GOUWS CAPITAL MANAGEMENT INC
13F-HR, 1999-11-08
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			UNITED STATES
		SECURITY 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:    Gouws Capital Management, Inc.
Address: 511 Congress Street
         9th Floor
         Portland, ME 04101

13F File Number:

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
required items, statements, schedules, lists, and tables, are considered
integral parts of this form.

Person Signing this Report on Behalf of Reporting Manager:

Name: Frank E. Kemna
Title:Senior Vice President
Phone:207-774-3333
Signature, Place, and Date of Signing:
Frank E. Kemna   Portland, Maine  November 8, 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 AND EXCHANGE
ACT OF 1934.
<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 Corporation               COM              001957109      930    21387 SH       SOLE                     3583             17804
Abbott Laboratories            COM              002824100      313     8535 SH       SOLE                     1435              7100
Air Products & Chemicals       COM              009158106      369    12600 SH       SOLE                                      12600
Allied-Signal Inc.             COM              019512102      733    12225 SH       SOLE                                      12225
American Electric Power Inc.   COM              025537101     2715    79561 SH       SOLE                    23214             56347
                                                                34     1000 SH       OTHER                                      1000
American Greetings Class A     COM              026375105     5281   205097 SH       SOLE                    59988            145109
                                                                44     1700 SH       OTHER                                      1700
American Home Products         COM              026609107     1001    24120 SH       SOLE                    10150             13970
American International Group I COM              026874107     1099    12636 SH       SOLE                     7680              4956
Ameritech (Am. Infor. Technolo COM              030954101      250     3744 SH       SOLE                     1300              2444
Anheuser-Busch                 COM              035229103      326     4650 SH       SOLE                      400              4250
Aon Corporation                COM              037389103      730    24686 SH       SOLE                     2662             22024
Aptagroup Inc                  COM              038336103      214     8000 SH       SOLE                                       8000
Atlantic Richfield Co.         COM              048825103     1061    11967 SH       SOLE                     4000              7967
Automatic Data Processing Inc. COM              053015103     1190    26658 SH       SOLE                      400             26258
BP Amoco PLC - Spons ADR       COM              055622104     4436    40036 SH       SOLE                    11487             28549
                                                               111     1000 SH       OTHER                                      1000
Bank of America Corp.          COM              060505104     3355    60241 SH       SOLE                    19654             40587
                                                                39      700 SH       OTHER                                       700
Bard, C.R. Inc.                COM              067383109     3264    69344 SH       SOLE                    21940             47404
                                                                35      750 SH       OTHER                                       750
Battle Mountain Gold Co.       COM              071593107      112    35080 SH       SOLE                       20             35060
Bell Atlantic Corporation      COM              077853109      769    11429 SH       SOLE                     4146              7283
Bellsouth Corporation          COM              079860102     4153    92291 SH       SOLE                    24403             67888
                                                               180     4000 SH       OTHER                                      4000
Berkshire Hathaway Cl B        COM              084670207      390      210 SH       SOLE                       21               189
Bestfoods                      COM              08658u101      415     8550 SH       SOLE                      350              8200
Boeing                         COM              097023105     4007    93997 SH       SOLE                    27874             66123
                                                                43     1000 SH       OTHER                                      1000
Bristol-Myers Squibb Co.       COM              110122108     2098    31078 SH       SOLE                     8380             22698
Burlington Northern Santa Fe C COM              12189T104     2708    98485 SH       SOLE                    29759             68726
                                                                28     1000 SH       OTHER                                      1000
Burlington Resources           COM              122014103     2844    77390 SH       SOLE                    22180             55210
                                                                26      700 SH       OTHER                                       700
CBRL Group Inc                 COM              12489v106     4535   292607 SH       SOLE                    88312            204295
                                                                47     3000 SH       OTHER                                      3000
Calgon Carbon Corp             COM              129603106     2781   408190 SH       SOLE                   139560            268630
                                                                34     5000 SH       OTHER                                      5000
Camden Property Trust          COM              133131102     3018   112315 SH       SOLE                    32635             79680
                                                                40     1500 SH       OTHER                                      1500
Chevron Corporation            COM              166751107      987    11119 SH       SOLE                     4992              6127
Cisco Systems                  COM              17275R102     1452    21182 SH       SOLE                     1100             20082
Clayton Homes Inc.             COM              184190106     4209   484546 SH       SOLE                   157509            327037
                                                                38     4375 SH       OTHER                                      4375
