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 if Amendment [ ]; Amendment Number:
This Amendment (Check only one.): [ ] is a restatement.
[ ] adds new holdings entries.
Instutional Investment Manager Filing this Report:
Name: Spears, Benzak, Saloman and Farrell (Division of Key Asset
Management, Inc)
Address: 45 Rockefeller Plaza
New York, NY 10111
13F Filing Number: 28-3968
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: Diane L. Wozniak
Title: Officer
Phone: 216-813-4794
Signature, Place, and Date of Signing:
Diane L. Wozniak Brooklyn, Ohio August 13,1999
Report Type (Check only one.):
[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.
List of Other Managers Reporting for this Manager:
Key Trust Company of Ohio, National Association
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: 722
Form 13F Information Table Value Total: $4,818,916,646
List of Other Included Managers:
No. 13F File Number Name
None
<PAGE>
<TABLE>
<S> <C> <C>
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 1
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
ALCOA INC COMMON 013817101 22,034,742 534,986 N X 37,201 497,785
ALCOA INC COMMON 013817101 38,387,914 932,028 N X 932,028
ALCOA INC COMMON 013817101 634,494 15,405 N X ERIS 15,405
AMERICAN BANCSHARES COMMON 02408H106 131,250 15,000 N X 15,000
AMERICAN BANKERS INSURANCE COMMON 024456105 941,200 18,100 N X 1,000 17,100
AMERICAN BANKERS INSURANCE COMMON 024456105 4,360,200 83,850 N X 83,850
ABM INDUSTRIES COMMON 000957100 1,999,275 65,550 N X 65,550
ABM INDUSTRIES COMMON 000957100 414,800 13,600 N X 13,600
ABBOTT LABORATORIES COMMON 002824100 7,495,618 160,120 N X 400 4,000 155,720
ABBOTT LABORATORIES COMMON 002824100 634,309 13,550 N X 13,550
ACACIA BANCORP / SERIES A PREFER 783374PRA 200,000 20,000 N X 20,000
AMERICREDIT CORP. COMMON 03060R101 848,531 64,650 N X 64,650
AMERICREDIT CORP. COMMON 03060R101 152,250 11,600 N X 11,600
ACE LTD COMMON G0070K103 41,764,688 1,339,148 N X 111,484 1,218,664 9,000
ACE LTD COMMON G0070K103 66,245,912 2,124,117 N X 2,124,117
ACE LTD COMMON G0070K103 1,152,066 36,940 N X ERIS 290 36,650
AFFILIATED COMPUTER SVCS COMMON 008190100 1,340,475 29,300 N X 29,300
ADVANCED MARKETING SERVICE COMMON 00753T105 254,800 19,600 N X 19,600
AMEREN CORP COMMON 023608102 225,665 6,236 N X 6,236
AEGON, N.V. AMER REG SHARE COMMON 007924103 263,154 2,928 N X 2,928
ADVANCED ENVIRONMENTAL REC COMMON 007947104 62,954 67,151 N X 67,151
ADVANCED ENVIR RECYCLING T COMMON AERTAWTS 30,000 80,000 N X 80,000
ADVANCED ENVIRONMENTAL REC COMMON AERTAWTSX N/A 91,820 N X 91,820
ADVANCED ENVIR RECYCLING T COMMON AERTAWTSY N/A 33,900 N X 33,900
AETNA, INC COMMON 008117103 8,300,000 100,000 N X 100,000
AFFYMETRIX COMMON 00826T108 696,250 20,000 N X 20,000
ASSOCIATES FIRST CAP CORP COMMON 046008108 1,200,150 26,670 N X 2,096 24,574
ALLERGAN INC COMMON 018490102 10,389,725 118,233 N X 2,784 115,449
ALLERGAN INC COMMON 018490102 28,225,720 321,203 N X 321,203
ALLERGAN INC COMMON 018490102 533,489 6,071 N X ERIS 6,071
AGOURON PHARMACEUTICALS COMMON 008488108 3,574,750 63,200 N X 63,200
AGOURON PHARMACEUTICALS COMMON 008488108 282,813 5,000 N X 5,000
AGRIBRANDS INTERNATIONAL I COMMON 00849R105 2,774,322 84,390 N X 15,700 58,890 9,800
AGRIBRANDS INTERNATIONAL I COMMON 00849R105 3,280,596 99,790 N X 99,790
AMERICAN HOME PRODS CORP COMMON 026609107 32,085,670 491,734 N X 25,125 463,109 3,500
AMERICAN HOME PRODS CORP COMMON 026609107 208,800 3,200 N X 3,200
AMERICAN HOME PRODS CORP COMMON 026609107 60,582,928 928,474 N X 928,474
_______________
PAGE COLUMN TOTALS 341,709,510
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 2
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
AMERICAN HOME PRODS CORP COMMON 026609107 912,456 13,984 N X ERIS 87 13,897
AMERICAN INTL GROUP INC COMMON 026874107 49,904,134 413,713 N X 3,827 242,931 166,955
AMERICAN INTL GROUP INC COMMON 026874107 305,181 2,530 N X 2,530
AMERICAN INTL GROUP INC COMMON 026874107 87,245,206 723,276 N X 723,276
AMERICAN INTL GROUP INC COMMON 026874107 693,474 5,749 N X ERIS 46 5,703
APARTMANT INVESTMENT & MGM COMMON 03748R101 266,467 7,351 N X 7,351
ACCLAIM ENMNT INC. COMMON 004325205 1,371,906 153,500 N X 153,500
ACCLAIM ENMNT INC. COMMON 004325205 241,313 27,000 N X 27,000
AK STEEL HOLDING CORP COMMON 001547108 544,569 24,136 N X 24,136
ALKERMES INC COMMON 01642T108 1,498,750 55,000 N X 55,000
ALKERMES INC COMMON 01642T108 299,750 11,000 N X 11,000
ALPHARMA INC CL A COMMON 020813101 2,429,575 61,900 N X 61,900
ALPHARMA INC CL A COMMON 020813101 368,950 9,400 N X 9,400
AMGEN INC COMMON 031162100 2,126,450 28,400 N X 1,000 27,400
AMGEN INC COMMON 031162100 8,032,590 107,280 N X 107,280
AMERIN CORP COMMON 03070X106 650,000 32,000 N X 32,000
AMERICAN SUPERCONDUCTOR CO COMMON 030111108 273,750 30,000 N X 30,000
ANDOVER BANCORP INC. COMMON 034258103 1,383,375 51,000 N X 51,000
ANDOVER BANCORP INC. COMMON 034258103 241,413 8,900 N X 8,900
AMERICA ON LINE INC COMMON 02364J104 4,280,934 29,122 N X 29,122
ANADARKO PETROLEUM CORP COMMON 032511107 1,201,413 31,826 N X 500 31,326
APLLIED POWER COMMON 038225108 1,203,088 44,150 N X 44,150
APLLIED POWER COMMON 038225108 253,425 9,300 N X 9,300
ATLANTIC RICHFIELD CO COMMON 048825103 1,768,455 24,184 N X 24,184
ARM FINANCIAL GROUP INC CL COMMON 001944107 1,208,444 80,900 N X 80,900
ARM FINANCIAL GROUP INC CL COMMON 001944107 321,156 21,500 N X 21,500
ON ASSIGNMENT INC. COMMON 682159108 814,875 31,800 N X 31,800
ARCHSTONE COMMUNITIES TRUS COMMON 039581103 1,394,783 69,306 N X 69,306
ARCHSTONE COMMUNITIES TRUS COMMON 039581103 5,219,519 259,355 N X 259,355
AASTROM BIOSCIENCES COMMON 00253U107 476,419 195,454 N X 195,454
AASTROM BIOSCIENCES COMMON 00253U107 52,938 21,718 N X 21,718
ALLTEL CORP COMMON 020039103 37,358,574 598,935 N X 35,881 562,988 65
ALLTEL CORP COMMON 020039103 155,938 2,500 N X 2,500
ALLTEL CORP COMMON 020039103 59,448,323 953,079 N X 953,079
ALLTEL CORP COMMON 020039103 1,280,996 20,537 N X ERIS 20,537
AGL RESOURCES INC COMMON 001204106 1,756,250 100,000 N X 100,000
AIRTOUCH COMMUNICATIONS I COMMON 00949T100 33,566,274 347,387 N X 9,007 267,350 71,030
_______________
PAGE COLUMN TOTALS 310,551,113
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 3
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
AIRTOUCH COMMUNICATIONS I COMMON 00949T100 65,063,039 673,356 N X 673,356
