ZELIFF WALLACE JACKSON INVESTMENT COUNSEL INC
13F-HR, 1999-10-22
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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 her if Amendment [  ]; Amendment Number:
This Amendment (Check only one.): [  ] is a restatement
                                  [  ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:     Zeliff Wallace Jackson Investment Counsel
Address:  1100 Peachtree Street, N.E., Suite 2050
          Atlanta, GA  30309

13F File Number:  28-2376

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:   Charles J. Wallace, Jr.
Title:  Executive Vice President
Phone:  404-873-2211
Signature, Place, and Date of Signing:

        Charles J. Wallace, Jr.    Atlanta, Georgia     October 22, 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

FORM 13F INFORMATION TABLE ENTRY TOTAL:   174

FORM 13F INFORMATION TABLE VALUE TOTAL:   $304,217,000



LIST OF OTHER INCLUDED MANAGERS:

NO.   13F FILE NUMBER      NAME
<PAGE>
<TABLE>                        <C>                                    <C>
                                                    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
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------

3 COM CORP                     COM              885535104     1893    65845 SH       SOLE                     2000        0    63845
3 COM CORP                     COM              885535104      568    19760 SH       OTHER                       0    19760        0
A T & T CORP                   COM              001957109     3703    85116 SH       SOLE                     1500        0    83616
A T & T CORP                   COM              001957109      959    22035 SH       OTHER                       0    22035        0
ABBOTT LABS                    COM              002824100     9363   255212 SH       SOLE                     1500        0   253712
ABBOTT LABS                    COM              002824100     1002    27320 SH       OTHER                       0    27320        0
AIR EXPRESS INTERNATIONAL CORP COM              009104100     3171   139774 SH       SOLE                     3400        0   136374
AIR EXPRESS INTERNATIONAL CORP COM              009104100      370    16330 SH       OTHER                       0    16330        0
ALLIED SIGNAL INC              COM              019512102      264     4400 SH       SOLE                        0        0     4400
ALLTEL CORP                    COM              020039103     2646    37600 SH       SOLE                        0        0    37600
ALLTEL CORP                    COM              020039103      210     2977 SH       OTHER                       0     2977        0
AMERICAN HOME PRODUCTS CORP    COM              026609107     4042    97400 SH       SOLE                     1700        0    95700
AMERICAN HOME PRODUCTS CORP    COM              026609107      638    15380 SH       OTHER                       0    15380        0
AMERICAN INTERNATIONAL GROUP I COM              026874107      492     5659 SH       SOLE                        0        0     5659
AMGEN INC                      COM              031162100      305     3740 SH       SOLE                        0        0     3740
ANHEUSER BUSCH COMPANIES INC   COM              035229103      558     7958 SH       SOLE                        0        0     7958
AUTOMATIC DATA PROCESSING      COM              053015103      487    10920 SH       SOLE                        0        0    10920
AXA FINANCIAL                  COM              002451102     3187   114190 SH       SOLE                     2400        0   111790
AXA FINANCIAL                  COM              002451102      693    24820 SH       OTHER                       0    24820        0
BANK OF AMERICA                COM              060505104      478     8580 SH       SOLE                        0        0     8580
BECTON DICKINSON & CO          COM              075887109     3461   123345 SH       SOLE                     2000        0   121345
BECTON DICKINSON & CO          COM              075887109      824    29350 SH       OTHER                       0    29350        0
BELL ATLANTIC CORP             COM              077853109      274     4070 SH       SOLE                        0        0     4070
BELLSOUTH CORP                 COM              079860102      876    19475 SH       SOLE                        0        0    19475
BELLSOUTH CORP                 COM              079860102      277     6145 SH       OTHER                       0     6145        0
BICCGENERAL                    COM              369300108     1010    84165 SH       SOLE                     3000        0    81165
BICCGENERAL                    COM              369300108      420    35010 SH       OTHER                       0    35010        0