Coca-Cola                      COM              191216100      509    10540 SH       SOLE                     6000              4540
Compaq Computer Corp.          COM              204493100     3569   156008 SH       SOLE                    49365            106643
                                                                46     2000 SH       OTHER                                      2000
Cone Mills Corp.               COM              206814105      132    27000 SH       SOLE                                      27000
Conoco Inc. - CL B             COM              208251405      367    13400 SH       SOLE                     2328             11072
Consolidated Natural Gas       COM              209615103     4152    66565 SH       SOLE                    22545             44020
Cooper Industries, Inc.        COM              216669101      637    13615 SH       SOLE                     1400             12215
Cooper Tire & Rubber Co.       COM              216831107     3859   218974 SH       SOLE                    65853            153121
                                                                35     2000 SH       OTHER                                      2000
Deluxe Corporation             COM              248019101      941    27670 SH       SOLE                     9160             18510
Diebold Inc.                   COM              253651103     2533   109545 SH       SOLE                    34755             74790
                                                                32     1400 SH       OTHER                                      1400
Dillards Inc.  Class A         COM              254067101     1583    77935 SH       SOLE                    30085             47850
                                                                24     1200 SH       OTHER                                      1200
Disney, Walt Company           COM              254687106      417    16038 SH       SOLE                     1200             14838
Dole Food Inc.                 COM              256605106     1518    79920 SH       SOLE                    28560             51360
                                                                19     1000 SH       OTHER                                      1000
Donnelley, R.R. & Sons         COM              257867101     1997    69145 SH       SOLE                    18360             50785
Dow Chemical                   COM              260543103      596     5248 SH       SOLE                     1450              3798
Dupont E.I. De Nemour          COM              263534109      510     8422 SH       SOLE                      993              7429
EMC Corporation                COM              268648102      357     5000 SH       SOLE                                       5000
EOG Resources Inc.             COM              26875p101     5183   243927 SH       SOLE                    70788            173139
                                                                64     3000 SH       OTHER                                      3000
Eastern Enterprises            COM              27637F100     5930   127695 SH       SOLE                    37352             90343
                                                                93     2000 SH       OTHER                                      2000
Eastman Kodak Company          COM              277461109      937    12388 SH       SOLE                     4150              8238
                                                                61      800 SH       OTHER                                       800
Electronic Data Systems        COM              285661104     2665    50340 SH       SOLE                    16085             34255
                                                                53     1000 SH       OTHER                                      1000
Elite Information Group Inc.   COM              28659m106       65    13234 SH       SOLE                                      13234
Emerson Electric Company       COM              291011104     1771    28030 SH       SOLE                    10600             17430
Enesco Group Inc.              COM              292973104     2850   185371 SH       SOLE                    56875            128496
                                                                41     2650 SH       OTHER                                      2650
Enron Corp.                    COM              293561106      271     6600 SH       SOLE                                       6600
Exxon Corporation              COM              302290101     5170    68025 SH       SOLE                    24511             43514
Firstar Corporation            COM              33763v109     3826   149315 SH       SOLE                    45036            104280
                                                                43     1673 SH       OTHER                                      1673
Fleet Boston Corporation       COM              33901a108      631    17238 SH       SOLE                    14240              2998
Fluor Corporation              COM              343861100     5535   137527 SH       SOLE                    48294             89233
GTE Corporation                COM              362320103     4184    54432 SH       SOLE                    18567             35865
Gannett Company                COM              364730101      645     9320 SH       SOLE                     9320
General Electric Company       COM              369604103    10072    84949 SH       SOLE                    19560             65389
General Mills, Inc.            COM              370334104      355     4370 SH       SOLE                      300              4070
Genuine Parts Company          COM              372460105     1620    60972 SH       SOLE                    13001             47971
                                                                40     1500 SH       OTHER                                      1500
Gerber Scientific              COM              373730100     3066   137030 SH       SOLE                    50657             86373
Glatfelter, P.H. Co.           COM              377316104     4351   264681 SH       SOLE                    86900            177781
                                                                60     3670 SH       OTHER                                      3670
Golden West Financial Corp.    COM              381317106      897     9126 SH       SOLE                     2400              6726
Great Lakes Chemical Corp.     COM              390568103     5576   146506 SH       SOLE                    49442             97064
                                                                42     1100 SH       OTHER                                      1100
HSB Group, Inc.                COM              40428n109     4163   118297 SH       SOLE                    35707             82590
