UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
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).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
BENJAMIN, JAMES C.
3600 South 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
10/31/98
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)
Vice President/Controller
7. Individual or Joint/Group Reporting (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 |
___________________________________________________________________________________________________________________________________|
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 |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK |-- |-- |-- |-- |-- |400 |I |(1) |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK |-- |-- |-- |-- |-- |1,036 |I |(2) |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK |7/7/98|A(3)|92 |A |$21.656 |(3) |(3) |(3) |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK |10/6/9|A(3)|253 |A |$7.922 |(3) |(3) |(3) |
|8 | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
COMMON STOCK |10/14/|F(4)|9,428 |D |$6.50 |10,897(3) |D | |
|98 | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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 |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|ice 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 | | | Amount | |ble | | | |Year |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Empl. Stock Options (Rig|$37.88 |-- |-- |-- -- |A,D|4/13/|10/13|Common Stock|6,000 |-- |6,000 |D |-- |
hts to Buy)(5) | | | | | |97-00|/06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$31.25 |-- |-- |-- -- |A,D|4/9/9|10/9/|Common Stock|5,000 |-- |5,000 |D |-- |
hts to Buy)(5) | | | | | |6-99 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$26.50 |-- |-- |-- -- |A,D|4/3/9|10/3/|Common Stock|5,000 |-- |5,000 |D |-- |
hts to Buy)(5) | | | | | |5-98 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$19.63 |-- |-- |-- -- |A,D|4/4/9|10/4/|Common Stock|5,000 |-- |5,000 |D |-- |
hts to Buy)(5) | | | | | |4-97 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$17.25 |-- |-- |-- -- |A,D|4/5/9|10/5/|Common Stock|2,500 |-- |2,500 |D |-- |
hts to Buy)(5) | | | | | |3-96 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$19.25 |-- |-- |-- -- |A,D|4/7/9|10/7/|Common Stock|1,650 |-- |1,650 |D |-- |
hts to Buy)(5) | | | | | |2-95 |01 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$14.38 |-- |-- |-- -- |A,D|4/1/9|10/1/|Common Stock|2,000 |-- |2,000 |D |-- |
hts to Buy)(5) | | | | | |1-94 |00 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Empl. Stock Options (Rig|$6.85 |10/14|A |9,428 -- |A,D|10/14|10/14|Common Stock|9,428 |$6.85 |9,428 |D |-- |
hts to Buy)(5) | |/98 | | | |/98 |/08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) Shares held by wife as custodian for three minor children under the UGMA.
(2) Held in trust pursuant to the Harnischfeger Industries, Inc. ("HII")
Employee Savings Plan ("ESP"). The Plan is a unitized plan and as a result
each participant is allocated a certain number of units representing the
participant's proportionate share of the HII stock fund. (3) Shares acquired
under the automatic dividend reinvestment feature of the HII Executive
Incentive Plan ("EIP") and, following acquisition, held indirectly through a
"rabbi" trust. On October 14, 1998, shares held in the reporting person's EIP
account in such trust were distributed to the reporting person and are
reflected in the reporting person's direct end-of-period holdings of Common
Stock. (4) Shares withheld from distribution of EIP "rabbi" trust account to
satisfy the reporting person's tax liability resulting from such distribution.
(5) Options granted under the HII 1988 Incentive Stock Plan or the HII 1996
Stock Incentive Plan. Options under the plans generally become
exercisable in 25% increments at four 12 month intervals commencing 6 months
from the date of grant and expire 10 years from the date of grant;
however, options granted on 10/14/98 were exercisable on the date of
grant.
SIGNATURE OF REPORTING PERSON
/s/ James C. Benjamin
DATE
12/9/98