AIRTOUCH COMMUNICATIONS I COMMON 00949T100 747,298 7,734 N X ERIS 41 7,693
AIRTOUCH COMM PR B 6% 8/16 PREFER 00949T209 1,321,819 16,785 N X 135 16,650
AIRTOUCH COMM PR B 6% 8/16 PREFER 00949T209 1,246,376 15,827 N X 15,827
AIRTOUCH COMM PR C 4.25% 8 PREFER 00949T308 5,796,816 43,099 N X 32,440 10,659
AIRTOUCH COMM PR C 4.25% 8 PREFER 00949T308 522,398 3,884 N X 3,884
ATRIX LABATORIES COMMON 04962L101 1,386,000 123,200 N X 123,200
ATWOOD OCEANICS INC. COMMON 050095108 1,308,000 43,600 N X 43,600
ATWOOD OCEANICS INC. COMMON 050095108 264,000 8,800 N X 8,800
AUTOMATIC DATA PROCESSING COMMON 053015103 554,425 13,400 N X 8,600 4,800
AUTOMATIC DATA PROCESSING COMMON 053015103 165,500 4,000 N X 4,000
AVALON BAY CMNTYS INC. COMMON 053484101 1,579,119 49,541 N X 4,000 45,541
AVNET INC COMMON 053807103 225,645 6,140 N X 6,140
AVATAR HOLDINGS INC COMMON 053494100 3,742,856 205,088 N X 4,435 159,053 41,600
AVATAR HOLDINGS INC COMMON 053494100 20,850,589 1,142,498 N X 1,142,498
AMERICAN EXPRESS CO COMMON 025816109 459,225 3,900 N X 3,900
ALZA CORP COMMON 022615108 2,539,800 66,400 N X 66,400
ALZA CORP COMMON 022615108 221,850 5,800 N X 5,800
BOEING CO. COMMON 097023105 238,000 7,000 N X 7,000
BOEING CO. COMMON 097023105 635,868 18,702 N X 18,702
BANKAMERICA CORP COMMON 06605F102 555,324 7,863 N X 6,263 1,600
BANKAMERICA CORP COMMON 06605F102 717,833 10,164 N X 10,164
BANKATLANTIC CORP INC CL COMMON 065908105 69,375 10,000 N X 10,000
BAXTER INTL INC COMMON 071813109 203,082 3,077 N X 77 3,000
BALANCE BAR CO COMMON 057623100 1,501,313 153,000 N X 153,000
BALANCE BAR CO COMMON 057623100 294,375 30,000 N X 30,000
BANKATLANTIC BANCORP INC C COMMON 065908501 101,794 14,413 N X 14,413
BOSTON COMMUNICATIONS GROU COMMON 100582105 424,125 43,500 N X 4,000 39,500
BOSTON COMMUNICATIONS GROU COMMON 100582105 390,000 40,000 N X 40,000
BIO CHEM PHARMACEUTICAL COMMON 09058T108 21,716,973 1,018,978 N X 69,630 949,348
BIO CHEM PHARMACEUTICAL COMMON 09058T108 130,006 6,100 N X 6,100
BIO CHEM PHARMACEUTICAL COMMON 09058T108 31,212,078 1,464,496 N X 1,464,496
BIO CHEM PHARMACEUTICAL COMMON 09058T108 427,721 20,069 N X ERIS 147 19,922
BRANDYWINE REALTY TRUST SB COMMON 105368203 568,750 35,000 N X 35,000
BECTON DICKINSON & CO COMMON 075887109 245,200 6,400 N X 6,400
BECKMAN COULTER INC. COMMON 075811109 16,029,386 362,246 N X 35,786 326,460
BECKMAN COULTER INC. COMMON 075811109 17,770,889 401,602 N X 401,602
_______________
PAGE COLUMN TOTALS 201,226,847
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 4
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
BECKMAN COULTER INC. COMMON 075811109 478,033 10,803 N X ERIS 111 10,692
BELL ATLANTIC CORP COMMON 077853109 2,536,771 49,079 N X 80 48,999
BELL ATLANTIC CORP COMMON 077853109 1,380,832 26,715 N X 26,715
BIOGEN INC COMMON 090597105 6,403,558 56,018 N X 54,018 2,000
BIOGEN INC COMMON 090597105 2,936,917 25,692 N X 25,692
BJ's WHOLESALE CLUB COMMON 05548J106 1,968,175 74,800 N X 74,800
BJ's WHOLESALE CLUB COMMON 05548J106 415,738 15,800 N X 15,800
BJ SERVICES CO. COMMON 055482103 255,750 11,000 N X 11,000
BANK OF NEW YORK INC COMMON 064057102 286,242 7,965 N X 7,965
BANK OF NEW YORK INC COMMON 064057102 6,564,991 182,678 N X 182,678
BANK SOUTH CAROLINA CORP COMMON 065066102 171,336 11,616 N X 11,616
BELO (A.H.) CORP -COM SER COMMON 080555105 844,625 46,600 N X 46,600
BELLSOUTH CORP COMMON 079860102 204,559 5,106 N X 5,106
BRISTOL MYERS SQUIBB CO COMMON 110122108 9,703,203 151,317 N X 3,203 37,614 110,500
BRISTOL MYERS SQUIBB CO COMMON 110122108 282,150 4,400 N X 4,400
BRISTOL MYERS SQUIBB CO COMMON 110122108 647,663 10,100 N X 10,100
BP AMOCO ADS COMMON 055622104 2,465,895 24,415 N X 24,415
BP AMOCO ADS COMMON 055622104 8,212,309 81,310 N X 81,310
BURLINGTON RES INC COMMON 122014103 33,177,853 830,744 N X 70,504 760,240
BURLINGTON RES INC COMMON 122014103 55,313,887 1,385,011 N X 1,385,011
BURLINGTON RES INC COMMON 122014103 1,167,053 29,222 N X ERIS 169 29,053
BIORELIANCE CORP COMMON 090951104 1,056,601 162,554 N X 162,554
Berkshire Hathaway Class B COMMON 084670207 7,266,941 3,091 N X 136 2,955
Berkshire Hathaway Class B COMMON 084670207 19,680,221 8,371 N X 8,371
Berkshire Hathaway Class B COMMON 084670207 369,107 157 N X ERIS 157
BARR LABS INC. COMMON 068306109 957,700 31,400 N X 31,400
BEC ENERGY COMMON 100599109 463,050 12,600 N X 12,600
BANKERS TRUST N Y COMMON 066365107 358,736 4,065 N X 4,065
BRUNSWICK TECHNOLOGY COMMON 117394106 1,509,375 262,500 N X 262,500
BURLINGTON INDS INC. COMMON 121693105 864,564 130,500 N X 9,500 63,700 57,300
BURLINGTON INDS INC. COMMON 121693105 2,177,638 328,700 N X 328,700
BINDVIEW DEVELOPMENT INC. COMMON 090327107 2,630,063 84,500 N X 84,500
BINDVIEW DEVELOPMENT INC. COMMON 090327107 277,013 8,900 N X 8,900
BORG WARNER AUTOMOTIVE COMMON 099724106 20,756,127 434,115 N X 48,050 379,365 6,700
BORG WARNER AUTOMOTIVE COMMON 099724106 35,210,518 736,429 N X 736,429
BORG WARNER AUTOMOTIVE COMMON 099724106 630,026 13,177 N X ERIS 65 13,112
BIOMATRIX INC. COMMON 09060P102 2,511,600 32,200 N X 32,200
_______________
PAGE COLUMN TOTALS 232,136,820
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 5
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
BIOMATRIX INC. COMMON 09060P102 226,200 2,900 N X 2,900
BOSTON PROPERTIES INC COMMON 101121101 806,438 25,500 N X 25,500
BEAZER HOME COMMON 07556Q105 1,939,269 92,346 N X 92,346
BEAZER HOME COMMON 07556Q105 4,020,679 191,461 N X 191,461
CITIGROUP INC COMMON 172967101 25,030,126 391,861 N X 39,503 352,358
CITIGROUP INC COMMON 172967101 52,585,804 823,261 N X 823,261
CITIGROUP INC COMMON 172967101 544,279 8,521 N X ERIS 104 8,417
CONAGRA INC. COMMON 205887102 606,672 23,675 N X 1,200 22,475
CONAGRA INC. COMMON 205887102 11,768,589 459,262 N X 459,262
NEXTEL COMMUNICATIONS INC COMMON 65332V103 203,452 5,555 N X 5,555
CHUBB CORP COMMON 171232101 1,702,705 29,075 N X 225 28,850
CHUBB CORP COMMON 171232101 14,336,803 244,812 N X 244,812
COMMERCE BANCORP INC. NJ COMMON 200519106 7,810,073 189,335 N X 189,335
CAMBREX CORP. COMMON 132011107 1,372,856 62,050 N X 62,050
CAMBREX CORP. COMMON 132011107 236,738 10,700 N X 10,700
CD RADIO INC COMMON 125127100 260,000 10,000 N X 10,000
CABLE DESIGN TECH COMMON 126924109 877,800 79,800 N X 79,800
CABLE DESIGN TECH COMMON 126924109 147,400 13,400 N X 13,400
CELL GENESYS INC COMMON 150921104 83,938 17,000 N X 17,000
