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<TABLE>
<C> <C>
<PAGE> PAGE 1
SECURITIES AND EXCHANGE COMMISSION
FORM 13F-E
Report for the Calendar Year or Quarter Ended: 12/31/97
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 December 31,1998
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 (336)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
4th day of February, 1998.
Salem Investment Counselors. Inc.
By: /s/ Dale M. Brown
Dale M. Brown
Vice President
1
<PAGE>
<PAGE> PAGE 2
FORM 13F
(SEC USE ONLY)
Name, Title and Telephone Number of Person Submitting Report:
DALE M. BROWN VICE PRESIDENT 336-768-7230
Signature, Place and Date of Signing:
/s/ DALE M. BROWN WINSTON SALEM NC 02/04/98
<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
AT & T Corp COM 001957109 490 7992 SH SOLE 7992
Abbott Labs COM 002824100 395 6028 SH SOLE 6028
Acadiana Bancshares COM 004280103 437 18700 SH SOLE 18700
Acorn International Fund COM 004851200 802 43608 SH SOLE 43608
Affiliated Community COM 008188104 3849 101950 SH SOLE 101950
Aldila, Inc. COM 014384101 48 11000 SH SOLE 11000
Allmerica Financial Corp COM 019754100 431 8750 SH SOLE 8750
America Int'l Group COM 026874107 290 2586 SH SOLE 2586
American General Corp COM 026351106 206 3818 SH SOLE 3818
American Home Products COM 026609107 823 10760 SH SOLE 10760
American Stores Co COM 030096101 2338 113706 SH SOLE 113706
Ameritech COM 030954101 276 3426 SH SOLE 3426
Amoco Corporation COM 031905102 553 6500 SH SOLE 6500
Analysts Int'l Corp COM 032681108 673 19500 SH SOLE 19500
Archer Daniels Midland COM 039483102 222 10214 SH SOLE 10214
Asia Tigers Fund, Inc. COM 04516T105 927 123565 SH SOLE 123565
Automatic Data Process COM 053015103 382 6220 SH SOLE 6220
BB&T Corporation COM 054937107 1698 26500 SH SOLE 26500
BankAtlantic Bancorp COM 065908501 490 30019 SH SOLE 30019
Bank Plus Corp COM 064446107 226 17900 SH SOLE 17900
Bankunited Fin Corp CL A COM 065412108 508 33000 SH SOLE 33000
Barnett Banks Inc. COM 068055102 16585 230748 SH SOLE 230748
Bellsouth Corp COM 079860102 424 7526 SH SOLE 7526
Boddie-Noell Rest Ppty COM 096903109 2379 171450 SH SOLE 171450
Bristol Myers Squibb COM 110122108 459 4856 SH SOLE 4856
Broadway Financial Corp COM 111444105 265 20000 SH SOLE 20000
CCB Financial Corp COM 124875105 2796 26007 SH SOLE 26007
CT Communication CL B COM 126426204 250 1980 SH SOLE 1980
CVS Corp COM 126650100 320 5000 SH SOLE 5000
Callon Petroleum Co Del COM 13123X102 248 15226 SH SOLE 15226
Capital Bank-Raleigh, NC COM 139808109 625 50000 SH SOLE 50000
Cardiovascular Diagnostic COM 14060E106 1948 243533 SH SOLE 243533
Carolina Fincorp, Inc. COM 143874105 1060 57300 SH SOLE 57300
Cenit Bancorp COM 15131W109 294 3700 SH SOLE 3700
Century Bancorp COM 156433104 1948 23050 SH SOLE 23050
Century Bancshares COM 156436107 1704 160400 SH SOLE 160400
Chevron Corporation COM 166751107 562 7302 SH SOLE 7302
Cincinnati Financial Corp COM 172062AB7 1135 8064 SH SOLE 8064
Cisco Systems COM 17275R102 368 6600 SH SOLE 6600
Coastal Bancorp COM 19041P105 1011 29000 SH SOLE 29000
Coca-Cola Corporation COM 191216100 11435 171472 SH SOLE 171472
Colonial Downs Hldgs Cl A COM 195644100 35 10000 SH SOLE 10000
Community Bancshares COM 203433107 1156 84076 SH SOLE 84076
Community First Banking COM 203913108 458 10400 SH SOLE 10400
Compaq Computer COM 204493100 242 4275 SH SOLE 4275
