INVERNESS COUNSEL INC /NY/
13F-HR, 1999-09-08
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                           UNITED STATES
                      SECURITIES AND EXCHANGE COMMISSION
                              Washington DC 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: [ ] is a restatement.
                [ ] adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:        Inverness Counsel Inc.
Address:     545 Madison Avenue
             9th Floor
             New York NY 10022

Form 13F File Number: 01-40161

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:        Robert B. Deans III
Title:       Executive Vice President
Phone:       (212) 207-2130

Signature, Place, and Date of Signing:

Robert B. Deans III                     New York, NY                   8/31/99
- ------------------------------          --------------------          --------
Signature                               City, State                   Date

Report Type:

[X] 13F HOLDINGS REPORT
[ ] 13F NOTICE
[ ] 13F COMBINATION REPORT
<PAGE>

                             FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers:         0

Form 13F Information Table Entry Total:              257

Form 13F Information Table Value Total:       $1,159,172

List of Other Included Managers:
NONE
<PAGE>
<TABLE>
<CAPTION>
                                                    FORM 13F INFORMATION TABLE

            COLUMN 1             COLUMN 2 COLUMN 3  COLUMN 4        COLUMN 5        COLUMN 6   COLUMN 7            COLUMN 8
- -------------------------------- -------- --------- -------- ---------------------- -------- ------------ --------------------------
                                  TITLE    CUSIP     VALUE     SHARES /    SH/ PUT/ INVSTMT     OTHER          VOTING AUTHORITY
         NAME OF ISSUER          OF CLASS  NUMBER   (x$1000) PRINCIPAL AMT PRN CALL DSCRETN    MANAGERS     SOLE    SHARED    NONE
- -------------------------------- -------- --------- -------- ------------- --- ---- -------- ------------ -------- -------- --------
<S>                              <C>      <C>       <C>      <C>           <C> <C>  <C>      <C>          <C>      <C>      <C>
AT&T CORP                        COMMON   00195710      7664        137308 SH       SOLE                                      137308
AT&T CORP                        COMMON   00195710       580         10400 SH       OTHER                                      10400
AT&T LIBERTY MEDIA GROUP CL-A    COMMON   00195720      2878         78304 SH       SOLE                                       78304
AT&T LIBERTY MEDIA GROUP CL-A    COMMON   00195720        37          1000 SH       OTHER                                       1000
ABBOTT LABORATORIES              COMMON   00282410     13145        289700 SH       SOLE                                      289700
ABBOTT LABORATORIES              COMMON   00282410        18           400 SH       OTHER                                        400
AIR PRODUCTS & CHEMICAL          COMMON   00915810       270          6700 SH       SOLE                                        6700
ALBERTSONS INC                   COMMON   01310410       934         18117 SH       SOLE                                       18117
ALBERTSONS INC                   COMMON   01310410       232          4500 SH       OTHER                                       4500
ALCOA INC                        COMMON   01381710      2999         48461 SH       SOLE                                       48461
ALCOA INC                        COMMON   01381710       124          2000 SH       OTHER                                       2000
ALLIED SIGNAL INC                COMMON   01951210      4897         77734 SH       SOLE                                       77734
ALLIED SIGNAL INC                COMMON   01951210        50           798 SH       OTHER                                        798
ALLSTATE CORP                    COMMON   02000210        70          1948 SH       SOLE                                        1948
ALLSTATE CORP                    COMMON   02000210       145          4032 SH       OTHER                                       4032
ALZA CORP CLASS A                COMMON   02261510        10           200 SH       SOLE                                         200
ALZA CORP CLASS A                COMMON   02261510       407          8000 SH       OTHER                                       8000
AMERICA ONLINE                   COMMON   02364J10      1930         17545 SH       SOLE                                       17545
AMERICA ONLINE                   COMMON   02364J10       132          1200 SH       OTHER                                       1200
AMERICAN EXPRESS CO              COMMON   02581610      4743         36449 SH       SOLE                                       36449
AMERICAN EXPRESS CO              COMMON   02581610        61           470 SH       OTHER                                        470
AMERICAN HOME PRODUCTS           COMMON   02660910      1305         22748 SH       SOLE                                       22748
AMERICAN HOME PRODUCTS           COMMON   02660910       344          6000 SH       OTHER                                       6000