CRESCENT REAL EST EQUITIES COMMON 225756105 374,100 17,400 N X 17,400
CHIRON CORP COMMON 170040109 1,936,555 88,276 N X 88,276
CHALONE INC COMMON 157639105 144,664 18,370 N X 18,370
C&D TECHNOLOGIES INC. COMMON 124661109 1,537,275 61,800 N X 61,800
C&D TECHNOLOGIES INC. COMMON 124661109 256,213 10,300 N X 10,300
CHEVRON CORP COMMON 166751107 1,448,311 16,319 N X 16,319
CIGNA CORP COMMON 125509109 357,544 4,266 N X 4,266
CINERGY CORP COMMON 172474108 10,036,978 364,981 N X 56,864 308,117
CINERGY CORP COMMON 172474108 4,418,508 160,673 N X 160,673
CINCINNATI FINANCIAL CORP COMMON 172062101 204,852 5,622 N X 5,622
C.I.T. GROUP INC-A COMMON 125577106 1,888,762 61,800 N X 100 51,700 10,000
C.I.T. GROUP INC-A COMMON 125577106 5,978,025 195,600 N X 195,600
CHECK FREE CORP COMMON 162812101 638,438 15,000 N X 15,000
CLEVELAND CLIFFS INC COMMON 185896107 7,055,945 207,147 N X 16,313 190,834
CLEVELAND CLIFFS INC COMMON 185896107 21,695,463 636,931 N X 636,931
MACK CALI REALTY COMMON 554489104 3,787,790 128,946 N X 733 128,213
MACK CALI REALTY COMMON 554489104 3,117,924 106,142 N X 106,142
COMERICA INC COMMON 200340107 262,238 4,200 N X 4,200
_______________
PAGE COLUMN TOTALS 189,699,406
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 6
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
CHASE MANHATTAN CORP NEW COMMON 16161A108 1,407,218 17,293 N X 200 17,093
CHASE MANHATTAN CORP NEW COMMON 16161A108 6,193,533 76,111 N X 76,111
CHASE MANHATTAN BANK NEW S PREFER 16161A835 364,813 13,000 N X 13,000
COMCAST CORP CL A SPL COMMON 200300200 19,278,953 306,319 N X 8,403 290,916 7,000
COMCAST CORP CL A SPL COMMON 200300200 76,802,035 1,220,290 N X 1,220,290
COMCAST CORP CL A SPL COMMON 200300200 1,164,847 18,508 N X ERIS 18,508
COMDIAL COMMON 200332302 N/A 100,000 N X 100,000
COMPUTER NETWORK TECH CORP COMMON 204925101 2,402,625 149,000 N X 149,000
COMPUTER NETWORK TECH CORP COMMON 204925101 483,750 30,000 N X 30,000
CNA FINANCIAL CORP COMMON 126117100 802,526 20,677 N X 20,677
CONSOLIDATED NAT GAS CO COMMON 209615103 1,122,442 23,054 N X 23,054
CENTOCOR INC COMMON 152342101 1,809,938 49,000 N X 49,000
CENTOCOR INC COMMON 152342101 295,500 8,000 N X 8,000
COACHMEN INDUSTRIES, INC COMMON 189873102 1,310,975 63,950 N X 63,950
COACHMEN INDUSTRIES, INC COMMON 189873102 266,500 13,000 N X 13,000
COLUMBIA/HCA HEALTH CORP COMMON 197677107 1,013,933 53,541 N X 53,541
COLUMBIA/HCA HEALTH CORP COMMON 197677107 7,084,197 374,083 N X 374,083
COLLAGENESIS SER B 10 % COMMON COLLAGEN 1,078,000 220,000 N X 220,000
COLLAGENESIS SER B 10 % COMMON COLLAGEN 147,000 30,000 N X 30,000
COLLAGENESIS CORP. WARRANT COMMON COLLAGENW 22,000 110,000 N X 110,000
COLLAGENESIS CORP. WARRANT COMMON COLLAGENW 3,000 15,000 N X 15,000
COMAIR HOLDINGS INC. COMMON 199789108 1,739,981 73,650 N X 73,650
COMAIR HOLDINGS INC. COMMON 199789108 489,038 20,700 N X 20,700
3COM CORP COMMON 885535104 203,029 8,709 N X 8,709
COOPER COS COMMON 216648402 737,231 47,950 N X 47,950
COX COMMUNICATIONS INC NE COMMON 224044107 314,903 4,164 N X 4,164
CANADIAN PACIFIC LTD NEW COMMON 135923100 255,819 13,077 N X 13,077
CANADIAN PACIFIC LTD NEW COMMON 135923100 337,864 17,271 N X 17,271
CENTRAL PACIFIC MINERALS COMMON 154762306 99,375 10,000 N X 10,000
CORN PRODUCTS INTL INC COMMON 219023108 275,281 11,500 N X 1,500 10,000
CORN PRODUCTS INTL INC COMMON 219023108 1,413,868 59,065 N X 59,065
CORNERSTONE PROPERTIES INC COMMON 21922H103 4,122,641 281,890 N X 26,675 255,215
CORNERSTONE PROPERTIES INC COMMON 21922H103 14,490,275 990,788 N X 990,788
COMPAQ COMPUTER COMMON 204493100 37,670,748 1,188,820 N X 113,438 1,061,682 13,700
COMPAQ COMPUTER COMMON 204493100 52,055,791 1,642,786 N X 1,642,786
COMPAQ COMPUTER COMMON 204493100 1,022,271 32,261 N X ERIS 202 32,059
CAMDEN PROPERTY TR COMMON 133131102 222,750 9,000 N X 9,000
_______________
PAGE COLUMN TOTALS N/A
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 7
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
CARLYLE INDUSTRIES INC COMMON 143093102 8,288 11,050 N X 11,050
CAPTEC NET LEASE COMMON 140724105 260,000 20,000 N X 20,000
CISCO SYSTEMS COMMON 17275R102 8,469,290 77,301 N X 1,700 20,050 55,551
CISCO SYSTEMS COMMON 17275R102 2,021,428 18,450 N X 18,450
CORRECTIONAL SERVICES COMMON 219921103 181,500 22,000 N X 22,000
CENTRAL & SOUTH WEST CORP COMMON 152357109 15,759,330 672,398 N X 8,531 579,493 84,374
CENTRAL & SOUTH WEST CORP COMMON 152357109 26,456,607 1,128,815 N X 1,128,815
CENTRAL & SOUTH WEST CORP COMMON 152357109 595,383 25,403 N X ERIS 25,403
CAPITAL SENIOR LIVING CORP COMMON 140475104 921,656 130,500 N X 130,500
CAPITAL SENIOR LIVING CORP COMMON 140475104 176,563 25,000 N X 25,000
CTS Corp COMMON 126501105 1,745,144 35,300 N X 35,300
CTS Corp COMMON 126501105 351,006 7,100 N X 7,100
COUSINS PROPERTIES COMMON 222795106 2,872,568 99,268 N X 81,668 17,600
COUSINS PROPERTIES COMMON 222795106 23,773,061 821,531 N X 821,531
CSC HOLDINGS 8.5% SER I PF PREFER 126304203 2,899,000 26,000 N X 26,000
CONVERGYS CORP. COMMON 212485106 1,387,125 81,000 N X 81,000
CONVERGYS CORP. COMMON 212485106 274,000 16,000 N X 16,000
DBT ONLINE INC. COMMON 233044106 1,094,500 44,000 N X 44,000
DU PONT E I DE NEMOURS & C COMMON 263534109 504,564 8,690 N X 1,000 7,690
DU PONT E I DE NEMOURS & C COMMON 263534109 5,173,601 89,104 N X 89,104
D.R. HORTON INC. COMMON 23331A109 835,825 49,900 N X 49,900
DIGIRAD SERIVE D PFD SIRCOM DIGIRADXX 700,000 303,385 N X 303,385
DIGIRAD SERIVE D PFD SIRCOM DIGIRADXX 49,999 21,670 N X 21,670
DII GROUP INC COMMON 232949107 1,345,500 46,000 N X 46,000
WALT DISNEY CO. COMMON 254687106 1,776,604 57,080 N X 29,703 27,377
WALT DISNEY CO. COMMON 254687106 9,818,381 315,450 N X 315,450
DOVER CORP COMMON 260003108 10,803,617 328,627 N X 33,199 295,428
DOVER CORP COMMON 260003108 14,852,634 451,791 N X 451,791
DOVER CORP COMMON 260003108 324,608 9,874 N X ERIS 146 9,728
DOW CHEMICAL CO COMMON 26054310 243,872 2,617 N X 2,617
DOW CHEMICAL CO COMMON 26054310 295,311 3,169 N X 3,169
DPL INC COMMON 233293109 17,942,233 1,087,408 N X 65,625 1,021,783
DPL INC COMMON 233293109 21,350,852 1,293,991 N X 1,293,991
DPL INC COMMON 233293109 549,071 33,277 N X ERIS 33,277
DATA PROCESSING RESOURCES COMMON 237823109 933,488 68,200 N X 68,200
DATA PROCESSING RESOURCES COMMON 237823109 190,256 13,900 N X 13,900
DUANE READE COMMON 263578106 919,875 33,000 N X 33,000
_______________
PAGE COLUMN TOTALS 177,856,740
