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.
1. Name and Address of Reporting Person(s)
Brace Raymond
100 Crystal A Drive
Hershey, Pennsylvania l7033
2. Issuer Name and Ticker or Trading Symbol
Hershey Foods Corporation (HSY)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
02/99
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) Sr. V.P., Operations
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>
<CAPTION>
Table I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
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<S> <C> <C> <C> <C><C> <C> <C><C>
<CAPTION>
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
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<S> <C> <C> <C> <C> <C> <C> <C>
Deferred Performance Share Unit$0.00000 02/10/99 J (1) 3,352.0000
Deferred Performance Share Unit$0.00000 02/10/99 J 2,710.0000
(2)
<CAPTION>
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
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<S> <C> <C> <C> <C> <C> <C> <C>
Deferred Performance Share Unit02/10/99 Common Stock 3,352.0000 D Direct
Deferred Performance Share Unit02/10/99 Common Stock 2,710.0000 $58.51790 13,142.0000 D Direct
(2)
<FN>
Explanation of Responses:
(1)
Settlement of Performance Share Units granted on January 2, 1996, pursuant to
Hershey Foods Corporation Key Employee Incentive Plan. Settlement involved the
deferral of the entire award of 3,352 Deferred Performance Share Units after
certain mandatory tax withholdings.
(2)
Settlement on 4,044 Deferred Performance Share Units ('DPSUs') deferred on 1/91
pursuant to the Hershey Foods Corporation (HFC) Employee Incentive Plan under
old Rule 16b-3. DPSUs have a stock withholding feature which permits the
withholding of stock at settlement to satisfy income tax withholding
obligations. Settlement included conversions of DPSUs into cash (2,783 shares)
and withholding of 1261 DPSUs to satisfy tax withholding obligations.
</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Brace, Raymond
DATE 03/09/99
