KEATING INVESTMENT COUNSELORS INC
13F-HR, 1999-11-09
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C.   20549

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  September 30, 1999

Check here if Amendment [   ]; Amendment Number:
This Amendment (Check only one):   [   ] is a restatement.
                         [   ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:          Keating Investment Counselors, Inc.
Address:  777 East Atlantic Ave., Suite 303
          Delray Beach, FL   33483

13F File Number:

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:          Linda F. Sierra
Title:         Vice President
Phone:    561 278-7862

Signature, Place, and Date of Signing:

Linda F. Sierra     Delray Beach, FL       October 29, 1999

Report Type (Check only one):

[ x ]     13F HOLDING REPORT.

[    ]    13F NOTICE.

[    ]    13F COMBINATION REPORT.

List of Other Managers report for this Manager:

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:

Form 13F Information Table Entry Total:

Form 13F Information Table Value Total:


List of Other Included Managers:

   No.    13F File Number     Name

<PAGE>

<TABLE>                        <C>                                <C>
                                                 KEATING INVESTMENT COUNSELORS, INC.
                                                              FORM 13F
                                                         September 30, 1999

                                                                                                              Voting Authority
                                                                                                         --------------------------
                                                           Value   Shares/  Sh/ Put/ Invstmt    Other
        Name of Issuer          Title of class    CUSIP   (x$1000) Prn Amt  Prn Call Dscretn   Managers     Sole    Shared   None
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

