13F-HR/A 1 inftable0607.txt 13F AMENDED 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, 2007 Check here if Amendment [ X ]; Amendment Number: 1 This Amendment (check only one): [X ] is a restatement. [ ] adds new holding entries. Institutional Investment Manager Filing this Report: Name: Salem Capital Management Address: 200 Unicorn Park Drive Woburn, MA 01801 Form 13F File Number: 28-03625 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: Helene C. Brodette Title: Systems Manager Phone: 781-932-9005 Signature, Place, and Date of Signing /s/ Helene C. Brodette Woburn, MA May 9, 2008 Report Type (check only one): [ X ] 13F Holdings Report [ ] 13F Notice [ ] 13f combination report Form 13F summary page Report Summary: Number of Other Included Managers: 0 Form 13F Information Table Entry Total: 100 Form 13F Information Table Value Total: 242550 (X$1000) List of Other Included Managers: NONE 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 ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- -------- CORTS TR BellSth Cap TR PFD 7. PFD 22081F201 204 8000 SH SOLE 8000 Merrill Lynch PFD 7.28% PFD 59021K205 202 8000 SH SOLE 8000 3M Company COM 88579y101 976 11240 SH SOLE 2675 8565 AT&T Corp. COM 00206R102 840 20248 SH SOLE 1272 18976 Abbott Laboratories COM 002824100 1323 24700 SH SOLE 24700 American Express COM 025816109 4149 67812 SH SOLE 2724 65088 American Int'l Group COM 026874107 6027 86064 SH SOLE 12140 73924 Amgen COM 031162100 236 4266 SH SOLE 300 3966 Anadarko Petroleum COM 032511107 5811 111775 SH SOLE 15800 95975 Apache COM 037411105 220 2699 SH SOLE 2699 Atmos Energy COM 049560105 2495 83000 SH SOLE 1500 81500 Automatic Data Proc COM 053015103 653 13470 SH SOLE 13470 AvalonBay Communities COM 053484101 744 6258 SH SOLE 1968 4290 Avery Dennison COM 053611109 2024 30450 SH SOLE 3100 27350 BHP Billiton LTD ADR COM 088606108 5001 83700 SH SOLE 6100 77600 BP Amoco PLC ADR COM 055622104 780 10816 SH SOLE 5394 5422 Bank of America Corp. COM 060505104 1059 21656 SH SOLE 6662 14994 Barrick Gold Corp COM 067901108 6540 224975 SH SOLE 25199 199776 Baxter Int'l COM 071813109 986 17500 SH SOLE 12600 4900 Berkshire Hathaway CL B COM 084670207 1806 501 SH SOLE 107 394 CVS/Caremark Corp. COM 126650100 6035 165580 SH SOLE 28400 137180 Caterpillar COM 149123101 329 4200 SH SOLE 4200 Chevron Corp. COM 166764100 767 9100 SH SOLE 9100 Cintas Corp COM 172908105 716 18150 SH SOLE 1200 16950 Cisco Systems COM 17275R102 749 26900 SH SOLE 3800 23100 Citigroup COM 172967101 797 15543 SH SOLE 9440 6103 Colgate Palmolive COM 194162103 890 13728 SH SOLE 4403 9325 ConAgra Foods COM 205887102 1442 53700 SH SOLE 53700 Conocophillips COM 20825C104 2414 30750 SH SOLE 2500 28250 Consol Edison Co. COM 209115104 513 11375 SH SOLE 1900 9475 Costco Wholesale Corp. COM 22160K105 1299 22197 SH SOLE 4047 18150 Darden Restaurants COM 237194105 303 6879 SH SOLE 1879 5000 Devon Energy COM 25179M103 10866 138794 SH SOLE 11100 127694 Diebold Inc. COM 253651103 5136 98400 SH SOLE 3400 95000 Dow Chemical COM 260543103 4575 103450 SH SOLE 14900 88550 DuPont COM 263534109 5226 102790 SH SOLE 11100 91690 Duke Energy Corp. COM 26441C105 708 38675 SH SOLE 1716 36959 EOG Resources, Inc. COM 26875P101 1253 17150 SH SOLE 5100 12050 Energy East Corp. COM 29266M109 2305 88350 SH SOLE 12700 75650 Euro Currency Trust COM 29871P109 204 1500 SH SOLE 1500 Exxon Mobil COM 30231G102 3482 41512 SH SOLE 14350 27162 Fedex Corp. COM 31428X106 427 