PRINCETON CAPITAL MANAGEMENT INC
13F-HR, 1999-08-11
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.  20549

Form 13F

Form 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  6/30/99

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:	Princeton Capital Management, Inc.
Address:	47 Hulfish Street, Suite 500
	Princeton, New Jersey  08540

Form 13F File Number:  28-7092

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:	Ann W. Elmes
Title:	Director
Phone:	(609) 924-6867

Signature, Place, and Date of Signing:

Ann W. Elmes              Princeton, New Jersey      8/11/99
[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
managers(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
managers(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.]

Form 13F SUMMARY PAGE


Report Summary:

Number of Other Included Manager:		-0-

Form 13F Information Table Entry Total:		116

Form 13F Information Table Value Total:	$	124,551
	(thousands)

List of Other Included Managers:


Provide a numbered list of the name(s) and Form 13F file
number(s) of all institutional investment managers with respect
to which this report is filed, other than the manager filing this
report.

                          NONE


<TABLE>
<S>                                           <C>                <C>     <C>  <S>                         <C>      <C>      <C>
     PRINCETON CAPITAL MANAGEMENT
               FORM 13F
             June 30, 1999
                                                                                                     Voting Authority
                                       Title                                                         ---------------------------
                                       of                 Value     Shares/  Sh/ Put/ Invstmt  Other
Name of Issuer                         Class  CUSIP       (x$1000)  Prn Amt  Prn Call Dscretn  Mngrs     Sole   Shared    None
- -------------------------------        ------------------ --------- ------------------------------------------------------------

