NEWELL ASSOCIATES /CA/
13F-HR, 2000-02-08
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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:  December 31, 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:
	Newell Associates
	525 University Avenue
	Suite 620
	Palo Alto, CA 94301

13F File Number: 801-86949

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:

Jennifer C. Newell, CFA
President
(650) 327-2332
Palo Alto, California
December 31, 1999

Report Type:
[ 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
Form 13F Information Table Entry Total:      118
Form 13F Information Table Value Total: $2,282,060,000.00
List of Other Included Managers:	0

<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>
AT&T Corp.                     COM              001957109    65599 1291002.000SH     SOLE                49150.0001241852.000
Abbott Laboratories            COM              002824100     7157 197100.000SH      SOLE                 7400.000189700.000
Albertson's Inc                COM              013104104     9275 287600.000SH      SOLE                10700.000276900.000
Allegheny Energy, Inc.         COM              017361106     3954 146800.000SH      SOLE                 7900.000138900.000
Ameren Corp.                   COM              023608102      252 7700.000 SH       SOLE                 3600.000 4100.000
American General Corp.         COM              026351106    19667 259200.000SH      SOLE                10700.000248500.000
American Home Products         COM              026609107    51637 1315600.000SH     SOLE                47600.0001268000.000
Anheuser-Busch Cos. Inc.       COM              035229103    23899 337200.000SH      SOLE                13600.000323600.000
Atlantic Richfield Co.         COM              048825103    44400 513300.000SH      SOLE                19500.000493800.000
Avon Products, Inc.            COM              054303102     9788 296600.000SH      SOLE                11400.000285200.000
BP Amoco PLC - ADR             COM              055622104    67858 1144078.000SH     SOLE                44110.0001099968.000
Baker Hughes Inc.              COM              057224107     7066 335500.000SH      SOLE                12300.000323200.000
Bank One Corp.                 COM              06423A103    28552 892252.000SH      SOLE                32920.000859332.000
Bank of America Corp.          COM              060505104    46298 922508.000SH      SOLE                33773.000888735.000
Baxter International           COM              071813109    16153 257159.000SH      SOLE                 9200.000247959.000
Bell Atlantic Corp.            COM              077853109    87549 1422118.000SH     SOLE                54428.0001367690.000
BellSouth Corp.                COM              079860102    31163 665704.000SH      SOLE                25300.000640404.000
Bestfoods                      COM              08658U101     6103 116101.000SH      SOLE                 3800.000112301.000
Boeing Co.                     COM              097023105     6435 155300.000SH      SOLE                 5600.000149700.000
Bristol-Myers Squibb Co.       COM              110122108    89079 1387800.000SH     SOLE                53200.0001334600.000
CSX Corporation                COM              126408103     7517 239600.000SH      SOLE                 8800.000230800.000
Campbell Soup Co.              COM              134429109     8635 223200.000SH      SOLE                 8300.000214900.000
Caterpillar Inc                COM              149123101     9194 195364.000SH      SOLE                 6800.000188564.000
Central & South West Corp.     COM              152357109     5964 298200.000SH      SOLE                12700.000285500.000
Chase Manhattan Corp.          COM              16161A108    12854 165457.000SH      SOLE                 6100.000159357.000
Chevron Corp.                  COM              166751107    55409 639646.000SH      SOLE                23700.000615946.000
Chubb Corp.                    COM              171232101     9027 160301.000SH      SOLE                 5700.000154601.000
Clorox Company                 COM              189054109    12019 238600.000SH      SOLE                 9200.000229400.000
ConAgra Inc.                   COM              205887102     5273 232400.000SH      SOLE                 8600.000223800.000
Conoco Inc. - Cl B             COM              208251405     1509 60674.200SH       SOLE                 2276.00058398.200
Consolidated Natural Gas Co.   COM              209615103     7818 120400.000SH      SOLE                 5300.000115100.000
Deere & Co.                    COM              244199105     5580 128646.000SH      SOLE                 4600.000124046.000
Dominion Resources, Inc.       COM              257470104     7269 185200.000SH      SOLE                 7500.000177700.000
Dow Chemical Co.               COM              260543103    47200 353229.000SH      SOLE                13300.000339929.000
Du Pont (E. I.) de Nemours & C COM              263534109    23045 349836.000SH      SOLE                13028.000336808.000
Duke Energy Corp.              COM              264399106    15586 310952.000SH      SOLE                12000.000298952.000
