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
CORBY, FRANCIS M., JR.
3600 S. Lake Drive
St. Francis, WI 53235
US
2. Issuer Name and Ticker or Trading Symbol
HARNISCHFEGER INDUSTRIES, INC.
HPH
3. IRS or Social Security Number of Reporting Person (Voluntary)
###-##-####
4. Statement for Month/Year
DECEMBER, 1996
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)
Executive Vice President for Finance and Administration
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>
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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 |12/26/|M | |7,500 |A |$17.25 | | | |
|96 | | | | | | | | |
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COMMON STOCK |12/26/|S | |7,500 |D |$47.00 | | | |
|96 | | | | | | | | |
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COMMON STOCK |-- |-- |-|-- |-- |-- |101,071 |D(1) |-- |
| | |-| | | | | | |
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COMMON STOCK |-- |-- |-|-- |-- |-- |3,500 |I |(2) |
| | |-| | | | | | |
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COMMON STOCK |-- |-- |-|-- |-- |-- |44 |I |(3) |
| | |-| | | | | | |
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COMMON STOCK |12/16/|A |V|18,339 |A |$28.97 |111,335 |I |(4) |
|96 | | | | | | | | |
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COMMON STOCK |-- |-- |-|-- |-- |-- |909 |I |(5) |
| | |-| | | | | | |
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COMMON STOCK |-- |-- |-|-- |-- |-- |40,752 |I |(6) |
| | |-| | | | | | |
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<CAPTION>
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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>
Empl. Stock Options (R|31.25 |-- |-- |-|-- -- |A,D|4/9/9|10/9/|Common Stock|21,000 |-- |21,000 |D |-- |
ights to Buy)(7) | | | |-| | |6-99 |05 | | | | | | |
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Empl. Stock Options (R|26.50 |-- |-- |-|-- -- |A,D|4/3/9|10/3/|Common Stock|15,000 |-- |15,000 |D |-- |
ights to Buy)(7) | | | |-| | |5-98 |04 | | | | | | |
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Empl. Stock Options (R|19.63 |-- |-- |-|-- -- |A,D|4/4/9|10/4/|Common Stock|15,000 |-- |15,000 |D |-- |
ights to Buy)(7) | | | |-| | |4-97 |03 | | | | | | |
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Empl. Stock Options (R|17.25 |12/26|M |-|-- 7,500 |A,D|4/5/9|10/5/|Common Stock|7,500 |-- |7,500 |D |-- |
ights to Buy)(7) | |/96 | |-| | |3-96 |02 | | | | | | |
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Empl. Stock Options (R|37.88 |-- |-- |-|-- -- |A,D|4/13/|10/13|Common Stock|26,000 |-- |26,000 |D |-- |
ights to Buy)(7) | | | |-| | |97-00|/06 | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Of the shares directly owned, 95,571 represent "restricted" stock under
the Harnischfeger Industries, Inc.
("HII") 1988 Incentive Stock Plan ("1988 Plan"). (2) Held as custodian for
three minor sons. (3) Held in trust
pursuant to the HII Employee Savings Plan. These shares are held in the
participant's 401(K) account under the
Plan. (4) Held in "rabbi" trust pursuant to the HII Executive Incentive
Plan. Acquisition of shares under the Plan's
annual allocation feature. (5) Held in trust pursuant to HII Employee Savings
Plan. These shares are held in the
participant's Profit Sharing account under the Plan. (6) Held in "rabbi"
trust pursuant to the HII Supplemental
Retirement and Stock Funding Plan. (7) Options granted under the 1988 Plan
or the HII 1996 Stock Incentive Plan.
Options under the plan become exercisable in 25% increments at four 12 month
intervals commencing 6 months
from the date of grant and expire 10 years after the date of
grant.
SIGNATURE OF REPORTING PERSON
/s/ Francis M. Corby, Jr.
DATE
1/10/97
