GUYASUTA INVESTMENT ADVISORS INC
13F-HR, 1999-05-13
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.  20549

FORM 13F

FORM 13F COVER PAGE

Report for the Calendar Year or Quarter Ended:  3/31/99

Check here if Amendment ( ); Amendment Number: ( )
This Amendment  (Check only one):  ( ) is a restatement
					     ( ) adds new holdings entries
Institutional Investment Manager Filing this Report:

Guyasuta Investment Advisors, Inc.
Suite 2734   500 Grant Street
Pittsburgh, PA  15219

Form 13F File Number:  28-4474

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:   Peter F. Mathieson
Title:  Managing Director
Phone:  412-765-3330

Signature, Place, and Date of Signing:


Peter F. Mathieson    Pittsburgh, PA	 15219		May 13, 1999
  Signature

Report Type (Check only one):

( x )  13F HOLDINGS REPORT.  (Check here is all holdings of this reporting
       manager are reported in this report.)

(  )	13F NOTICE.  (Check here if no holdings reported are in this report,
     and all holdings are reported by other reporting manager(s).)





<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 T & T CORP.                  COM              030177109     1081    13541 SH       SOLE                    13541                 
ABBOTT LABS                    COM              002824100     1671    35690 SH       SOLE                    35690                 
AIR EXPRESS INTERNATIONAL      COM              009104ab6     2020   133565 SH       SOLE                   133565                 
ALCOA, INC.                    COM              022249106     2877    69849 SH       SOLE                    69849                 
ALLEGHENY TELEDYNE             COM              016900102     2495   131739 SH       SOLE                   131739                 
ALLMERICA                      COM              019754100      330     6000 SH       SOLE                     6000                 
AMERICAN EXPRESS COMPANY       COM              025816109      812     6900 SH       SOLE                     6900                 
AMERICAN HOME PRODUCTS         COM              026609107     3700    56700 SH       SOLE                    56700                 
AMERICAN INTERNATIONAL         COM              026874107      502     4164 SH       SOLE                     4164                 
AMERITECH CORP.                COM              030954101      254     4400 SH       SOLE                     4400                 
AMP                            COM              031897101     3026    56555 SH       SOLE                    56555                 
ATLANTIC RICHFIELD             COM              048825103      313     4280 SH       SOLE                     4280                 
BANK OF NEW YORK CO.           COM              064057102      381    10600 SH       SOLE                    10600                 
BELL ATLANTIC                  COM              077853109     1091    21102 SH       SOLE                    21102                 
BELLSOUTH                      COM              079860102      370     9248 SH       SOLE                     9248                 
BEST FOODS                     COM              126149103      357     7599 SH       SOLE                     7599                 
BP AMOCO PLC ADR               COM              055622104     4619    45732 SH       SOLE                    45732                 
BRISTOL MYERS                  COM              110122108     3123    48699 SH       SOLE                    48699                 
BT FINANCIAL CORP.             COM              055763106      931    35138 SH       SOLE                    35138                 
CATERPILLAR                    COM              149123101      432     9400 SH       SOLE                     9400                 
CBS CORP.                      COM              960402105      306     7500 SH       SOLE                     7500                 
CENTERPOINT PROPERTIES         COM              151895109     2780    88975 SH       SOLE                    88975                 
CHASE MANHATTAN CORP.          COM              161610100      622     7642 SH       SOLE                     7642                 
CHEVRON                        COM              166751107     3678    41439 SH       SOLE                    41439                 
CHUBB CORPORATION              COM              171232101      252     4296 SH       SOLE                     4296                 
CISCO SYSTEMS                  COM              17275R102      416     3796 SH       SOLE                     3796                 
CITIGROUP                      COM              173034109      571     8947 SH       SOLE                     8947                 
COCA-COLA CO.                  COM              191216100     2626    42788 SH       SOLE                    42788                 
COMCAST CLASS A                COM              200300101     4355    70805 SH       SOLE                    70805                 
COMCAST CLASS A SPECIAL        COM              200300200     3653    58043 SH       SOLE                    58043                 
COMPAQ                         COM              204493100      450    14188 SH       SOLE                    14188                 
CONEXANT                       COM              20854p109      538    19436 SH       SOLE                    19436                 
CROWN AMERICAN REALTY          COM              228186102      211    32517 SH       SOLE                    32517                 
DEERE                          COM              244199105      318     8240 SH       SOLE                     8240                 