AGL Resources                  COM              001204106      192 11800.00 SH       Sole                                   11800.00
AT&T Corp.                     COM              001957109     6326145434.00 SH       Sole                  5800.00         139634.00
                                                               494 11350.00 SH       Other                                  11350.00
Abbott Laboratories            COM              002824100     9172250000.00 SH       Sole                 15000.00         235000.00
                                                               481 13100.00 SH       Other                                  13100.00
Alaska Air Group Inc.          COM              011659109     4170102500.00 SH       Sole                  8000.00          94500.00
Allied Signal Inc.             COM              019512102     9632160700.00 SH       Sole                  8400.00         152300.00
                                                              1558 26000.00 SH       Other                                  26000.00
American Home Products         COM              026609107      329  7920.00 SH       Sole                                    7920.00
American International Group   COM              026874107     2258 25973.00 SH       Sole                                   25973.00
                                                               599  6889.75 SH       Other                                   6889.75
Ameritech                      COM              030954101      527  7900.00 SH       Sole                                    7900.00
Apple Computer                 COM              037833100      633 10000.00 SH       Sole                                   10000.00
Atlantic Richfield             COM              048825103    10094113890.00 SH       Sole                  4300.00         109590.00
                                                               739  8340.00 SH       Other                                   8340.00
Avon Products                  COM              054303102     6556264232.00 SH       Sole                 14200.00         250032.00
                                                               561 22600.00 SH       Other                                  22600.00
BP Amoco PLC Spons ADR         COM              055622104     1121 10118.00 SH       Sole                                   10118.00
                                                               691  6236.00 SH       Other                                   6236.00
Bank One Corp                  COM              06423A103      316  9075.00 SH       Sole                                    9075.00
Bank of America Corp.          COM              060505104     9879177400.00 SH       Sole                 12672.00         164728.00
                                                              1131 20318.00 SH       Other                                  20318.00
Bank of New York               COM              064057102      241  7200.00 SH       Sole                                    7200.00
BankBoston Corp.               COM              060716107      217  5000.00 SH       Sole                                    5000.00
                                                               191  4400.00 SH       Other                                   4400.00
Bell Atlantic                  COM              077853109      634  9414.00 SH       Sole                                    9414.00
BellSouth Corp.                COM              079860102      189  4200.00 SH       Sole                                    4200.00
                                                                54  1200.00 SH       Other                                   1200.00
Boeing Co.                     COM              097023105     4653109150.00 SH       Sole                  3500.00         105650.00
                                                               188  4400.00 SH       Other                                   4400.00
Bristol Myers Squibb           COM              110122108    14319212132.00 SH       Sole                 15800.00         196332.00
                                                              3152 46700.00 SH       Other                                  46700.00
Burlington Northern Santa Fe C COM              12189T104     7274264500.00 SH       Sole                 13200.00         251300.00
                                                               663 24111.00 SH       Other                                  24111.00
CINergy Corp                   COM              172070104      425 15000.00 SH       Sole                                   15000.00
                                                                51  1800.00 SH       Other                                   1800.00
Caterpillar Inc.               COM              149123101      460  8400.00 SH       Sole                                    8400.00
Chase Manhattan Corp New       COM              16161A108     4392 58268.00 SH       Sole                  5800.00          52468.00
                                                              1341 17792.00 SH       Other                                  17792.00
Chemed Corp                    COM              163596109      363 12000.00 SH       Sole                                   12000.00
Chevron Corp                   COM              166751107      444  5000.00 SH       Sole                                    5000.00
                                                               320  3600.00 SH       Other                                   3600.00
Citigroup Inc.                 COM              172967101     3956 89915.00 SH       Sole                  3000.00          86915.00
Coca-Cola Co                   COM              191216100      483 10000.00 SH       Sole                                   10000.00
Consolidated Natural Gas       COM              209615103      639 10250.00 SH       Sole                                   10250.00
                                                               437  7000.00 SH       Other                                   7000.00
Crown Cork & Seal              COM              228255105     5417223400.00 SH       Sole                  8000.00         215400.00
                                                               395 16300.00 SH       Other                                  16300.00
Dominion Resources             COM              257470104      496 11001.00 SH       Sole                                   11001.00
                                                               149  3300.00 SH       Other                                   3300.00
Dover Corp.                    COM              260003108       65  1600.00 SH       Sole                                    1600.00
                                                               180  4400.00 SH       Other                                   4400.00
Duke Power Co.                 COM              264399106      211  3826.00 SH       Sole                                    3826.00
Dupont                         COM              263534109     2318 38306.00 SH       Sole                  1600.00          36706.00
                                                               666 11000.00 SH       Other                                  11000.00
Emerson Electric               COM              291011104     8820139580.00 SH       Sole                  7700.00         131880.00
                                                               613  9700.00 SH       Other                                   9700.00
Enron                          COM              293561106      242  5894.00 SH       Sole                                    5894.00
Exxon                          COM              302290101     2458 32340.00 SH       Sole                  1200.00          31140.00
                                                               911 11990.00 SH       Other                                  11990.00
FirstMerit Corp                COM              337915102     2266 89316.00 SH       Sole                                   89316.00
Ford Motor Co.                 COM              345370100      186  3700.00 SH       Sole                                    3700.00
                                                                50  1000.00 SH       Other                                   1000.00
