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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000038777-99-000002.txt : 19990107
<SEC-HEADER>0000038777-99-000002.hdr.sgml : 19990107
ACCESSION NUMBER:		0000038777-99-000002
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19981231
FILED AS OF DATE:		19990106

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TEMPLETON DRAGON FUND INC
		CENTRAL INDEX KEY:			0000919893
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				650473580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	811-08394
		FILM NUMBER:		99501590

	BUSINESS ADDRESS:	
		STREET 1:		700 CENTRAL AVE
		CITY:			ST PETERSBURG
		STATE:			FL
		ZIP:			33701
		BUSINESS PHONE:		8138238712
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			FORESTER SAMUEL J JR
	CENTRAL INDEX KEY:			0001039373
	STANDARD INDUSTRIAL CLASSIFICATION:	INVESTMENT ADVICE [6282]
<RELATIONSHIP>OFFICER
	IRS NUMBER:				429863615
	STATE OF INCORPORATION:			DE
	FISCAL YEAR END:			0930

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		901 MARINERS ISLAND BLVD 6TH FLOOR
	STREET 2:		FRANLIN RESOURCES INC
	CITY:			SAN MATEO
	STATE:			CA
	ZIP:			94404
	BUSINESS PHONE:		4153126505

MAIL ADDRESS:	
	STREET 1:		FRANKLIN RESOURCES INC
	STREET 2:		901 MARINERS ISLAND BLVD 6TH FLOOR
	CITY:			SAN MATEO
	STATE:			CA
	ZIP:			94404
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<TEXT>

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)
   Forester, Samuel J.
   777 Mariners Island Boulevard
   
   
   San Mateo, CA 94404  
2. Issuer Name and Ticker or Trading Symbol
   Templeton Dragon Fund, Inc. (TDF)
3. I.R.S. Identification Number of Reporting Person, if an entity (Voluntary)

4. Statement for Month/Year
   12/98
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 
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>
Table I   Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
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                   
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                                           <C>         <C>      <C>           <C><C>          <C>            <C><C>              
Common Stock                                                                                     100.000        D  Direct           
Common Stock                                  12/30/98    S        100.000       D  $7.500       0.000          I  by Daughter      
Common Stock                                                                                     100.000        I  by Daughter 2    
Common Stock                                                                                     100.000        I  by IRA           
Common Stock                                                                                     100.000        I  by Son           
Common Stock                                                                                     300.000        I  by Spouse        

<CAPTION>
Table II (PART 1)  Derivative Securities Acquired, Disposed of, or Beneficially Owned  (Columns 1 through 6)                        
- ------------------------------------------------------------------------------------------------------------------------------------
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   
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>             <C>            <C>       <C>              <C>              <C>          <C>          

<CAPTION>
Table II (PART 2)  Derivative Securities Acquired, Disposed of, or Beneficially Owned  (Columns 1,3 and 7 through 11)               
- ------------------------------------------------------------------------------------------------------------------------------------
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                      
- ------------------------------------------------------------------------------------------------------------------------------------
<S>                            <C>       <C>                            <C>           <C>         <C>           <C> <C>             

<FN>
Explanation of Responses:


</FN>
</TABLE>
SIGNATURE OF REPORTING PERSON
/S/ Forester, Samuel J.
DATE 
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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