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 8
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
DVI INC. COMMON 233343102 1,051,663 70,700 N X 70,700
DVI INC. COMMON 233343102 163,625 11,000 N X 11,000
HEARX LTD COMMON EARWTS N/A 140,625 N X 140,625
EAGLE GEOPHYSICAL INC. COMMON 269524104 537,563 141,000 N X 141,000
EAGLE GEOPHYSICAL INC. COMMON 269524104 95,313 25,000 N X 25,000
EASTMAN KODAK CO COMMON 27746110 541,660 8,480 N X 8,480
ELAN CORP PLC ADR COMMON 284131208 3,359,858 48,170 N X 48,170
ELAN CORP PLC ADR COMMON 284131208 284,580 4,080 N X 4,080
ELXSI CORP COMMON 268613205 153,750 15,000 N X 15,000
EMMIS BROADCASTING CL A COMMON 291525103 1,747,100 34,942 N X 34,942
EMPI INC. COMMON 291586105 723,356 33,450 N X 33,450
ENERGY CONVERSION DEVICES COMMON 292659109 312,650 33,800 N X 33,800
ENZON INC COMMON 293904108 368,750 25,000 N X 25,000
ENRON OIL & GAS CO COMMON 293562104 23,515,303 1,414,454 N X 46,102 1,368,352
ENRON OIL & GAS CO COMMON 293562104 42,702,681 2,568,581 N X 2,568,581
ENRON OIL & GAS CO COMMON 293562104 938,000 56,421 N X ERIS 309 56,112
EQUITY OFFICE PROPERTIES COMMON 294741103 24,924,575 982,249 N X 88,672 893,577
EQUITY OFFICE PROPERTIES COMMON 294741103 33,648,811 1,326,061 N X 1,326,061
EQUITY OFFICE PROPERTIES COMMON 294741103 667,008 26,286 N X ERIS 237 26,049
EQUITY RESIDENTIAL PPTYS T COMMON 29476L107 1,196,250 29,000 N X 29,000
ESTERLINE TECHNOLOGIES COR COMMON 297425100 1,007,831 77,900 N X 77,900
ESTERLINE TECHNOLOGIES COR COMMON 297425100 175,950 13,600 N X 13,600
THE EUREKA U.S. FUND LTD. SINMOT EUREKA 4,000,000 4,000 N X 4,000
THE EUREKA U.S. FUND LTD. SINMOT EUREKA 6,868,600 6,869 N X 6,869
FORD MTR CO DEL COMMON 345370100 2,560,178 45,163 N X 1,000 44,163
FIRST AMER N CORP. TENN COMMON 318900107 1,579,430 42,832 N X 42,832
FIRST AMER N CORP. TENN COMMON 318900107 2,827,612 76,681 N X 76,681
FNB CORP COMMON 302520101 402,599 17,504 N X 17,504
FIRST DATA CORP COMMON 319963104 2,566,796 60,042 N X 60,042
FREMONT GENERAL CORP. COMMON 357288109 1,451,609 76,150 N X 76,150
FREMONT GENERAL CORP. COMMON 357288109 284,031 14,900 N X 14,900
FEDERAL NATL MORTGAGE ASSN COMMON 313586109 30,470,831 440,012 N X 13,703 223,169 203,140
FEDERAL NATL MORTGAGE ASSN COMMON 313586109 42,789,367 617,897 N X 617,897
FEDERAL NATL MORTGAGE ASSN COMMON 313586109 606,769 8,762 N X ERIS 8,762
FORTUNE BRANDS, INC COMMON 349631101 4,069,643 105,705 N X 11,500 84,205 10,000
FORTUNE BRANDS, INC COMMON 349631101 19,489,663 506,225 N X 506,225
SPRINT CORP COMMON 852061100 237,070 2,416 N X 2,154 262
_______________
PAGE COLUMN TOTALS 258,320,475
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 9
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
SPRINT CORP COMMON 852061100 520,063 5,300 N X 5,300
FPIC INSURANCE GROUP INC COMMON 302563101 257,300 6,200 N X 6,200
FEDERAL HOME LOAN COMMON 313400301 558,797 9,750 N X 4,250 5,500
FEDERAL HOME LOAN COMMON 313400301 794,351 13,860 N X 13,860
FIRST UNION CORP COMMON 337358105 409,759 7,668 N X 7,668
FORWARD AIR CORPORATION COMMON 349853101 1,254,750 95,600 N X 95,600
FORWARD AIR CORPORATION COMMON 349853101 236,250 18,000 N X 18,000
GILLETTE CO COMMON 37576610 1,212,525 20,400 N X 400 20,000
GADZOOKS INC. COMMON 362553109 379,313 51,000 N X 51,000
GADZOOKS INC. COMMON 362553109 111,563 15,000 N X 15,000
GABLES RESIDENTIAL TR COMMON 362418105 1,204,522 54,907 N X 2,367 52,540
GABLES RESIDENTIAL TR COMMON 362418105 5,531,323 252,140 N X 252,140
GANNETT CO COMMON 364730101 2,775,780 44,060 N X 1,200 6,800 36,060
GANNETT CO COMMON 364730101 126,000 2,000 N X 2,000
GANNETT CO COMMON 364730101 15,737,400 249,800 N X 249,800
GERBER CHILDRENS WEAR COMMON 373701101 578,856 91,700 N X 91,700
GERBER CHILDRENS WEAR COMMON 373701101 114,256 18,100 N X 18,100
GENERAL ELECTRIC CO COMMON 369604103 5,866,112 53,027 N X 1,000 52,027
GENERAL ELECTRIC CO COMMON 369604103 31,708,001 286,626 N X 286,626
GELTEX PHARMACEUTICALS INC COMMON 368538104 990,000 70,400 N X 70,400
GENZYME CORP COMMON 372917104 41,313,613 819,105 N X 18,515 762,440 38,150
GENZYME CORP COMMON 372917104 136,181 2,700 N X 2,700
GENZYME CORP COMMON 372917104 79,067,044 1,567,624 N X 1,567,624
GENZYME CORP COMMON 372917104 931,934 18,477 N X ERIS 18,477
GENZYME TISSUE REPAIR COMMON 372917401 233,470 100,960 N X 100,960
GENZYME TISSUE REPAIR COMMON 372917401 322,631 139,516 N X 139,516
GENERAL GROWTH PROPERTIES COMMON 370021107 664,969 20,500 N X 20,500
GENESIS HEALTH VENTURES COMMON 371912106 63,375 13,000 N X 13,000
GILDAN ACTIVEWEAR COMMON 375916103 2,040,850 166,600 N X 166,600
GILDAN ACTIVEWEAR COMMON 375916103 392,000 32,000 N X 32,000
GILEAD SCIENCES INC COMMON 375558103 341,250 7,500 N X 7,500
GLIA TECH COMMON 37929C103 1,907,813 82,500 N X 82,500
GLAXO WELLCOME ADR COMMON 37733W105 2,958,638 44,200 N X 3,940 40,260
GLAXO WELLCOME ADR COMMON 37733W105 11,901,088 177,794 N X 177,794
GLAXO WELLCOME ADR COMMON 37733W105 349,079 5,215 N X ERIS 5,215
GENERAL MTRS CORP COMMON 370442105 54,157,408 622,499 N X 20,727 514,772 87,000
GENERAL MTRS CORP COMMON 370442105 81,524,394 937,062 N X 937,062
_______________
PAGE COLUMN TOTALS 348,672,658
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 10
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
GENERAL MTRS CORP COMMON 370442105 794,310 9,130 N X ERIS 99 9,031
GEN MOTORS CL H / HUGHES E COMMON 370442832 4,320,779 85,666 N X 5,825 76,041 3,800
GEN MOTORS CL H / HUGHES E COMMON 370442832 9,571,877 189,777 N X 189,777
GENENTECH INC SPECIAL COM COMMON 368710307 8,282,538 93,456 N X 93,456
GULF CANADA RES LTD ORD COMMON 40218L305 103,469 38,500 N X 38,500
GULF CANADA RES LTD ORD COMMON 40218L305 473,538 176,200 N X 176,200
LANDCARE USA COMMON 51476F104 1,517,000 148,000 N X 148,000
LANDCARE USA COMMON 51476F104 307,500 30,000 N X 30,000
GTE CORP COMMON 362320103 35,669,409 589,577 N X 48,245 531,232 10,100
GTE CORP COMMON 362320103 211,750 3,500 N X 3,500
GTE CORP COMMON 362320103 54,777,607 905,415 N X 905,415
GTE CORP COMMON 362320103 1,127,781 18,641 N X ERIS 99 18,542
GLOBAL TELESYSTEMS GROUP I COMMON 37936U104 2,114,438 37,800 N X 600 37,200
GLOBAL TELESYSTEMS GROUP I COMMON 37936U104 262,906 4,700 N X 4,700
GLOBAL TELESYSTEMS GROUP I COMMON 37936U104 1,001,281 17,900 N X 17,900
GENZYME-MOLECULAR ONCOLOGY COMMON 372917500 143,178 38,181 N X 38,181