DIAMOND OFFSHORE               COM              25271c102      362    11450 SH       SOLE                    11450                 
DOW CHEMICAL                   COM              260543103      298     3193 SH       SOLE                     3193                 
DUPONT                         COM              263534109      528     9098 SH       SOLE                     9098                 
EASTMAN KODAK                  COM              277461109      328     5141 SH       SOLE                     5141                 
EMERSON ELECTRIC               COM              291011104     3267    61713 SH       SOLE                    61713                 
EQUIFAX INC.                   COM              294429105      206     6000 SH       SOLE                     6000                 
EXXON                          COM              302290101     1296    18361 SH       SOLE                    18361                 
FANNIE MAE                     COM              313586109      478     6900 SH       SOLE                     6900                 
FEDERAL REALTY                 COM              313747206      443    20900 SH       SOLE                    20900                 
FIRST UNION                    COM              337358105      242     4536 SH       SOLE                     4536                 
GANNETT                        COM              364730101      428     6800 SH       SOLE                     6800                 
GENERAL ELECTRIC               COM              369604103     5145    46507 SH       SOLE                    46507                 
GENERAL MOTORS                 COM              370442105      415     4767 SH       SOLE                     4767                 
GLAXO WELLCOME                 COM              37733W105      221     3300 SH       SOLE                     3300                 
GLOBAL INDUSTRIAL TECH.        COM              455905109      401    38604 SH       SOLE                    38604                 
GRADALL INDUSTRIES             COM              38411p107     2088   160650 SH       SOLE                   160650                 
H. J. HEINZ CO.                COM              423074103    10062   212395 SH       SOLE                   212395                 
HALLIBURTON                    COM              406216101      464    12060 SH       SOLE                    12060                 
HERSHEY FOODS CORP.            COM              427866108      268     4774 SH       SOLE                     4774                 
HEWLETT PACKARD                COM              428236103      289     4266 SH       SOLE                     4266                 
HSB GROUP, INC.                COM              40428n109      231     6225 SH       SOLE                     6225                 
I B M                          COM              459200101     8230    46431 SH       SOLE                    46431                 
I R T PROPERTY CO.             COM              450058102      106    12000 SH       SOLE                    12000                 
IMS HEALTH                     COM              449934108      229     6920 SH       SOLE                     6920                 
INGERSOLL RAND                 COM              456866102      223     4500 SH       SOLE                     4500                 
INGLES MARKETS                 COM              457030104      162    14106 SH       SOLE                    14106                 
INTEL CORP.                    COM              458140100      223     1873 SH       SOLE                     1873                 
INTERPUBLIC GROUP              COM              460690100     2556    32825 SH       SOLE                    32825                 
JOHNSON & JOHNSON              COM              478160104      667     7135 SH       SOLE                     7135                 
KELLOGG CO.                    COM              487836108      640    18942 SH       SOLE                    18942                 
KIMBERLY CLARK                 COM              494368103     3213    67025 SH       SOLE                    67025                 
L T C PROPERTIES               COM              502175102      250    20600 SH       SOLE                    20600                 
LUCENT TECHNOLOGIES            COM              549463107     1088    10074 SH       SOLE                    10074                 
MAXAM GOLD CORP.               COM              57772f102       22   100000 SH       SOLE                   100000                 
MAY DEPT. STORES               COM              577778103      282     7200 SH       SOLE                     7200                 
MCGRAW HILL                    COM              580645109     4684    85945 SH       SOLE                    85945                 
MEDITRUST                      COM              58501T108      454    36498 SH       SOLE                    36498                 
MELLON BANK CORP.              COM              585509102      501     7114 SH       SOLE                     7114                 
MERCK                          COM              589331107     2652    33096 SH       SOLE                    33096                 
MERITOR AUTOMOTIVE             COM              59000g100      195    12612 SH       SOLE                    12612                 
METROMEDIA INTERNATIONAL       COM              591695101      487   100000 SH       SOLE                   100000                 
MICROSOFT CORP.                COM              594918104     1233    13758 SH       SOLE                    13758                 
MOBIL OIL                      COM              607059102      522     5929 SH       SOLE                     5929                 
