UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:March 31,1999
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 April 20. 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: 77
Form 13 F Information Table Value Total: 203,544
<PAGE>
<TABLE>
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
<C> <C>
D A T & T Corp COM 001957109 335 4202 SH SOLE 4202
D Airtouch Communications Inc COM 00949T100 228 2357 SH SOLE 2357
D AllState Corp COM 020002101 11242 303319 SH SOLE 303319
D American Home Products COM 026609107 9742 149300 SH SOLE 149300
D American International Group COM 026874107 330 2732 SH SOLE 2732
D Archstone Communities Trust COM 039581103 902 44800 SH SOLE 44800
D Atlantic Richfield COM 048825103 5104 69800 SH SOLE 69800
D BEC Energy COM 05538M101 7535 205040 SH SOLE 205040
D BP Amoco PLC - Spons ADR COM 055622104 730 7228 SH SOLE 7228
D Bell Atlantic Corp COM 077853109 10298 199242 SH SOLE 199242
D Bristol-Myers Squibb Co COM 110122108 7851 122435 SH SOLE 122435
D Burlington Northern Santa Fe COM 12189T104 8100 246385 SH SOLE 246385
D Cigna Corp COM 125509109 3472 41420 SH SOLE 41420
D Cisco Systems Inc COM 17275R102 253 2307 SH SOLE 2307
D Coca-Cola Co COM 191216100 258 4209 SH SOLE 4209
D ConAgra COM 205887102 350 13650 SH SOLE 13650
D Data General Corp COM 237688106 103 10200 SH SOLE 10200
D Dell Computer Corp COM 247025109 353 8640 SH SOLE 8640
D Dominion Resources, Inc. - VA COM 257470104 1662 45000 SH SOLE 45000
D Duke Realty Investments Inc COM 264411505 459 21350 SH SOLE 21350
D Emerson Electric Co COM 291011104 246 4650 SH SOLE 4650
D Exxon COM 302290101 1187 16816 SH SOLE 16816
D Fannie Mae COM 313586109 278 4015 SH SOLE 4015
D Florida East Coast Inds COM 340632108 617 20600 SH SOLE 20600
D General Electric COM 369604103 3967 35858 SH SOLE 35858
D Genzyme Corp - Genl Division COM 372917104 13094 259610 SH SOLE 259610
D HRPT Properties Trust COM 40426W101 7339 543597 SH SOLE 543597
D Halliburton Co COM 406216101 9488 246450 SH SOLE 246450
D Hewlett Packard Co COM 428236103 3608 53200 SH SOLE 53200
D Home Depot, Inc COM 437076102 506 8124 SH SOLE 8124
D Hospitality Properties Trust COM 44106M102 484 17900 SH SOLE 17900
D Household Intl COM 441815107 1358 29760 SH SOLE 29760
D International Business Machine COM 459200101 724 4086 SH SOLE 4086
D Johnson & Johnson COM 478160104 298 3182 SH SOLE 3182
D Kerr-McGee Corp COM 492386107 1839 56056 SH SOLE 48031
D Key Production Company Inc COM 493138101 71 10000 SH SOLE 10000
D KeySpan Energy Corporation COM 49337K106 1925 76600 SH SOLE 76600
D Keystone Financial, Inc. COM 493482103 214 6621 SH SOLE 6621
D Kmart COM 482584109 854 50800 SH SOLE 50800
D Lucent Technologies COM 549463107 308 2848 SH SOLE 2848
D MCI Worldcom Inc COM 55268B106 254 2870 SH SOLE 2870
D McClatchy Company - Class A COM 579489105 671 20000 SH SOLE 20000
D Merck & Co COM 589331107 2859 35686 SH SOLE 35686
D Microsoft Corp COM 594918104 1002 11180 SH SOLE 11180
D Minnesota Power Inc. COM 604110106 355 18000 SH SOLE 18000
D Modis Professional Services COM 607830106 163 18000 SH SOLE 18000
D Nationwide Health Pptys Inc COM 638620104 190 10000 SH SOLE 10000
D Nevada Power Co COM 641423108 1459 58950 SH SOLE 58950
D New Plan Excel Realty Trust COM 648053106 7979 415850 SH SOLE 415850
D Pepsico Inc COM 713448108 317 8100 SH SOLE 8100
D Pfizer Inc COM 717081103 650 4687 SH SOLE 4687
D Philip Morris Companies Inc COM 718154107 4103 116595 SH SOLE 116595
D Procter & Gamble COM 742718109 582 5944 SH SOLE 5944
D Public Service Enterprise Grou COM 744573106 11537 302110 SH SOLE 302110
D Raytheon Company Class B COM 755111408 237 4039 SH SOLE 4039
D Reliant Energy Inc COM 75952J108 2111 81000 SH SOLE 81000
D Royal Dutch Petroleum NY GLDR COM 780257804 385 7400 SH SOLE 7400
D SBC Communications Inc COM 78387G103 302 6394 SH SOLE 6394
D Safeway Inc COM 786514208 205 4000 SH SOLE 4000
D Sara Lee Corp COM 803111103 286 11550 SH SOLE 11550
D Schering-Plough COM 806605101 1085 19630 SH SOLE 19630
D Sierra Health Services COM 826322109 4569 351450 SH SOLE 351450
D Sovereign Bancorp Inc COM 845905108 1035 84516 SH SOLE 84516
D Staples Inc COM 855030102 329 10000 SH SOLE 10000
D Sun Microsystems Inc COM 866810104 438 3500 SH SOLE 3500
D Sunoco Inc. COM 86764P109 11228 311353 SH SOLE 295793
D U S West Inc COM 91273H101 6864 124650 SH SOLE 124650
D Ultramar Diamond Shamrock COM 904000106 1362 63000 SH SOLE 63000
D Union Pacific Corp COM 907818108 8291 155150 SH SOLE 155150
D Viacom Inc-Class A COM 925524100 208 2500 SH SOLE 2500
D Vulcan Materials Co COM 929160109 207 5000 SH SOLE 5000
D WEBS- Japan Index Series COM 92923H889 676 58800 SH SOLE 58800
D West Pharmaceutical Services I COM 955306105 300 9425 SH SOLE 9425
D Bethlehem Steel $3.50 Conv Pfd PFD CV 087509501 1580 41300 SH SOLE 41300
D Kmart Financing 7.75% Cv Pfd PFD CV 498778208 7835 129500 SH SOLE 129500
D Laboratory Corp 8.50% Cv Prf S PFD CV 50540R201 4179 86175 SH SOLE 86175
D UTS GSIFI 119538.0000000SH SOLE 19538.0000000
S REPORT SUMMARY 77 DATA RECORDS 203544 0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
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