BP AMOCO ADS                   COM              055622104      415     7492 SH       SOLE                        0        0     7492
BRISTOL MYERS SQUIBB CO        COM              110122108     1352    20030 SH       SOLE                        0        0    20030
C C B FINANCIAL CORP           COM              124875105     4572   109846 SH       SOLE                     1600        0   108246
C C B FINANCIAL CORP           COM              124875105      597    14340 SH       OTHER                       0    14340        0
C N F TRANSPORTATION INC.      COM              12612W104     2171    58269 SH       SOLE                     1200        0    57069
C N F TRANSPORTATION INC.      COM              12612W104      675    18115 SH       OTHER                       0    18115        0
CADMUS COMMUNICATIONS CORP     COM              127587103      250    22500 SH       SOLE                        0        0    22500
CARAUSTAR INDUSTRIES INC       COM              140909102      333    13068 SH       SOLE                        0        0    13068
CERIDIAN CORP                  COM              15677T106     5507   221380 SH       SOLE                     3500        0   217880
CERIDIAN CORP                  COM              15677T106      922    37080 SH       OTHER                       0    37080        0
CHUBB CORP                     COM              171232101     5228   105351 SH       SOLE                      800        0   104551
CHUBB CORP                     COM              171232101      823    16590 SH       OTHER                       0    16590        0
CINCINNATI BELL INC            COM              171870108     4117   211800 SH       SOLE                     3900        0   207900
CINCINNATI BELL INC            COM              171870108      921    47385 SH       OTHER                       0    47385        0
CITIGROUP INC.                 COM              172967101      205     4664 SH       OTHER                       0     4664        0
COCA-COLA COMPANY              COM              191216100    20883   432805 SH       SOLE                      500        0   432305
COCA-COLA COMPANY              COM              191216100      780    16170 SH       OTHER                       0    16170        0
COLONIAL BANCGROUP CONV 7.500% CONVERTIBLE BOND 195493AA9        6     4000 PRN      OTHER                       0     4000        0
COMERICA INC                   COM              200340107      745    14720 SH       SOLE                        0        0    14720
COMPUTER ASSOCIATES INTERNATIO COM              204912109      207     3387 SH       SOLE                        0        0     3387
COMPUTER TASK GROUP INC        COM              205477102     1827   123890 SH       SOLE                     3000        0   120890
COMPUTER TASK GROUP INC        COM              205477102      531    35973 SH       OTHER                       0    35973        0
CONVERGYS CORP.                COM              212485106     2910   146885 SH       SOLE                     2800        0   144085
CONVERGYS CORP.                COM              212485106      644    32510 SH       OTHER                       0    32510        0
DOW CHEMICAL CORP              COM              260543103      810     7131 SH       SOLE                        0        0     7131
DU PONT E I DE NEMOURS CO      COM              263534109      538     8892 SH       SOLE                        0        0     8892
ELI LILLY AND COMPANY          COM              532457108      539     8392 SH       SOLE                        0        0     8392
EVERGREEN FOUNDATION TRUST CLA MUTUAL FUNDS     300233103      364    17363 SH       SOLE                        0        0    17363
EXXON CORP                     COM              302290101     3624    47679 SH       SOLE                        0        0    47679
FAMILY DOLLAR STORES           COM              307000109      519    24575 SH       SOLE                      500        0    24075
FAMILY DOLLAR STORES           COM              307000109      407    19250 SH       OTHER                       0    19250        0
FANNIE MAE                     COM              313586109      732    11670 SH       SOLE                        0        0    11670
FIRST DATA CORP                COM              319963104     5040   114873 SH       SOLE                     1700        0   113173
FIRST DATA CORP                COM              319963104      913    20815 SH       OTHER                       0    20815        0
FIRST UNION CORP               COM              337358105      906    25435 SH       SOLE                        0        0    25435
FREDDIE MAC                    COM              313400301      754    14500 SH       SOLE                        0        0    14500
G T E CORP                     COM              362320103     7441    96797 SH       SOLE                     1300        0    95497