AMERICAN INTL GROUP INC          COMMON   02687410     19761        168538 SH       SOLE                                      168538
AMERICAN INTL GROUP INC          COMMON   02687410       246          2100 SH       OTHER                                       2100
ANADARKO PETROLEUM               COMMON   03251110       383         10400 SH       SOLE                                       10400
A O N CORP                       COMMON   03738910     21966        532520 SH       SOLE                                      532520
APPLIED MATERIALS                COMMON   03822210       207          2800 SH       SOLE                                        2800
AT HOME CORP SERIES A            COMMON   04591910      1505         27894 SH       SOLE                                       27894
AT HOME CORP SERIES A            COMMON   04591910        54          1000 SH       OTHER                                       1000
ATLANTIC RICHFIELD               COMMON   04882510       228          2726 SH       SOLE                                        2726
AUTOMATIC DATA PROCESSING        COMMON   05301510      1296         29464 SH       SOLE                                       29464
AVERY DENNISON CORP              COMMON   05361110       442          7325 SH       SOLE                                        7325
AVON PRODUCTS                    COMMON   05430310       222          4000 SH       SOLE                                        4000
BP AMOCO PLC                     COMMON   05562210       437          4024 SH       SOLE                                        4024
BANK OF AMERICA CORP             COMMON   06050510     16586        226236 SH       SOLE                                      226236
BANK OF AMERICA CORP             COMMON   06050510      1276         17400 SH       OTHER                                      17400
BANK ONE CORP                    COMMON   06423A10      1173         19693 SH       SOLE                                       19693
BANK ONE CORP                    COMMON   06423A10      1563         26245 SH       OTHER                                      26245
BEAR STEARNS CO                  COMMON   07390210       515         11013 SH       SOLE                                       11013
BELL ATLANTIC CORP               COMMON   07785310       381          5834 SH       SOLE                                        5834
BELLSOUTH CORP                   COMMON   07986010      1317         28548 SH       SOLE                                       28548
BELLSOUTH CORP                   COMMON   07986010       258          5600 SH       OTHER                                       5600
BERKSHIRE HATHAWAY "B"           COMMON   08467020      1019           455 SH       SOLE                                         455
BERKSHIRE HATHAWAY "B"           COMMON   08467020      2038           910 SH       OTHER                                        910
BESTFOODS                        COMMON   08658U10     13208        266825 SH       SOLE                                      266825
BESTFOODS                        COMMON   08658U10       495         10000 SH       OTHER                                      10000
BEYOND.COM                       COMMON   08860E10       459         15984 SH       SOLE                                       15984
BOEING CO                        COMMON   09702310     12624        286898 SH       SOLE                                      286898
BOEING CO                        COMMON   09702310        50          1146 SH       OTHER                                       1146
BRISTOL MYERS SQUIBB             COMMON   11012210     18478        262333 SH       SOLE                                      262333
BRISTOL MYERS SQUIBB             COMMON   11012210       857         12170 SH       OTHER                                      12170
CAMPBELL SOUP                    COMMON   13442910       774         16700 SH       SOLE                                       16700
CAMPBELL SOUP                    COMMON   13442910        19           400 SH       OTHER                                        400
CARLISLE COS INC                 COMMON   14233910     24175        502330 SH       SOLE                                      502330
CARLISLE COS INC                 COMMON   14233910     40961        851128 SH       OTHER                                     851128
CARPENTER TECHNOLOGY             COMMON   14428510         6           200 SH       SOLE                                         200
CARPENTER TECHNOLOGY             COMMON   14428510       343         12000 SH       OTHER                                      12000
CHASE MANHATTAN                  COMMON   16161A10       375          4338 SH       SOLE                                        4338
CHASE MANHATTAN                  COMMON   16161A10        99          1146 SH       OTHER                                       1146
CHEVRON CORP                     COMMON   16675110      4491         47241 SH       SOLE                                       47241
CHEVRON CORP                     COMMON   16675110        53           559 SH       OTHER                                        559
