UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:June 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 August 2, 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: 80
Form 13 F Information Table Value Total: 239,791
<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 326 5833 SH SOLE 5833
AT&T - Liberty Media Group COM 001957208 248 6750 SH SOLE 6750
AllState Corp COM 020002101 11005 306769 SH SOLE 306769
American Home Products COM 026609107 5029 87650 SH SOLE 87650
American International Group COM 026874107 320 2732 SH SOLE 2732
Archstone Communities Trust COM 039581103 1136 51800 SH SOLE 51800
Atlantic Richfield COM 048825103 1400 16750 SH SOLE 16750
BEC Energy COM 05538M101 8584 208090 SH SOLE 208090
BP Amoco PLC - Spons ADR COM 055622104 784 7230 SH SOLE 7230
Bell Atlantic Corp COM 077853109 12957 198192 SH SOLE 198192
Bristol-Myers Squibb Co COM 110122108 3237 45950 SH SOLE 45950
CVS Corp COM 126650100 203 4000 SH SOLE 4000
Chubb Corporation COM 171232101 1122 16150 SH SOLE 16150
Cigna Corp COM 125509109 3289 36960 SH SOLE 36960
Cisco Systems Inc COM 17275R102 239 3714 SH SOLE 3714
Coca-Cola Co COM 191216100 482 7780 SH SOLE 7780
Computer Sciences Corp COM 205363104 692 10000 SH SOLE 10000
ConAgra COM 205887102 363 13650 SH SOLE 13650
Data General Corp COM 237688106 149 10200 SH SOLE 10200
Dominion Resources, Inc. - VA COM 257470104 1945 44900 SH SOLE 44900
DuPont E I de Nemours & Co COM 263534109 225 3292 SH SOLE 3292
Duke Realty Investments Inc COM 264411505 704 31200 SH SOLE 31200
Emerson Electric Co COM 291011104 293 4650 SH SOLE 4650
Exxon COM 302290101 1266 16416 SH SOLE 16416
Fannie Mae COM 313586109 243 3565 SH SOLE 3565
Florida East Coast Inds COM 340632108 912 20600 SH SOLE 20600
General Electric COM 369604103 4069 36007 SH SOLE 36007
Genuine Parts Co COM 372460105 10351 295750 SH SOLE 295750
Genzyme Corp - Genl Division COM 372917104 13206 272290 SH SOLE 272290
Genzyme Surgical Products COM 372917609 216 48919 SH SOLE 48919
HRPT Properties Trust COM 40426W101 8266 539820 SH SOLE 539820
Halliburton Co COM 406216101 10808 238850 SH SOLE 238850
Hercules Inc COM 427056106 562 14300 SH SOLE 14300
Hewlett Packard Co COM 428236103 4543 45200 SH SOLE 45200
Home Depot, Inc COM 437076102 523 8124 SH SOLE 8124
Hospitality Properties Trust COM 44106M102 486 17900 SH SOLE 17900
Household Intl COM 441815107 1381 29160 SH SOLE 29160
International Business Machine COM 459200101 966 7476 SH SOLE 7476
Johnson & Johnson COM 478160104 328 3348 SH SOLE 3348
Kerr-McGee Corp COM 492386107 11665 232426 SH SOLE 225426
KeySpan Corporation COM 49337w100 9351 354525 SH SOLE 353725
Kmart COM 482584109 841 51000 SH SOLE 51000
Lucent Technologies COM 549463107 390 5780 SH SOLE 5780
MCI Worldcom Inc COM 55268B106 247 2870 SH SOLE 2870
McClatchy Company - Class A COM 579489105 662 20000 SH SOLE 20000
Merck & Co COM 589331107 2060 27986 SH SOLE 27986
Microsoft Corp COM 594918104 909 10080 SH SOLE 10080
Minnesota Power Inc. COM 604110106 336 16900 SH SOLE 16900
Modis Professional Services COM 607830106 244 18000 SH SOLE 18000
Nationwide Health Pptys Inc COM 638620104 191 10000 SH SOLE 10000
Nevada Power Co COM 641423108 1604 64150 SH SOLE 64150
New Plan Excel Realty Trust COM 648053106 7692 427320 SH SOLE 427320
Pepsico Inc COM 713448108 320 8267 SH SOLE 8267
Pfizer Inc COM 717081103 511 4687 SH SOLE 4687
Procter & Gamble COM 742718109 542 6078 SH SOLE 6078
Public Service Enterprise Grou COM 744573106 12212 299210 SH SOLE 299210
Raytheon Company Class B COM 755111408 260 3689 SH SOLE 3689
Reliant Energy Inc COM 75952J108 2514 91000 SH SOLE 91000
Royal Dutch Petroleum NY GLDR COM 780257804 446 7400 SH SOLE 7400
SBC Communications Inc COM 78387G103 382 6594 SH SOLE 6594
Sara Lee Corp COM 803111103 262 11550 SH SOLE 11550
Schering-Plough COM 806605101 1027 19566 SH SOLE 19566
Sierra Health Services COM 826322109 4759 329650 SH SOLE 329650
Sovereign Bancorp Inc COM 845905108 1025 84516 SH SOLE 84516
St. Paul Companies COM 792860108 604 19000 SH SOLE 19000
Staples Inc COM 855030102 309 10000 SH SOLE 10000
Sun Microsystems Inc COM 866810104 482 7000 SH SOLE 7000
Sunoco Inc. COM 86764P109 9424 312171 SH SOLE 296611
Tektronix Inc COM 879131100 10442 345900 SH SOLE 345900
U S West Inc COM 91273H101 11042 187950 SH SOLE 187950
Ultramar Diamond Shamrock COM 904000106 1738 79700 SH SOLE 79700
Union Pacific Corp COM 907818108 8522 146150 SH SOLE 146150
Vodafone Airtouch PLC-SP ADR COM 92857t107 232 1178 SH SOLE 1178
Vulcan Materials Co COM 929160109 241 5000 SH SOLE 5000
WEBS- Japan Index Series COM 92923H889 722 57800 SH SOLE 57800
Wallace Computer Services Inc COM 932270101 6582 263300 SH SOLE 263300
West Pharmaceutical Services I COM 955306105 370 9425 SH SOLE 9425
Bethlehem Steel $3.50 Conv Pfd PFD CV 087509501 1474 40800 SH SOLE 40800
Kmart Financing 7.75% Cv Pfd PFD CV 498778208 9300 158970 SH SOLE 158770
Laboratory Corp 8.50% Cv Prf S PFD CV 50540R201 4993 85175 SH SOLE 85175
</TABLE>
