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Proc-Type: 2001,MIC-CLEAR
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<SEC-DOCUMENT>0000080424-98-000004.txt : 19980126
<SEC-HEADER>0000080424-98-000004.hdr.sgml : 19980126
ACCESSION NUMBER:		0000080424-98-000004
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19980123
ITEM INFORMATION:		
FILED AS OF DATE:		19980123
SROS:			CSE
SROS:			NYSE

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PROCTER & GAMBLE CO
		CENTRAL INDEX KEY:			0000080424
		STANDARD INDUSTRIAL CLASSIFICATION:	SOAP, DETERGENT, CLEANING PREPARATIONS, PERFUMES, COSMETICS [2840]
		IRS NUMBER:				310411980
		STATE OF INCORPORATION:			OH
		FISCAL YEAR END:			0630

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		
		SEC FILE NUMBER:	001-00434
		FILM NUMBER:		98511812

	BUSINESS ADDRESS:	
		STREET 1:		ONE PROCTER & GAMBLE PLZ
		CITY:			CINCINNATI
		STATE:			OH
		ZIP:			45202
		BUSINESS PHONE:		5139831100
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<TEXT>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                                    FORM 8-K


                                 CURRENT REPORT

     PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Date of Report (Date of earliest event reported)              January 23, 1998


                          THE PROCTER & GAMBLE COMPANY
- ---------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)


    Ohio                          1-434                       31-0411980
- ---------------------------------------------------------------------------
(State or other            (Commission File Number)           (IRS Employer
jurisdiction of                                               Identification
incorporation)                                                Number)


One Procter & Gamble Plaza, Cincinnati, Ohio                  45202
- ---------------------------------------------------------------------------
(Address of principal executive offices)                      (Zip Code)


Registrant's telephone number, including area code   (513) 983-1100
                                                     --------------






<PAGE>



ITEM 9.  SALES OF EQUITY SECURITIES PURSUANT TO REGULATION S

         On January 23, 1998 The Procter & Gamble Company (the "Company") sold
5,121 shares of the Company's common stock to employees of subsidiaries of the
Company for approximately $419,359 in reliance on Regulation S.

         No underwriter or placement agent was used.




                                    SIGNATURE


         Pursuant to the requirements of the Securities Exchange Act of 1934,
the Registrant has duly caused this Report to be singed on its behalf by the
undersigned hereunto duly authorized.


                                  THE PROCTER & GAMBLE COMPANY


                                  /s/TERRY L. OVERBEY
                                  ------------------------------------
                                  Terry L. Overbey, Secretary
                                  January 23, 1998




</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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