CISCO SYSTEMS INC                COMMON   17275R10     23007        357038 SH       SOLE                                      357038
CISCO SYSTEMS INC                COMMON   17275R10       573          8900 SH       OTHER                                       8900
CITIGROUP INC                    COMMON   17296710      5211        109704 SH       SOLE                                      109704
CITIGROUP INC                    COMMON   17296710       217          4577 SH       OTHER                                       4577
CLOSURE MEDICAL CORP             COMMON   18909310      2765         92150 SH       SOLE                                       92150
CLOSURE MEDICAL CORP             COMMON   18909310       300         10000 SH       OTHER                                      10000
COASTAL CORP                     COMMON   19044110       511         12700 SH       SOLE                                       12700
COCA-COLA CO                     COMMON   19121610      4698         75773 SH       SOLE                                       75773
COCA-COLA CO                     COMMON   19121610      1722         27775 SH       OTHER                                      27775
COMPAQ COMPUTER                  COMMON   20449310       253         10664 SH       SOLE                                       10664
COMPUTER ASSOCIATES              COMMON   20491210       129          2356 SH       SOLE                                        2356
COMPUTER ASSOCIATES              COMMON   20491210        98          1782 SH       OTHER                                       1782
CONSOLIDATED EDISON CO.          COMMON   20911510       245          5413 SH       SOLE                                        5413
CORNING INC                      COMMON   21935010       238          3400 SH       SOLE                                        3400
COX COMMUNICATIONS               COMMON   22404410       221          6000 SH       SOLE                                        6000
DII GROUP INC                    COMMON   23294910       113          3040 SH       SOLE                                        3040
DII GROUP INC                    COMMON   23294910      2115         56686 SH       OTHER                                      56686
DAYTON HUDSON                    COMMON   23975310      1056         16250 SH       SOLE                                       16250
DAYTON HUDSON                    COMMON   23975310        33           500 SH       OTHER                                        500
DELL COMPUTER                    COMMON   24702510       410         11085 SH       SOLE                                       11085
DELL COMPUTER                    COMMON   24702510        44          1200 SH       OTHER                                       1200
DELPHI AUTOMOTIVE SYS            COMMON   24712610       551         29765 SH       SOLE                                       29765
DELPHI AUTOMOTIVE SYS            COMMON   24712610       162          8778 SH       OTHER                                       8778
WALT DISNEY CO                   COMMON   25468710     13412        435270 SH       SOLE                                      435270
WALT DISNEY CO                   COMMON   25468710       276          8957 SH       OTHER                                       8957
DONNELLEY R R & SONS             COMMON   25786710       426         11482 SH       SOLE                                       11482
DOVER CORP                       COMMON   26000310     21169        604836 SH       SOLE                                      604836
DOVER CORP                       COMMON   26000310     75761       2164595 SH       OTHER                                    2164595
DOW CHEMICAL                     COMMON   26054310       121           955 SH       SOLE                                         955
DOW CHEMICAL                     COMMON   26054310       776          6120 SH       OTHER                                       6120
DOWNEY FINANCIAL CORP            COMMON   26101810       291         13245 SH       SOLE                                       13245
E I DUPONT DE NEMOURS & CO       COMMON   26353410     18980        277846 SH       SOLE                                      277846
E I DUPONT DE NEMOURS & CO       COMMON   26353410      1687         24702 SH       OTHER                                      24702
DUKE ENERGY CORP                 COMMON   26439910       326          5996 SH       SOLE                                        5996
DUKE ENERGY CORP                 COMMON   26439910       126          2306 SH       OTHER                                       2306
EMC CORPORATION                  COMMON   26864810     18979        345077 SH       SOLE                                      345077
EMC CORPORATION                  COMMON   26864810      2398         43600 SH       OTHER                                      43600
EASTMAN KODAK CO                 COMMON   27746110       789         11641 SH       SOLE                                       11641
ELECTRONIC ARTS                  COMMON   28551210      1096         20200 SH       SOLE                                       20200
