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	813	4,575	SH		SOLE		0	0	4,575
AT & T Corp.	COM	00206R102	206	8,391	SH		SOLE		0	0	8,391
AbbVie Inc.	COM	00287Y109	257	1,900	SH		SOLE		0	0	1,900
Abbott Laboratories	COM	002824100	2,345	16,663	SH		SOLE		200	0	16,463
Analog Devices	COM	032654105	946	5,381	SH		SOLE		0	0	5,381
Apple Computer	COM	037833100	1,467	8,260	SH		SOLE		0	0	8,260
Aptiv PLC	COM	G6095L109	4,888	29,633	SH		SOLE		1,500	0	28,133
Automatic Data Proc	COM	053015103	567	2,300	SH		SOLE		0	0	2,300
AvalonBay Communities	COM	053484101	465	1,839	SH		SOLE		1,031	0	808
Bank New York Mellon Corp.	COM	064058100	331	5,700	SH		SOLE		0	0	5,700
Bank of America Corp.	COM	060505104	9,877	221,996	SH		SOLE		8,000	0	213,996
Borg Warner Inc.	COM	099724106	4,882	108,314	SH		SOLE		2,200	0	106,114
Broadcom Inc.	COM	11135F101	1,594	2,395	SH		SOLE		300	0	2,095
CSX Corp.	COM	126408103	262	6,956	SH		SOLE		0	0	6,956
CVS Health Corporation	COM	126650100	496	4,805	SH		SOLE		1,500	0	3,305
Caterpillar	COM	149123101	210	1,016	SH		SOLE		0	0	1,016
Chevron Corp.	COM	166764100	3,270	27,869	SH		SOLE		350	0	27,519
Cintas Corp	COM	172908105	244	550	SH		SOLE		0	0	550
Cisco Systems	COM	17275R102	8,962	141,423	SH		SOLE		7,000	0	134,423
Coca-Cola Co.	COM	191216100	249	4,200	SH		SOLE		0	0	4,200
Colgate Palmolive	COM	194162103	789	9,250	SH		SOLE		4,000	0	5,250
Comcast CL A	COM	20030N101	4,767	94,722	SH		SOLE		400	0	94,322
Conocophillips	COM	20825C104	289	4,000	SH		SOLE		0	0	4,000
Corning	COM	219350105	6,165	165,600	SH		SOLE		4,850	0	160,750
Costco Wholesale Corp.	COM	22160k105	4,071	7,171	SH		SOLE		1,700	0	5,471
Devon Energy	COM	25179M103	5,471	124,191	SH		SOLE		0	0	124,191
Dover Corp	COM	260003108	272	1,500	SH		SOLE		0	0	1,500
EOG Resources, Inc.	COM	26875P101	973	10,950	SH		SOLE		2,400	0	8,550
Eaton Corp. PLC	COM	086353296	3,185	18,428	SH		SOLE		0	0	18,428
Ericsson ADR	COM	294821608	1,497	137,750	SH		SOLE		700	0	137,050
Fedex Corp.	COM	31428X106	763	2,950	SH		SOLE		1,000	0	1,950
Freeport-McMoRan, Inc.	COM	35671D857	5,086	121,874	SH		SOLE		4,400	0	117,474
General Mills	COM	370334104	200	2,970	SH		SOLE		0	0	2,970
Home Depot Inc.	COM	437076102	1,577	3,800	SH		SOLE		1,800	0	2,000
Honeywell Int'l	COM	438516106	7,987	38,304	SH		SOLE		3,150	0	35,154
Intel	COM	458140100	607	11,787	SH		SOLE		4,500	0	7,287
International Paper	COM	460146103	5,348	113,841	SH		SOLE		3,400	0	110,441
JP Morgan Chase & Co.	COM	46625H100	4,921	31,080	SH		SOLE		1,500	0	29,580
Johnson & Johnson	COM	478160104	4,139	24,197	SH		SOLE		1,700	0	22,497
Kimberly-Clark	COM	494368103	553	3,866	SH		SOLE		2,000	0	1,866
Lilly, Eli	COM	532457108	910	3,294	SH		SOLE		0	0	3,294
Lowe's Companies, Inc.	COM	548661107	8,221	31,804	SH		SOLE		1,300	0	30,504
Marathon Oil Corp.	COM	565849106	1,394	84,875	SH		SOLE		0	0	84,875
Merck & Co.	COM	58933Y105	6,723	87,721	SH		SOLE		3,500	0	84,221
Microsoft	COM	594918104	14,991	44,573	SH		SOLE		4,800	0	39,773
National Fuel Gas	COM	636180101	561	8,773	SH		SOLE		4,000	0	4,773
Nestle S A ADR	COM	641069406	923	6,575	SH		SOLE		1,875	0	4,700
Nextera Energy Inc.	COM	65339F101	466	4,989	SH		SOLE		0	0	4,989
Nokia Corp ADR	COM	654902204	3,061	492,050	SH		SOLE		2,000	0	490,050
Novartis AG ADR	COM	66987V109	1,749	19,994	SH		SOLE		2,000	0	17,994
PNC Financial Services Grp.	COM	693475105	816	4,070	SH		SOLE		0	0	4,070
Paccar Inc.	COM	693718108	4,066	46,065	SH		SOLE		3,000	0	43,065
Parker Hannifin	COM	701094104	207	650	SH		SOLE		0	0	650
PayPal Holdings Inc.	COM	70450Y103	2,305	12,225	SH		SOLE		0	0	12,225
Paychex Inc	COM	704326107	2,297	16,829	SH		SOLE		0	0	16,829
Pfizer Inc.	COM	717081103	8,415	142,502	SH		SOLE		10,800	0	131,702
Philips	COM	500472303	1,933	52,456	SH		SOLE		0	0	52,456
Pioneer Natural Resources	COM	723787107	4,161	22,875	SH		SOLE		100	0	22,775
Procter & Gamble	COM	742718109	790	4,830	SH		SOLE		0	0	4,830
Raytheon Technologies Corp.	COM	75513E101	2,671	31,035	SH		SOLE		1,500	0	29,535
Rockwell Automation Inc.	COM	773903109	263	755	SH		SOLE		0	0	755
Schlumberger, Ltd.	COM	806857108	299	9,999	SH		SOLE		0	0	9,999
Southern Co.	COM	842587107	223	3,250	SH		SOLE		0	0	3,250
Stryker	COM	863667101	294	1,100	SH		SOLE		0	0	1,100
Truist Fin'l Corp.	COM	89832Q109	4,079	69,675	SH		SOLE		300	0	69,375
Unilever PLC ADR	COM	904767704	271	5,037	SH		SOLE		3,200	0	1,837
Vanguard Russell 2000 ETF	COM	92206C664	1,256	13,986	SH		SOLE		0	0	13,986
Verizon Communications	COM	92343V104	4,296	82,680	SH		SOLE		350	0	82,330
Vontier Corp.	COM	928881101	1,647	53,600	SH		SOLE		0	0	53,600
Westrock Company	COM	96145d105	4,189	94,424	SH		SOLE		3,400	0	91,024
Weyerhaeuser Co.	COM	962166104	8,302	201,608	SH		SOLE		6,201	0	195,407