HANSEN NATURAL CORP COMMON 411310105 678,500 184,000 N X 184,000
HANSEN NATURAL CORP COMMON 411310105 184,375 50,000 N X 50,000
harbor florida COMMON 411901101 1,912,500 150,000 N X 150,000
HCC INSURANCE HOLDINGS INC COMMON 404132102 1,549,625 80,500 N X 80,500
HCC INSURANCE HOLDINGS INC COMMON 404132102 281,050 14,600 N X 14,600
HOME DEPOT INC COMMON 437076102 529,125 8,500 N X 8,500
HOME DEPOT INC COMMON 437076102 186,750 3,000 N X 3,000
HOME DEPOT INC COMMON 437076102 1,344,600 21,600 N X 21,600
HENLEY HEALTHCARE COMMON HENLWT N/A 14,807 N X 14,807
HENLEY HEALTHCARE INC COMMON HENLWTS N/A 16,828 N X 16,828
HIBERNIA CORP CL A COMMON 428656102 179,561 13,616 N X 13,616
HIBERNIA CORP CL A COMMON 428656102 2,948,896 223,613 N X 223,613
HAWAII LAND & FARMING CO COMMON 41975N104 7,500 20,000 N X 20,000
STARWOOD HOTELS & RESORTS COMMON 85590A203 15,643,055 547,678 N X 39,720 493,658 14,300
STARWOOD HOTELS & RESORTS COMMON 85590A203 14,481,931 507,026 N X 507,026
HEALTHPLAN SERVICES COMMON 421959107 165,601 23,448 N X 1,863 21,585
HEALTHPLAN SERVICES COMMON 421959107 2,655,708 376,029 N X 376,029
HEALTHSOUTH CORP COMMON 421924101 344,450 33,200 N X 33,200
HS RESOURCES INC COMMON 404297103 150,894 17,245 N X 17,245
HS RESOURCES INC COMMON 404297103 2,139,375 244,500 N X 244,500
HEARTLAND TECHNOLOGY COMMON 421979105 595,128 140,030 N X 140,030
_______________
PAGE COLUMN TOTALS 166,657,985
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 11
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
HUBCO Inc. COMMON 404382103 1,409,625 42,000 N X 42,000
HUBCO Inc. COMMON 404382103 1,026,274 30,578 N X 30,578
HUGHES SUPPLY INC. COMMON 444482103 1,519,700 66,800 N X 66,800
HUGHES SUPPLY INC. COMMON 444482103 263,900 11,600 N X 11,600
HEWLETT PACKARD CO COMMON 428236103 1,365,473 20,136 N X 1,000 19,136
HEWLETT PACKARD CO COMMON 428236103 976,500 14,400 N X 14,400
HYPERION SOLUTIONS CORP. COMMON 44914M104 2,282,300 157,400 N X 19,500 137,900
HYPERION SOLUTIONS CORP. COMMON 44914M104 12,168,400 839,200 N X 839,200
INTL BUSINESS MACHINES COR COMMON 459200101 41,885,238 236,306 N X 13,820 206,106 16,380
INTL BUSINESS MACHINES COR COMMON 459200101 194,975 1,100 N X 1,100
INTL BUSINESS MACHINES COR COMMON 459200101 111,426,272 628,639 N X 628,639
INTL BUSINESS MACHINES COR COMMON 459200101 1,441,574 8,133 N X ERIS 28 8,105
IDEC PHARMACEUTICALS CORP COMMON 449370105 2,902,688 56,500 N X 56,500
IDEC PHARMACEUTICALS CORP COMMON 449370105 308,250 6,000 N X 6,000
INTERNATIONAL FIBERCOMM COMMON 45950T101 1,456,875 222,000 N X 222,000
INTERNATIONAL FIBERCOMM COMMON 45950T101 301,875 46,000 N X 46,000
INSIGNIA FINANCIAL GROUP I COMMON 45767A105 4,907,630 348,987 N X 9,090 339,897
INSIGNIA FINANCIAL GROUP I COMMON 45767A105 90,928 6,466 N X 6,466
INSIGNIA FINANCIAL GROUP I COMMON 45767A105 7,968,685 566,662 N X 566,662
INTEGRATED HEALTH SERVICES COMMON 45812C106 60,500 11,000 N X 11,000
INGRAM MICRO INDS COMMON 457153104 1,430,367 62,701 N X 5,100 57,601
INGRAM MICRO INDS COMMON 457153104 180,219 7,900 N X 7,900
INGRAM MICRO INDS COMMON 457153104 5,003,146 219,316 N X 219,316
IMCLONE SYS INC COMMON 45245W10 2,742,188 162,500 N X 162,500
IMCLONE SYS INC COMMON 45245W10 261,563 15,500 N X 15,500
INCYTE PHARMACEUTICAL INC COMMON 45337C102 2,457,656 122,500 N X 122,500
INCYTE PHARMACEUTICAL INC COMMON 45337C102 210,656 10,500 N X 10,500
INITIALS PLUS INC COMMON 45719710 1,000 10,000 N X 10,000
INKTOMI CORP COMMON 457277101 530,378 4,168 N X 4,168
INTERMET CORP COMMON 45881K104 144,450 10,800 N X 10,800
INTEL CORP COMMON 458140100 57,259,958 481,682 N X 31,576 370,926 79,180
INTEL CORP COMMON 458140100 92,675,197 779,602 N X 779,602
INTEL CORP COMMON 458140100 1,548,822 13,029 N X ERIS 54 12,975
INTEGRATED SYSTEMS INC COMMON 45812M104 140,938 11,000 N X 11,000
INTERVOICE INC COMMON 461142101 1,005,400 91,400 N X 91,400
INTERVOICE INC COMMON 461142101 220,000 20,000 N X 20,000
INTERPUBLIC GROUP COS INC COMMON 4606901 226,875 3,000 N X 3,000
_______________
PAGE COLUMN TOTALS 359,996,475
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 12
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
ISB FINANCIAL CORP LA COMMON 450091103 362,500 20,000 N X 20,000
ITLA CAPITAL CORPORATION COMMON 450565106 1,238,300 85,400 N X 85,400
ITLA CAPITAL CORPORATION COMMON 450565106 255,200 17,600 N X 17,600
JABIL CIRCUIT INC. COMMON 466313103 1,547,100 38,200 N X 38,200
JABIL CIRCUIT INC. COMMON 466313103 283,500 7,000 N X 7,000
JOHNSON & JOHNSON COMMON 47816010 1,645,227 17,596 N X 10,670 6,601 325
JOHNSON & JOHNSON COMMON 47816010 2,616,224 27,981 N X 27,981
MORGAN J P & CO INC COMMON 616880100 4,049,168 32,820 N X 2,820 30,000
MORGAN J P & CO INC COMMON 616880100 12,584,250 102,000 N X 102,000
KEANE CORP COMMON 486665102 984,638 46,200 N X 46,200
KEYCORP NEW COMMON 493267108 12,428,125 410,000 N X 410,000
KEYCORP NEW COMMON 493267108 26,512,798 874,649 N X 874,649
KINAM GOLD INC SER B 3.75 PREFER 494482201 496,457 14,134 N X 14,134
COCA COLA CO COMMON 19121610 460,313 7,500 N X 7,500
COCA COLA CO COMMON 19121610 2,569,219 41,861 N X 41,861
KELLY OIL & GAS COMMON 487906109 13,281 25,000 N X 25,000
KROLL-O' GARA COMPANY COMMON 501050108 509,950 18,800 N X 18,800
KRONOS INC. COMMON 501052104 1,139,250 46,500 N X 46,500
KRONOS INC. COMMON 501052104 202,125 8,250 N X 8,250
LEADER UNIVERSAL HOLDINGS COMMON MY0008819 4,395 20,000 N X 20,000
LEGGETT & PLATT COMMON 52466010 324,000 16,200 N X 16,200
LIGAND PARMACEUTICALS INC COMMON 53220K207 270,188 33,000 N X 33,000
LIGAND PARMACEUTICALS INC COMMON 53220K207 81,875 10,000 N X 10,000
LIFECELL CORP COMMON 531927101 346,875 75,000 N X 75,000
LILLY ELI & CO. COMMON 532457108 892,376 10,514 N X 10,514
LORAL SPACE & COMMUNICATIO COMMON G56462107 231,000 16,000 N X 16,000
LASALLE RE HLDGS COMMON G5383Q101 2,667,169 180,825 N X 29,620 137,605 13,600
LASALLE RE HLDGS COMMON G5383Q101 7,683,909 520,943 N X 520,943
LUCENT TECHNOLOGIES COMMON 549463107 2,191,536 20,292 N X 192 20,100
LSI INDUSTRIES INC COMMON 50216C108 1,231,875 73,000 N X 73,000
LSI INDUSTRIES INC COMMON 50216C108 219,375 13,000 N X 13,000
MACERICH COMPANY COMMON 554382101 226,875 10,000 N X 10,000
MBF CAPITAL COMMON MY0001234 2,079 20,000 N X 20,000
MCDONALDS CORP COMMON 580135101 1,331,009 29,374 N X 800 28,574
MCDONALDS CORP COMMON 580135101 1,536,094 33,900 N X 33,900
MEDTRONIC, INC COMMON 585055106 273,125 3,800 N X 3,800
