SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Schedule 13G
Under the Securities Exchange Act of 1934
(Amendment No. 3 )*
GREAT LAKES CHEMICAL CORP.
_______________________________________
(Name of Issuer)
COMMON STOCK
_______________________________________
(Title of Class of Securities)
390568103
_______________________________________
(CUSIP Number)
Check the following box if a fee is being paid with this statement.
(A fee is not required only if the filing person: (1) has a previous
statement on file reporting beneficial ownership of more than five
percent of the class of securities described in Item 1; and (2) has
filed no amendment subsequent thereto reporting beneficial ownership
of five percent or less of such class.) (See Rule 13d-7.)
*The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class
of securities, and for any subsequent amendment containing information
which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not
be deemed to be "filed" for the purpose of Section 18 of the
Securities Exchange Act of 1934 ("Act") or otherwise subject to the
liabilities of that section of the Act but shall be subject to all
other provisions of the Act (however, see the Notes).
(Continued on following page(s))
Page 1 of 5 Pages
<PAGE>
CUSIP NO. 390568103 13G Page 2 of 5 Pages
1 Name of Reporting Person
S.S. or I.R.S. Identification No. of Above Person
T. ROWE PRICE ASSOCIATES, INC.
52-0556948
2 Check the Appropriate Box if a Member of a Group*
(a) ____
NOT APPLICABLE (b) ____
3 SEC Use Only
______________________________
4 Citizenship or Place of Organization
MARYLAND
Number of 5 Sole Voting Power
**
Shares 1,355,360
Beneficially 6 Shared Voting Power
**
Owned By Each NONE
Reporting 7 Sole Dispositive Power
**
Person 7,272,416
With 8 Shared Dispositive Power
NONE
9 Aggregate Amount Beneficially Owned by Each Reporting Person
7,273,616
10 Check Box if the Aggregate Amount in Row (9) Excludes Certain
Shares*
NOT APPLICABLE
11 Percent of Class Represented by Amount in Row 9
12.3%
12 Type of Reporting Person*
IA
*SEE INSTRUCTION BEFORE FILLING OUT!
**Any shares reported in Items 5 and 6 are also
reported in Item 7.
<PAGE>
SCHEDULE 13G
PAGE 3 OF 5
Item 1(a) Name of Issuer:
Reference is made to page 1 of this Schedule 13G
Item 1(b) Address of Issuer's Principal Executive Offices:
One Great Lakes Blvd., West Lafayette, Indiana 47906
Item 2(a) Name of Person(s) Filing:
(1) T. Rowe Price Associates, Inc. ("Price Associates")
(2) ___________________________________
_____ Attached as Exhibit A is a copy of an agreement between the
Persons Filing (as specified hereinabove) that this Schedule
13G is being filed on behalf of each of them.
Item 2(b) Address of Principal Business Office:
100 E. Pratt Street, Baltimore, Maryland 21202
Item 2(c) Citizenship or Place of Organization:
(1) Maryland
(2) ___________________________________
Item 2(d) Title of Class of Securities:
Reference is made to page 1 of this Schedule 13G
Item 2(e) CUSIP Number: 390568103
Item 3 The person filing this Schedule 13G is an:
X Investment Adviser registered under Section 203 of the
Investment Advisers Act of 1940
_____ Investment Company registered under Section 8 of the
Investment Company Act of 1940
Item 4 Reference is made to Items 5-11 on page 2 of this Schedule
13G.
<PAGE>
SCHEDULE 13G
PAGE 4 OF 5
Item 5 Ownership of Five Percent or Less of a Class.
X Not Applicable.
_____ This statement is being filed to report the fact that, as of
the date of this report, the reporting person(s) has (have)
ceased to be the beneficial owner of more than five percent of
the class of securities.
Item 6 Ownership of More than Five Percent on Behalf of Another Person
(1) Price Associates does not serve as custodian of the assets
of any of its clients; accordingly, in each instance only
the client or the client's custodian or trustee bank has
the right to receive dividends paid with respect to, and
proceeds from the sale of, such securities.
The ultimate power to direct the receipt of dividends paid
with respect to, and the proceeds from the sale of, such
securities, is vested in the individual and institutional
clients which Price Associates serves as investment
adviser. Any and all discretionary authority which has
been delegated to Price Associates may be revoked in whole
or in part at any time.
Except as may be indicated if this is a joint filing with
one of the registered investment companies sponsored by
Price Associates which it also serves as investment
adviser ("T. Rowe Price Funds"), not more than 5% of the
class of such securities is owned by any one client
subject to the investment advice of Price Associates.
(2) With respect to securities owned by any one of the T. Rowe
Price Funds, only State Street Bank and Trust Company, as
custodian for each of such Funds, has the right to receive
dividends paid with respect to, and proceeds from the sale
of, such securities. No other person is known to have
such right, except that the shareholders of each such Fund
participate proportionately in any dividends and
distributions so paid.
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.
<PAGE>
SCHEDULE 13G
PAGE 5 OF 5
Item 9 Notice of Dissolution of Group.
Not Applicable.
Item 10 Certification.
By signing below I (we) certify that, to the best of my (our)
knowledge and belief, the securities referred to above 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 purpose or effect.
T. Rowe Price Associates, Inc. hereby declares and affirms
that the filing of this Schedule 13G shall not be construed
as an admission that Price Associates is the beneficial owner
of the securities referred to, which beneficial
ownership is expressly denied.
Signature.
After reasonable inquiry and to the best of my (our)
knowledge and belief, I (we) certify that the information set
forth in this statement is true, complete and correct.
Dated: February 12, 1999
T. ROWE PRICE ASSOCIATES, INC.
By: /s/ Henry H. Hopkins
Henry H. Hopkins, Managing Director
Note: This Schedule 13G, including all exhibits, must be filed with
the Securities and Exchange Commission, and a copy hereof
must be sent to the issuer by registered or certified mail
not later than February 14th following the calendar year
covered by the statement or within the time specified in Rule
13d-1(b)(2), if applicable.
12/31/1998
