GODSEY & GIBB ASSOCIATES
13F-HR, 1999-08-13
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 13F

FORM 13F COVER PAGE

Report for the quarter ended:  June 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:    Godsey and Gibb, Inc.
Address: 6802 Paragon Place, Suite 201
         Richmond, VA  23230

13F File Number: 801-23685

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:    Frank B. Gibb, III
Title:   President
Phone:   (804) 285-7333
Signature, Place, and Date of Signing:
    Frank B. Gibb, III  Richmond, Virginia  August 12, 1999

Report Type (Check only one):

[x]      13F Holdings Report

[ ]      13F Notice

[ ]           13F Combination Report

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE
ACT OF 1934.


<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>
ABBOTT LABORATORIES            COM              002824100     9905   218284 SH
     SOLE                    52629            165655
                                                               470    10365 SH
     OTHER   01                                10365
ALBERTSONS INC                 COM              013104104     5919   114802 SH
     SOLE                    32252             82550
                                                               526    10200 SH
     OTHER   01                                10200
ALLSTATE CORP                  COM              020002101     4619   128744 SH
     SOLE                    34500             94244
                                                               359     9995 SH
     OTHER   01                                 9995
AMER HERITAGE LIFE             COM              026522102      219     8950 SH
     OTHER   01                                 8950
AMERICAN HOME PRODUCTS         COM              026609107     1886    32878 SH
     SOLE                                      32878
                                                                13      230 SH
     OTHER   01                                  230
AMERICAN INT'L GROUP           COM              026874107    10997    93792 SH
     SOLE                    24820             68972
                                                               405     3456 SH
     OTHER   01                                 3456
AMGEN INC                      COM              031162100      780    12805 SH
     SOLE                     2830              9975
                                                               641    10525 SH
     OTHER   01                                10525
ASHLAND INC                    COM              044204105        8      202 SH
     SOLE                                        202
                                                               201     5000 SH
     OTHER                                      5000
AT&T CORP                      COM              001957109      133     2384 SH
     SOLE                                       2384
                                                               126     2250 SH
     OTHER                                      2250
AUTOMATIC DATA PROCESSING      COM              053015103    10054   228505 SH
     SOLE                    57050            171455
                                                               496    11275 SH
     OTHER   01                                11275
AVERY DENNISON CORP            COM              053611109      414     6854 SH
     SOLE                     2354              4500
                                                                 8      140 SH
     OTHER   01                                  140
BANK OF AMERICA CORP           COM              060505104     1983    27050 SH
     SOLE                    14625             12425
                                                               527     7188 SH
     OTHER   01                                 7188
BANK ONE CORP                  COM              06423A103     5352    89858 SH
     SOLE                    10612             79246
                                                               343     5752 SH
     OTHER   01                                 5752
BB&T CORP                      COM              054937107      450    12270 SH
     SOLE                                      12270
BECTON DICKINSON               COM              075887109     2929    97625 SH
     SOLE                    28450             69175
                                                               298     9925 SH
     OTHER   01                                 9925
BELL ATLANTIC                  COM              077853109     2609    39907 SH
     SOLE                    12000             27907
                                                               199     3050 SH
     OTHER   01                                 3050
BELLSOUTH                      COM              079860102      827    17940 SH
     SOLE                                      17940
                                                               161     3480 SH
     OTHER                                      3480
BP AMOCO PLC                   COM              055622104     3929    36215 SH
     SOLE                     3862             32353
                                                                 4       39 SH
     OTHER   01                                   39
BRISTOL MYERS SQUIBB           COM              110122108      629     8930 SH
     SOLE                                       8930
CAROLINA FIRST CORP            COM              143877108      208     8533 SH
     SOLE                                       8533
CAROLINA POWER & LIGHT         COM              144141108     3657    85426 SH
     SOLE                    28932             56494
                                                                65     1525 SH
     OTHER   01                                 1525
CHEVRON CORP                   COM              166751107      991    10425 SH
     SOLE                     4250              6175
                                                                10      100 SH
     OTHER                                       100
CISCO SYSTEMS INC              COM              17275R102      381     5909 SH
     SOLE                      380              5529
COCA COLA CO                   COM              191216100     1273    20526 SH
     SOLE                     1250             19276
                                                                 9      150 SH
     OTHER                                       150
COMPUTER SCIENCES CORP         COM              205363104     8707   125850 SH
     SOLE                    32550             93300
                                                               618     8930 SH
     OTHER   01                                 8930
CONSTELLATION ENERGY GRP       COM              210371100     3454   116575 SH
     SOLE                    37675             78900
                                                                40     1350 SH
     OTHER   01                                 1350
CT COMMUNICATIONS INC          COM              126426402      310     7544 SH
     SOLE                                       7544
DISNEY WALT                    COM              254687106      263     8535 SH
     SOLE                                       8535
                                                                51     1650 SH
     OTHER   01                                 1650
DOMINION RESOURCES             COM              257470104      404     9317 SH
     SOLE                      600              8717
DUKE ENERGY CORP               COM              264399106      552    10141 SH
     SOLE                                      10141
                                                                 8      150 SH
     OTHER   01                                  150
EMERSON ELECTRIC CO            COM              291011104     8630   137118 SH
     SOLE                    32128            104990
                                                               549     8725 SH
     OTHER   01                                 8725
EXXON CORP                     COM              302290101     7476    96932 SH
     SOLE                    26015             70917
                                                               272     3525 SH
