GULF INVESTMENT MANAGEMENT INC /TX/
13F-HR, 1999-10-05
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[TEXT]                     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:     Gulf Investment Management, Inc.
Address:  820 Gessner
          Suite 720
          Houston, Tx 77024

13F File Number: 000792016

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:  T.C. Toomey
Title: Managing Director
Phone: 713 461 0660
Signature, Place and Date of Signing:

    T.C. Toomey    Houston, Texas    October 4, 1999

Report Type  (Check only one.):

[X]         13F HOLDINGS 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

For 13F Information Table Entry Total: 127

Form 13F Information Table Value Total: 1,636,887,000



List of Other Included Managers:

No.   13F File Number      Name

<PAGE>
<TABLE>
                                                                  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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
A.T. & T. CORPORATION          COM              001957109    74889  1721587 SH       SOLE                                    1721587
                                                               326     7500 SH       OTHER                                      7500
ALCOA, INC.                    COM              013817101    94234  1518367 SH       SOLE                                    1518367
AMERICAN EXPRESS               COM              025816109   110175   816111 SH       SOLE                                     816111
AMERICAN GENERAL               COM              026351106    60077   949834 SH       SOLE                                     949834
                                                               379     6000 SH       OTHER                                      6000
AMERICAN GREETINGS CLASS A     COM              026375105     3731   144910 SH       SOLE                                     144910
AMERICAN HOME PRODUCTS         COM              026609107      233     5610 SH       SOLE                                       5610
                                                               493    11872 SH       OTHER                                     11872
AMERITECH CORP.                COM              030954101      627     9400 SH       SOLE                                       9400
ATLANTIC RICHFIELD             COM              048825103    47858   540004 SH       SOLE                                     540004
AVON PRODUCTS                  COM              054303102      426    17176 SH       SOLE                                      17176
BANC ONE CORP.                 COM              06423A103     2147    61680 SH       SOLE                                      61680
BANK OF AMERICA CORP.          COM              060505104    50669   909879 SH       SOLE                                     909879
BAXTER INTERNATIONAL           COM              071813109    63957  1061526 SH       SOLE                                    1061526
                                                               455     7549 SH       OTHER                                      7549
BECKMAN COULTER, INC.          COM              075811109     2234    49500 SH       SOLE                                      49500
BELDEN, INC.                   COM              077459105     4156   202725 SH       SOLE                                     202725
BELL ATLANTIC                  COM              077853109    10026   148948 SH       SOLE                                     148948
BOMBAY CO.                     COM              097924104       55    10887 SH       SOLE                                      10887
BP AMOCO PLC                   COM                            4049    36537 SH       SOLE                                      36537
BRISTOL MYERS                  COM              110122108    67166   995051 SH       SOLE                                     995051
BURLINGTON RESOURCES           COM              122014103    17403   473545 SH       SOLE                                     473545
                                                                22      600 SH       OTHER                                       600
CAMDEN PROPERTY TRUST          COM              133131102      415    15450 SH       SOLE                                      15450
CBS CORP.                      COM              12490K107     5300   114600 SH       SOLE                                     114600
                                                               166     3600 SH       OTHER                                      3600
CHASE MANHATTAN CORP.          COM              16161A108    82143  1089787 SH       SOLE                                    1089787
CHEVRON                        COM              166751107    61704   695257 SH       SOLE                                     695257
                                                               319     3600 SH       OTHER                                      3600
CHUBB CORP.                    COM              171232101    56264  1133775 SH       SOLE                                    1133775
COCA COLA                      COM              191216100      608    12600 SH       SOLE                                      12600
                                                              1016    21066 SH       OTHER                                     21066
CONOCO, INC. CLASS A           COM              208251306     1734    62500 SH       SOLE                                      62500
DELPHI AUTOMOTIVE SYSTEMS      COM              247126105     3086   192136 SH       SOLE                                     192136
                                                                45     2795 SH       OTHER                                      2795
DELUXE CORP.                   COM              248019101      649    19100 SH       SOLE                                      19100
