U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C.
FORM 4
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check 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
RUNGE, DONALD E.
8200 W. BROWN DEER ROAD, SUITE 200
MILWAUKEE, WI 53223
MILWAUKEE
2. Issuer Name and Ticker or Trading Symbol
THE DIANA CORPORATION
DNA
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
JULY 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
PRESIDENT
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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 Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
COMMON STOCK, $1.00 PAR VAL|7/8/96|S | |18,896 |D |41.25 | |D | |
UE | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/9/96|S | |527 |D |40.5 | |D | |
UE | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/9/96|S | |1,400 |D |40.375 |414996 |D | |
UE | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/9/96|S | |6,000 |D |41 | |I | |
UE | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/10/9|S | |9,478 |D |41 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/10/9|S | |5,100 |D |41.125 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/10/9|S | |10,000 |D |41.25 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/10/9|S | |10,000 |D |41.75 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/10/9|S | |10,000 |D |42 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |3,000 |D |41.5 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |5,500 |D |41.75 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,000 |D |42 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |1,422 |D |42.125 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,500 |D |42.375 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,500 |D |42.625 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |1,000 |D |43 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |1,000 |D |43.25 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |1,500 |D |43.875 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |3,000 |D |44 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,000 |D |44.25 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,000 |D |44.75 | |I | |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK, $1.00 PAR VAL|7/11/9|S | |2,000 |D |46 |30,578 |I |By Runge |
UE |6 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | |Industries, Inc. |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
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 | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
SIGNATURE OF REPORTING PERSON
/s/ Donald E. Runge
DATE
July 17, 1996