Computer Network Tech COM 204925101 35 10000 SH SOLE 10000
ComSouth Bankshares COM 205648108 529 23000 SH SOLE 23000
Consolidated Products COM 209798107 406 20000 SH SOLE 20000
Cooperative Bancshares COM 216844100 4877 199050 SH SOLE 199050
Corecomm Inc. COM 21868N106 324 32000 SH SOLE 32000
<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
Cypress Semiconductor COM 232806109 121 14400 SH SOLE 14400
Dallas Semiconductor COM 235204104 317 7780 SH SOLE 7780
Disney, Walt Company COM 254687106 782 7899 SH SOLE 7899
Duke Energy Company COM 264399106 1219 22018 SH SOLE 22018
Dupont de nemours COM 263534109 219 3654 SH SOLE 3654
Eaton Corp COM 283695872 288 3224 SH SOLE 3224
Emerson Electric COM 291011104 235 4166 SH SOLE 4166
Engel General Developers COM M40515104 414 48000 SH SOLE 48000
Exxon Corporation COM 302290101 1402 22916 SH SOLE 22916
First American Corp, TN COM 318900107 2574 51730 SH SOLE 51730
First Chicago NBD Corp COM 31645A100 843 10100 SH SOLE 10100
First Regional Bancorp COM 33615C101 325 32500 SH SOLE 32500
First Republic Bancorp COM 33615F104 611 19125 SH SOLE 19125
First Union Corporation COM 337358105 3895 76000 SH SOLE 76000
First Fed Financial Corp COM 337907109 5890 152005 SH SOLE 152005
FirstSpartan Fin'l Corp COM 337931109 3455 85835 SH SOLE 85835
Fortune Brands COM 349631101 214 5780 SH SOLE 5780
General Electric COM 369604108 3390 46197 SH SOLE 46197
Georgia Pwr Tr II 7.60% PREFERRED 373332204 209 8000 SH SOLE 8000
Gillette Co COM 375766102 298 2968 SH SOLE 2968
Guidant Corporation COM 401698105 10381 166767 SH SOLE 166767
HF Bancorp, Inc. COM 403910102 595 34020 SH SOLE 34020
Harrington Financial Group COM 413801101 1790 139000 SH SOLE 139000
Harris Financial Inc. COM 414570101 1122 58500 SH SOLE 58500
Hershey Foods COM 427899108 458 7400 SH SOLE 7400
Hewlett Packard, Inc. COM 428236103 5469 87685 SH SOLE 87685
Household International COM 441815107 511 4000 SH SOLE 4000
Hubbell Inc. Cl B COM 443510201 7616 154447 SH SOLE 154447
IRT Property, Inc. COM 450058102 349 29525 SH SOLE 29525
ISB Financial Corp COM 450091103 2253 75425 SH SOLE 75425
Indiana United Bancorp COM 455149104 1110 24385 SH SOLE 24385
Individual Inc. COM 455912105 251 59000 SH SOLE 59000
International Bus Machine COM 459200101 635 6073 SH SOLE 6073
Jefferson Pilot Corp COM 475070108 651 8362 SH SOLE 8362
Jefferson Fed Svgs & Loan COM 474060100 381 13000 SH SOLE 13000
Johnson & Johnson COM 478160104 702 10650 SH SOLE 10650
KS Bancorp COM 48266R108 1620 73617 SH SOLE 73617
Kimberly Clark Corp COM 494368103 419 8488 SH SOLE 8488
Latin American Dis. Fund COM 51828C106 6086 339272 SH SOLE 339272
Leeds Federal Svgs Bank COM 52442P105 326 15000 SH SOLE 15000
Leggett & Platt COM 524660107 394 9400 SH SOLE 9400
Lilly, Eli & Co. COM 532457108 306 4400 SH SOLE 4400
Lowes Company Inc. COM 548661107 983 20608 SH SOLE 20608
Lucent Technologies COM 549463107 299 3742 SH SOLE 3742
MLC Holdings Inc. COM 55305V107 243 20000 SH SOLE 20000
McDonalds Corporation COM 580135101 784 16428 SH SOLE 16428
Mellon Bank Corporation COM 585509102 2038 33614 SH SOLE 33614
Merck & Co. COM 589331107 8864 83621 SH SOLE 83621
Meritrust Federal Svgs Bk COM 59000X113 834 12000 SH SOLE 12000
Methode Electronics ClA COM 591520200 414 25500 SH SOLE 25500
<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
Metromail Corp COM 591680103 5517 308625 SH SOLE 308625
