GSB INVESTMENT MANAGEMENT INC
13F-HR, 1999-07-09
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<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>
A H BELO                                        080555105    47688  2422248 SH       SOLE                   497650      560  1931258
                                                               609    30940 SH       OTHER                    3460             27480
ACE LTD                                         G0070K103    53250  1884949 SH       SOLE                   480625      450  1408774
                                                              1158    41005 SH       OTHER                    2025             38980
AIRGAS INC                                      009363102    55683  4545524 SH       SOLE                  1260560     1725  3301789
                                                              1529   124825 SH       OTHER                    6175            118650
ALLIEDSIGNAL INC                                019512102    65237  1035508 SH       SOLE                   245150            793083
                                                               756    12000 SH       OTHER                                     12000
AMERICAN FIN GRP                                025932104    49822  1462654 SH       SOLE                   402705      275  1063324
                                                               997    29270 SH       OTHER                    1700             27570
AMERICAN GRTGS A                                026375105    54135  1797025 SH       SOLE                   545920      675  1257780
                                                              1624    53900 SH       OTHER                    2375             51525
AMERICAN HOME PR                                026609107      592    10310 SH       SOLE                     7225              3085
                                                               130     2260 SH       OTHER                                      2260
BECTON DICKINSON                                075887109    15740   524655 SH       SOLE                   402615            127665
                                                               685    22825 SH       OTHER                                     22825
BEMIS COMPANY                                   081437105    38974   980476 SH       SOLE                   362750      475   622306
                                                              1477    37160 SH       OTHER                     475             36685
BERKSHIRE HATHAWAY CL A                         084670108      344        5 SH       SOLE                        5
BESTFOODS                                       08658u101      846    17085 SH       SOLE                    14545              2540
                                                               106     2135 SH       OTHER                                      2135
BP AMOCO PLC-SPONS ADR                          055622104      299     2752 SH       SOLE                                       2752
BRISTOL-MYERS                                   110122108      368     5225 SH       SOLE                     3575              1650
BROWN-FORMAN A                                  115637100      188     3150 SH       SOLE                     3150
                                                               119     2000 SH       OTHER                                      2000
BURLINGTON RSRCS                                122014103    27468   635104 SH       SOLE                    46671      381   588916
                                                               776    17937 SH       OTHER                    1678             16259
CENDANT CORP                                    151313103   100475  4901212 SH       SOLE                  1338140     1575  3576737
                                                              2027    98900 SH       OTHER                    5025             93875
COLTEC INDS                                     196879100    59875  2760810 SH       SOLE                   656785      525  2110800
                                                              1270    58555 SH       OTHER                    3525             55030
CORDANT TECH                                    218412104    60488  1338603 SH       SOLE                   348612            993426
                                                               874    19350 SH       OTHER                    1600             17750
CRESCENT OPERATING                              22575M100       83    12200 SH       SOLE                                      12200
CRESCENT REAL ESTATE EQUITIES                   225756105     2897   122000 SH       SOLE                                     122000
CROSS TIMBERS OIL                               227573102      161    10800 SH       SOLE                                      10800
DOVER CORP                                      260003108    52007  1485909 SH       SOLE                   426120      500  1064114
                                                               758    21670 SH       OTHER                    1975             19695
EMERSON ELECTRIC                                291011104    64721  1028330 SH       SOLE                   271270      275   760010
                                                              1242    19735 SH       OTHER                     680             19055
ENRON CORP                                                     225     2750 SH       SOLE                     2750
EQUITY OFFICE PRPTYS TR (144A                   294741103     2306    90000 SH       SOLE                                      90000
FINL SEC ASSR HDG                               31769p100    26852   516380 SH       SOLE                   148490      135   369325
                                                               750    14420 SH       OTHER                     635             13785
FIRST NATL BK ANCH                              322387101     4320     4223 SH       SOLE                     3362               861
                                                                10       10 SH       OTHER                                        10
FIRST UNION                                     337358105    55511  1177960 SH       SOLE                   307990      300   874230
                                                              1225    26000 SH       OTHER                     760             25240
