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.
1. Name and Address of Reporting Person(s)
Wolfe Kenneth L
100 Crystal A Drive
Hershey, Pennsylvania l7033
2. Issuer Name and Ticker or Trading Symbol
Hershey Foods Corporation (HSY)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)
4. Statement for Month/Year
03/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable) [X]
Director [ ] 10% Owner [X] Officer (give title below) [ ] Other (specify
below) Chairman and CEO
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 I Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
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1)Title of Security 2)Trans- 3.Trans- 4.Securities Acquired(A) 5)Amount of 6) 7)Nature of
action action or Disposed of (D) Securities Indirect
Date Code A Beneficially D Beneficial
(Month/ or Owned at or Ownership
Day/Year) Code V Amount D Price End of Month I
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Common Stock 03/05/99 M 32,000.0000 A $23.50000 D Direct
Common Stock 03/05/99 S 32,000.0000 D $60.24180 D Direct
Common Stock 03/05/99 M 28,000.0000 A $24.50000 D Direct
Common Stock 03/05/99 S 28,000.0000 D $60.24180 D Direct
Common Stock 03/08/99 M 38,300.0000 A $24.50000 D Direct
Common Stock 03/08/99 S 38,300.0000 D $59.71410 132,982.0000 D Direct
Common Stock 208.4500 I 401(k) Plan
Table II (PART 1) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1 through 6)
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1)Title of Derivative 2)Conversion 3)Trans- 4)Trans- 5)Number of Derivative 6)Date Exercisable and
Security or Exercise action action Securities Acquired (A) Expiration Date
Price of Date Code or Disposed of (D)
Derivative
Security Code V A D Exercisable Expiration
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Non-Qualified Stock Option $23.50000 03/05/99 M 32,000.0000 01/03/03
(right to buy) (1)
Non-Qualified Stock Option $24.50000 03/05/99 M 28,000.0000 01/03/04
(right to buy) (1)
Non-Qualified Stock Option $24.50000 03/08/99 M 38,300.0000 01/03/04
(right to buy) (1)
Table II (PART 2) Derivative Securities Acquired, Disposed of, or Beneficially Owned (Columns 1,3 and 7 through 11)
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1)Title of Derivative 3)Trans- 7)Title and Amount 8)Price 9)Number of 10) 11)Nature of
Security action of Underlying of Deri- Derivative Indirect
Date Securities vative Securities D Beneficial
Amount or Security Beneficially or Ownership
Number of Owned at I
- Title Shares End of Month
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Non-Qualified Stock Option 03/05/99 Common Stock 32,000.0000 $60.24180 0.0000 D Direct
(right to buy) (1)
Non-Qualified Stock Option 03/05/99 Common Stock 28,000.0000 $60.24180 D Direct
(right to buy) (1)
Non-Qualified Stock Option 03/08/99 Common Stock 38,300.0000 $59.71410 0.0000 D Direct
(right to buy) (1)
Explanation of Responses:
(1)
These options were granted under the Hershey Foods Corporation 1987 Key Employee
Incentive Plan, and they have a stock withholding feature which permits the
withholding of shares of stock at the time of exercise to satisfy the grantee's
income tax withholding rights.
SIGNATURE OF REPORTING PERSON
/S/ Wolfe, Kenneth L
DATE 3/09/99