MONSANTO                       COM              611662107      283     6150 SH       SOLE                     6150                 
MOTOROLA                       COM              620076109      300     4100 SH       SOLE                     4100                 
MYLAN LABS                     COM              628530107      835    30427 SH       SOLE                    30427                 
NATIONAL CITY BANK             COM              635405103      950    14316 SH       SOLE                    14316                 
NATIONAL DATA CORP.            COM              635621105     2145    51065 SH       SOLE                    51065                 
NEWELL RUBBERMAID              COM              651192106     2413    50808 SH       SOLE                    50808                 
OLD KENT                       COM              679833103     3133    74049 SH       SOLE                    74049                 
OWENS & MINOR                  COM              690732102      142    14000 SH       SOLE                    14000                 
P N C FINANCIAL                COM              693475105     2257    40613 SH       SOLE                    40613                 
P P & L RESOURCES              COM              709051106      413    16687 SH       SOLE                    16687                 
P P G INDUSTRIES               COM              693506107     1788    34896 SH       SOLE                    34896                 
PEPSICO                        COM              713448108     2489    63520 SH       SOLE                    63520                 
PFIZER                         COM              717081103      659     4748 SH       SOLE                     4748                 
PHARMACIA & UPJOHN             COM              716941109      271     4350 SH       SOLE                     4350                 
PHILIP MORRIS                  COM              718154107      331     9414 SH       SOLE                     9414                 
PITNEY BOWES                   COM              724479100      701    11000 SH       SOLE                    11000                 
POLYMER GROUP                  COM              731745105      132    14300 SH       SOLE                    14300                 
PRIDE INTERNATIONAL            COM              741932107     1684   204075 SH       SOLE                   204075                 
PROCTER & GAMBLE               COM              742718109     1738    17750 SH       SOLE                    17750                 
QUESTAR                        COM              748356102      185    10908 SH       SOLE                    10908                 
R P M INC.                     COM              749685103      167    12509 SH       SOLE                    12509                 
REGIONS FINANCIAL              COM              318464104     2857    82520 SH       SOLE                    82520                 
RESPIRONICS                    COM              761230101      315    23920 SH       SOLE                    23920                 
ROCKWELL CORP.                 COM              774347108     1650    38873 SH       SOLE                    38873                 
ROYAL DUTCH PETROLEUM          COM              780257705      503     9676 SH       SOLE                     9676                 
RUDDICK                        COM              781258108      669    34300 SH       SOLE                    34300                 
SCHERING PLOUGH                COM              806605101     6661   120564 SH       SOLE                   120564                 
SCHLUMBERGER                   COM              806857108      202     3350 SH       SOLE                     3350                 
SOVEREIGN BANCORP              COM              845905108      371    30249 SH       SOLE                    30249                 
SPRINT CORP.                   COM              852061100      589     6000 SH       SOLE                     6000                 
ST. PAUL COS.                  COM              792860108      311    10000 SH       SOLE                    10000                 
SUN MICROSYSTEMS               COM              866810104      725     5800 SH       SOLE                     5800                 
TEXACO                         COM              881694103      487     8582 SH       SOLE                     8582                 
TEXAS INSTRUMENTS              COM              882508104      324     3260 SH       SOLE                     3260                 
TORCHMARK                      COM              891027104      304     9600 SH       SOLE                     9600                 
TRIBUNE CO.                    COM              896047107      200     3060 SH       SOLE                     3060                 
TUSCARORA INC.                 COM              900902107      123    10450 SH       SOLE                    10450                 
U S TRUST CO.                  COM              912883105     2942    39650 SH       SOLE                    39650                 
UNION CAMP                     COM              905530101     3396    50585 SH       SOLE                    50585                 
WARNER LAMBERT                 COM              934488107     4459    67309 SH       SOLE                    67309                 
WATTS INDUSTRIES               COM              942749102      160    11780 SH       SOLE                    11780                 
WEIRTON STEEL                  COM              948774104       15    10200 SH       SOLE                    10200                 
WINN DIXIE STORES              COM              974280109      248     6629 SH       SOLE                     6629                 
