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
Cave, Thomas W.
14643 Dallas Parkway Suite 1000
Dallas, TX 75240-8871
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
September 28, 1998
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)
Controller
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) 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 | | | | | | |3,619.9875 |D | |
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| | | | | | |5,758.574 |I |By ESOP Trustee |
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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|$22.00 |09/28|M |V|860 |A |09/28|09/27|Common Stock|860 |$22.00 |6,972.50 |D | |
(Right to Buy)* | |/98 | | | | |/00 |/08 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
*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,
September 27,
2008.
SIGNATURE OF REPORTING PERSON
/s/ Thomas W. Cave
DATE
November 9, 1998