EMERSON ELECTRIC                 COMMON   29101110      2562         40700 SH       SOLE                                       40700
ENRON CORP                       COMMON   29356110       531          6500 SH       SOLE                                        6500
G EQUANT NV                      COMMON   29440910       473          5000 SH       SOLE                                        5000
ERICSSON LM TELEPHONE "B" ADR    COMMON   29482140       395         12000 SH       SOLE                                       12000
EXXON CORP                       COMMON   30229010     14942        193733 SH       SOLE                                      193733
EXXON CORP                       COMMON   30229010      2149         27864 SH       OTHER                                      27864
FEDERATED DEPARTMENT STORES      COMMON   31410H10       201          3800 SH       SOLE                                        3800
FORD MOTOR COMPANY               COMMON   34537010       235          4158 SH       SOLE                                        4158
FORD MOTOR COMPANY               COMMON   34537010       424          7506 SH       OTHER                                       7506
FREQUENCY ELECTRONICS            COMMON   35801010      7333        875559 SH       SOLE                                      875559
FREQUENCY ELECTRONICS            COMMON   35801010       877        104750 SH       OTHER                                     104750
GPU INC.                         COMMON   36225X10       405          9600 SH       SOLE                                        9600
GPU INC.                         COMMON   36225X10        63          1500 SH       OTHER                                       1500
GTE CORP                         COMMON   36232010      1159         15349 SH       SOLE                                       15349
GALILEO INTERNATIONAL            COMMON   36354710       214          4000 SH       SOLE                                        4000
GENERAL ELECTRIC CO              COMMON   36960410     38381        339654 SH       SOLE                                      339654
GENERAL ELECTRIC CO              COMMON   36960410      3615         31989 SH       OTHER                                      31989
GENERAL MOTORS CORP              COMMON   37044210      3781         57291 SH       SOLE                                       57291
GENERAL MOTORS CORP              COMMON   37044210       874         13247 SH       OTHER                                      13247
GENRAD INC                       COMMON   37244710       537         25100 SH       SOLE                                       25100
GENRAD INC                       COMMON   37244710        26          1200 SH       OTHER                                       1200
GENZYME CORP                     COMMON   37291710       340          7000 SH       SOLE                                        7000
GILLETTE CO                      COMMON   37576610       593         14460 SH       SOLE                                       14460
HALLIBURTON                      COMMON   40621610      3919         86600 SH       SOLE                                       86600
HAWAIIAN ELECTRIC INDUSTRIES     COMMON   41987010       206          5800 SH       OTHER                                       5800
HERSHEY FOODS CORP               COMMON   42786610       249          4200 SH       SOLE                                        4200
HEWLETT-PACKARD CO               COMMON   42823610     14807        147336 SH       SOLE                                      147336
HEWLETT-PACKARD CO               COMMON   42823610        60           593 SH       OTHER                                        593
HISPANIC BROADCASTING CORP       COMMON   43357B10      2631         34670 SH       SOLE                                       34670
HOME DEPOT                       COMMON   43707610     24535        380753 SH       SOLE                                      380753
HOME DEPOT                       COMMON   43707610        13           200 SH       OTHER                                        200
IMS HEALTH INC.                  COMMON   44993410       269          8600 SH       SOLE                                        8600
IXL ENTERPRISES                  COMMON   45071810       403         15000 SH       SOLE                                       15000
INDEPENDENT COMMUNITY BANKSHARES COMMON   45384Q10       921         38360 SH       SOLE                                       38360
INSURANCE MGMT SOLUTIONS GROUP   COMMON   45804510        85         10000 SH       SOLE                                       10000
INTEL CORP                       COMMON   45814010     25523        428957 SH       SOLE                                      428957
INTEL CORP                       COMMON   45814010      1559         26200 SH       OTHER                                      26200
INT'L BUSINESS MACHINES CORP     COMMON   45920010     26677        206402 SH       SOLE                                      206402
INT'L BUSINESS MACHINES CORP     COMMON   45920010       204          1580 SH       OTHER                                       1580