G T E CORP                     COM              362320103     1555    20229 SH       OTHER                       0    20229        0
GENERAL ELECTRIC CO            COM              369604103     9502    80146 SH       SOLE                        0        0    80146
GENERAL ELECTRIC CO            COM              369604103      761     6416 SH       OTHER                       0     6416        0
GENERAL MILLS INC              COM              370334104      423     5215 SH       SOLE                        0        0     5215
GENUINE PARTS CO               COM              372460105      295    11121 SH       SOLE                        0        0    11121
GENZYME SURGICAL PRODUCTS      COM              372917609       56    10000 SH       SOLE                        0        0    10000
GILLETTE CO                    COM              375766102      323     9526 SH       SOLE                        0        0     9526
GUIDANT CORP                   COM              401698105      583    10876 SH       SOLE                        0        0    10876
HAVERTY FURNITURE COMPANIES IN COM              419596200      657    44920 SH       SOLE                        0        0    44920
HEALTHDYNE INFORMATION ENTERPR COM              40419W100       28    13900 SH       SOLE                        0        0    13900
HEALTHSOUTH CORP               COM              421924101      133    21702 SH       SOLE                        0        0    21702
HERTZ CORP CL A                COM              428040109      648    14733 SH       SOLE                        0        0    14733
HEWLETT PACKARD CO             COM              428236103     6206    68385 SH       SOLE                      900        0    67485
HEWLETT PACKARD CO             COM              428236103     1350    14872 SH       OTHER                       0    14872        0
HILLENBRAND INDUSTRIES INC     COM              431573104     1402    53155 SH       SOLE                     1500        0    51655
HILLENBRAND INDUSTRIES INC     COM              431573104      280    10632 SH       OTHER                       0    10632        0
HOME DEPOT INC                 COM              437076102     2870    41828 SH       SOLE                        0        0    41828
HOME DEPOT INC                 COM              437076102      353     5150 SH       OTHER                       0     5150        0
I B M                          COM              459200101    14038   116013 SH       SOLE                     1100        0   114913
I B M                          COM              459200101     1202     9930 SH       OTHER                       0     9930        0
INGRAM MICRO INC               COM              457153104      348    27025 SH       SOLE                        0        0    27025
INTEL CORP                     COM              458140100      453     6100 SH       SOLE                        0        0     6100
INTEL CORP                     COM              458140100      393     5294 SH       OTHER                       0     5294        0
INTERTAPE POLYMER GROUP INC    COM              460919103     5493   194440 SH       SOLE                     2100        0   192340
INTERTAPE POLYMER GROUP INC    COM              460919103      934    33055 SH       OTHER                       0    33055        0
INVESCO DYNAMICS FUND          MUTUAL FUNDS     460962103      729    37392 SH       OTHER                       0    37392        0
ITC DELTACOM INC               COM              45031T104      353    12850 SH       SOLE                        0        0    12850
J P MORGAN & CO INC            COM              616880100      740     6480 SH       SOLE                        0        0     6480
J P MORGAN & CO INC            COM              616880100      224     1960 SH       OTHER                       0     1960        0
JOHNSON & JOHNSON              COM              478160104     3583    39001 SH       SOLE                      900        0    38101
JOHNSON & JOHNSON              COM              478160104      907     9877 SH       OTHER                       0     9877        0
KAMAN CORP CLASS A             COM              483548103      536    42040 SH       SOLE                      700        0    41340
KAMAN CORPORATION CONV 6.000%  CONVERTIBLE BOND 483548AC7       16    17000 PRN      SOLE                        0        0    17000
KAYDON CORP                    COM              486587108     3447   138570 SH       SOLE                     2500        0   136070
KAYDON CORP                    COM              486587108      479    19260 SH       OTHER                       0    19260        0
LIPOSOME INC                   COM              536310105      152    20000 SH       SOLE                        0        0    20000
LOWES COMPANIES INC            COM              548661107     2375    48724 SH       SOLE                     1000        0    47724