GTE Corp.                      COM              362320103     2787 36256.00 SH       Sole                   100.00          36156.00
                                                               331  4300.00 SH       Other                                   4300.00
General Electric               COM              369604103    29503248841.00 SH       Sole                 15400.00         233441.00
                                                              4309 36340.00 SH       Other                                  36340.00
General Motors                 COM              370442105      214  3400.00 SH       Sole                                    3400.00
                                                                38   600.00 SH       Other                                    600.00
Halliburton Co                 COM              406216101      353  8600.00 SH       Sole                   100.00           8500.00
                                                               324  7900.00 SH       Other                                   7900.00
Harris Corp                    COM              413875105     8058291685.00 SH       Sole                 15000.00         276685.00
                                                               691 25000.00 SH       Other                                  25000.00
Hewlett Packard                COM              428236103    13313146700.00 SH       Sole                  6100.00         140600.00
                                                              1897 20900.00 SH       Other                                  20900.00
IBM                            COM              459200101     1694 14000.00 SH       Sole                  1600.00          12400.00
                                                               339  2800.00 SH       Other                                   2800.00
ICN Pharmaceuticals            COM              448924100     2903168900.00 SH       Sole                 13500.00         155400.00
                                                                34  2000.00 SH       Other                                   2000.00
Intel Corp                     COM              458140100     7290 98100.00 SH       Sole                  3200.00          94900.00
                                                               163  2200.00 SH       Other                                   2200.00
Johnson & Johnson              COM              478160104      332  3614.00 SH       Sole                                    3614.00
                                                               566  6160.00 SH       Other                                   6160.00
May Department Store           COM              577778103      370 10155.00 SH       Sole                                   10155.00
McDonald's Corp                COM              580135101     1278 29560.00 SH       Sole                   160.00          29400.00
                                                               303  7000.00 SH       Other                                   7000.00
Merck & Co Inc                 COM              589331107      849 13100.00 SH       Sole                                   13100.00
                                                               648 10000.00 SH       Other                                  10000.00
Microsoft Corp.                COM              594918104      299  3300.00 SH       Sole                                    3300.00
Minnesota Mining & Manufacturi COM              604059105     8045 83750.00 SH       Sole                  4100.00          79650.00
                                                               548  5700.00 SH       Other                                   5700.00
Mobil Corp.                    COM              607059102     4786 47500.00 SH       Sole                  1350.00          46150.00
                                                               645  6400.00 SH       Other                                   6400.00
Monsanto                       COM              611662107      767 21500.00 SH       Sole                                   21500.00
                                                               557 15600.00 SH       Other                                  15600.00
PPG Industries                 COM              693506107     3252 54200.00 SH       Sole                  1500.00          52700.00
                                                                60  1000.00 SH       Other                                   1000.00
PepsiCo Inc.                   COM              713448108     7297239245.00 SH       Sole                 13700.00         225545.00
                                                               613 20100.00 SH       Other                                  20100.00
Pfizer                         COM              717081103     2293 63920.00 SH       Sole                                   63920.00
                                                              1302 36300.00 SH       Other                                  36300.00
Philip Morris                  COM              718154107     4500131620.00 SH       Sole                 16500.00         115120.00
                                                              1399 40911.00 SH       Other                                  40911.00
Procter & Gamble Co            COM              742718109      424  4524.00 SH       Sole                                    4524.00
                                                               150  1600.00 SH       Other                                   1600.00
Reliant Energy Inc.            COM                             493 18200.00 SH       Sole                                   18200.00
SBC Communications             COM              78387G103      868 17000.00 SH       Sole                                   17000.00
                                                               368  7200.00 SH       Other                                   7200.00
Southern Company               COM              842587107      412 16000.00 SH       Sole                                   16000.00
SunTrust Banks Inc             COM              867914103      143  2180.00 SH       Sole                                    2180.00
                                                                92  1400.00 SH       Other                                   1400.00
Teco Energy Inc.               COM              872375100     1521 72000.00 SH       Sole                                   72000.00
                                                                42  2000.00 SH       Other                                   2000.00
Teleflex Inc.                  COM              879369106     9942252101.00 SH       Sole                  6720.00         245381.00
                                                               773 19600.00 SH       Other                                  19600.00
Texaco Inc.                    COM              881694103       63  1000.00 SH       Sole                                    1000.00
                                                               152  2400.00 SH       Other                                   2400.00
Thermo Electron Corp           COM              883556102     1310 97521.00 SH       Sole                  7235.00          90286.00
                                                               181 13462.00 SH       Other                                  13462.00
U S West Inc (New)             COM              91273H101      474  8300.00 SH       Sole                                    8300.00
Utilicorp United               COM              918005109      470 22300.00 SH       Sole                                   22300.00
                                                                32  1500.00 SH       Other                                   1500.00
Warner Lambert Company         COM              934488107     3285 49490.00 SH       Sole                  4000.00          45490.00
                                                               398  6000.00 SH       Other                                   6000.00
REPORT SUMMARY                124 DATA RECORDS              274526            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED

</TABLE>


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