INTERNATIONAL PAPER CO           COMMON   46014610       270          5368 SH       SOLE                                        5368
JOHNSON & JOHNSON                COMMON   47816010     25957        264865 SH       SOLE                                      264865
JOHNSON & JOHNSON                COMMON   47816010       211          2149 SH       OTHER                                       2149
K L A TENCOR CORP                COMMON   48248010      4815         74225 SH       SOLE                                       74225
K L A TENCOR CORP                COMMON   48248010       143          2200 SH       OTHER                                       2200
K C HOLDING CO                   COMMON   4869901C         0        145772 SH       SOLE                                      145772
KINDER MORGAN ENERGY             COMMON   49455010      1721         46500 SH       SOLE                                       46500
LE RICHES STORES LTD             COMMON   50419990       115         14400 SH       SOLE                                       14400
LIGHTPATH TECHNOLOGIES INC       COMMON   53225710        73         37100 SH       SOLE                                       37100
LILLY, ELI                       COMMON   53245710       498          6959 SH       SOLE                                        6959
LUCENT TECHNOLOGIES INC          COMMON   54946310     22303        330715 SH       SOLE                                      330715
LUCENT TECHNOLOGIES INC          COMMON   54946310       651          9656 SH       OTHER                                       9656
MCI WORLDCOM                     COMMON   55268B10      7159         83179 SH       SOLE                                       83179
MCI WORLDCOM                     COMMON   55268B10       301          3500 SH       OTHER                                       3500
MAHONING NATIONAL BANCORP INC.   COMMON   56009010       263          6000 SH       SOLE                                        6000
MAY DEPT STORES                  COMMON   57777810       577         14124 SH       SOLE                                       14124
McDONALD'S CORP                  COMMON   58013510      5716        138996 SH       SOLE                                      138996
McDONALD'S CORP                  COMMON   58013510        47          1151 SH       OTHER                                       1151
MEDIAONE GROUP                   COMMON   58440J10       177          2378 SH       SOLE                                        2378
MEDIAONE GROUP                   COMMON   58440J10       119          1600 SH       OTHER                                       1600
MELLON BANK CORP                 COMMON   58550910       233          6400 SH       SOLE                                        6400
MERCK & CO INC                   COMMON   58933110     25403        345034 SH       SOLE                                      345034
MERCK & CO INC                   COMMON   58933110      3523         47856 SH       OTHER                                      47856
MEREDITH CORP                    COMMON   58943310     12181        351800 SH       SOLE                                      351800
MEREDITH CORP                    COMMON   58943310        48          1400 SH       OTHER                                       1400
MICROSOFT CORP                   COMMON   59491810      8840         98020 SH       SOLE                                       98020
MICROSOFT CORP                   COMMON   59491810       956         10600 SH       OTHER                                      10600
MIDCOAST ENERGY RES INC          COMMON   59563W10       177         11000 SH       SOLE                                       11000
MINNESOTA MINING & MFG CO        COMMON   60405910      4518         51964 SH       SOLE                                       51964
MINNESOTA MINING & MFG CO        COMMON   60405910        27           315 SH       OTHER                                        315
MOBIL CORP                       COMMON   60705910     14920        151092 SH       SOLE                                      151092
MOBIL CORP                       COMMON   60705910       420          4254 SH       OTHER                                       4254
MONSANTO CO INC                  COMMON   61166210      6533        165140 SH       SOLE                                      165140
MORGAN, J.P.                     COMMON   61688010      5761         41001 SH       SOLE                                       41001
MORGAN, J.P.                     COMMON   61688010       117           834 SH       OTHER                                        834
MOTOROLA INC                     COMMON   62007610     18923        199720 SH       SOLE                                      199720
MOTOROLA INC                     COMMON   62007610        95          1000 SH       OTHER                                       1000
NATIONAL CITY CORP               COMMON   63540510      1016         15514 SH       SOLE                                       15514
NATIONAL CITY CORP               COMMON   63540510      2604         39761 SH       OTHER                                      39761