DUKE ENERGY CORP.              COM              264399106     6021   109216 SH       SOLE                                     109216
                                                               230     4177 SH       OTHER                                      4177
DUPONT                         COM              263534109    65494  1082541 SH       SOLE                                    1082541
                                                               169     2800 SH       OTHER                                      2800
EASTMAN KODAK                  COM              277461109     6347    83924 SH       SOLE                                      83924
                                                                34      450 SH       OTHER                                       450
ELECTRONIC DATA SYSTEMS        COM              285661104    71422  1349176 SH       SOLE                                    1349176
EXXON                          COM              302290101     2268    29843 SH       SOLE                                      29843
                                                               456     6000 SH       OTHER                                      6000
FEDERAL NAT'L MORTGAGE ASSN.   COM              313586109      514     8200 SH       SOLE                                       8200
GANNETT INC.                   COM              364730101    68219   986004 SH       SOLE                                     986004
                                                               208     3000 SH       OTHER                                      3000
GENERAL ELECTRIC               COM              369604103     1058     8920 SH       SOLE                                       8920
                                                              1138     9600 SH       OTHER                                      9600
GENERAL MILLS                  COM              370334104      917    11300 SH       SOLE                                      11300
GENERAL MOTORS                 COM              370442105     4655    73970 SH       SOLE                                      73970
                                                               252     4000 SH       OTHER                                      4000
GEORGIA PACIFIC                COM              373298108      178     4400 SH       SOLE                                       4400
                                                                97     2400 SH       OTHER                                      2400
GTE CORP                       COM              362320103     2960    38500 SH       SOLE                                      38500
HALLIBURTON COMPANY            COM              406216101     1051    25630 SH       SOLE                                      25630
                                                               230     5600 SH       OTHER                                      5600
HANCOCK FABRICS                COM              409900107      575   133350 SH       SOLE                                     133350
HEWLETT PACKARD                COM              428236103      530     5845 SH       SOLE                                       5845
HUMANA, INC.                   COM              444859102      103    15000 SH       SOLE                                      15000
INTEL                          COM              458140100    82255  1106885 SH       SOLE                                    1106885
                                                              1427    19200 SH       OTHER                                     19200
INTL. BUSINESS MACHINES        COM              459200101     6849    56601 SH       SOLE                                      56601
                                                               484     4000 SH       OTHER                                      4000
INTL. PAPER COMPANY            COM              460146103      288     6000 SH       SOLE                                       6000
JOHNSON & JOHNSON              COM              478160104      363     3950 SH       SOLE                                       3950
JOHNSON CONTROLS               COM              478366107      371     5600 SH       SOLE                                       5600
KAISER ALUMINUM CORPORATION    COM              483007100      831   100000 SH       SOLE                                     100000
KIMBERLY-CLARK CORPORATION     COM              494368103     6901   130832 SH       SOLE                                     130832
LEE ENTERPRISES                COM              523768109     7639   279043 SH       SOLE                                     279043
LUBY'S INC.                    COM              549282101     2859   248590 SH       SOLE                                     248590
MELLON BANK CORP.              COM              585509102     1278    38000 SH       SOLE                                      38000
MERCK & COMPANY                COM              589331107      205     3166 SH       SOLE                                       3166
MICROSOFT CORP.                COM              594918104      362     4000 SH       SOLE                                       4000
MILACRON INC.                  COM              172172108     1452    81790 SH       SOLE                                      81790
MINNESOTA MNG & MFG            COM              604059105      202     2100 SH       SOLE                                       2100
                                                               288     3000 SH       OTHER                                      3000
MOBIL                          COM              607059102      304     3016 SH       SOLE                                       3016
McGRAW-HILL COMPANIES          COM              580645109     1935    40000 SH       SOLE                                      40000
                                                               464     9600 SH       OTHER                                      9600