AFLAC Inc                              COM    001055102          324     6775 SH      Sole                6775     6775     6775
AMERITECH                              COM    030954101          759    10332 SH      Sole               10332    10332    10332
ATT                                    COM    001957109         3783    67782 SH      Sole               67782    67782    67782
Abbott Laboratories                    COM    002824100         2340    51567 SH      Sole               51567    51567    51567
Adobe Systems                          COM    00724F101         1491    18150 SH      Sole               18150    18150    18150
American Intl Group                    COM    026874107          345     2945 SH      Sole                2945     2945     2945
Anadarko Petroleum                     COM    032511107          444    12050 SH      Sole               12050    12050    12050
Andrew Corp                            COM    034425108          485    25600 SH      Sole               25600    25600    25600
Aspect Telecommunications              COM    045237104         1154   118400 SH      Sole              118400   118400   118400
Atlantic Richfield                     COM    048825103          251     3000 SH      Sole                3000     3000     3000
BCE Inc.                               COM    05534B109          202     4100 SH      Sole                4100     4100     4100
BP Amoco                               COM    055622104         2779    25610 SH      Sole               25610    25610    25610
Banc One                               COM    06423A103          700    11748 SH      Sole               11748    11748    11748
Bell Atlantic                          COM    077853109         1124    17190 SH      Sole               17190    17190    17190
BellSouth                              COM    079860102         1049    22744 SH      Sole               22744    22744    22744
Bergen Brunswig                        COM    083739102         1545    89582 SH      Sole               89582    89582    89582
Billing  Concepts                      COM    090063108          643    57500 SH      Sole               57500    57500    57500
Biochem Pharma                         COM    09058T108          242    12900 SH      Sole               12900    12900    12900
Biocontrol Technology                  COM    090586108            4    55000 SH      Sole               55000    55000    55000
Black Hills Corp                       COM    092113109          208     9000 SH      Sole                9000     9000     9000
Boeing                                 COM    097023105         1104    25100 SH      Sole               25100    25100    25100
Bristol Myers Squibb                   COM    110122108          620     8800 SH      Sole                8800     8800     8800
Catalina Marketing                     COM    148867104          713     7750 SH      Sole                7750     7750     7750
Caterpillar                            COM    149123101          505     8416 SH      Sole                8416     8416     8416
Celgene Corp.                          COM    151020104          913    52000 SH      Sole               52000    52000    52000
Chevron                                COM    166751107         1989    20928 SH      Sole               20928    20928    20928
Chiron                                 COM    170040109          368    17748 SH      Sole               17748    17748    17748
Cigna                                  COM    125509109         1549    17402 SH      Sole               17402    17402    17402
Citigroup                              COM    172967101         1167    24571 SH      Sole               24571    24571    24571
Comcast Corp-Special Cl A              COM    200300200          286     7432 SH      Sole                7432     7432     7432
Concord EFS                            COM    206197105          901    21300 SH      Sole               21300    21300    21300
Convergys                              COM    212485106          422    21800 SH      Sole               21800    21800    21800
Corning Inc                            COM    219350105          210     3000 SH      Sole                3000     3000     3000
Dell Computer                          COM    247025109          422    11400 SH      Sole               11400    11400    11400
Eastman Kodak                          COM    277461109          811    11968 SH      Sole               11968    11968    11968
Emerson Electric                       COM    291011104          264     4200 SH      Sole                4200     4200     4200
Enron Corp                             COM    293561106         1091    13348 SH      Sole               13348    13348    13348
Enterprise Software                    COM    29379K107           80    10000 SH      Sole               10000    10000    10000
Epitope                                COM    294261102          134    22850 SH      Sole               22850    22850    22850
Exxon                                  COM    302290101         2916    37810 SH      Sole               37810    37810    37810
Ford Motor                             COM    345370100         1122    19882 SH      Sole               19882    19882    19882
Frontier Oil Corp                      COM    35914P105           82    12100 SH      Sole               12100    12100    12100
GTE Corp                               COM    362320103          833    11034 SH      Sole               11034    11034    11034
Galileo                                COM    363544107          260    35000 SH      Sole               35000    35000    35000
General Electric                       COM    369604103         9889    87515 SH      Sole               87515    87515    87515
General Instruments                    COM    370120107         1380    32482 SH      Sole               32482    32482    32482
Genzyme                                COM    372917104          667    13750 SH      Sole               13750    13750    13750
Georgia Pacific                        COM    373298108          417     8800 SH      Sole                8800     8800     8800
Guidant                                COM    401698105          429     8400 SH      Sole                8400     8400     8400
Hadco                                  COM    404681108          437    11000 SH      Sole               11000    11000    11000
Harbinger                              COM    41145C103         1817   145400 SH      Sole              145400   145400   145400
Hewlett Packard                        COM    428236103         1595    15874 SH      Sole               15874    15874    15874
Highwoods Properties                   COM    431284108          454    16550 SH      Sole               16550    16550    16550
Indigo                                 COM    N44495104          938   263400 SH      Sole              263400   263400   263400
Informix                               COM    456779107          220    25800 SH      Sole               25800    25800    25800
Intel                                  COM    458140100          731    12290 SH      Sole               12290    12290    12290
Interpublic Group                      COM    460690100         1052    12140 SH      Sole               12140    12140    12140
J P Morgan & Co.                       COM    616880100         1631    11608 SH      Sole               11608    11608    11608
Jefferson-Pilot                        COM    475070108          508     7675 SH      Sole                7675     7675     7675