FREDDIE MAC                                     313400301    46762   806237 SH       SOLE                   275960      125   533402
                                                              1081    18630 SH       OTHER                     125             18505
GANNETT CO INC                                  364730101    60333   845290 SH       SOLE                   223475      250   624340
                                                              1240    17375 SH       OTHER                     950             16425
GRAINGER, W W                                   384802104    22176   412090 SH       SOLE                   154375      225   260025
                                                              1313    24395 SH       OTHER                     225             24170
HASBRO, INC                                     418056107    50749  1816518 SH       SOLE                   441167      637  1379258
                                                              1155    41339 SH       OTHER                    2324             39014
HONEYWELL                                       438506107    81473   703108 SH       SOLE                   185400            519448
                                                              1834    15825 SH       OTHER                     675             15150
KAYDON CORP COM                                 486587108    36256  1078249 SH       SOLE                   298405      400   784109
                                                              1045    31080 SH       OTHER                    1300             29780
KIMBERLY-CLARK                                  494368103    68229  1196995 SH       SOLE                   310720      325   889015
                                                              1644    28840 SH       OTHER                    1300             27540
LEGGETT & PLATT                                 524660107    73406  2639315 SH       SOLE                   720730      800  1926250
                                                              1701    61150 SH       OTHER                    2875             58275
LOCKHEED MARTIN                                 539830109    54380  1459858 SH       SOLE                   316723      350  1147045
                                                              1277    34275 SH       OTHER                    1332             32943
MATTEL INC                                      577081102    69023  2642021 SH       SOLE                   661855      625  1987201
                                                              1516    58035 SH       OTHER                    2575             55460
MBIA INC                                        55262c100    58227   899265 SH       SOLE                   219355      250   682850
                                                              1324    20455 SH       OTHER                     700             19755
NATIONAL CITY CORP                              635405103     1351    20625 SH       SOLE                    20625
NEWELL RUBBERMAID                               651229106    63260  1364105 SH       SOLE                   364335      450  1003650
                                                              1523    32850 SH       OTHER                     650             32200
OLD REPUBLIC INT'L                              680223104     6783   391795 SH       SOLE                    34166      825   358689
                                                               576    33252 SH       OTHER                    2712             30540
PHILIP MORRIS                                   718154107    71729  1784869 SH       SOLE                   408107      585  1377587
                                                              1340    33355 SH       OTHER                    2835             30520
PITTSTON BRKS GRP                               725701106    49513  1850951 SH       SOLE                   433403      500  1422498
                                                              1013    37860 SH       OTHER                    2000             35860
RAYTHEON CO CL A                                755111309    69089  1003106 SH       SOLE                   255305      350   750401
                                                               868    12600 SH       OTHER                    1125             11475
RENAISSANCERE                                   g7496g103    35871   969487 SH       SOLE                   213665      300   756202
                                                               784    21200 SH       OTHER                    1075             20125
SARA LEE CORP                                   803111103    63418  2795295 SH       SOLE                   720130      725  2083215
                                                              1326    58425 SH       OTHER                    1860             56565
SCHERING-PLOUGH                                 806605101      278     5300 SH       SOLE                     5300
SHERWIN-WILLIAMS                                824348106    40143  1446590 SH       SOLE                   456945      450   994610
                                                              1016    36630 SH       OTHER                     450             36180
TEXTRON INC                                     883203101    53876   654530 SH       SOLE                   174505            481190
                                                               895    10875 SH       OTHER                     725             10150
TRIBUNE CO                                      896047107      253     2900 SH       SOLE                     2900
WELLS FARGO & CO                                949746101    64656  1512410 SH       SOLE                   413320      425  1103520
                                                              1469    34355 SH       OTHER                    1005             33350
WHITE MOUNTAINS INSURANCE GROU                  964126106    14421   102276 SH       SOLE                    22197      125    81214
                                                               478     3390 SH       OTHER                     325              3065
DUPONT                                          263534109      820    12000 SH       SOLE                    12000
EXXON CORP                                      302290101      617     8000 SH       SOLE                     8000
KINDER MORGAN ENERGY PARTNERS                   494550106      206     5560 SH       SOLE                     5560
</TABLE>


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