Minnesota Mining & Mfg. COM 594918104 5934 72311 SH SOLE 72311
Microsoft COM 604059105 11589 89664 SH SOLE 89664
Mobil Corporation COM 607059102 170 2360 SH SOLE 2360
NationsBank Corporation COM 638585109 462 7596 SH SOLE 7596
Nestor, Inc. COM 641074109 19 10000 SH SOLE 10000
Newell Co COM 651192106 717 16880 SH SOLE 16880
Northwest Savings Bank COM 667794101 494 35000 SH SOLE 35000
Ohio St Fin'l Svcs Inc. COM 677911109 469 31000 SH SOLE 31000
Park Bancorp Inc. COM 700164106 279 15000 SH SOLE 15000
Pennsylvania REIT COM 708160106 258 10500 SH SOLE 10500
Pepsico, Inc. COM 713448108 10201 281399 SH SOLE 281399
Philip Morris Holding Co. COM 718154107 2433 53766 SH SOLE 53766
Phillips Electronics NV COM 718337504 608 10050 SH SOLE 10050
Plasti-Line, Inc. COM 727540106 26969 1961391 SH SOLE 1961391
Pluma Corp COM 729272104 331 38602 SH SOLE 38602
Proctor & Gamble COM 742718109 1219 15276 SH SOLE 15276
Provident Bankshares Gp COM 743859100 901 14100 SH SOLE 14100
River Valley Bancorp COM 768475105 725 40000 SH SOLE 40000
Royal Dutch Pete Co NY COM 780257804 282 5200 SH SOLE 5200
SBC Communications, Inc. COM 78387G103 445 6078 SH SOLE 6078
SGV Bancorp Inc. COM 78422T102 1859 104725 SH SOLE 104725
Safeway Inc. COM 786514208 316 5000 SH SOLE 5000
Sara Lee Corporation COM 803111103 2137 37944 SH SOLE 37944
Schering Plough COM 806605101 373 6000 SH SOLE 6000
Security Bancorp Inc TN COM 813771102 545 34350 SH SOLE 34350
ServiceMaster Co. COM 81760N109 6918 236524 SH SOLE 236524
Service Merchandise COM 817587108 1091 513605 SH SOLE 513605
Sisterville Bancorp Inc COM 829793108 519 34300 SH SOLE 34300
Sonoco Products COM 835495102 5611 161743 SH SOLE 161743
Southern Financial Bancorp COM 842870107 2125 98848 SH SOLE 98848
Spaghetti Warehouse COM 846329100 1833 318830 SH SOLE 318830
Star Banc Corp COM 855083101 301 5240 SH SOLE 5240
Staten Island Bancorp Inc COM 857550107 209 10000 SH SOLE 10000
Stone Street Bancorp, Inc. COM 861747103 1179 53897 SH SOLE 53897
SunTrust Banks, Inc. COM 867914103 867 12146 SH SOLE 12146
Sysco COM 871829107 5468 120010 SH SOLE 120010
TCF Financial Corp COM 872275102 501 14752 SH SOLE 14752
Teche Holding Co COM 878330109 654 28750 SH SOLE 28750
360 Communications COM 88557H097 518 25683 SH SOLE 25683
Three Rivers Financial Corp COM 88562H107 1449 66600 SH SOLE 66600
TriContinental Corp COM 895436103 155 5812 SH SOLE 5812
Triad Guaranty Inc. COM 895925105 18343 632510 SH SOLE 632510
Tribune Co COM 896047107 7895 126835 SH SOLE 126835
Tricon Global Restaurants COM 895953107 673 23150 SH SOLE 23150
Trigon Healthcare Inc. COM 89618L100 2351 89975 SH SOLE 89975
UMB Financial Corp COM 902788108 6430 117987 SH SOLE 117987
Unifirst Corporation COM 904708104 6716 239304 SH SOLE 239304
US Airways Group Inc COM 911905107 572 9150 SH SOLE 9150
US Bancorp Del COM 911596104 1287 11500 SH SOLE 11500
<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
US West Inc. Media Group COM 912889201 6125 212114 SH SOLE 212114
VF Corporation COM 918204108 5407 116288 SH SOLE 116288
Wachovia Corporation COM 929771103 2418 29800 SH SOLE 29800
Wallace Computer COM 932270101 3828 98471 SH SOLE 98471
Wellington Hall Ltd COM 949535207 2423 15500 SH SOLE 15500
Worthington Inc. COM 981811102 1567 94981 SH SOLE 94981
REPORT SUMMARY 156 DATA RECORDS 325212 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>
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