FORM 4
( ) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
|_____________________|
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998|
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE ... 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
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1. Name and Address of Reporting Person
Michael J. Scharf
c/o Niagara Corporation
667 Madison Avenue
New York, New York 10021
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2. Issuer Name and Ticker or Trading Symbol
Niagara Corporation; NIAG
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3. I.R.S. Identification Number of Reporting Person, if an entity
(Voluntary)
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4. Statement for Month/Year
8/98
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( X ) Director
( X ) 10% Owner
( X ) Officer (give title below)
( ) Other (specify title below)
Chief Executive Officer, President and Chairman of the Board
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7. Individual, or Joint/Group Filing (Check Applicable Line)
( X ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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TABLE I - NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
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1. Title of Security (Instr. 3)
Common Stock
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2. Transaction Date (Month/Day/Year)
8/31/98
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3. Transaction Code (Instr. 8)
P
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4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
(i) 5,000 shares; (A); $5.8125
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5. Amount of Securities Beneficially Owned at End of Month
(Instr. 3 and 4)
(i) 819,700 shares
(ii) 205,000 shares
(iii) 194,500 shares
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6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
(i) Direct
(ii) Indirect
(iii) Indirect
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7. Nature of Indirect Beneficial Ownership (Instr. 4)
(ii) Owned by the Michael J. Scharf 1987 Grantor Income Trust, of
which Mr. Scharf is Trustee.
(iii) Owned by the Scharf Family 1989 Trust, of which Mr. Scharf is
Trustee.
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
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TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY
OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of Derivative Security (Instr. 3)
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2. Conversion or Exercise Price of Derivative Security
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3. Transaction Date (Month/Day/Year)
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4. Transaction Code (Instr. 8)
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5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
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6. Date Exercisable and Expiration Date (Month/Day/Year)
___________________________________________________________________________
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
___________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
___________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
___________________________________________________________________________
10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
___________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
___________________________________________________________________________
EXPLANATION OF RESPONSES:
/s/ Michael J. Scharf September 7, 1998
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** SIGNATURE OF REPORTING PERSON DATE
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY
SIGNED. IF SPACE IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE.
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOT REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
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