KEATING INVESTMENT COUNSELORS INC
13F-HR, 1999-07-28
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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:  June 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 E. 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, Florida	July 28, 1999

Report Type (Check only one):

[  x  ]	13F HOLDING REPORT.
[      ]	13F NOTICE.
[      ]	13F COMBINATION REPORT.

List of Other Managers Reporting 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:	0

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
                                                            June 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     1198 65000.00 SH       Sole                                   65000.00
                                                                46  2500.00 SH       Other                                   2500.00
AT&T Corp.                     COM              001957109     4018 71987.45 SH       Sole                  3000.00          68987.45
                                                               223  4000.00 SH       Other                                   4000.00
Abbott Laboratories            COM              002824100    10271226360.00 SH       Sole                 14000.00         212360.00
                                                               545 12000.00 SH       Other                                  12000.00
Alaska Air Group Inc.          COM              011659109     4108 98400.00 SH       Sole                  8000.00          90400.00
Allied Signal Inc.             COM              019512102    10278163150.00 SH       Sole                  8400.00         154750.00
                                                              1638 26000.00 SH       Other                                  26000.00
Allstate Corp.                 COM              020002101     5900164451.00 SH       Sole                  4200.00         160251.00
                                                               466 13000.00 SH       Other                                  13000.00
American Home Products         COM              026609107      454  7920.00 SH       Sole                                    7920.00
American International Group   COM              026874107     2529 21573.00 SH       Sole                                   21573.00
                                                               646  5512.00 SH       Other                                   5512.00
Ameritech                      COM              030954101      581  7900.00 SH       Sole                                    7900.00
Apple Computer                 COM              038783310      463 10000.00 SH       Sole                                   10000.00
Atlantic Richfield             COM              048825103    10098120841.00 SH       Sole                  7300.00         113541.00
                                                               697  8340.00 SH       Other                                   8340.00
Avon Products                  COM              054303102    15203273933.00 SH       Sole                 14200.00         259733.00
                                                              1254 22600.00 SH       Other                                  22600.00
BP Amoco PLC Spons ADR         COM              055622104     1184 10911.00 SH       Sole                                   10911.00
                                                               677  6236.00 SH       Other                                   6236.00
Bank One Corp                  COM              06423A103     1043 17517.00 SH       Sole                  4000.00          13517.00
Bank of America Corp.          COM              060505104    13085178481.99 SH       Sole                 12672.00         165809.99
                                                              1490 20318.00 SH       Other                                  20318.00
Bank of New York               COM              064057102      294  8000.00 SH       Sole                                    8000.00
BankBoston Corp.               COM              060716107      256  5000.00 SH       Sole                                    5000.00
                                                               225  4400.00 SH       Other                                   4400.00
Bell Atlantic                  COM              077853109      615  9414.00 SH       Sole                                    9414.00
BellSouth Corp.                COM              079860102      194  4200.00 SH       Sole                                    4200.00
                                                                55  1200.00 SH       Other                                   1200.00
Boeing Co.                     COM              097023105     4935112150.00 SH       Sole                  3500.00         108650.00
                                                               194  4400.00 SH       Other                                   4400.00
Bristol Myers Squibb           COM              110122108    15900225732.00 SH       Sole                 17800.00         207932.00
                                                              3296 46800.00 SH       Other                                  46800.00
Burlington Northern Santa Fe C COM              12189T104     8282267150.00 SH       Sole                 13200.00         253950.00
                                                               747 24111.00 SH       Other                                  24111.00
CINergy Corp                   COM              172070104      480 15000.00 SH       Sole                                   15000.00
                                                                58  1800.00 SH       Other                                   1800.00
Caterpillar Inc.               COM              149123101      504  8400.00 SH       Sole                                    8400.00
Chase Manhattan Corp New       COM              16161A108     5244 60624.00 SH       Sole                  5800.00          54824.00
                                                              1539 17792.00 SH       Other                                  17792.00
Chemed Corp                    COM              163596109      399 12000.00 SH       Sole                                   12000.00
Chevron Corp                   COM              166751107      475  5000.00 SH       Sole                                    5000.00
                                                               342  3600.00 SH       Other                                   3600.00
Citigroup Inc.                 COM              172967101     4541 95596.50 SH       Sole                  3000.00          92596.50
Coca-Cola Co                   COM              191216100      620 10000.00 SH       Sole                                   10000.00
Consolidated Natural Gas       COM              209615103      726 11950.00 SH       Sole                                   11950.00
                                                               425  7000.00 SH       Other                                   7000.00
Crown Cork & Seal              COM              228255105     5947208650.00 SH       Sole                 12000.00         196650.00
                                                               442 15500.00 SH       Other                                  15500.00
Dominion Resources             COM              257470104      563 13001.00 SH       Sole                                   13001.00
                                                               143  3300.00 SH       Other                                   3300.00
Dover Corp.                    COM              260003108       56  1600.00 SH       Sole                                    1600.00
                                                               154  4400.00 SH       Other                                   4400.00
Duke Power Co.                 COM              264399106      236  4343.00 SH       Sole                                    4343.00
Dupont                         COM              263534109     2603 38106.00 SH       Sole                  1600.00          36506.00
                                                               751 11000.00 SH       Other                                  11000.00
Emerson Electric               COM              291011104     8965142450.00 SH       Sole                  7700.00         134750.00
                                                               610  9700.00 SH       Other                                   9700.00
Enron                          COM              293561106      241  2947.00 SH       Sole                                    2947.00
Exxon                          COM              302290101     2610 33840.00 SH       Sole                  1200.00          32640.00
                                                               932 12090.00 SH       Other                                  12090.00