Johnson & Johnson                      COM    478160104         1859    18966 SH      Sole               18966    18966    18966
Keane                                  COM    486665102          452    20000 SH      Sole               20000    20000    20000
Lilly (Eli)                            COM    532457108         1055    14725 SH      Sole               14725    14725    14725
Lucent Technologies                    COM    549463107         3060    45371 SH      Sole               45371    45371    45371
Martek                                 COM    572901106         1454   171042 SH      Sole              171042   171042   171042
McGraw Hill                            COM    580645109          653    12100 SH      Sole               12100    12100    12100
MediaOne Group                         COM    58440J104         1049    14100 SH      Sole               14100    14100    14100
Medtronic                              COM    585055106          561     7200 SH      Sole                7200     7200     7200
Mercantile Bankshares                  COM    587405101          371    10490 SH      Sole               10490    10490    10490
Merck                                  COM    589331107         4218    57292 SH      Sole               57292    57292    57292
Microware                              COM    595150103          367   234750 SH      Sole              234750   234750   234750
Motorola                               COM    620076109         2111    22283 SH      Sole               22283    22283    22283
Norfolk Southern                       COM    655844108          895    29700 SH      Sole               29700    29700    29700
Optical Coating Laboratory             COM    683829105         1723    20600 SH      Sole               20600    20600    20600
Oracle                                 COM    68389X105          441    11892 SH      Sole               11892    11892    11892
PSS World Medical                      COM    69366A100         1008    90082 SH      Sole               90082    90082    90082
Paxar                                  COM    704227107          265    29893 SH      Sole               29893    29893    29893
Paychex                                COM    704326107          411    12900 SH      Sole               12900    12900    12900
Pfizer                                 COM    717081103          344     3159 SH      Sole                3159     3159     3159
Philip Morris                          COM    718154107          320     7960 SH      Sole                7960     7960     7960
Procter & Gamble                       COM    742718109          718     8050 SH      Sole                8050     8050     8050
Protocol                               COM    74371R106          212    24450 SH      Sole               24450    24450    24450
QRS Corp                               COM    74837W103          819    10500 SH      Sole               10500    10500    10500
QWEST Communications                   COM    749121109          265     8000 SH      Sole                8000     8000     8000
RIBI Immunochem                        COM    762553105           52    21000 SH      Sole               21000    21000    21000
Reliant Energy                         COM    442161105          221     8000 SH      Sole                8000     8000     8000
SBC Communications                     COM    78387G103          268     4622 SH      Sole                4622     4622     4622
Sabratek                               COM    78571U108          567    25900 SH      Sole               25900    25900    25900
Safeguard Scientific                   COM    786449108          220     3500 SH      Sole                3500     3500     3500
Sangstat Medical Corp                  COM    801003104         1170    67800 SH      Sole               67800    67800    67800
Schering Plough                        COM    806605101         6043   115110 SH      Sole              115110   115110   115110
Scientific-Atlanta                     COM    808655104         2920    81099 SH      Sole               81099    81099    81099
Scitex Corp                            COM    809090103         1111   111100 SH      Sole              111100   111100   111100
Sepracor                               COM    817315104         2864    35254 SH      Sole               35254    35254    35254
Shared Medical Sys                     COM    819486101         2707    41482 SH      Sole               41482    41482    41482
Shaw Industries                        COM    820286102         5865   335158 SH      Sole              335158   335158   335158
Southern Company                       COM    842587107          285    10750 SH      Sole               10750    10750    10750
SpectRx                                COM    847635109          271    35000 SH      Sole               35000    35000    35000
St. John Knits                         COM    790289102          442    15100 SH      Sole               15100    15100    15100
Sterling Software                      COM    859547101          374    14136 SH      Sole               14136    14136    14136
Summit Bancorp                         COM    866005101          917    21925 SH      Sole               21925    21925    21925
Sun Microsystems                       COM    866810104         2433    35318 SH      Sole               35318    35318    35318
Synovus Financial                      COM    87161C105          597    30037 SH      Sole               30037    30037    30037
Tel Offhsore Trust                     COM    872382106          108    30000 SH      Sole               30000    30000    30000
Texaco                                 COM    881694103          325     5216 SH      Sole                5216     5216     5216
Union Pacific                          COM    907818108         1422    24390 SH      Sole               24390    24390    24390
Union Pacific Resources                COM    907834105          575    35271 SH      Sole               35271    35271    35271
United Technologies                    COM    913017109          720    10000 SH      Sole               10000    10000    10000
Universal Display                      COM    91347P105          336    79000 SH      Sole               79000    79000    79000
Viragen                                COM    927638106           10    13000 SH      Sole               13000    13000    13000
Wachovia Bank                          COM    929771103          808     9442 SH      Sole                9442     9442     9442
Warner Lambert                         COM    934488107          293     4235 SH      Sole                4235     4235     4235
XEIKON NV                              COM    984003103         1185    52100 SH      Sole               52100    52100    52100
Xerox                                  COM    984121103         2154    36464 SH      Sole               36464    36464    36464
duPont                                 COM    263534109         1310    19175 SH      Sole               19175    19175    19175
Pacific Telesis Fin Pfd 8.50%          PFD    694889205          255    10000 SH      Sole               10000    10000    10000
TransCanada Pipeline Ltd 8.25%         PFD    893526723          289    11500 SH      Sole               11500    11500    11500
REPORT SUMMARY                         116 DATA RECORDS       124551          0  OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED


</TABLE>


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