NETWORKS ASSOCIATES INC          COMMON   64093810      2271        154645 SH       SOLE                                      154645
NETWORKS ASSOCIATES INC          COMMON   64093810        63          4300 SH       OTHER                                       4300
NESTLE SA SPONSORED A D R        COMMON   64106940       369          4100 SH       SOLE                                        4100
NEW GOLDCORE VENTURES LTD        COMMON   64454110         2         10000 SH       SOLE                                       10000
NEWS CORP ADR                    COMMON   65248770      1670         47300 SH       SOLE                                       47300
NUCOR CORP                       COMMON   67034610       481         10150 SH       SOLE                                       10150
OCTEL COMMUNICATIONS             COMMON   67572710       125         10000 SH       OTHER                                      10000
PARAMETIC TECHNOLOGY CORP        COMMON   69917310       338         24330 SH       SOLE                                       24330
PEPSI BOTTLING GROUP             COMMON   71340910       231         10000 SH       SOLE                                       10000
PEPSICO                          COMMON   71344810       522         13504 SH       SOLE                                       13504
PFIZER INC                       COMMON   71708110     13241        121480 SH       SOLE                                      121480
PFIZER INC                       COMMON   71708110       752          6900 SH       OTHER                                       6900
PHILIP MORRIS CO                 COMMON   71815410       522         12989 SH       SOLE                                       12989
PIXTECH INC                      COMMON   72583K10        17         11000 SH       SOLE                                       11000
PLAINS ALL AMER PIPE LTD         COMMON   72650310       910         49000 SH       OTHER                                      49000
PLAINS RESOURCES INC             COMMON   72654050       190         10000 SH       SOLE                                       10000
PLAINS RESOURCES INC             COMMON   72654050        38          2000 SH       OTHER                                       2000
PROCTER & GAMBLE CO              COMMON   74271810     38282        428931 SH       SOLE                                      428931
PROCTER & GAMBLE CO              COMMON   74271810      2387         26750 SH       OTHER                                      26750
PUBLIC SERVICE ENTERPRISE        COMMON   74457310       224          5483 SH       SOLE                                        5483
RAYTHEON CO CLASS B              COMMON   75511140       889         12615 SH       SOLE                                       12615
RITE AID                         COMMON   76775410      7296        296300 SH       SOLE                                      296300
RITE AID                         COMMON   76775410       101          4100 SH       OTHER                                       4100
ROBERTSON CECO CORP              COMMON   77053920      2469        250000 SH       SOLE                                      250000
ROPER INDUSTRIES                 COMMON   77669610     10412        325378 SH       SOLE                                      325378
ROPER INDUSTRIES                 COMMON   77669610     55326       1728940 SH       OTHER                                    1728940
ROSLYN BANCORP INC               COMMON   77816210       306         17800 SH       SOLE                                       17800
ROYAL DUTCH PETE CO              COMMON   78025780      5829         96750 SH       SOLE                                       96750
ROYAL DUTCH PETE CO              COMMON   78025780       711         11800 SH       OTHER                                      11800
SBC COMMUNICATIONS INC           COMMON   78387G10      2025         34920 SH       SOLE                                       34920
SBC COMMUNICATIONS INC           COMMON   78387G10       566          9760 SH       OTHER                                       9760
SI DIAMOND TECHNOLOGY            COMMON   78424910        55         40000 SH       SOLE                                       40000
SARA LEE CORP                    COMMON   80311110      1157         51000 SH       SOLE                                       51000
SCHLUMBERGER LTD                 COMMON   80685710       477          7484 SH       SOLE                                        7484
SEARS ROEBUCK & CO               COMMON   81238710      3543         79502 SH       SOLE                                       79502
SEARS ROEBUCK & CO               COMMON   81238710       106          2370 SH       OTHER                                       2370
SONOCO PRODUCTS                  COMMON   83549510      1491         49791 SH       SOLE                                       49791
SONY CORP                        COMMON   83569930      3002         27200 SH       SOLE                                       27200
SONY CORP                        COMMON   83569930        22           200 SH       OTHER                                        200