     OTHER   01                                 3525
FIRST UNION CORP               COM              337358105     2695    57196 SH
     SOLE                    23056             34140
                                                               298     6325 SH
     OTHER   01                                 6325
GENERAL ELECTRIC               COM              369604103     8469    74951 SH
     SOLE                    18220             56731
                                                               664     5875 SH
     OTHER   01                                 5875
GILLETTE CO                    COM              375766102     2970    72445 SH
     SOLE                    18425             54020
                                                               279     6800 SH
     OTHER   01                                 6800
HEWLETT-PACKARD CO             COM              428236103    11329   112725 SH
     SOLE                    30200             82525
                                                               852     8475 SH
     OTHER   01                                 8475
HOME DEPOT                     COM              437076102     7161   111134 SH
     SOLE                    32675             78459
                                                               285     4425 SH
     OTHER   01                                 4425
HONEYWELL INC                  COM              438506107     8884    76671 SH
     SOLE                    22276             54395
                                                               641     5530 SH
     OTHER   01                                 5530
ILLINOIS TOOL WORKS            COM              452308109     7662    93725 SH
     SOLE                    23100             70625
                                                               623     7625 SH
     OTHER   01                                 7625
INTEL CORP                     COM              458140100      695    11675 SH
     SOLE                                      11675
                                                                54      900 SH
     OTHER                                       900
JEFFERSON PILOT                COM              475070108     8489   128258 SH
     SOLE                    33075             95183
                                                               525     7925 SH
     OTHER   01                                 7925
JOHNSON & JOHNSON              COM              478160104     6202    63281 SH
     SOLE                    17276             46005
                                                               480     4900 SH
     OTHER   01                                 4900
LUCENT TECHNOLOGIES            COM              549463107      264     3912 SH
     SOLE                                       3912
MASCO CORP                     COM              574599106      312    10800 SH
     SOLE                                      10800
MCDONALD'S CORP                COM              580135101     7962   193607 SH
     SOLE                    45676            147931
                                                               442    10750 SH
     OTHER   01                                10750
MERCK & CO                     COM              589331107     8714   118350 SH
     SOLE                    30705             87645
                                                               636     8645 SH
     OTHER   01                                 8645
MICROSOFT CORP                 COM              594918104      582     6458 SH
     SOLE                                       6458
                                                                18      200 SH
     OTHER                                       200
MOBIL CORP                     COM              607059102     8278    83824 SH
     SOLE                    22138             61686
                                                               474     4800 SH
     OTHER   01                                 4800
PEPSICO INC                    COM              713448108     4788   123771 SH
     SOLE                    37728             86043
                                                                83     2150 SH
     OTHER   01                                 2150
PROCTOR & GAMBLE CO            COM              742718109      375     4204 SH
     SOLE                                       4204
                                                                27      300 SH
     OTHER   01                                  300
ROYAL DUTCH PETE               COM              780257804      361     6000 SH
     SOLE                                       6000
                                                               288     4780 SH
     OTHER   01                                 4780
SARA LEE CORP                  COM              803111103     5034   221880 SH
     SOLE                    55155            166725
                                                                62     2750 SH
     OTHER   01                                 2750
SBC COMMUNICATIONS             COM              78387G103    11339   195497 SH
     SOLE                    49680            145817
                                                               716    12350 SH
     OTHER   01                                12350
SCANA CORP                     COM              805898103     1453    62168 SH
     SOLE                    27400             34768
                                                                27     1175 SH
     OTHER   01                                 1175
SCHERING PLOUGH CORP           COM              806605101      454     8650 SH
     SOLE                      400              8250
                                                                10      200 SH
     OTHER                                       200
SOUTHTRUST CORPORATION         COM              844730101      516    13450 SH
     SOLE                     4300              9150
STAPLES INC                    COM              855030102     1417    45800 SH
     SOLE                    14250             31550
                                                               182     5875 SH
     OTHER   01                                 5875
SUNTRUST BANKS                 COM              867914103      258     3722 SH
     SOLE                      492              3230
SYSCO CORP                     COM              871829107     9556   320523 SH
     SOLE                    85056            235467
                                                               491    16475 SH
     OTHER   01                                16475
TECO ENERGY INC                COM              872375100      668    29350 SH
     SOLE                    19850              9500
UNITED DOMINION REALTY TR      COM              910197102     1150    97900 SH
     SOLE                    59400             38500
UNITED RENTALS INC             COM              911363109      461    15624 SH
     SOLE                                      15624
WACHOVIA CORP                  COM              929771103     6719    78528 SH
     SOLE                    20378             58150
                                                                 9      100 SH
     OTHER   01                                  100
WAL-MART STORES                COM              931142103    19008   393938 SH
     SOLE                    56375            337563
                                                               712    14750 SH
     OTHER   01                                14750
WALGREEN CO                    COM              931422109     6315   214983 SH
     SOLE                    36703            178280
                                                                70     2375 SH
     OTHER   01                                 2375
CHESAPEAKE FUND CL A                            36559B203      608 32122.5200SH
     SOLE               15561.4810        16561.0390
NORTHSTAR HIGH TOTAL RETURN CL                  666904602       46 12082.0000SH
     SOLE                                 12082.0000
WACHOVIA CORP                                   929771AB9       10    10000 PRN
     SOLE                                      10000
</TABLE>


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