NABISCO                        COM              629526104     4162   120430 SH       SOLE                                     120430
NISOURCE, INC.                 COM              65473P105     1342    60650 SH       SOLE                                      60650
OMNICOM GROUP                  COM              681919106      503     6350 SH       SOLE                                       6350
                                                               317     4000 SH       OTHER                                      4000
OREGON STEEL MILLS             COM              686079104      789    70500 SH       SOLE                                      70500
PEPSICO INC.                   COM              713448108    14525   476231 SH       SOLE                                     476231
PFIZER                         COM              717081103     2582    71982 SH       SOLE                                      71982
                                                               646    18000 SH       OTHER                                     18000
PG&E CORP                      COM              69331C108    46578  1800101 SH       SOLE                                    1800101
PHARMACIA & UPJOHN, INC.       COM              716941109     1832    36910 SH       SOLE                                      36910
                                                               216     4350 SH       OTHER                                      4350
POLAROID                       COM              731095105    19867   764115 SH       SOLE                                     764115
PROCTER GAMBLE                 COM              742718109       37      400 SH       SOLE                                        400
                                                              1690    18028 SH       OTHER                                     18028
RENAISSANCE RE HOLDINGS        COM              G7496G103     4208   121300 SH       SOLE                                     121300
SAFECO CORP.                   COM              786429100    35701  1275035 SH       SOLE                                    1275035
SBC COMMUNICATIONS, INC.       COM              78387G103    66644  1305139 SH       SOLE                                    1305139
                                                               153     3000 SH       OTHER                                      3000
SCHLUMBERGER                   COM              806857108    67711  1086642 SH       SOLE                                    1086642
                                                               174     2800 SH       OTHER                                      2800
SOUTHWEST AIRLINES             COM              844741108    81892  5392042 SH       SOLE                                    5392042
STERLING BANCSHARES, INC.      COM              858907108      318    27844 SH       SOLE                                      27844
SYSCO CORP.                    COM              871829107      593    16900 SH       SOLE                                      16900
TANDY CORP.                    COM              875382103    11633   225064 SH       SOLE                                     225064
TEXACO                         COM              881694103     1466    23216 SH       SOLE                                      23216
TIDEWATER, INC.                COM              886423102     2248    88140 SH       SOLE                                      88140
TRINITY INDUSTRIES             COM              896522109     1451    47000 SH       SOLE                                      47000
TYCO INTERNATIONAL LTD.        COM                            3596    34828 SH       SOLE                                      34828
                                                               465     4504 SH       OTHER                                      4504
UNICOM CORP.                   COM              904911104     3594    97290 SH       SOLE                                      97290
UNION CARBIDE                  COM              905581104     3766    66286 SH       SOLE                                      66286
                                                               227     4000 SH       OTHER                                      4000
UNION PACIFIC                  COM              907818108      269     5600 SH       OTHER                                      5600
UNOCAL                         COM              915289102      847    22860 SH       SOLE                                      22860
USEC INC.                      COM              90333E108     1051   102500 SH       SOLE                                     102500
VARIAN MEDICAL SYSTEMS, INC.   COM              92220P105     6036   275910 SH       SOLE                                     275910
VARIAN SEMICONDUCTOR EQUIP.    COM              922207105     5799   275300 SH       SOLE                                     275300
VARIAN, INC.                   COM              922206107     4894   275730 SH       SOLE                                     275730
WEINGARTEN REALTY SBI          COM              948741103    32963   881942 SH       SOLE                                     881942
WELLPOINT HEALTH NETWORKS      COM              94973H108     3428    60133 SH       SOLE                                      60133
WELLS FARGO & CO               COM              949746101    13633   344040 SH       SOLE                                     344040
WEYERHAEUSER                   COM              962166104     3864    67049 SH       SOLE                                      67049
                                                               144     2500 SH       OTHER                                      2500
XEROX                          COM              984121103     1689    40280 SH       SOLE                                      40280
                                                               226     5400 SH       OTHER                                      5400
</TABLE>


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