Salem Capital Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
3M Company	COM	88579y101	868	4,950	SH		SOLE		175	0	4,775
AT & T Corp.	COM	00206R102	1,593	58,973	SH		SOLE		4,550	0	54,423
AbbVie Inc.	COM	00287Y109	205	1,900	SH		SOLE		0	0	1,900
Abbott Laboratories	COM	002824100	2,175	18,413	SH		SOLE		200	0	18,213
Analog Devices	COM	032654105	862	5,149	SH		SOLE		0	0	5,149
Apple Computer	COM	037833100	1,169	8,260	SH		SOLE		0	0	8,260
Aptiv PLC	COM	G6095L109	4,577	30,723	SH		SOLE		1,500	0	29,223
Automatic Data Proc	COM	053015103	460	2,300	SH		SOLE		0	0	2,300
AvalonBay Communities	COM	053484101	507	2,286	SH		SOLE		1,031	0	1,255
Bank New York Mellon Corp.	COM	064058100	295	5,700	SH		SOLE		0	0	5,700
Bank of America Corp.	COM	060505104	9,376	220,880	SH		SOLE		8,000	0	212,880
Borg Warner Inc.	COM	099724106	4,566	105,664	SH		SOLE		400	0	105,264
Broadcom Inc.	COM	11135F101	1,161	2,395	SH		SOLE		300	0	2,095
CSX Corp.	COM	126408103	207	6,956	SH		SOLE		0	0	6,956
CVS Health Corporation	COM	126650100	395	4,655	SH		SOLE		1,500	0	3,155
Chevron Corp.	COM	166764100	2,837	27,969	SH		SOLE		350	0	27,619
Cintas Corp	COM	172908105	209	550	SH		SOLE		0	0	550
Cisco Systems	COM	17275R102	7,786	143,045	SH		SOLE		7,400	0	135,645
Coca-Cola Co.	COM	191216100	220	4,200	SH		SOLE		0	0	4,200
Colgate Palmolive	COM	194162103	744	9,850	SH		SOLE		4,200	0	5,650
Comcast CL A	COM	20030N101	5,260	94,044	SH		SOLE		400	0	93,644
Conocophillips	COM	20825C104	271	4,000	SH		SOLE		0	0	4,000
Corning	COM	219350105	5,802	159,011	SH		SOLE		4,850	0	154,161
Costco Wholesale Corp.	COM	22160k105	3,587	7,983	SH		SOLE		1,700	0	6,283
Devon Energy	COM	25179M103	4,466	125,759	SH		SOLE		0	0	125,759
Dover Corp	COM	260003108	233	1,500	SH		SOLE		0	0	1,500
EOG Resources, Inc.	COM	26875P101	650	8,100	SH		SOLE		2,400	0	5,700
Eaton Corp. PLC	COM	086353296	2,789	18,678	SH		SOLE		0	0	18,678
Ericsson ADR	COM	294821608	2,594	231,600	SH		SOLE		700	0	230,900
Fedex Corp.	COM	31428X106	647	2,950	SH		SOLE		1,000	0	1,950
Freeport-McMoRan, Inc.	COM	35671D857	3,837	117,949	SH		SOLE		4,400	0	113,549
General Mills	COM	370334104	223	3,720	SH		SOLE		0	0	3,720
Global Payments Inc.	COM	37940X102	309	1,960	SH		SOLE		0	0	1,960
Home Depot Inc.	COM	437076102	1,456	4,436	SH		SOLE		1,800	0	2,636
Honeywell Int'l	COM	438516106	8,316	39,176	SH		SOLE		3,150	0	36,026
Intel	COM	458140100	673	12,637	SH		SOLE		4,750	0	7,887
International Paper	COM	460146103	6,434	115,052	SH		SOLE		3,400	0	111,652
JP Morgan Chase & Co.	COM	46625H100	5,130	31,338	SH		SOLE		1,500	0	29,838
Japan Smaller Capitalization F	COM	47109U104	1,218	134,544	SH		SOLE		8,500	0	126,044
Johnson & Johnson	COM	478160104	3,921	24,281	SH		SOLE		1,850	0	22,431
Kimberly-Clark	COM	494368103	536	4,050	SH		SOLE		2,000	0	2,050
Lilly, Eli	COM	532457108	738	3,194	SH		SOLE		0	0	3,194
Lowe's Companies, Inc.	COM	548661107	6,715	33,104	SH		SOLE		1,300	0	31,804
Marathon Oil Corp.	COM	565849106	1,410	103,150	SH		SOLE		0	0	103,150
Merck & Co.	COM	58933Y105	6,660	88,671	SH		SOLE		3,500	0	85,171
Microsoft	COM	594918104	12,883	45,698	SH		SOLE		4,950	0	40,748
National Fuel Gas	COM	636180101	454	8,640	SH		SOLE		4,000	0	4,640
Nestle S A ADR	COM	641069406	790	6,575	SH		SOLE		1,875	0	4,700
Nextera Energy Inc.	COM	65339F101	392	4,989	SH		SOLE		0	0	4,989
Nokia Corp ADR	COM	654902204	2,663	488,650	SH		SOLE		2,000	0	486,650
Novartis AG ADR	COM	66987V109	2,514	30,744	SH		SOLE		2,200	0	28,544
PNC Financial Services Grp.	COM	693475105	796	4,070	SH		SOLE		0	0	4,070
Paccar Inc.	COM	693718108	3,600	45,622	SH		SOLE		3,000	0	42,622
PayPal Holdings Inc.	COM	70450Y103	3,181	12,225	SH		SOLE		0	0	12,225
Paychex Inc	COM	704326107	2,008	17,854	SH		SOLE		300	0	17,554
Pfizer Inc.	COM	717081103	6,158	143,169	SH		SOLE		10,800	0	132,369
Philips	COM	500472303	2,553	57,456	SH		SOLE		0	0	57,456
Pioneer Natural Resources	COM	723787107	3,812	22,895	SH		SOLE		100	0	22,795
Procter & Gamble	COM	742718109	675	4,830	SH		SOLE		0	0	4,830
Raytheon Technologies Corp.	COM	75513E101	2,291	26,650	SH		SOLE		1,500	0	25,150
Rockwell Automation Inc.	COM	773903109	222	755	SH		SOLE		0	0	755
Schlumberger, Ltd.	COM	806857108	296	9,999	SH		SOLE		0	0	9,999
Southern Co.	COM	842587107	220	3,550	SH		SOLE		300	0	3,250
Stryker	COM	863667101	382	1,450	SH		SOLE		0	0	1,450
Truist Fin'l Corp.	COM	89832Q109	4,119	70,225	SH		SOLE		300	0	69,925
Unilever PLC ADR	COM	904767704	273	5,037	SH		SOLE		3,200	0	1,837
Vanguard Russell 2000 ETF	COM	92206C664	973	11,011	SH		SOLE		0	0	11,011
Verizon Communications	COM	92343V104	4,444	82,280	SH		SOLE		350	0	81,930
Vontier Corp.	COM	928881101	790	23,500	SH		SOLE		0	0	23,500
Westrock Company	COM	96145d105	4,723	94,774	SH		SOLE		3,400	0	91,374
Weyerhaeuser Co.	COM	962166104	7,247	203,728	SH		SOLE		6,921	0	196,807