                                                                53     1500 SH       OTHER                                      1500
Halliburton Company            COM              406216101     3088    75313 SH       SOLE                    22320             52993
                                                                29      700 SH       OTHER                                       700
Hancock Fabrics Inc.           COM              409900107      249    57675 SH       SOLE                    11875             45800
Heinz H. J. Co.                COM              423074103      293     6821 SH       SOLE                     4370              2451
Hewlett-Packard Company        COM              428236103     1084    11950 SH       SOLE                     8300              3650
Home Depot Inc.                COM              437076102      340     4955 SH       SOLE                      225              4730
Homestake Mining Co.           COM              437614100     1273   138564 SH       SOLE                    59166             79398
IMS Health Inc.                COM              449934108      904    39647 SH       SOLE                     8411             31236
                                                                17      750 SH       OTHER                                       750
Idexx Laboratories, Inc.       COM              45168D104      209    12125 SH       SOLE                      475             11650
Intel Corp.                    COM              458140100      920    12384 SH       SOLE                      850             11534
International Business Machine COM              459200101     6307    52121 SH       SOLE                    15840             36281
                                                               194     1600 SH       OTHER                                      1600
International Flavors & Fragra COM              459506101      212     6150 SH       SOLE                      150              6000
Johnson & Johnson              COM              478160104     1312    14280 SH       SOLE                     3300             10980
Keane Inc                      COM              486665102     2986   130880 SH       SOLE                    38920             91960
                                                                34     1500 SH       OTHER                                      1500
Lawson Products                COM              520776105     3091   142918 SH       SOLE                    40391            102527
                                                                43     2000 SH       OTHER                                      2000
Longview Fibre Company         COM              543213102      245    19735 SH       SOLE                     6970             12765
Lucent Technologies Inc.       COM              549463107     1551    23912 SH       SOLE                     3022             20890
MDU Resources Group Inc        COM              552690109      249    11062 SH       SOLE                     3562              7500
Mallinckrodt Inc.              COM              561232109     3573   118350 SH       SOLE                    40315             78035
                                                                45     1500 SH       OTHER                                      1500
Marsh & Mclennan               COM              571748102      234     3417 SH       SOLE                      187              3230
Masco Corporation              COM              574599106      450    14500 SH       SOLE                      500             14000
Mattel Inc.                    COM              577081102     3209   168911 SH       SOLE                    50780            118131
                                                                38     2000 SH       OTHER                                      2000
May Dept Stores                COM              577778103      454    12450 SH       SOLE                                      12450
McDonalds Corporation          COM              580135101      294     6800 SH       SOLE                     1000              5800
McKesson HBOC Inc.             COM              58155q103     3727   128510 SH       SOLE                    38590             89920
                                                                41     1400 SH       OTHER                                      1400
Merck & Company Inc.           COM              589331107     6961   107404 SH       SOLE                    36835             70569
Microsoft                      COM              594918104     1303    14383 SH       SOLE                     1465             12918
Minnesota Mining & Manufacturi COM              604059105     1911    19890 SH       SOLE                     6404             13486
                                                                48      500 SH       OTHER                                       500
Mobil Corporation              COM              607059102     1123    11151 SH       SOLE                     3175              7976
Monsanto Company               COM              611662107      368    10300 SH       SOLE                     9150              1150
Morgan, J. P. & Company        COM              616880100      827     7235 SH       SOLE                      450              6785
Motorola Inc.                  COM              620076109     4704    53453 SH       SOLE                    14248             39205
                                                                44      500 SH       OTHER                                       500
National Fuel Gas Company      COM              636180101      452     9575 SH       SOLE                      200              9375
National Presto Industries, In COM              637215104     3248    84101 SH       SOLE                    23519             60582
Nestle S. A. ADR               COM              641069406      222     2367 SH       SOLE                                       2367
New Century Energies Inc.      COM              64352u103     4476   133857 SH       SOLE                    40202             93655
                                                                67     2000 SH       OTHER                                      2000
Northern Trust Corp            COM              665859104      209     2500 SH       SOLE                                       2500
Pall Corp.                     COM              696429307     8778   378551 SH       SOLE                   118242            260309
                                                                70     3000 SH       OTHER                                      3000
Penney, J.C.                   COM              708160106     2373    68775 SH       SOLE                    20655             48120
                                                                25      725 SH       OTHER                                       725
