UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Holguin, Raul G.
14643 Dallas Parkway Suite 1000
Dallas, TX 75240
USA
2. Issuer Name and Ticker or Trading Symbol
Elcor Corporation
ELK
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
October 28, 1997
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Vice President - Management Information Systems
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock $1 Par Value | | | | | | | | | |
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| | | | | | |8,271* |D | |
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| | | | | | |5,106.542* |I |By ESOP Trustee |
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*adjusted for 3 for 2 stock| | | | | | | | | |
split declared September 2| | | | | | | | | |
9, 1997 | | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Incentive Stock Option|$24.17* |10/28|M | |3,095 D |A,D|10/28|10/27|Common Stock|3,095 |$24.17 |10,275 |D | |
(Right to Buy)** | |/97 | | | | |/99 |/07 | | | | | | |
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| | | | | | | | | | | | | | |
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Explanation of Responses:
*price and number of shares adjusted for the 3 for 2 stock split declared
September 29, 1997.
**granted under the Elcor Corporation 1993 Incentive Stock Option Plan in
transaction exempt under Rule 16b-3.
The option is exercisable as to 20% of the number of shares set forth above 2
years after the effective date of
the grant, with an additional 20% for each year thereafter until the option is
exercisable as to 100% of such
shares 6 years after the date of the grant. The option expires 10 years after
the effective date of the grant, or, in
this case, October 27,
2007.