LOWES COMPANIES INC            COM              548661107      567    11641 SH       OTHER                       0    11641        0
LUCENT TECHNOLOGIES INC        COM              549463107      501     7725 SH       SOLE                        0        0     7725
MATRIA HEALTHCARE INC          COM              576817100      126    21400 SH       SOLE                        0        0    21400
MCDONALDS CORP                 COM              580135101     3785    87520 SH       SOLE                        0        0    87520
MCDONALDS CORP                 COM              580135101      390     9008 SH       OTHER                       0     9008        0
MERCK & CO INC                 COM              589331107     1097    16930 SH       SOLE                        0        0    16930
MERRILL LYNCH & CO             COM              590188108     3305    49060 SH       SOLE                     1200        0    47860
MERRILL LYNCH & CO             COM              590188108      760    11276 SH       OTHER                       0    11276        0
MICRON TECHNOLOGY INC          COM              595112103      707    10630 SH       SOLE                        0        0    10630
MICROSOFT CORP                 COM              594918104      840     9280 SH       SOLE                        0        0     9280
MINDSPRING ENTERPRISES INC     COM              602683104      257     9300 SH       OTHER                       0     9300        0
MINNESOTA MINING & MANUFACTURI COM              604059105      570     5935 SH       SOLE                        0        0     5935
MOBIL CORP                     COM              607059102      383     3806 SH       SOLE                        0        0     3806
MONSANTO CO                    COM              611662107     2942    82450 SH       SOLE                     1500        0    80950
MONSANTO CO                    COM              611662107      818    22935 SH       OTHER                       0    22935        0
MOTOROLA INC                   COM              620076109     2695    30620 SH       SOLE                      900        0    29720
MOTOROLA INC                   COM              620076109      565     6420 SH       OTHER                       0     6420        0
NOKIA CORP SPONSORED ADR       COM              654902204    15268   169880 SH       SOLE                     1500        0   168380
NOKIA CORP SPONSORED ADR       COM              654902204     2425    26985 SH       OTHER                       0    26985        0
OMNICOM GROUP                  COM              681919106     3301    41682 SH       SOLE                        0        0    41682
P S S WORLD MEDICAL INC.       COM              69366A100      693    77500 SH       SOLE                     3300        0    74200
P S S WORLD MEDICAL INC.       COM              69366A100      286    31970 SH       OTHER                       0    31970        0
PAYLESS CASHWAYS INC           COM              704378405       16    10000 SH       SOLE                        0        0    10000
PEP BOYS MANNY MOE & JACK      COM              713278109     1048    70470 SH       SOLE                     3000        0    67470
PEP BOYS MANNY MOE & JACK      COM              713278109      238    16000 SH       OTHER                       0    16000        0
PFIZER INC                     COM              717081103      619    17247 SH       SOLE                        0        0    17247
PHILIP MORRIS COS INC          COM              718154107      383    11200 SH       SOLE                        0        0    11200
PREMIER BANCSHARES INC         COM              739909109      179    10200 SH       SOLE                        0        0    10200
PROCTER & GAMBLE COMPANY       COM              742718109     1110    11838 SH       SOLE                        0        0    11838
PROVIDIAN FINANCIAL CORP       COM              74406A102      396     5000 SH       SOLE                        0        0     5000
QUANEX CORP                    COM              747620102      630    24600 SH       SOLE                        0        0    24600
QUANEX CORP                    COM              747620102      202     7875 SH       OTHER                       0     7875        0
RAYTHEON CO CLASS 'B'          COM              755111408     4004    80695 SH       SOLE                     1400        0    79295
RAYTHEON CO CLASS 'B'          COM              755111408      687    13835 SH       OTHER                       0    13835        0
REGIS CORP                     COM              758932107     2134   110864 SH       SOLE                     3700        0   107164
REGIS CORP                     COM              758932107      746    38750 SH       OTHER                       0    38750        0
ROYAL DUTCH PETROLEUM          COM              780257804     3840    65022 SH       SOLE                     1200        0    63822
