SALEM INVESTMENT COUNSELORS INC
13F-E/A, 1997-06-27
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                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                                   FORM 13F-E                                                                                     
                                                                                                                                  
                                                                                                                                  
Report for the Calendar Year or Quarter Ended:    3/31/97       AMENDMENT 00                                                      
                                                                                                                                  
                                                                                                                                  
Institutional Investment Manager:                                                                                                 
                                                                                                                                  
SALEM INVESTMENT COUNSELORS INC.                                                                                                  
480 SHEPHARD STREET SUITE 200                                                                                                     
WINSTON SALEM                                     NC            27103                                                             
                                                                                                                                  
                                                                                                                                  
                                  UNITED STATES                                                                                   
                       SECURITIES AND EXCHANGE COMMISSION                                                                         
                             Washington, D.C. 20549                                                                               
                                                                                                                                  
                                    FORM 13F                                                                                      
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
            INFORMATION REQUIRED OF INSTITUTIONAL INVESTMENT MANAGERS                                                             
        PURSUANT TO SECTION 13(f) OF THE SECURITIES EXCHANGE ACT OF 1934                                                          
                              AND RULES THEREUNDER                                                                                
                                                                                                                                  
                                                                                                                                  
           Report for the Calendar Year or Quarter Ended March 31,1997                                                            
                                                                                                                                  
                                                                                                                                  
Salem Investment Counselors, Inc.                                                                                                 
Name of Institutional Investment Manager                                                                                          
480 Shepherd Street. Suite 200,  Winston-Salem, NC  27103                                                                         
Business Address                                                                                                                  
Dale M. Brown, Vice President (910)768-7230                                                                                       
Name, Phone No., and Title of Person Duly Authorized to Submit This Report.                                                       
                                                                                                                                  
                                                                                                                                  
   The institutional investment manager submitting this Form and its attachments                                                  
and the  person  by whom it is  signed  represent  hereby  that all  information                                                  
contained  therein is true,  correct and  complete.  It is  understood  that all                                                  
required items,  statements and schedules are considered  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.                                                                                                                        
   Pursuant  to  the  requirements  of  Securities  Exchange  Act of  1934,  the                                                  
undersigned institutional investment manager has caused this report to be signed                                                  
on its behalf in the City of  Winston-Salem  and State of North  Carolina on the                                                  
2nd day of May, 1997.                                                                                                             
                                                                                                                                  
Salem Investment Counselors. Inc.                                                                                                 
                                                                                                                                  
By: /s/ Dale M. Brown                                                                                                             
            Dale M. Brown                                                                                                         
            Vice President                                                                                                        
                                                                                                                                  
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<PAGE>      PAGE   2                                                                                                              
                                                                                                                                  
                                                                  FORM 13F                                                        
                                                               (SEC USE ONLY)                                                     
                                                                                                                                  
                                                                                                                                  
Name, Title and Telephone Number of Person Submitting Report:                                                                     
                                                                                                                                  
    DALE M. BROWN                  VICE PRESIDENT               910-768-7230                                                      
                                                                                                                                  
                                                                                                                                  
Signature, Place and Date of Signing:                                                                                             
                                                                                                                                  
/s/ DALE M. BROWN                  WINSTON SALEM                NC    5/02/97                                                     
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
                                                                                                                                  
<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
                                                                                                                                  
Acadiana Bancshares, Inc.    COM              004280103       600      3200 SH         SOLE              32000          0        0
Acorn Int'l Fund, Inc.       COM              004851200       968      6600 SH         SOLE              66000          0        0
Affiliated Community         COM              008188104      1876     79000 SH         SOLE              79000          0        0
Aldila Inc.                  COM              014384101        52     11000 SH         SOLE              11000          0        0
Amerco                       COM              023586100       383     15000 SH         SOLE              15000          0        0
American Brands              COM              024703100       354      7000 SH         SOLE               7000          0        0
American General Corp.       COM              02635106        326      8000 SH         SOLE               8000          0        0
American Stores Co.          COM              030096101      5830    131000 SH         SOLE             131000          0        0
Moco Corporation             COM              031905102       433      5000 SH         SOLE               5000          0        0
Analysts Int'l Corp.         COM              032681108       396     18000 SH         SOLE              18000          0        0
Asia Tigers Fund, Inc.       COM              04516T105       819     78000 SH         SOLE              78000          0        0
Auto Data Processing Inc.    COM              053015103       293      7000 SH         SOLE               7000          0        0
Bank of Granite, NC          COM              062401104       944     32000 SH         SOLE              32000          0        0
REPORT SUMMARY                 13 DATA RECORDS                   0            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED    
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