SOUTHERN CO                      COMMON   84258710      2418         91242 SH       SOLE                                       91242
SOUTHERN CO                      COMMON   84258710        16           600 SH       OTHER                                        600
SOUTHTRUST CORP                  COMMON   84473010       863         22500 SH       SOLE                                       22500
STATE STREET CORP                COMMON   85747710       222          2600 SH       SOLE                                        2600
SYSCO CORP                       COMMON   87182910      2626         88070 SH       SOLE                                       88070
T J X COMPANIES - NEW            COMMON   87254010      2437         73150 SH       SOLE                                       73150
T J X COMPANIES - NEW            COMMON   87254010        27           800 SH       OTHER                                        800
TELEFONOS DE MEXICO S A CV SER L COMMON   87940378       404          5000 SH       OTHER                                       5000
TEXACO                           COMMON   88169410       940         15066 SH       SOLE                                       15066
TEXAS INDUSTRIES INC             COMMON   88249110       282          7274 SH       SOLE                                        7274
THORATEC LABS CORP               COMMON   88517530       214         20154 SH       SOLE                                       20154
TIME WARNER INC                  COMMON   88731510    165447       2278102 SH       SOLE                                     2278102
TIME WARNER INC                  COMMON   88731510      1453         20000 SH       OTHER                                      20000
TOOTSIE ROLL IND                 COMMON   89051610        59          1522 SH       SOLE                                        1522
TOOTSIE ROLL IND                 COMMON   89051610       251          6491 SH       OTHER                                       6491
UNION CARBIDE                    COMMON   90558110       567         11640 SH       SOLE                                       11640
UNION PACIFIC                    COMMON   90781810       105          1800 SH       SOLE                                        1800
UNION PACIFIC                    COMMON   90781810       506          8680 SH       OTHER                                       8680
UNITED BANKSHARES INC            COMMON   90990710       559         21100 SH       SOLE                                       21100
UNITED BANKSHARES INC            COMMON   90990710         5           200 SH       OTHER                                        200
U S WEST INC                     COMMON   91273H10       209          3563 SH       SOLE                                        3563
U S WEST INC                     COMMON   91273H10        96          1642 SH       OTHER                                       1642
UNITED TECHNOLOGIES CORP         COMMON   91301710      4336         60222 SH       SOLE                                       60222
UNITED TECHNOLOGIES CORP         COMMON   91301710        59           816 SH       OTHER                                        816
VIACOM INC                       COMMON   92552410      4015         91000 SH       SOLE                                       91000
VODAFONE AIRTOUCH PUBLIC LTD CO  COMMON   92857T10       256          1300 SH       SOLE                                        1300
WACHOVIA CORP                    COMMON   92977110       734          8582 SH       SOLE                                        8582
WAL-MART STORES INC              COMMON   93114210     12201        252868 SH       SOLE                                      252868
WAL-MART STORES INC              COMMON   93114210       423          8760 SH       OTHER                                       8760
WALGREEN                         COMMON   93142210       570         19400 SH       SOLE                                       19400
WALGREEN                         COMMON   93142210        44          1500 SH       OTHER                                       1500
WARNER-LAMBERT                   COMMON   93448810       498          7200 SH       SOLE                                        7200
WESTAMERICA BANCORP              COMMON   95709010      1332         36500 SH       SOLE                                       36500
WESTAMERICA BANCORP              COMMON   95709010        40          1100 SH       OTHER                                       1100
WRIGLEY WM JR CO                 COMMON   98252610       261          2930 SH       SOLE                                        2930
XEROX                            COMMON   98412110       353          5970 SH       SOLE                                        5970
XEROX                            COMMON   98412110        99          1680 SH       OTHER                                       1680
SYMMETRY MEDICAL INC             COMMON   ~8715410      1268         26410 SH       OTHER                                      26410
TEXAS CAPITAL BANCSHARES         COMMON   ~8822110       377         30133 SH       SOLE                                       30133
</TABLE>


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