MEDIMMUNE INC COMMON 584699102 3,669,625 62,000 N X 62,000
_______________
PAGE COLUMN TOTALS 93,081,005
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 13
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
MEDIMMUNE INC COMMON 584699102 236,750 4,000 N X 4,000
MELLON BANK CORP COMMON 585509102 288,538 4,100 N X 4,100
MANUFACTURED HOUSING COMMON 564682102 360,000 15,000 N X 15,000
MICHAEL FOODS INC COMMON 594079105 917,859 48,150 N X 48,150
BROUGHTON FOODS COMMON 114838303 220,000 20,000 N X 20,000
MUELLER INDUSTRIES INC. COMMON 624756102 883,813 39,500 N X 39,500
PHILIP MORRIS COS INC COMMON 718154107 4,525,887 128,622 N X 1,000 127,622
PHILIP MORRIS COS INC COMMON 718154107 956,044 27,170 N X 27,170
MOBIL CORP COMMON 60705910 318,296 3,617 N X 3,617
MOBIL CORP COMMON 60705910 7,236,064 82,228 N X 82,228
MERCANTILE BANKSHARES CORP COMMON 587405101 1,115,550 30,150 N X 30,150
MERCK & CO INC COMMON 589331107 1,149,073 14,341 N X 1,241 13,100
MERCK & CO INC COMMON 589331107 2,098,394 26,189 N X 26,189
MERRILL CORPORATION COMMON 590175105 421,313 31,500 N X 31,500
USX-MARATHON GROUP NEW COMMON 902905827 1,438,250 52,300 N X 52,300
MICROSOFT CORP COMMON 594918104 8,428,694 94,044 N X 3,400 90,644
MICROSOFT CORP COMMON 594918104 342,726 3,824 N X 3,824
MICROSOFT CUM $2.75 PFD SE PREFER 594918203 2,521,600 25,600 N X 25,600
MICROSOFT CUM $2.75 PFD SE PREFER 594918203 11,652,550 118,300 N X 118,300
MEDITRUST SBI COMMON 58501T306 223,875 18,000 N X 18,000
MONSANTO CO COMMON 611662107 453,863 9,880 N X 9,880
MERCANTILE BANCORP COMMON 587342106 1,409,753 29,679 N X 29,679
METALCLAD CORP COMMON 591142104 7,219 33,000 N X 33,000
MTS SYSTEMS CORP COMMON 553777103 515,363 50,900 N X 50,900
MTS SYSTEMS CORP COMMON 553777103 132,638 13,100 N X 13,100
MURPHY OIL CORP COMMON 626717102 204,139 4,919 N X 4,919
MORGAN STANLEY DEAN WITTER COMMON 617446448 1,658,963 16,600 N X 200 16,400
MORGAN STANLEY DEAN WITTER COMMON 617446448 485,696 4,860 N X 4,860
MAIL WELL INC COMMON 560321200 2,532,556 189,350 N X 189,350
MAIL WELL INC COMMON 560321200 662,063 49,500 N X 49,500
NAVISTAR INTL COMMON 63934E108 12,779,426 317,995 N X 22,047 279,348 16,600
NAVISTAR INTL COMMON 63934E108 27,658,405 688,234 N X 688,234
NOBLE AFFILIATES COMMON 654894104 15,083,873 520,134 N X 15,722 504,412
NOBLE AFFILIATES COMMON 654894104 25,406,233 876,077 N X 876,077
NOBLE AFFILIATES COMMON 654894104 392,921 13,549 N X ERIS 170 13,379
Natl City Bancorp. COMMON 635312101 228,900 10,900 N X 10,900
NCO GROUP INC. COMMON 628858102 1,232,100 33,300 N X 33,300
_______________
PAGE COLUMN TOTALS 136,179,387
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 14
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
NCO GROUP INC. COMMON 628858102 240,500 6,500 N X 6,500
NCI BUILDING SYS COMMON 628852105 959,975 40,850 N X 40,850
NATIONAL DATA CORP COMMON 635621105 210,000 5,000 N X 5,000
NEWMONT MNG CORP COMMON 651639106 1,176,350 67,220 N X 67,220
NFO WORLDWIDE INC COMMON 62910N108 350,000 35,000 N X 35,000
NFO WORLDWIDE INC COMMON 62910N108 350,000 35,000 N X 35,000
KNIGHT TRIMARK COMMON 499067106 2,713,500 40,500 N X 40,500
KNIGHT TRIMARK COMMON 499067106 402,000 6,000 N X 6,000
NATIONAL COMPUTER SYS INC. COMMON 635519101 1,048,600 42,800 N X 42,800
NETPLEX GROUP INC COMMON 641147103 39,750 12,000 N X 12,000
MATRITECH COMMON 576818108 96,875 62,000 N X 62,000
MATRITECH COMMON 576818108 31,250 20,000 N X 20,000
NEWPORT NEWS COMMON 652228107 2,306,850 72,800 N X 72,800
NEOPATH INC COMMON 640517108 74,000 18,500 N X 18,500
NEOPATH INC COMMON 640517108 648,000 162,000 N X 162,000
NORSTAN INC COMMON 656535101 925,000 100,000 N X 100,000
NORTHEAST UTILITIES COMMON 664397106 374,625 27,000 N X 27,000
NEWS CORP LTD COMMON 652487703 855,500 29,000 N X 29,000
OGLEBAY NORTON CO COMMON 677007106 460,688 21,000 N X 21,000
OMNICOM GROUP COMMON 681919106 711,444 8,900 N X 8,900
OMNIPOINT CORP COMMON 68212D102 1,492,419 103,371 N X 103,371
ONTOGENY SIRCOM ONTOGENY 900,000 360,000 N X 360,000
ONTOGENY SIRCOM ONTOGENY 100,000 40,000 N X 40,000
OPTA FOOD INGREDIENTS COMMON 68381N105 25,313 10,000 N X 10,000
OBJECTIVE SYSTEMS INTEG COMMON 674424106 51,094 15,000 N X 15,000
OSI PHARMACEUTICALS,INC. COMMON 671040103 100,000 20,000 N X 20,000
OSI PHARMACEUTICALS,INC. COMMON 671040103 125,000 25,000 N X 25,000
OSTEOTECH INC COMMON 688582105 2,010,938 58,500 N X 58,500
OSTEOTECH INC COMMON 688582105 335,156 9,750 N X 9,750
PITNEY-BOWES INC COMMON 724479100 5,154,188 80,850 N X 3,500 77,350
PROTEIN DESIGN LABS INC. COMMON 74369L103 810,363 53,800 N X 53,800
PROTEIN DESIGN LABS INC. COMMON 74369L103 338,906 22,500 N X 22,500
PREMIER FINANCIAL BANCORP COMMON 74050M105 222,469 15,750 N X 15,750
PFIZER INC COMMON 717081103 14,549,603 104,862 N X 4,088 5,154 95,620
PFIZER INC COMMON 717081103 207,431 1,495 N X 1,495
PFIZER INC COMMON 717081103 927,683 6,686 N X 6,686
PROCTER & GAMBLE CO COMMON 74271810 235,050 2,400 N X 2,400
_______________
PAGE COLUMN TOTALS 41,560,520
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 15
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
PERSONNEL GROUP OF AMERICA COMMON 715338109 614,172 85,450 N X 85,450
PERSONNEL GROUP OF AMERICA COMMON 715338109 125,063 17,400 N X 17,400
Protective Life COMMON 743674103 1,140,038 30,100 N X 30,100
PROLOGIS COMMON 743410102 1,829,600 89,249 N X 89,249
PROLOGIS COMMON 743410102 3,882,946 189,412 N X 189,412
PENNSYLVANIA ENTERPRISES COMMON 708720107 328,800 13,700 N X 13,700
PENNSYLVANIA ENTERPRISES COMMON 708720107 7,396,800 308,200 N X 308,200
PATINA OIL & GAS CORP COMMON 703224105 40,000 10,000 N X 10,000
PHARMACEUTICAL PRODUCT DEV COMMON 717124101 1,124,344 33,500 N X 33,500
PHARMACEUTICAL PRODUCT DEV COMMON 717124101 201,375 6,000 N X 6,000
PPG INDUSTRIES INC COMMON 693506107 477,035 9,308 N X 9,308
PEPSI COLA PUERTO RICO COMMON 713434108 120,000 20,000 N X 20,000
PARTNER RE LTD COMMON G6852T105 50,738,702 1,252,807 N X 106,756 986,901 159,150
PARTNER RE LTD COMMON G6852T105 85,478,556 2,110,582 N X 2,110,582
PARTNER RE LTD COMMON G6852T105 989,415 24,430 N X ERIS 180 24,250
Progress Software Corp. COMMON 743312100 1,859,813 54,500 N X 54,500
Progress Software Corp. COMMON 743312100 409,500 12,000 N X 12,000
PATHWAYS GROUP INC COMMON 70321D106 130,000 10,000 N X 10,000
PROVIDIAN FINANCIAL CORP COMMON 74406A102 556,380 5,058 N X 5,058