ROYAL DUTCH PETROLEUM          COM              780257804      415     7025 SH       OTHER                       0     7025        0
S B C COMMUNICATIONS INC       COM              78387G103      206     4038 SH       SOLE                        0        0     4038
S & P 500 DEPOSITORY RECEIPT   COM              78462F103      338     2629 SH       SOLE                        0        0     2629
SANMINA CORP                   COM              800907107     7595    98153 SH       SOLE                     1500        0    96653
SANMINA CORP                   COM              800907107     1568    20265 SH       OTHER                       0    20265        0
SARA LEE CORP                  COM              803111103     1151    49250 SH       SOLE                     2500        0    46750
SARA LEE CORP                  COM              803111103      261    11150 SH       OTHER                       0    11150        0
SAVILLE SYS PLC ADR            COM              805174109      294    20000 SH       SOLE                        0        0    20000
SCHERING PLOUGH CORP           COM              806605101      270     6200 SH       SOLE                        0        0     6200
SCHLUMBERGER                   COM              806857108     2580    41405 SH       SOLE                      300        0    41105
SCHLUMBERGER                   COM              806857108      602     9665 SH       OTHER                       0     9665        0
SOUTHERN CO                    COM              842587107      422    16396 SH       SOLE                        0        0    16396
SOUTHTRUST CORP                COM              844730101     1467    40881 SH       SOLE                        0        0    40881
SPRINGS INDS INC               COM              851783100     5991   176516 SH       SOLE                        0        0   176516
STERIS CORP                    COM              859152100     1753   127465 SH       SOLE                     3100        0   124365
STERIS CORP                    COM              859152100      457    33215 SH       OTHER                       0    33215        0
STERLING COMMERCE INC          COM              859205106      917    49396 SH       SOLE                     1700        0    47696
STERLING COMMERCE INC          COM              859205106      195    10515 SH       OTHER                       0    10515        0
SUNTRUST BANKS INC             COM              867914103     5984    91012 SH       SOLE                     1500        0    89512
SUNTRUST BANKS INC             COM              867914103     1038    15790 SH       OTHER                       0    15790        0
SYNOVUS FINANCIAL CORP         COM              87161C105     1044    55846 SH       SOLE                        0        0    55846
TEXAS INSTRUMENTS INC.         COM              882508104     4246    51620 SH       SOLE                      600        0    51020
TEXAS INSTRUMENTS INC.         COM              882508104      767     9326 SH       OTHER                       0     9326        0
TEXTRON INC                    COM              883203101      321     4150 SH       SOLE                        0        0     4150
THE WALT DISNEY COMPANY        COM              254687106      300    11547 SH       SOLE                        0        0    11547
THERMO ELECTRON CORP           COM              883556102     2427   180594 SH       SOLE                     3000        0   177594
THERMO ELECTRON CORP           COM              883556102      616    45807 SH       OTHER                       0    45807        0
TIFFANY & CO                   COM              886547108     5385    89840 SH       SOLE                      600        0    89240
TIFFANY & CO                   COM              886547108      312     5200 SH       OTHER                       0     5200        0
TRANSOCEAN OFFSHORE INC        COM              G90076103      609    19894 SH       SOLE                        0        0    19894
UNUMPROVIDENT CORP             COM              91529Y106     1437    48814 SH       SOLE                     1095        0    47719
UNUMPROVIDENT CORP             COM              91529Y106      420    14265 SH       OTHER                       0    14265        0
WACHOVIA CORP                  COM              929771103      728     9263 SH       SOLE                        0        0     9263
WACHOVIA CORP                  COM              929771103      266     3385 SH       OTHER                       0     3385        0
WILLIAMS COMPANIES INC         COM              969457100     6950   184707 SH       SOLE                     2900        0   181807
WILLIAMS COMPANIES INC         COM              969457100     1166    30980 SH       OTHER                       0    30980        0
</TABLE>


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