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Kempner Capital Management, Inc.
FORM 13F
Discretionary Clients
September 30, 1999
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Voting Authority
Tital of Value Shares/ Invstmt Other
Name of Issuer Class CUSIP (x$1000) Prn Amt Dscretn Mgrs. Sole Shared None
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C>
AGCO Corp. COM 001084102 $2,970,000.00 228450 Sole 218550 9900
Allstate Corp. COM 020002101 $2,793,000.00 112000 Sole 106400 5600
Alltel Corp. COM 020039103 $492,000.00 6996 Sole 6996
Capital Automotive REIT COM 139733109 $3,167,000.00 255900 Sole 244400 11500
Chiquita Brands Intl. Inc. COM 170032106 $2,483,000.00 418108 Sole 397708 20400
Commercial Federal COM 201647104 $768,000.00 39150 Sole 37150 2000
Conseco Inc. COM 208464107 $3,907,000.00 205609 Sole 195803 9806
Dillards Inc. Cl. A COM 254067101 $2,704,000.00 133140 Sole 127140 6000
Fannie Mae COM 313586109 $8,064,000.00 128644 Sole 124084 4560
HCC Insurance Holding Inc. COM 404132102 $3,327,000.00 197870 Sole 190270 7600
HON Industries, Inc. COM 438092108 $875,000.00 45450 Sole 43350 2100
Hudson City Bancorp, Inc. COM 443683107 $687,000.00 50000 Sole 47600 2400
IBP Inc. COM 449223106 $5,242,000.00 212320 Sole 201020 11300
Lafarge Corp. COM 505862102 $2,010,000.00 62800 Sole 59700 3100
Lockheed Martin Corp. COM 539830109 $3,348,000.00 102410 Sole 98010 4400
MDU Resources Group Inc. COM 552690109 $1,912,000.00 84970 Sole 84970
Meditrust Corp. COM 58501T306 $3,040,000.00 357625 Sole 350622 7003
New Century Energies, Inc. COM 64352U103 $3,277,000.00 98000 Sole 92900 5100
Noble Affiliates Inc. COM 654894104 $4,320,000.00 148960 Sole 142960 6000
Ogden Corp. COM 676346109 $3,430,000.00 330555 Sole 317355 13200
Old Republic Intl. Corp. COM 680223104 $3,550,000.00 245880 Sole 234280 11600
PacifiCorp COM 695114108 $4,730,000.00 235050 Sole 235050
Peoples Heritage Financial Gro COM 711147108 $1,037,000.00 62350 Sole 59550 2800
Pimco Advisors Holdings LP COM 683928105 $298,000.00 9461 Sole 9461
Prime Retail Inc. COM 741570105 $1,412,000.00 191494 Sole 184450 7044
Prison Realty Trust Inc. COM 74264N105 $3,585,000.00 333515 Sole 321353 12162
ProLogis Trust COM 743410102 $1,555,000.00 82400 Sole 78000 4400
Riggs National Corp. COM 766570105 $852,000.00 50460 Sole 48160 2300
SCANA Corp. COM 805898103 $1,039,000.00 42950 Sole 40950 2000
Santa Fe Intl. Corp. COM G7805C108 $1,692,000.00 78480 Sole 74980 3500
Saul Centers Inc. COM 804395101 $1,185,000.00 75265 Sole 72565 2700
Selective Insurance Group Inc. COM 816300107 $1,573,000.00 83320 Sole 82820 500
Southwest Gas Corp. COM 844895102 $2,542,000.00 94375 Sole 94375
Texas Utilities Co. COM 882848104 $821,000.00 22000 Sole 20800 1200
Unicom Corp. COM 904911104 $2,610,000.00 70660 Sole 67560 3100
Union Pacific Resources Group COM 907834105 $6,700,000.00 412280 Sole 393980 18300
Ventas Inc. COM 92276F100 $1,742,000.00 366720 Sole 354420 12300
Walden Residential Properties COM 931210108 $3,280,000.00 150370 Sole 143770 6600
Washington Federal, Inc. COM 938824109 $2,487,000.00 107240 Sole 101640 5600
Agrium Inc. 008916108 $4,904,000.00 493480 Sole 472480 21000
Canadian Natl. Railway Co. 136375102 $2,646,000.00 87300 Sole 82300 5000
Corus Group plc 22087M101 $595,000.00 23100 Sole 22000 1100
DSM NV 23332H202 $9,353,000.00 942990 Sole 903039 39951
Enterprise Oil plc 293779302 $6,170,000.00 304683 Sole 293283 11400
IPC Holdings G4933P101 $3,568,000.00 190300 Sole 183400 6900
Invensys plc G49133104 $6,210,000.00 645201 Sole 620718 24483
Norsk Hydro ADR 656531605 $7,916,000.00 184097 Sole 176597 7500
PartnerRe Ltd. G6852T105 $4,066,000.00 117020 Sole 112820 4200
Pechiney S.A. ADR 705151207 $1,165,000.00 42450 Sole 40150 2300
Ranger Oil Ltd. 752805101 $1,646,000.00 387300 Sole 370300 17000
RenaissanceRe Holdings Ltd. G7496G103 $4,073,000.00 117410 Sole 112310 5100
TransCanada Pipeline Ltd. 893526103 $2,425,000.00 185636 Sole 178928 6708
XL Capital Ltd. G98255105 $3,771,000.00 83800 Sole 79400 4400
Prime Retail Inc. 8 1/2% Conv. 741570303 $894,000.00 64134 Sole 61774 2360
Texas Utilities Income Prides 882848203 $4,216,000.00 85500 Sole 82400 3100
SRI Convertible Debenture 784642AA8 $339,000.00 127000 Sole 127000
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REPORT SUMMARY 56 $165,463,000.00
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