PRISON REALTY CORP COMMON 74264N105 1,984,823 113,825 N X 1,600 112,225
PRISON REALTY CORP COMMON 74264N105 2,575,519 147,700 N X 147,700
QWEST COMMUNICATIONS INTL COMMON 749121109 713,728 9,900 N X 9,900
RENAL CARE GROUP INC. COMMON 759930100 651,550 33,200 N X 33,200
ROYAL DUTCH PETE NY REGIST COMMON 780257804 2,792,400 53,700 N X 53,700
RELIANT ENERGY INCORP COMMON 75952J108 560,344 21,500 N X 1,500 20,000
RELIANT ENERGY INCORP COMMON 75952J108 2,213,853 84,944 N X 84,944
RIBI IMMUNOCHEM RESEARCH I COMMON 762553105 202,500 120,000 N X 120,000
RIBI IMMUNOCHEM RESEARCH I COMMON 762553105 62,438 37,000 N X 37,000
RIGGS NATL CORP COMMON 766570105 590,625 35,000 N X 35,000
REPUBLIC INDUSTRIES INC COMMON 760516104 21,026,273 1,699,092 N X 179,570 1,519,522
REPUBLIC INDUSTRIES INC COMMON 760516104 26,601,496 2,149,615 N X 2,149,615
REPUBLIC INDUSTRIES INC COMMON 760516104 350,571 28,329 N X ERIS 371 27,958
REYNOLDS METALS CO COMMON 761763101 1,059,252 21,925 N X 21,925
RENAISSANCERE HOLDINGS LTD COMMON G7496G103 377,325 10,800 N X 10,800
RENAISSANCERE HOLDINGS LTD COMMON G7496G103 4,312,161 123,425 N X 123,425
RANGE RESOURCES CORP. COMMON 75281A109 52,500 15,000 N X 15,000
RELIANCE STEEL & ALUMINUM COMMON 759509102 1,345,544 46,700 N X 46,700
_______________
PAGE COLUMN TOTALS 224,915,441
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 16
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
RELIANCE STEEL & ALUMINUM COMMON 759509102 224,738 7,800 N X 7,800
RAYTHEON CO CLASS A COMMON 755111309 1,756,246 30,411 N X 2,751 27,660
RAYTHEON CO CLASS A COMMON 755111309 184,800 3,200 N X 3,200
RAYTHEON CO CLASS A COMMON 755111309 905,924 15,687 N X 15,687
REUTERS GROUP PLC ADR COMMON 76132M102 225,788 2,599 N X 2,599
SANGSTAT MEDICAL CORP COMMON 801003104 1,138,500 92,000 N X 92,000
SBC COMMUNICATIONS INC COMMON 78387G103 2,281,752 48,355 N X 48,355
SMITHKLINE BEECHAM ADR COMMON 832378301 11,997,057 167,791 N X 4,097 163,694
SMITHKLINE BEECHAM ADR COMMON 832378301 57,616,559 805,826 N X 805,826
SMITHKLINE BEECHAM ADR COMMON 832378301 534,463 7,475 N X ERIS 7,475
SEIBELS BRUCE GROUP INC COMMON 816006209 109,375 35,000 N X 35,000
Security Capital Group - B COMMON 81413P204 294,250 22,000 N X 22,000
SOUTHDOWN INC. COMMON 841297104 1,503,250 28,000 N X 28,000
SOUTHDOWN INC. COMMON 841297104 300,650 5,600 N X 5,600
SEAGULL ENERGY CORP COMMON 812007102 1,227,204 180,140 N X 180,140
SCHERING PLOUGH CORP COMMON 806605101 11,661,065 211,060 N X 11,300 199,760
SCHERING PLOUGH CORP COMMON 806605101 3,926,728 71,072 N X 71,072
SIGMA DESIGNS INC COMMON 826565103 60,000 10,000 N X 10,000
SCHLUMBERGER LTD COMMON 806857108 397,238 6,600 N X 6,600
SARA LEE CORP COMMON 803111103 1,999,800 80,800 N X 80,800
SL GREEN REALTY CORP COMMON 78440X101 188,125 10,000 N X 10,000
ANCHOR GAMING COMMON 033037102 1,299,375 29,700 N X 29,700
ANCHOR GAMING COMMON 033037102 262,500 6,000 N X 6,000
SOLECTRON CORP COMMON 834182107 5,396,459 111,124 N X 5,220 95,104 10,800
SOLECTRON CORP COMMON 834182107 6,566,621 135,220 N X 135,220
SOUTH TRUST CORP COMMON 84473010 3,447,712 92,401 N X 92,401
SIMON PPTY GROUP INC. NEW COMMON 828806109 22,364,433 815,105 N X 78,320 736,785
SIMON PPTY GROUP INC. NEW COMMON 828806109 28,586,149 1,041,864 N X 1,041,864
SIMON PPTY GROUP INC. NEW COMMON 828806109 745,697 27,178 N X ERIS 214 26,964
SPIEKER PROPERTIES COMMON 848497103 665,097 18,868 N X 18,868
SYSTEM SOFTWARE ASSOCIATES COMMON 871839106 45,000 20,000 N X 20,000
SMARTSERVE ONLINE, INC-WTS COMMON 83169MWTS 230,359 230 N X 230
SUNTRUST BANKS INC COMMON 86791410 311,250 5,000 N X 5,000
SUNTRUST BANKS INC COMMON 86791410 385,950 6,200 N X 6,200
STAR TELECOMMUNICATIONS IN COMMON 854923109 445,638 46,300 N X 1,400 44,900
STAR TELECOMMUNICATIONS IN COMMON 854923109 220,413 22,900 N X 22,900
SAVOIR TECHNOLOGY GROUP IN COMMON 80533W107 908,213 105,300 N X 105,300
_______________
PAGE COLUMN TOTALS 170,414,378
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 17
----------------------------------------------------------------------------------------------------------------------------------
VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
SAVOIR TECHNOLOGY GROUP IN COMMON 80533W107 258,750 30,000 N X 30,000
SYSCO CORP COMMON 871829107 231,550 8,800 N X 8,800
SYSCO CORP COMMON 871829107 189,450 7,200 N X 7,200
AT&T COMMON 001957109 1,692,025 21,200 N X 2,700 18,500
TAVA TECHNOLOGIES INC COMMON 872169107 350,000 70,000 N X 70,000
TAVA TECHNOLOGIES INC COMMON 872169107 250,000 50,000 N X 50,000
TASTY BAKING CO COMMON 87655330 312,891 28,125 N X 28,125
TENET HEALTHCARE CORP. COMMON 88033G100 28,574,896 1,508,905 N X 142,252 1,366,653
TENET HEALTHCARE CORP. COMMON 88033G100 37,374,385 1,973,564 N X 1,973,564
TENET HEALTHCARE CORP. COMMON 88033G100 861,051 45,468 N X ERIS 335 45,133
TIFFANY & CO COMMON 886547108 347,588 4,650 N X 4,650
TIG HOLDINGS INC COMMON 872469101 918,394 56,300 N X 56,300
TIG HOLDINGS INC COMMON 872469101 1,508,906 92,500 N X 92,500
THOMAS INDUSTRIES COMMON 884425109 513,750 27,400 N X 27,400
TELLABS INC. COMMON 879664100 840,650 8,600 N X 1,500 7,100
THE LEARNING COMPANY INC. COMMON 522008101 44,485,507 1,533,983 N X 124,765 1,390,118 19,100
THE LEARNING COMPANY INC. COMMON 522008101 74,064,840 2,553,960 N X 2,553,960
THE LEARNING COMPANY INC. COMMON 522008101 1,315,005 45,345 N X ERIS 495 44,850
TECHNITROL INC. COMMON 878555101 982,463 42,600 N X 42,600
TECHNITROL INC. COMMON 878555101 207,563 9,000 N X 9,000
TREGA BIOSCIENCES INC. COMMON 894699107 72,975 41,700 N X 41,700
TREGA BIOSCIENCES INC. COMMON 894699107 41,300 23,600 N X 23,600
TRINET CORP REALTY TR COMMON 896287109 203,000 8,000 N X 8,000
TCI SATELLITE ENTERTAINMEN COMMON 872298104 13,125 20,000 N X 20,000
TOTAL SYSTEM SERVICES, INC COMMON 891906109 412,500 22,000 N X 22,000
TRANSTECHNOLOGY CORP. COMMON 893889105 374,550 22,700 N X 22,700
AUTO TOTE CORPORATION COMMON 053323101 72,500 40,000 N X 40,000
TROJAN TECHNOLIGES INC COMMON 896924107 1,910,966 80,074 N X 80,074
TWEETER HOMES ENTERTAINMEN COMMON 901167106 1,815,675 56,300 N X 56,300
TWEETER HOMES ENTERTAINMEN COMMON 901167106 419,250 13,000 N X 13,000
TIME WARNER INC COMMON 887315109 1,509,014 21,310 N X 250 21,060
TIME WARNER INC COMMON 887315109 3,239,459 45,747 N X 45,747
TEXACO INC COMMON 881694103 1,417,956 24,986 N X 2,600 22,386
TEXACO INC COMMON 881694103 24,987,025 440,300 N X 440,300
