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
HALE, ROBERT W.
HARNISCHFEGER INDUSTRIES, INC.
3600 SOUTH LAKE DRIVE
ST. FRANCIS, WI 53235
MILWAUKEE
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)
SENIOR VICE PRESIDENT
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>
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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 |
|Date |Code| | Beneficially |(D)or | |
| | | | A/| | Owned at |Indir | |
| | | Amount | D | Price | End of Year |ect(I)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C>
COMMON STOCK | -- |-- |-- |-- |-- |812 |I |(1) |
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COMMON STOCK |7/7/98|A(2)|91 |A |$21.656 |(2) |(2) |(2) |
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COMMON STOCK |10/6/9|A(2)|251 |A |$7.922 |(2) |(2) |(2) |
|8 | | | | | | | |
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COMMON STOCK |10/14/|F(3)|9,314 |D |$6.50 |10,742(2) |D | |
|98 | | | | | | | |
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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 |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)| |
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<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Options (|$17.25 |10/5/|-- |-- -- |A,D| 4/5/|10/5/|Common Stock|1,000 |$17.25 |1,000 |D |-- |
Rights to Buy)(4) | |92 | | | |93-96|02 | | | | | | |
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Employee Stock Options (|$19.63 |10/4/|-- |-- -- |A,D|4/4/9|10/4/|Common Stock|3,000 |$19.63 |3,000 |D |-- |
Rights to Buy)(4) | |93 | | | |4-97 |03 | | | | | | |
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Employee Stock Options (|$25.00 |11/17|-- |-- -- |A,D|5/17/|11/17|Common Stock|5,000 |$25.00 |5,000 |D |-- |
Rights to Buy)(4) | |/94 | | | |95-98|/04 | | | | | | |
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Employee Stock Options (|$31.25 |10/9/|-- |-- -- |A,D|4/9/9|10/9/|Common Stock|5,000 |$31.25 |5,000 |D |-- |
Rights to Buy)(4) | |95 | | | |6-99 |05 | | | | | | |
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Employee Stock Options (|$37.88 |10/13|-- |-- -- |A,D|4/13/|10/13|Common Stock|7,000 |$37.88 |7,000 |D |-- |
Rights to Buy)(4) | |/96 | | | |97-00|/06 | | | | | | |
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Employee Stock Options (|$6.85 |10/14|A |9,314 -- |A,D|10/14|10/14|Common Stock|9,314 |$6.85 |9,314 |D |-- |
Rights to Buy)(4) | |/98 | | | |/98 |/08 | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Held in trust pursuant to the Harnischfeger Industries, Inc. ("HII")
Employees' Savings Plan. 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. (2) 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. (3) Shares
withheld from distribution of EIP "rabbi" trust account to satisfy the
reporting person's tax liability resulting from such distribution. (4)
Options granted under the HII 1988 Incentive Stock Plan or the HII 1996 Stock
Incentive Plan. Options granted 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 after the date of grant; however,
options granted on 10/14/98 were exercisable on the date of grant..
SIGNATURE OF REPORTING PERSON
/s/ Robert W. Hale
DATE
12/8/98
