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 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
2/22/99
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 |1/6/99|G |V|5,100 |A |-- |10,200 |I |(1) |
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COMMON STOCK |-- |-- |-|-- |-- |-- | 996 |I |(2) |
| | |-| | | | | | |
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COMMON STOCK |2/22/9|A(1)|V|115,330 |A |$9.24 |115,330 |I |(3) |
|9 | | | | | | | | |
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COMMON STOCK |1/6/99|G |V|5,100 |D |-- |150,097 |D |-- |
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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|$6.85 |-- |-- |-|-- -- |A,D|10/14|10/14|Common Stock|131,660|-- |131,660 |D |-- |
ights to Buy)(4) | | | |-| | |/98 |/08 | | | | | | |
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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)(4) | | | |-| | |97-00|/06 | | | | | | |
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Empl. Stock Options (R|$31.25 |-- |-- |-|-- -- |A,D|4/9/9|10/9/|Common Stock|21,000 |-- |21,000 |D |-- |
ights to Buy)(4) | | | |-| | |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)(4) | | | |-| | |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)(4) | | | |-| | |4-97 |03 | | | | | | |
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Empl. Stock Options (R|$17.25 |-- |-- |-|-- -- |A,D|4/5/9|10/5/|Common Stock|7,500 |-- |7,500 |D |-- |
ights to Buy)(4) | | | |-| | |3-96 |02 | | | | | | |
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| | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
(1) Held by three sons. (2) Held in trust pursuant to the Harnischfeger
Industries, Inc. ("HII") Employee Savings
Plan ("ESP") which is a unitized plan in which each participant is allocated a
crtain number of units representing
his proportionate share of the HII stock fund. (3) Held in trust pursuant to
the HII Supplemental Retirement and
Stock Funding Plan ("SRP"). Shares acquired under the Plan's annual allocation
feature. (5) Options granted
under the HII 1988 Incentive Stock Plan or the Hii 1996 Stock Incentive Plan.
Options under the plans 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. Options noted as being exercisable as of
10/14/98 were exercisable on the date
of
grant.
SIGNATURE OF REPORTING PERSON
/s/ Francis M. Corby, Jr.
DATE
4/12/99