UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F
FORM 13F COVER PAGE
Report for the Calendar Year or Quarter Ended:December 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 January 20, 2000
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: 79
Form 13 F Information Table Value Total: 198,546
<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 300 5903 SH SOLE 5903
AT&T - Liberty Media Group COM 001957208 383 6750 SH SOLE 6750
AllState Corp COM 020002101 6213 258199 SH SOLE 258199
American Express COM 025816109 249 1500 SH SOLE 1500
American Home Products COM 026609107 3332 84879 SH SOLE 84879
American International Group COM 026874107 328 3030 SH SOLE 3030
Amgen, Inc COM 031162100 240 4000 SH SOLE 4000
Archstone Communities Trust COM 039581103 1240 60500 SH SOLE 60500
Atlantic Richfield COM 048825103 1427 16500 SH SOLE 16500
BP Amoco PLC - Spons ADR COM 055622104 858 14460 SH SOLE 14460
Bell Atlantic Corp COM 077853109 5746 93328 SH SOLE 93328
Bristol-Myers Squibb Co COM 110122108 2750 42850 SH SOLE 42850
Chubb Corporation COM 171232101 909 16150 SH SOLE 16150
Cigna Corp COM 125509109 2675 33210 SH SOLE 33210
Cisco Systems Inc COM 17275R102 375 3500 SH SOLE 3500
Coca-Cola Co COM 191216100 273 4680 SH SOLE 4680
Computer Sciences Corp COM 205363104 12643 133615 SH SOLE 133615
ConAgra COM 205887102 310 13650 SH SOLE 13650
Dominion Resources, Inc. - VA COM 257470104 1664 42400 SH SOLE 42400
Duke-Weeks Realty Corp COM 264411505 748 38350 SH SOLE 38350
EMC Corp Mass COM 348 3187 SH SOLE 3187
Emerson Electric Co COM 291011104 281 4900 SH SOLE 4900
Exxon Mobil Corporation COM 30231G102 1533 19028 SH SOLE 19028
Fannie Mae COM 313586109 235 3765 SH SOLE 3765
Florida East Coast Inds COM 340632108 860 20600 SH SOLE 20600
General Electric COM 369604103 5701 36841 SH SOLE 36841
Genuine Parts Co COM 372460105 7563 304800 SH SOLE 304800
Great Lakes Chemical Corp COM 390568103 523 13700 SH SOLE 13700
HRPT Properties Trust COM 40426W101 3861 429010 SH SOLE 429010
Halliburton Co COM 406216101 6472 160800 SH SOLE 160800
Hercules Inc COM 427056106 598 21450 SH SOLE 21450
Hewlett Packard Co COM 428236103 3754 33000 SH SOLE 33000
Home Depot, Inc COM 437076102 848 12336 SH SOLE 12336
Hospitality Properties Trust COM 44106M102 322 16900 SH SOLE 16900
Household Intl COM 441815107 1025 27520 SH SOLE 27520
International Business Machine COM 459200101 850 7876 SH SOLE 7876
Johnson & Johnson COM 478160104 303 3248 SH SOLE 3248
Kerr-McGee Corp COM 492386107 10842 174876 SH SOLE 174876
KeySpan Corporation COM 49337w100 8110 349775 SH SOLE 349775
Kmart COM 482584109 700 69600 SH SOLE 69600
Lucent Technologies COM 549463107 329 4384 SH SOLE 4384
MCI Worldcom Inc COM 55268B106 228 4305 SH SOLE 4305
McClatchy Company - Class A COM 579489105 865 20000 SH SOLE 20000
Merck & Co COM 589331107 1968 29286 SH SOLE 29286
Microsoft Corp COM 594918104 1215 10410 SH SOLE 10410
Minnesota Mining & Manufacturi COM 604059105 201 2058 SH SOLE 2058
Minnesota Power Inc. COM 604110106 174 10300 SH SOLE 10300
NSTAR COM 67019E107 7719 190590 SH SOLE 190590
Nationwide Health Pptys Inc COM 638620104 137 10000 SH SOLE 10000
New Century Energies Inc COM 64352U103 266 8750 SH SOLE 8750
New Plan Excel Realty Trust COM 648053106 5606 354550 SH SOLE 354550
Pepsico Inc COM 713448108 286 8100 SH SOLE 8100
Pfizer Inc COM 717081103 512 15776 SH SOLE 15776
Procter & Gamble COM 742718109 701 6398 SH SOLE 6398
Public Service Enterprise Grou COM 744573106 9552 274380 SH SOLE 274380
Reliant Energy Inc COM 75952J108 2008 87800 SH SOLE 87800
Royal Dutch Petroleum NY GLDR COM 780257804 424 7000 SH SOLE 7000
SBC Communications Inc COM 78387G103 404 8294 SH SOLE 8294
Sara Lee Corp COM 803111103 266 12050 SH SOLE 12050
Schering-Plough COM 806605101 780 18415 SH SOLE 18415
Sierra Health Services COM 826322109 1171 175169 SH SOLE 175169
Sierra Pacific Resources COM 826428104 1062 61150 SH SOLE 61150
Sovereign Bancorp Inc COM 845905108 619 83016 SH SOLE 83016
St. Paul Companies COM 792860108 911 27050 SH SOLE 27050
Staples Inc COM 855030102 207 10000 SH SOLE 10000
Sun Microsystems Inc COM 866810104 929 12000 SH SOLE 12000
Sunoco Inc. COM 86764P109 5562 236676 SH SOLE 236676
Tektronix Inc COM 879131100 12494 321400 SH SOLE 321400
Toys R Us Inc COM 892335100 4738 331050 SH SOLE 331050
U S West Inc COM 91273H101 12917 179400 SH SOLE 179400
Ultramar Diamond Shamrock COM 904000106 1438 63400 SH SOLE 63400
Union Pacific Corp COM 907818108 5981 136900 SH SOLE 136900
Vodafone Airtouch PLC-SP ADR COM 92857t107 273 5523 SH SOLE 5523
WEBS- Japan Index Series COM 92923H889 938 57500 SH SOLE 57500
Wallace Computer Services Inc COM 932270101 4879 293450 SH SOLE 293450
West Pharmaceutical Services I COM 955306105 227 7325 SH SOLE 7325
Bethlehem Steel $3.50 Conv Pfd PFD CV 087509501 1231 39700 SH SOLE 39700
Kmart Financing 7.75% Cv Pfd PFD CV 498778208 6499 148550 SH SOLE 148550
Laboratory Corp 8.50% Cv Prf S PFD CV 50540R201 5432 78725 SH SOLE 78725
</TABLE>