3850 SH SOLE 500 3350 General Electric COM 369604103 9202 240380 SH SOLE 48746 191634 General Mills COM 370334104 1135 19424 SH SOLE 2906 16518 Glaxo Smithkline PLC-Spon ADR COM 37733W105 2914 55650 SH SOLE 9000 46650 Helmerich & Payne Inc. COM 423452101 7259 204950 SH SOLE 32700 172250 Hewlett-Packard COM 428236103 451 10100 SH SOLE 10100 Home Depot Inc. COM 437076102 1794 45584 SH SOLE 5760 39824 Honeywell Int'l COM 438516106 7180 127568 SH SOLE 20018 107550 Hugoton Royalty TR COM 444717102 2510 99500 SH SOLE 16100 83400 Int'l Bus Machines COM 459200101 438 4160 SH SOLE 1600 2560 Intel COM 458140100 376 15845 SH SOLE 7595 8250 JP Morgan Chase & Co. COM 46625H100 395 8163 SH SOLE 4558 3605 Johnson & Johnson COM 478160104 6431 104373 SH SOLE 21790 82583 Keycorp COM 493267108 338 9850 SH SOLE 500 9350 Keyspan Corp. COM 49337W100 584 13900 SH SOLE 1000 12900 Kimberly-Clark COM 494368103 5557 83075 SH SOLE 11400 71675 Liberty Media-Interactive CL A COM 53071M104 4241 189922 SH SOLE 25400 164522 McGraw Hill COM 580645109 222 3265 SH SOLE 3265 Mead WestVaco COM 583334107 3371 95450 SH SOLE 800 94650 Medtronic Inc. COM 585055106 1155 22276 SH SOLE 3200 19076 Merck & Co. COM 589331107 579 11627 SH SOLE 3360 8267 Microsoft COM 594918104 4630 157102 SH SOLE 28912 128190 National City Corp. COM 635405103 247 7400 SH SOLE 4000 3400 National Fuel Gas COM 636180101 832 19200 SH SOLE 5800 13400 Nestle S A ADR COM 641069406 3360 35125 SH SOLE 8150 26975 Newmont Mining Corp. COM 651639106 3324 85100 SH SOLE 14100 71000 Novartis AG ADR COM 66987V109 4522 80650 SH SOLE 11400 69250 Paccar Inc. COM 693718108 818 9400 SH SOLE 3600 5800 Paychex Inc COM 704326107 1541 39386 SH SOLE 5137 34249 Pepsico Inc. COM 713448108 241 3712 SH SOLE 2662 1050 Permian Basin Royalty TR COM 714236106 701 52600 SH SOLE 1700 50900 Petrohawk Energy Corp. COM 716495106 5743 362100 SH SOLE 52000 310100 Pfizer Inc. COM 717081103 6191 242128 SH SOLE 37650 204478 Philips Elec ADR COM 500472303 1811 42800 SH SOLE 42800 Plum Creek Timber COM 729251108 792 19000 SH SOLE 3300 15700 Procter & Gamble COM 742718109 6926 113193 SH SOLE 15082 98111 Questar Corp. COM 748356102 1364 25800 SH SOLE 10000 15800 Raytheon Co. COM 755111507 4699 87200 SH SOLE 10900 76300 Regions Financial Corp. COM 7591EP100 3796 114682 SH SOLE 9870 104812 Royal Dutch Shell PLC ADR A COM 780259206 382 4700 SH SOLE 4700 Schlumberger, Ltd. COM 806857108 6275 73876 SH SOLE 7000 66876 Southern Co. COM 842587107 2091 60985 SH SOLE 11200 49785 Spectra Energy Corp. COM 847560109 488 18791 SH SOLE 858 17933 Stryker COM 863667101 855 13550 SH SOLE 2500 11050 Sysco COM 871829107 641 19433 SH SOLE 800 18633 The Travelers Companies, Inc. COM 89417E109 5091 95167 SH SOLE 11872 83295 Todco CL A COM 88889T107 8318 176200 SH SOLE 18900 157300 Toyota Motor Corp. ADR COM 892331307 1460 11600 SH SOLE 2225 9375 Unilever PLC ADR COM 904767704 8123 251795 SH SOLE 27820 223975 United Technologies COM 913017109 1365 19243 SH SOLE 1442 17801 Vectren Corp. COM 92240G101 3267 121300 SH SOLE 16500 104800 Walgreen Co. COM 931422109 824 18926 SH SOLE 3850 15076 Wyeth COM 983024100 551 9603 SH SOLE 3000 6603 Affiliated Managers Grp COM 008252108 695 5400 SH SOLE 5400 Analog Devices COM 032654105 263 7000 SH SOLE 7000 Citigroup COM 172967101 245 4785 SH SOLE 4785 Exxon Mobil COM 30231G102 506 6037 SH SOLE 6037 Int'l Bus Machines COM 459200101 662 6293 SH SOLE 6293 LA Cent Oil & Gas COM 546234204 266 225 SH SOLE 225