488 SH DEFINED 02 3320 9624 1544
WESTVACO CORP COM 961548104 20551 576895 SH DEFINED 02 426877 84866 65152
WEYERHAEUSER CO COM 962166104 556 12474 SH DEFINED 02 3749 7225 1500
WHIRLPOOL CORP COM 963320106 4842 72825 SH DEFINED 02 9500 41225 22100
WHITMAN CORP COM 96647K102 192 11856 SH DEFINED 02 0 2800 9056
WHITTAKER CORPORATION NEW COM 966680407 975 60000 SH DEFINED 02 0 60000 0
WHOLE FOODS MKT INC COM 966837106 388 17280 SH DEFINED 02 0 1200 16080
WILLCOX & GIBBS INC SUB 969207AC3 156 160000 PRN DEFINED 02 0 60000 100000
WISCONSIN ENERGY CORP COM 976657106 7092 257908 SH DEFINED 02 104216 52269 101423
WITCO CORP SUB 977385AE3 2022 1759000 PRN DEFINED 02 1044000 305000 410000
WITCO CORP COM 977385103 26737 838835 SH DEFINED 02 383280 202456 253099
WOLVERINE TUBE INC COM 978093102 219 11100 SH DEFINED 02 200 0 10900
WORTHINGTON INDS INC COM 981811102 1119 54600 SH DEFINED 02 15525 31575 7500
WRIGLEY WM JR CO COM 982526105 219 4980 SH DEFINED 02 0 4980 0
XEROX CORP COM 984121103 753 8434 SH DEFINED 02 1085 4830 2519
YORK INTL CORP NEW COM 986670107 385 10950 SH DEFINED 02 75 1875 9000
ZENECA GROUP PLC COM 98934D106 482 12961 SH DEFINED 02 532 2698 9731
REPORT SUMMARY 596 DATA RECORDS 3387066 2 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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