AMERICAN GENERAL 6% CONV.PFD.  PFD CV           02637G200     2175    24300 SH       SOLE                    24300                 
BELCO OIL & GAS $1.625 CONV. P PFD CV           077410207     1321    83900 SH       SOLE                    83900                 
CNB CAPITAL TRUST 6% CONV. PFD PFD CV           12613g207     2289    88900 SH       SOLE                    88900                 
FELCOR LODGING $1.95 CONV. PFD PFD CV           314305202     1877    88850 SH       SOLE                    88850                 
GLENBOROUGH REALTY TRUST 7 3/4 PFD CV           37803p204     1799   107400 SH       SOLE                   107400                 
NEW PLAN EXCEL REALTY TR. $2.1 PFD CV           648053205     1777    73450 SH       SOLE                    73450                 
OWENS-ILLINOIS $2.375 CONV. PF PFD CV           690768502     1694    46500 SH       SOLE                    46500                 
SIGNATURE INNS  $1.70 CONV. PF PFD CV           826680308     1839   138800 SH       SOLE                   138800                 
ALTERNATIVE LIVING SERVICES    CONV             02145kab3     1882  2080000 PRN      SOLE                  2080000                 
AMERICAN RETIREMENT CORP.      CONV             028913aa9     2000  2410000 PRN      SOLE                  2410000                 
ASSISTED LIVING CONCEPTS       CONV             04543lad1     1704  2840000 PRN      SOLE                  2840000                 
BANKATLANTIC BANCORP           CONV             065908ac9     1742  2205000 PRN      SOLE                  2205000                 
BELL ATLANTIC FINANCIAL        CONV             07785gab6      901   850000 PRN      SOLE                   850000                 
CAMDEN PROPERTY TRUST          CONV             133131aa0      324   315000 PRN      SOLE                   315000                 
CAPSTAR HOTEL                  CONV             140918ac7     1431  1960000 PRN      SOLE                  1960000                 
CENTERPOINT PROPERTIES         CONV             151895aa7      906   530000 PRN      SOLE                   530000                 
CHARMING SHOPPES               CONV             161133aa1     1833  2060000 PRN      SOLE                  2060000                 
DIAMOND OFFSHORE               CONV             25271caa0     1738  1675000 PRN      SOLE                  1675000                 
EMCOR GROUP                    CONV             29084qac4     2008  2295000 PRN      SOLE                  2295000                 
FAMILY GOLF CENTERS            CONV             30701aaa4      243   400000 PRN      SOLE                   400000                 
FIELDCREST CANNON              CONV                             20    25000 PRN      SOLE                    25000                 
HEALTHCARE REALTY TRUST        CONV             421946aa2     1978  2210000 PRN      SOLE                  2210000                 
HILTON HOTELS                  CONV             432848a13     1706  1820000 PRN      SOLE                  1820000                 
INTERIM SERVICES               CONV             45868paa8      154   200000 PRN      SOLE                   200000                 
KELLSTROM INDUSTRIES           CONV             488035ae6     1777  2250000 PRN      SOLE                  2250000                 
L T C PROPERTIES               CONV             502175ac6     1465  1575000 PRN      SOLE                  1575000                 
MAY & SPEH                     CONV             577777aa3      742   500000 PRN      SOLE                   500000                 
MEDITRUST                      CONV             58501taa6       24    25000 PRN      SOLE                    25000                 
MERCURY AIR GROUP              CONV             589354aa7     2030  2010000 PRN      SOLE                  2010000                 
NATIONAL DATA                  CONV             635621aa3     2008  1885000 PRN      SOLE                  1885000                 
PARKER DRILLING                CONV             701081ad3     1031  1725000 PRN      SOLE                  1725000                 
PIONEER FINANCIAL              CONV             723672ae1     1351  1160000 PRN      SOLE                  1160000                 
PNC FINANCIAL                  CONV             693475aa3      117    25000 PRN      SOLE                    25000                 
PRIDE INTERNATIONAL            CONV             741541aa4      366   400000 PRN      SOLE                   400000                 
REPTRON ELECTRONICS            CONV             76026waa7     1372  3050000 PRN      SOLE                  3050000                 
REPUBLIC OF ITALY              CONV             46540aq18     2554  1240000 PRN      SOLE                  1240000                 
ROBBINS & MYERS                CONV             770196aa1     1840  2000000 PRN      SOLE                  2000000                 
SCANDINAVIAN BROADCASTING      CONV             805906ac8     2248  1820000 PRN      SOLE                  1820000                 
SOUTHERN MINERAL               CONV             843367aa1      380  2000000 PRN      SOLE                  2000000                 
SYSTEM SOFTWARE                CONV             871839aa4      869  1720000 PRN      SOLE                  1720000                 
UNITED STATES FILTER           CONV             911843af7     1803  1840000 PRN      SOLE                  1840000                 
</TABLE>


FORM 13F SUMMARY PAGE

Number of Other Included Managers: 

Form 13F Information Table Entry Total: 162

Form 13F Information Table Value Total:  $214983

List of Other Included Managers:  None



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