UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
________________________________________________________________________
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. 10)
CORNING INCORPORATED
(Name of Issuer)
Common Shares, Par Value $.50 Per Share
(Title of Class of Securities)
219350-10-5
(CUSIP Number)
N.A.
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[X ] Rule 13d-1(b)
[ ] Rule 13d-(c)
[ ] Rule 13d-1(d)
Item 1
(a) Name of Issuer:
Corning Incorporated
(b) Address of Issuer's Principal Executive Offices:
One Riverfront Plaza, Corning, New York 14831
Item 2
(a) Name of Person Filing:
The Investment Plan and the Investment Plan for Unionized
Hourly Employees of Corning Incorporated and certain
affiliated companies (the "Plans")
(b) Address of Principal Business Office:
One Riverfront Plaza, Corning, New York 14831
(c) Citizenship:
Not applicable
(d) Title of Class of Securities:
Common Shares, par value $.50 per share
(e) CUSIP Number:
219350 10 5
Item 3
(a) The Plans are employee benefit plans - defined contribution
plans which are subject to the provisions of the Employee
Retirement Income Security Act of 1974
Item 4 Ownership
(a) Amount Beneficially Owned:
The equivalent of 11,375,508 Common shares at December 31, 1998,
being 10,661,236 shares of Common Stock and 178,568 shares of
Series B 8% Convertible Preferred Stock. Each share of Common
Stock is entitled to one vote and each share of Preferred Stock
is entitled to four votes.
(b) Percent of Class:
4.6% - Common
100% - Series B Preferred
4.9% - Overall Voting Percent
(c) Number of Shares as to which such person has:
(i) sole power to vote or to direct the vote:
None
(ii) shared power to vote or to direct the vote:
None
(iii) sole power to dispose or to direct the disposition of:
None
(iv) shared power to dispose or to direct the disposition of:
None
Under the provisions of the Plans and the related trust agreement,
the power to vote the Common and Series B Preferred shares and the
power to respond to tender offers or other offers to sell such
shares is passed through to the participants in the Plans.
Only the Trustee of the Plans may be the record owner of the
Series B Preferred shares. Each share of Series B Preferred
Stock, $100 par value, is convertible into 4.79 Common shares at
a conversion price of $25 per share. Holders of the Series B
Preferred shares are entitled to vote on all matters submitted to
holders of Common stock, each share of Series B having four votes.
Item 5 Ownership of Five Percent or Less of a Class
The Investment Plans owned 5.27% of the voting interest of the
Common Stock at December 31, 1998. The voting percentage at
December 31, 1997 was 4.94%.
Item 6 Ownership of More Than Five Percent on Behalf of Another Person
The Plans hold these securities on behalf of the employees who are
participants in the Plans. Dividends are reinvested and are not
currently distributed to participants. Common dividends are
reinvested in Common shares. Preferred dividends are reinvested
in fixed income instruments. Beneficiaries of the Plans have the
right to receive securities and/or proceeds from the sale of the
securities allocated to their respective accounts in the manner and
at the time specified in the Plans. No individual beneficiary's
account under the Plans has been allocated more than five percent
of the issuer's outstanding Common shares.
Item 7 Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent Holding
Company
Not applicable
Item 8 Identification and Classification of Members of the Group
Not applicable
Item 9 Notice of Dissolution of Group
Not applicable
Item 10 Certification
By signing below the undersigned certifies that, to the best of
its knowledge and belief, the securities referred to below
were acquired in the ordinary course of business and were not
acquired for the purpose of and do not have the effect of changing
or influencing the control of the issuer of such securities and
were not acquired in connection with or as a participant in any
transaction having such purposes or effect.
SIGNATURE
After reasonable inquiry and to the best of the undersigned's knowledge
and belief, the undersigned certifies that the information set forth in this
statement is true, complete and correct.
CORNING INCORPORATED, on behalf of
its Investment Plan and Investment
Plan for Unionized Hourly Employees
Date: February 10, 1999 By: /s/ A. JOHN PECK, JR.
Name: A. John Peck, Jr.
Title: Vice President & Secretary
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