NEWELL ASSOCIATES /CA/
13F-HR, 2000-05-11
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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:  March 30, 2000
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
March 30, 2000

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:      136
Form 13F Information Table Value Total: $1,726,913,000.00
List of Other Included Managers:	0

<PAGE>

<TABLE>
NEWELL ASSOCIATES
FORM 13F
March 31, 2000

                                             Voting Authority
                                             --------------------------
                     Value   Shares/ ShPuInvsOther
Name ofTitlCUSIP     (x$1000)Prn Amt PrCaDscrMaSole  Shared  None
- -------------------- ------------------------------------------------
<C>    <C> <C>        <C>     <C>    <C> <C> <C><C>    <C>   <C>
AT&T CoCOM 001957109    56470 1002802SH  Sole   47250  955552
Abbott COM 002824100    10095  286900SH  Sole   11400  275500
AlbertsCOM 013104104     8988  291100SH  Sole   12000  279100
Alcoa ICOM 013817101      393    5600SH  Sole            5600
AllstatCOM 020002101      352   14800SH  Sole           14800
AmericaCOM 026351106    12252  218300SH  Sole   10500  207800
AmericaCOM 026609107    46091  857500SH  Sole   45000  812500
AmericaCOM 026874107      460    4200SH  Sole            4200
AnheuseCOM 035229103    15077  242200SH  Sole   12900  229300
Apple CCOM 037833100      367    2700SH  Sole            2700
AssociaCOM 046008108      250   11700SH  Sole           11700
AtlantiCOM 048825103    29605  348300SH  Sole   18200  330100
Avon PrCOM 054303102     7886  269600SH  Sole   11100  258500
BP AmocCOM 055622104    42609  800178SH  Sole   40310  759868
Baker HCOM 057224107     8301  274400SH  Sole   12100  262300
Bank OnCOM 06423A103    23289  675052SH  Sole   32220  642832
Bank ofCOM 060505104    41096  783708SH  Sole   34873  748835
Bank ofCOM 064057102      274    6600SH  Sole            6600
Baxter COM 071813109    10805  172359SH  Sole    9000  163359
Bell AtCOM 077853109    56261  920418SH  Sole   46928  873490
BellSouCOM 079860102    26569  566804SH  Sole   24800  542004
BestfooCOM 08658U101     6956  148601SH  Sole    6600  142001
Boeing COM 097023105     6576  173900SH  Sole    7700  166200
BristolCOM 110122108    63806 1100100SH  Sole   51700 1048400
CIGNA CCOM 125509109      235    3100SH  Sole            3100
CSX CorCOM 126408103     5144  218900SH  Sole    8600  210300
CampbelCOM 134429109     6116  198900SH  Sole    8700  190200
CaterpiCOM 149123101     9684  245564SH  Sole   10700  234864
CentralCOM 152357109     4314  251900SH  Sole   12500  239400
Chase MCOM 16161A108    12830  147157SH  Sole    6000  141157
ChevronCOM 166751107    35972  389146SH  Sole   21600  367546
Chubb CCOM 171232101     8574  126901SH  Sole    5600  121301
CitigroCOM 172967101     1156   19300SH  Sole           19300
Clorox COM 189054109     6514  197400SH  Sole    8900  188500
Coca-CoCOM 191216100    12204  260000SH  Sole   11100  248900
Compaq COM 204493100      348   12900SH  Sole           12900
ConAgraCOM 205887102     4807  265200SH  Sole   11100  254100
Deere &COM 244199105     5212  137146SH  Sole    6000  131146
DominioCOM 25746U109     9514  247527SH  Sole   12832  234695
Dow CheCOM 260543103    31718  278229SH  Sole   13000  265229
Du PontCOM 263534109    15984  301936SH  Sole   12728  289208
Duke EnCOM 264399106    12618  240352SH  Sole   11700  228652
Dun & BCOM 26483B106      524   18300SH  Sole    1100   17200
EastmanCOM 277461109     9566  176124SH  Sole    8500  167624
Edison COM 281020107     8777  529940SH  Sole   24700  505240
ElectroCOM 285661104      327    5100SH  Sole            5100
EmersonCOM 291011104    10193  191859SH  Sole    9300  182559
Exxon MCOM 30231G102    95519 1225580SH  Sole   60946 1164634
FPL GroCOM 302571104     5419  117635SH  Sole    5800  111835
Fannie COM 313586109     8479  149900SH  Sole    6500  143400
FederalCOM 313400301      292    6600SH  Sole            6600
First DCOM 319963104      288    6500SH  Sole            6500
First UCOM 337358105    22346  599884SH  Sole   31312  568572
Fleet BCOM 339030108    12782  350199SH  Sole   17400  332799
Ford MoCOM 345370100    17511  381191SH  Sole   16400  364791
FortuneCOM 349631101     5223  208931SH  Sole    9600  199331
GTE CorCOM 362320103    37081  522273SH  Sole   28300  493973
GannettCOM 364730101      373    5300SH  Sole            5300
GeneralCOM 369604103    35047  225200SH  Sole    9700  215500
GeneralCOM 370334104     9488  262200SH  Sole   15200  247000
GeneralCOM 370442105      464    5600SH  Sole            5600
GenuineCOM 372460105     7686  321946SH  Sole   15850  306096
