UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:September 30,1999
Check here is Amendment[ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement
[ ] adds new holdings entries.
Institutional Investment Manager filing this Report:
Name: Cypress Capital Management, Inc.
Address: 1220 Market Building
Suite 804
Wilmington, DE 19801
13F File Number: 82-3152
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: Robert T. Whalen
Title: Senior Vice President
Phone: 302-429-8436
Signature, Place, and Date of Signing:
Robert T. Whalen Wilmington, Delaware November 3, 1999
Report Type (Check only one.):
[x] 13F Holdings Report
[ ] 13F Notice
[ ] 13F Combination Report
List of Other Managers Reporting for this Manager:
I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES
EXCHANGE ACT OF 1934.
<PAGE>
FORM 13F SUMMARY PAGE
Report Summary:
Number of Other Included Managers: 0
Form 13F Information Table Entry Total: 78
Form 13 F Information Table Value Total: 201,499
<PAGE>
<TABLE>
FORM 13F INFORMATION TABLE
VALUE SHARES/ SH/ PUT/ INVSTMT OTHER VOTING AUTHORITY
NAME OF ISSUER TITLE OF CLASS CUSIP (x$1000) PRN AMT PRN CALL DSCRETN MANAGERS SOLE SHARED NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
A T & T Corp COM 001957109 254 5833 SH SOLE 5833
AT&T - Liberty Media Group COM 001957208 252 6750 SH SOLE 6750
AllState Corp COM 020002101 7235 290129 SH SOLE 290129
American Express COM 025816109 202 1500 SH SOLE 1500
American Home Products COM 026609107 3548 85500 SH SOLE 85500
American International Group COM 026874107 297 3413 SH SOLE 3413
Archstone Communities Trust COM 039581103 1168 59150 SH SOLE 59150
Atlantic Richfield COM 048825103 1484 16750 SH SOLE 16750
BP Amoco PLC - Spons ADR COM 055622104 801 7230 SH SOLE 7230
Bell Atlantic Corp COM 077853109 6512 96736 SH SOLE 96736
Bristol-Myers Squibb Co COM 110122108 2943 43600 SH SOLE 43600
Chubb Corporation COM 171232101 801 16150 SH SOLE 16150
Cigna Corp COM 125509109 2645 34020 SH SOLE 34020
Cisco Systems Inc COM 17275R102 240 3500 SH SOLE 3500
Coca-Cola Co COM 191216100 322 6680 SH SOLE 6680
Computer Sciences Corp COM 205363104 9754 138725 SH SOLE 138725
ConAgra COM 205887102 308 13650 SH SOLE 13650
Data General Corp COM 237688106 215 10200 SH SOLE 10200
Dominion Resources, Inc. - VA COM 257470104 1981 43900 SH SOLE 43900
Duke-Weeks Realty Corp COM 264411505 703 36050 SH SOLE 36050
Emerson Electric Co COM 291011104 310 4900 SH SOLE 4900
Exxon COM 302290101 1324 17416 SH SOLE 17416
Fannie Mae COM 313586109 236 3765 SH SOLE 3765
Florida East Coast Inds COM 340632108 645 20600 SH SOLE 20600
General Electric COM 369604103 4409 37187 SH SOLE 37187
Genuine Parts Co COM 372460105 7605 286300 SH SOLE 286300
Genzyme Surgical Products COM 372917609 248 44134 SH SOLE 44134
Great Lakes Chemical Corp COM 390568103 407 10700 SH SOLE 10700
HRPT Properties Trust COM 40426W101 5854 520370 SH SOLE 520370
Halliburton Co COM 406216101 6667 162600 SH SOLE 162600
Hercules Inc COM 427056106 597 20850 SH SOLE 20850
Hewlett Packard Co COM 428236103 3013 33200 SH SOLE 33200
Home Depot, Inc COM 437076102 558 8124 SH SOLE 8124
Hospitality Properties Trust COM 44106M102 397 17900 SH SOLE 17900
Household Intl COM 441815107 1170 29160 SH SOLE 29160
International Business Machine COM 459200101 929 7676 SH SOLE 7676
Johnson & Johnson COM 478160104 298 3248 SH SOLE 3248
Kerr-McGee Corp COM 492386107 10061 182726 SH SOLE 182726
KeySpan Corporation COM 49337w100 10392 363025 SH SOLE 363025
Kmart COM 482584109 598 51200 SH SOLE 51200
Lucent Technologies COM 549463107 336 5180 SH SOLE 5180
MCI Worldcom Inc COM 55268B106 206 2870 SH SOLE 2870
McClatchy Company - Class A COM 579489105 715 20000 SH SOLE 20000
Merck & Co COM 589331107 1898 29286 SH SOLE 29286
Microsoft Corp COM 594918104 931 10280 SH SOLE 10280
Minnesota Power Inc. COM 604110106 191 10900 SH SOLE 10900
Modis Professional Services COM 607830106 238 18000 SH SOLE 18000
NSTAR COM 67019E107 7829 202040 SH SOLE 202040
Nationwide Health Pptys Inc COM 638620104 166 10000 SH SOLE 10000
New Century Energies Inc COM 64352U103 222 6650 SH SOLE 6650
New Plan Excel Realty Trust COM 648053106 7450 418220 SH SOLE 418220
Pepsico Inc COM 713448108 247 8100 SH SOLE 8100
Pfizer Inc COM 717081103 566 15776 SH SOLE 15776
Procter & Gamble COM 742718109 600 6398 SH SOLE 6398
Public Service Enterprise Grou COM 744573106 11034 285680 SH SOLE 285680
Reliant Energy Inc COM 75952J108 2428 89700 SH SOLE 89700
Royal Dutch Petroleum NY GLDR COM 780257804 437 7400 SH SOLE 7400
SBC Communications Inc COM 78387G103 337 6594 SH SOLE 6594
Sara Lee Corp COM 803111103 282 12050 SH SOLE 12050
Schering-Plough COM 806605101 849 19455 SH SOLE 19455
Sierra Health Services COM 826322109 3108 307000 SH SOLE 307000
Sierra Pacific Resources COM 826428104 1425 64050 SH SOLE 64050
Sovereign Bancorp Inc COM 845905108 769 84516 SH SOLE 84516
St. Paul Companies COM 792860108 623 22650 SH SOLE 22650
Staples Inc COM 855030102 218 10000 SH SOLE 10000
Sun Microsystems Inc COM 866810104 558 6000 SH SOLE 6000
Sunoco Inc. COM 86764P109 8096 295748 SH SOLE 295748
Tektronix Inc COM 879131100 11186 333900 SH SOLE 333900
U S West Inc COM 91273H101 10482 183700 SH SOLE 183700
Ultramar Diamond Shamrock COM 904000106 1910 74900 SH SOLE 74900
Union Pacific Corp COM 907818108 6762 140700 SH SOLE 140700
Vodafone Airtouch PLC-SP ADR COM 92857t107 280 1178 SH SOLE 1178
WEBS- Japan Index Series COM 92923H889 801 57500 SH SOLE 57500
Wallace Computer Services Inc COM 932270101 7064 348850 SH SOLE 348850
West Pharmaceutical Services I COM 955306105 278 7325 SH SOLE 7325
Bethlehem Steel $3.50 Conv Pfd PFD CV 087509501 1470 40700 SH SOLE 40700
Kmart Financing 7.75% Cv Pfd PFD CV 498778208 7539 158300 SH SOLE 158300
Laboratory Corp 8.50% Cv Prf S PFD CV 50540R201 4582 81825 SH SOLE 81825
</TABLE>