Dun & Bradstreet Corp.         COM              26483B106     7012 237700.000SH      SOLE                 9900.000227800.000
Eastman Kodak Co.              COM              277461109    16253 245324.000SH      SOLE                 8900.000236424.000
Edison International           COM              281020107    16051 612940.000SH      SOLE                24100.000588840.000
Emerson Electric Co.           COM              291011104    14973 260959.000SH      SOLE                 9900.000251059.000
Exxon Mobil Corp.              COM              30231G102   141245 1753240.348SH     SOLE                66606.0001686634.348
FPL Group, Inc.                COM              302571104     6616 154535.000SH      SOLE                 5900.000148635.000
Federal National Mortgage Asso COM              313586109     5494 88000.000SH       SOLE                 3400.00084600.000
First Union Corp.              COM              337358105    28632 869284.000SH      SOLE                32012.000837272.000
Fleet Boston Financial Corp.   COM              339030108    16418 471599.000SH      SOLE                17800.000453799.000
Ford Motor Company             COM              345370100    23633 443291.000SH      SOLE                16800.000426491.000
Fortune Brands Inc.            COM              349631101     9235 279331.000SH      SOLE                10500.000268831.000
GTE Corp.                      COM              362320103    55877 791873.000SH      SOLE                30600.000761273.000
Gallaher Group PLC - ADR       COM              363595109     5048 328300.000SH      SOLE                 9300.000319000.000
General Electric Co.           COM              369604103    36614 236600.000SH      SOLE                 9200.000227400.000
General Mills, Inc.            COM              370334104    13946 390100.000SH      SOLE                16000.000374100.000
Genuine Parts Co.              COM              372460105    10432 420446.000SH      SOLE                16150.000404296.000
Gillette Co.                   COM              375766102    14827 360000.000SH      SOLE                13100.000346900.000
Glaxo Wellcome PLC - ADR       COM              37733W105    35877 642100.000SH      SOLE                23400.000618700.000
Goodyear Tire & Rubber Co.     COM              382550101     7044 251000.000SH      SOLE                 9300.000241700.000
Heinz (H.J.) Co.               COM              423074103    14406 361840.000SH      SOLE                13650.000348190.000
Hershey Foods Corp.            COM              427866108     6826 143900.000SH      SOLE                 5200.000138700.000
Honeywell Inc.                 COM              438516106     7398 128248.500SH      SOLE                 4874.000123374.500
International Flavors & Fragra COM              459506101     6227 165500.000SH      SOLE                 6800.000158700.000
International Paper Co.        COM              460146103    27493 487148.800SH      SOLE                18307.000468841.800
Kellogg Co.                    COM              487836108    11847 384500.000SH      SOLE                14100.000370400.000
KeyCorp                        COM              493267108     9677 437370.000SH      SOLE                16600.000420770.000
Kimberly-Clark Corporation     COM              494368103    17627 269375.000SH      SOLE                 9700.000259675.000
Lilly, Eli & Co.               COM              532457108    16525 248500.000SH      SOLE                 9300.000239200.000
Lincoln National Corp.         COM              534187109    19732 493300.000SH      SOLE                19100.000474200.000
Lockheed Martin Corp.          COM              539830109     5663 258900.000SH      SOLE                 9700.000249200.000
Marsh & McLennan Companies     COM              571748102    29395 307200.000SH      SOLE                12400.000294800.000
May Department Stores Co.      COM              577778103    24476 758954.000SH      SOLE                27450.000731504.000
McGraw-Hill Cos.               COM              580645109    11998 194700.000SH      SOLE                 9000.000185700.000
Mellon Financial Corp.         COM              58551A108    15890 466500.000SH      SOLE                18100.000448400.000
Merck & Co., Inc.              COM              589331107    46332 689600.000SH      SOLE                24900.000664700.000
Merrill Lynch & Co.            COM              590188108    11707 140516.000SH      SOLE                 5400.000135116.000
Minnesota Mining & Manufacturi COM              604059105    34825 355807.000SH      SOLE                14000.000341807.000
Morgan (J.P.) & Co.            COM              616880100    25768 203500.000SH      SOLE                 7800.000195700.000
NICOR, Inc.                    COM              654086107     3552 109292.000SH      SOLE                 5300.000103992.000
Newell Rubbermaid Inc.         COM              651229106     6638 228900.000SH      SOLE                 8500.000220400.000
Norfolk Southern Corporation   COM              655844108     8373 408458.000SH      SOLE                15300.000393158.000