First Union Corp.              COM              337358105      358  7600.00 SH       Sole                                    7600.00
                                                                19   400.00 SH       Other                                    400.00
FirstMerit Corp                COM              337915102     2506 89316.00 SH       Sole                                   89316.00
Ford Motor Co.                 COM              345370100      209  3700.00 SH       Sole                                    3700.00
                                                                56  1000.00 SH       Other                                   1000.00
GTE Corp.                      COM              362320103     2858 37856.00 SH       Sole                   100.00          37756.00
                                                               325  4300.00 SH       Other                                   4300.00
General Electric               COM              369604103    28980256457.00 SH       Sole                 16400.00         240057.00
                                                              4118 36440.00 SH       Other                                  36440.00
General Motors                 COM              370442105      224  3400.00 SH       Sole                                    3400.00
                                                                40   600.00 SH       Other                                    600.00
Halliburton Co                 COM              406216101      459 10150.00 SH       Sole                   100.00          10050.00
                                                               357  7900.00 SH       Other                                   7900.00
Harris Corp                    COM              413875105    11827301811.00 SH       Sole                 15000.00         286811.00
                                                              1019 26000.00 SH       Other                                  26000.00
Hewlett Packard                COM              428236103    15110150350.00 SH       Sole                  6100.00         144250.00
                                                              2100 20900.00 SH       Other                                  20900.00
IBM                            COM              459200101     1797 13900.00 SH       Sole                  1600.00          12300.00
                                                               362  2800.00 SH       Other                                   2800.00
ICN Pharmaceuticals            COM              448924100     5826181000.00 SH       Sole                 13500.00         167500.00
                                                                64  2000.00 SH       Other                                   2000.00
Intel Corp                     COM              458140100     6087102300.00 SH       Sole                  3200.00          99100.00
                                                               131  2200.00 SH       Other                                   2200.00
Johnson & Johnson              COM              478160104      354  3614.00 SH       Sole                                    3614.00
                                                               604  6160.00 SH       Other                                   6160.00
May Department Store           COM              577778103      415 10155.00 SH       Sole                                   10155.00
McDonald's Corp                COM              580135101     1257 30560.00 SH       Sole                   160.00          30400.00
                                                               288  7000.00 SH       Other                                   7000.00
Merck & Co Inc                 COM              589331107     1134 15400.00 SH       Sole                                   15400.00
                                                               736 10000.00 SH       Other                                  10000.00
Microsoft Corp.                COM              594918104      298  3300.00 SH       Sole                                    3300.00
Minnesota Mining & Manufacturi COM              604059105     7481 86050.00 SH       Sole                  4100.00          81950.00
                                                               496  5700.00 SH       Other                                   5700.00
Mobil Corp.                    COM              607059102     4661 47200.00 SH       Sole                  1350.00          45850.00
                                                               632  6400.00 SH       Other                                   6400.00
Monsanto                       COM              611662107      851 21500.00 SH       Sole                                   21500.00
                                                               617 15600.00 SH       Other                                  15600.00
PPG Industries                 COM              693506107     3281 55550.00 SH       Sole                  1500.00          54050.00
                                                                59  1000.00 SH       Other                                   1000.00
PepsiCo Inc.                   COM              713448108     9372242245.00 SH       Sole                 13700.00         228545.00
                                                               778 20100.00 SH       Other                                  20100.00
Pfizer                         COM              717081103     2359 21640.00 SH       Sole                                   21640.00
                                                              1319 12100.00 SH       Other                                  12100.00
Philip Morris                  COM              718154107     5223129970.00 SH       Sole                 16500.00         113470.00
                                                              1644 40911.00 SH       Other                                  40911.00
Procter & Gamble Co            COM              742718109      439  4924.00 SH       Sole                                    4924.00
                                                               143  1600.00 SH       Other                                   1600.00
Reliant Energy Inc.            COM                             613 22200.00 SH       Sole                                   22200.00
SBC Communications             COM              78387G103     1079 18600.00 SH       Sole                                   18600.00
                                                               418  7200.00 SH       Other                                   7200.00
Southern Company               COM              842587107      424 16000.00 SH       Sole                                   16000.00
SunTrust Banks Inc             COM              867914103      151  2180.00 SH       Sole                                    2180.00
                                                                97  1400.00 SH       Other                                   1400.00
Teleflex Inc.                  COM              879369106    11394262301.00 SH       Sole                 10720.00         251581.00
                                                               851 19600.00 SH       Other                                  19600.00
Texaco Inc.                    COM              881694103      112  1800.00 SH       Sole                                    1800.00
                                                               150  2400.00 SH       Other                                   2400.00
Thermo Electron Corp           COM              883556102     2544126814.00 SH       Sole                 13235.00         113579.00
                                                               270 13462.00 SH       Other                                  13462.00
U S West Inc (New)             COM              91273H101      488  8300.00 SH       Sole                                    8300.00
Utilicorp United               COM              918005109      593 24400.00 SH       Sole                                   24400.00
                                                                36  1500.00 SH       Other                                   1500.00
Warner Lambert Company         COM              934488107     3545 51290.00 SH       Sole                  4000.00          47290.00
                                                               415  6000.00 SH       Other                                   6000.00
Western Resources              COM              959425109     2607 97900.00 SH       Sole                  4000.00          93900.00
                                                               146  5500.00 SH       Other                                   5500.00
REPORT SUMMARY                129 DATA RECORDS              317903            0 OTHER MANAGERS ON WHOSE BEHALF REPORT IS FILED
</TABLE>


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