TEXTRON INC. CORP COMMON 883203101 4,461,984 57,667 N X 57,667
TEXAS UTILITIES COMMON 882848104 8,574,468 204,154 N X 3,491 200,663
TEXAS UTILITIES COMMON 882848104 26,375,790 627,995 N X 627,995
_______________
PAGE COLUMN TOTALS 271,181,201
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 18
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
TEXAS UTILITIES COMMON 882848104 359,562 8,561 N X ERIS 8,561
TRIZECHAHN COMMON 896938107 388,949 21,100 N X 21,100
UNOCAL CORP COMMON 915289102 40,980,153 1,111,326 N X 104,809 935,717 70,800
UNOCAL CORP COMMON 915289102 53,191,466 1,442,480 N X 1,442,480
UNOCAL CORP COMMON 915289102 930,762 25,241 N X ERIS 174 25,067
UTILICORP UNITED COMMON 918005109 273,000 12,000 N X 12,000
ULTRAMAR DIAMOND SHAMROCK COMMON 904000106 208,076 9,622 N X 9,622
UNIVERSAL HEALTH SERVICES COMMON 913903100 1,719,188 39,750 N X 39,750
UNIVERSAL HEALTH SERVICES COMMON 913903100 389,250 9,000 N X 9,000
MEDIAONE GROUP INC COM COMMON 58440J104 45,858,908 722,899 N X 32,943 680,756 9,200
MEDIAONE GROUP INC COM COMMON 58440J104 76,991,182 1,213,654 N X 1,213,654
MEDIAONE GROUP INC COM COMMON 58440J104 692,104 10,910 N X ERIS 118 10,792
UNIFIRST CORP. COMMON 904708104 1,608,669 76,150 N X 76,150
UNIFIRST CORP. COMMON 904708104 283,075 13,400 N X 13,400
UNITED HEALTHCARE CORP COMMON 910581107 207,448 3,942 N X 3,942
UNITED HEALTHCARE CORP COMMON 910581107 970,142 18,435 N X 18,435
UNUM CORP COMMON 903192102 359,097 7,550 N X 7,550
UNISOURCE ENERGY CORP HLDG COMMON 909205106 658,252 59,503 N X 59,503
UNION PAC RES COMMON 907834105 924,421 77,846 N X 11,800 66,046
UNION PAC RES COMMON 907834105 4,093,348 344,703 N X 344,703
URS CORP. COMMON 903236107 1,187,609 65,750 N X 65,750
URS CORP. COMMON 903236107 207,719 11,500 N X 11,500
UNITED TECHNOLOGIES CORP COMMON 91301710 427,983 3,160 N X 3,160
VANS INC COMMON 921930103 70,000 10,000 N X 10,000
VIACOM INC CL B COMMON 925524308 376,963 4,491 N X 4,491
VORNADO REALTY TRUST COMMON 929042109 851,115 24,670 N X 24,670
VISHAY INTERTECHNOLOGY INC COMMON 928298108 13,201,380 910,440 N X 60,974 849,466
VISHAY INTERTECHNOLOGY INC COMMON 928298108 18,515,120 1,276,905 N X 1,276,905
VISHAY INTERTECHNOLOGY INC COMMON 928298108 465,291 32,089 N X ERIS 24 32,065
VISIO CORPORATION COMMON 927914101 1,389,375 49,400 N X 49,400
VISIO CORPORATION COMMON 927914101 225,000 8,000 N X 8,000
VERTEX COMMUNICATIONS CORP COMMON 925320103 1,220,813 76,600 N X 76,600
VERTEX COMMUNICATIONS CORP COMMON 925320103 207,188 13,000 N X 13,000
WESTVACO CORP COMMON 96154810 235,200 11,200 N X 11,200
WARNACO GROUP-CL A COMMON 934390105 26,642,161 1,079,176 N X 98,931 980,245
WARNACO GROUP-CL A COMMON 934390105 16,953,748 686,734 N X 686,734
WARNACO GROUP-CL A COMMON 934390105 297,114 12,035 N X ERIS 228 11,807
_______________
PAGE COLUMN TOTALS 313,560,831
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 19
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
WALGREEN CO COMMON 931422109 457,650 16,200 N X 16,200
TETRA TECH INC. COMMON 88162G103 1,168,969 55,500 N X 55,500
TETRA TECH INC. COMMON 88162G103 231,688 11,000 N X 11,000
WACHOVIA CORP COMMON 92977110 136,233 1,678 N X 1,678
WACHOVIA CORP COMMON 92977110 259,800 3,200 N X 3,200
WACHOVIA CORP COMMON 92977110 1,463,973 18,032 N X 18,032
WEBB (DEL) CORP. COMMON 947423109 1,080,038 49,800 N X 49,800
WEBB (DEL) CORP. COMMON 947423109 2,749,975 126,800 N X 126,800
MCI WORLDCOM, INC COMMON 55268B106 43,424,498 490,326 N X 19,875 448,365 22,086
MCI WORLDCOM, INC COMMON 55268B106 336,538 3,800 N X 3,800
MCI WORLDCOM, INC COMMON 55268B106 92,707,850 1,046,807 N X 1,046,807
MCI WORLDCOM, INC COMMON 55268B106 1,019,443 11,511 N X ERIS 111 11,400
WESTFIELD AMERICA COMMON 959910100 174,375 10,000 N X 10,000
WELLS FARGO & CO COMMON 949746101 2,173,034 61,976 N X 61,976
WASHINGTON GAS LT CO COMMON 93883710 520,375 23,000 N X 23,000
WESTERN GAS RES INC COMMON 958259103 119,250 15,900 N X 15,900
WACKENHUT CORRECTIONS CORP COMMON 929798106 289,688 15,000 N X 15,000
WHITECAP COMMON 963505102 1,133,000 103,000 N X 103,000
WHITECAP COMMON 963505102 220,000 20,000 N X 20,000
ENCORE WIRE COMMON 292562105 555,188 70,500 N X 70,500
ENCORE WIRE COMMON 292562105 148,838 18,900 N X 18,900
WARNER LAMBERT CO COMMON 934488107 4,246,294 64,095 N X 12,192 51,903
WARNER LAMBERT CO COMMON 934488107 92,750 1,400 N X 1,400
WARNER LAMBERT CO COMMON 934488107 2,715,455 40,988 N X 40,988
WASHINGTON MUTUAL INC COMMON 939322103 34,654,885 847,826 N X 64,092 783,734
WASHINGTON MUTUAL INC COMMON 939322103 44,954,081 1,099,793 N X 1,099,793
WASHINGTON MUTUAL INC COMMON 939322103 971,027 23,756 N X ERIS 164 23,592
WAL-MART STORES COMMON 931142103 507,031 5,500 N X 5,500
WASTE MANAGEMENT INC COMMON 94106K101 667,625 16,015 N X 16,015
WYNN'S INTERNATIONAL INC. COMMON 983195108 1,536,244 88,100 N X 88,100
WYNN'S INTERNATIONAL INC. COMMON 983195108 305,156 17,500 N X 17,500
WESTWOOD ONE COMMON 961815107 2,873,228 100,815 N X 100,815
WATSON PHARMACEUTICALS INC COMMON 942683103 209,153 4,740 N X 4,740
WASHINGTON POST CO CL B COMMON 939640108 873,513 1,675 N X 1,675
WASHINGTON POST CO CL B COMMON 939640108 13,630,967 26,138 N X 26,138
WESTPOINT STEVENS INC. COMMON 96123810 232,575 8,400 N X 8,400
XL CAPITAL LTD COMMON G98255105 8,978,850 147,800 N X 18,212 126,188 3,400
_______________
PAGE COLUMN TOTALS 267,819,237
FORM 13F 03/31/99
REPORTING MANAGER: SPEARS BENZAK SALOMON & FARRELL PAGE 20
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VALUATION CURRENCY: USD
ITEM 1 ITEM 2 ITEM 3 ITEM 4 ITEM 5 ITEM 6 ITEM 7 ITEM 8
NAME OF ISSUER TITLE CUSIP FAIR SHARES OF INVESTMENT DISCRETION MANA- VOTING AUTHORITY
OF NUMBER MARKET PRINCIPAL SHARED GERS
CLASS VALUE AMOUNT SOLE SHARED OTHER SOLE SHARED NONE
(A) (B) (C) (A) (B) (C)
----------------------------------------------------------------------------------------------------------------------------------
XL CAPITAL LTD COMMON G98255105 12,048,426 198,328 N X 198,328
XL CAPITAL LTD COMMON G98255105 287,226 4,728 N X ERIS 4,728
EXXON CORP COMMON 302290101 4,400,842 62,368 N X 10,368 52,000
EXXON CORP COMMON 302290101 7,454,152 105,639 N X 105,639
XEROX CORP COMMON 98412110 312,750 6,000 N X 6,000
YAHOO! INC. COMMON 984332106 505,125 3,000 N X 3,000
_______________
PAGE COLUMN TOTALS 25,008,521
_______________
AGGREGATE COLUMN TOTALS N/A
</TABLE>