GillettCOM 375766102    15395  408500SH  Sole   18700  389800
Glaxo WCOM 37733W105    28937  504900SH  Sole   22900  482000
GoodyeaCOM 382550101     5143  220600SH  Sole    9100  211500
Heinz (COM 423074103     8765  251340SH  Sole   13350  237990
HersheyCOM 427866108     5128  105200SH  Sole    5100  100100
HewlettCOM 428236103      385    2900SH  Sole            2900
HoneyweCOM 438516106     5557  105462SH  Sole    4687  100775
HousehoCOM 441815107      295    7900SH  Sole            7900
InternaCOM 459200101      354    3000SH  Sole            3000
InternaCOM 459506101     4709  134300SH  Sole    6000  128300
InternaCOM 460146103    18252  426949SH  Sole   17907  409042
JohnsonCOM 478160104     6835   97300SH  Sole    4400   92900
KelloggCOM 487836108     7555  293400SH  Sole   13800  279600
KeyCorpCOM 493267108     7265  382370SH  Sole   16200  366170
KimberlCOM 494368103    13476  240375SH  Sole    9500  230875
Lilly, COM 532457108    12769  203900SH  Sole    9100  194800
LincolnCOM 534187109    13671  408100SH  Sole   18800  389300
LockheeCOM 539830109     5263  257500SH  Sole    9500  248000
Marsh &COM 571748102    22261  201800SH  Sole   11600  190200
May DepCOM 577778103    16349  573654SH  Sole   26850  546804
McDonalCOM 580135101      258    6900SH  Sole            6900
McGraw-COM 580645109     7931  174300SH  Sole    8800  165500
Mellon COM 58551A108    11376  382400SH  Sole   17700  364700
Merck &COM 589331107    36486  587300SH  Sole   24400  562900
MerrillCOM 590188108    12339  117516SH  Sole    5300  112216
MinnesoCOM 604059105    23107  260907SH  Sole   13300  247607
Morgan COM 616880100    20408  154900SH  Sole    7600  147300
Morgan COM 617446448      564    6800SH  Sole            6800
MotorolCOM 620076109      759    5200SH  Sole            5200
NationaCOM 637640103      243    4000SH  Sole            4000
Newell COM 651229106     4494  181100SH  Sole    8300  172800
NorfolkCOM 655844108     5115  358958SH  Sole   15000  343958
NortherCOM 665772109     4239  213300SH  Sole   10200  203100
PNC BanCOM 693475105    12270  272294SH  Sole   13200  259094
Penney COM 708160106     6384  429180SH  Sole   20600  408580
PepsiCoCOM 713448108    14191  406900SH  Sole   18300  388600
PharmacCOM 716941109    40400  678994SH  Sole   35970  643024
Philip COM 718154107    21359 1011100SH  Sole   47600  963500
PhillipCOM 718507106     8209  177500SH  Sole    9400  168100
Pitney COM 724479100     9291  207900SH  Sole   10000  197900
ProcterCOM 742718109    18775  332300SH  Sole   14700  317600
Quaker COM 747402105     9700  160000SH  Sole    8700  151300
RalstonCOM 751277302     3006  109300SH  Sole    4300  105000
Royal DCOM 780257804    30802  532800SH  Sole   22900  509900
SAFECO COM 786429100     6234  234700SH  Sole   12500  222200
SBC ComCOM 78387G103    57180 1357388SH  Sole   66581 1290807
Sara LeCOM 803111103     9517  528700SH  Sole   23300  505400
ScherinCOM 806605101     5472  147400SH  Sole    6200  141200
SchlumbCOM 806857108     9012  117800SH  Sole    5200  112600
ScottisCOM 81013T705     8848  279222SH  Sole   14482  264740
Sears, COM 812387108     6487  211829SH  Sole    9000  202829
Sempra COM 816851109     1362   81300SH  Sole    4715   76585
SmithKlCOM 832378301    10662  161400SH  Sole    6300  155100
SoutherCOM 842587107    11754  540410SH  Sole   23700  516710
Sprint COM 852061100      424    6700SH  Sole            6700
St. PauCOM 792860108    10259  300633SH  Sole   14100  286533
SuntrusCOM 867914103      404    7000SH  Sole            7000
TECO EnCOM 872375100     4160  214000SH  Sole   10000  204000
Texaco COM 881694103    22763  423500SH  Sole   24000  399500
Texas UCOM 882848104     7200  242534SH  Sole   11023  231511
Thomas COM 884315102     1124   39800SH  Sole    6600   33200
U S WesCOM 91273H101    25690  353734SH  Sole   16434  337300
U.S. BaCOM 902973106     9683  442667SH  Sole   19445  423222
UST IncCOM 902911106     2905  185900SH  Sole   11500  174400
USX-MarCOM 902905827     5515  211600SH  Sole   11700  199900
Union PCOM 907818108     7242  185100SH  Sole    8700  176400
Unocal COM 915289102     1898   63800SH  Sole    2400   61400
WachoviCOM 929771103    11042  163435SH  Sole    7500  155935
Walt DiCOM 254687106      528   12800SH  Sole           12800
WashingCOM 939322103    11778  444460SH  Sole   20260  424200
Wells FCOM 949746101     6922  169865SH  Sole    6900  162965
WeyerhaCOM 962166104    13264  232700SH  Sole    9800  222900
WhirlpoCOM 963320106     5089   86800SH  Sole    3900   82900
Xerox CCOM 984121103     7267  279500SH  Sole   11600  267900
</TABLE>



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