Northern States Power Company  COM              665772109     5361 274900.000SH      SOLE                10600.000264300.000
PNC Bank Corp.                 COM              693475105    17030 382694.000SH      SOLE                14100.000368594.000
Penney (J.C.) Company, Inc.    COM              708160106    11043 553880.000SH      SOLE                21000.000532880.000
PepsiCo Inc.                   COM              713448108    13973 396400.000SH      SOLE                14900.000381500.000
Pharmacia & Upjohn Inc.        COM              716941109    45837 1018594.000SH     SOLE                38870.000979724.000
Philip Morris Companies, Inc.  COM              718154107    29658 1289500.000SH     SOLE                48600.0001240900.000
Phillips Petroleum Co.         COM              718507106    11924 253700.000SH      SOLE                 9700.000244000.000
Pitney Bowes Inc.              COM              724479100    12972 268500.000SH      SOLE                10200.000258300.000
Procter & Gamble Co.           COM              742718109    13706 125100.000SH      SOLE                 4800.000120300.000
Quaker Oats Co.                COM              747402105    13985 213100.000SH      SOLE                 8900.000204200.000
Ralston Purina                 COM              751277302     3292 118100.000SH      SOLE                 4400.000113700.000
Royal Dutch Petroleum Co. - AD COM              780257804    36979 610600.000SH      SOLE                23400.000587200.000
SAFECO Corp.                   COM              786429100     8918 358500.000SH      SOLE                12800.000345700.000
SBC Communications Inc.        COM              78387G103    89119 1828088.132SH     SOLE                69781.0001758307.132
Sara Lee Corp.                 COM              803111103    11470 519900.000SH      SOLE                19600.000500300.000
Schlumberger Ltd               COM              806857108     7762 138300.000SH      SOLE                 5300.000133000.000
Scottish Power PLC - ADR       COM              81013T705    12064 430869.780SH      SOLE                16230.000414639.780
Sears, Roebuck & Co.           COM              812387108     7810 257129.000SH      SOLE                 9200.000247929.000
Sempra Energy Inc.             COM              816851109     2750 158300.000SH      SOLE                 6015.000152285.000
Shell Transp & Trade - ADR     COM              822703609      612 12500.000SH       SOLE                         12500.000
SmithKline Beecham PLC - ADR   COM              832378301     6355 99100.000SH       SOLE                 3900.00095200.000
Southern Co.                   COM              842587107    16105 685310.000SH      SOLE                24800.000660510.000
St. Paul Cos.                  COM              792860108    12428 368933.000SH      SOLE                14400.000354533.000
TECO Energy, Inc.              COM              872375100     4899 263900.000SH      SOLE                10200.000253700.000
Texaco Inc.                    COM              881694103    40533 746300.000SH      SOLE                28000.000718300.000
Texas Utilities Co.            COM              882848104    11033 310234.000SH      SOLE                11323.000298911.000
Thomas & Betts Corp.           COM              884315102     6042 189566.000SH      SOLE                 7000.000182566.000
Transocean Sedco Forex Inc.    COM              G90078109      902 26772.840SH       SOLE                 1025.00025747.840
U S West Inc.                  COM              91273H101    37291 517934.000SH      SOLE                21034.000496900.000
U.S. Bancorp                   COM              902973106    10727 450467.000SH      SOLE                16845.000433622.000
UST Inc.                       COM              902911106     7173 284800.000SH      SOLE                11700.000273100.000
USX-Marathon Group             COM              902905827     9401 380800.000SH      SOLE                14000.000366800.000
Union Pacific Corp.            COM              907818108    10280 235300.000SH      SOLE                 9000.000226300.000
Unocal Corp.                   COM              915289102     2229 66400.000SH       SOLE                 2400.00064000.000
Wachovia Corporation           COM              929771103    13983 205635.000SH      SOLE                 7700.000197935.000
Washington Mutual, Inc.        COM              939322103    14010 541460.000SH      SOLE                20660.000520800.000
Wells Fargo & Company          COM              949746101     5518 136465.000SH      SOLE                 5000.000131465.000
Weyerhaeuser Company           COM              962166104    19145 266600.000SH      SOLE                10100.000256500.000
Whirlpool Corporation          COM              963320106     6858 105400.000SH      SOLE                 4300.000101100.000
Wisconsin Energy Corp.         COM              976657106      706 36700.000SH       SOLE                 5700.00031000.000
Xerox Corp.                    COM              984121103     6779 298800.000SH      SOLE                11100.000287700.000
</TABLE>


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