Peoples Heritage Financial Gro COM              711147108      168    10130 SH       SOLE                     2000              8130
Pfizer Inc.                    COM              717081103      438    12215 SH       SOLE                     1315             10900
Phillips-Van Heusen            COM              718592108      145    16350 SH       SOLE                                      16350
Procter & Gamble Co.           COM              742718109     3309    35296 SH       SOLE                     8350             26946
Protein Polymer Technologies   COM              743697104        3    10000 SH       SOLE                                      10000
Questar Corporation            COM              748356102     4124   227540 SH       SOLE                    61345            166195
                                                                91     5000 SH       OTHER                                      5000
Quintiles Transnational Corp   COM              748767100     2060   108225 SH       SOLE                    31665             76560
Quorum Health Group Inc.       COM              749084109     2030   288769 SH       SOLE                    90070            198699
                                                                21     3000 SH       OTHER                                      3000
RPM, Inc. Ohio                 COM              749685103     3384   277632 SH       SOLE                    83548            194084
                                                                37     3000 SH       OTHER                                      3000
Raytheon Company Class B       COM              755111408     5101   102798 SH       SOLE                    31778             71020
                                                                60     1200 SH       OTHER                                      1200
Reuters Group PLC - Spons ADR  COM              76132m102      513     7452 SH       SOLE                                       7452
Royal Dutch Petroleum          COM              780257804      688    11648 SH       SOLE                     3950              7698
SBC Communications Inc.        COM              78387G103      707    13844 SH       SOLE                     5437              8407
Safeco                         COM              786429100     2257    80599 SH       SOLE                    23750             56849
                                                                28     1000 SH       OTHER                                      1000
Schering-Plough                COM              806605101      437    10020 SH       SOLE                     8700              1320
Schlumberger Ltd.              COM              806857108      561     9000 SH       SOLE                      800              8200
Schulman, A. Inc.              COM              808194104     3357   193927 SH       SOLE                    59620            134307
                                                                43     2500 SH       OTHER                                      2500
South Jersey Industries        COM              838518108     2664   101001 SH       SOLE                    35156             65845
                                                                53     2000 SH       OTHER                                      2000
Sprint Corp.                   COM              852061100      207     3816 SH       SOLE                     3000               816
Standard Products Corp.        COM              853836104      233     6580 SH       SOLE                                       6580
Sunoco, Inc.                   COM              86764p109     5704   208370 SH       SOLE                    62074            146296
                                                                65     2374 SH       OTHER                                      2374
Tidewater Inc.                 COM              886423102     4444   174286 SH       SOLE                    59930            114356
                                                                41     1600 SH       OTHER                                      1600
Timken Company                 COM              887389104     2466   152920 SH       SOLE                    43525            109395
                                                                32     2000 SH       OTHER                                      2000
Toys R Us                      COM              892335100     2163   144232 SH       SOLE                    44710             99522
                                                                30     2000 SH       OTHER                                      2000
Tyco Laboratories              COM              902120104      454     4400 SH       SOLE                                       4400
US West Inc                    COM              91273h101      545     9559 SH       SOLE                     2160              7399
Union Pacific Corporation      COM              907818108      513    10671 SH       SOLE                     6648              4023
United Technologies Corp.      COM              913017109      563     9500 SH       SOLE                     8000              1500
UnumProvident Corp             COM              91529y106     3655   124168 SH       SOLE                    36070             88098
                                                                35     1200 SH       OTHER                                      1200
Vodafone Airtouch PLC          COM              92857T107      261     1097 SH       SOLE                                       1097
W. W. Grainger Inc.            COM              384802104      385     8000 SH       SOLE                                       8000
Wachovia Corporation           COM              929771103      472     6000 SH       SOLE                                       6000
Wausau - Mosinee Paper Corp.   COM              943315101      385    31760 SH       SOLE                    22470              9290
Weingarten Realty Invst        COM              948741103     2295    61410 SH       SOLE                    14465             46945
Wells Fargo Co.                COM              949746101      216     5450 SH       SOLE                      200              5250
West Marine                    COM              954235107       83    10350 SH       SOLE                                      10350
Northern Institutional Equity  MF               665278529     3501 149366.917SH      SOLE               102858.658         46508.259
Schwab International Index Fun MF               808509103      248 14549.029SH       SOLE                14549.029
Roycefield Res Ltd Com                          780914107       32   238095 SH       SOLE                   238095
</TABLE>


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