CUMMINS INC — Director's Dealing 2004

Jan 23, 2004

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CUMMINS INC (CMI)
CIK: 0000026172
Period of Report: 2004-01-22

Reporting Person: WALL JOHN C (Vice President)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2004-01-22	Common	M	1000	$37.13	Acquired	0	Direct
2004-01-22	Common	M	8300	$37.31	Acquired	0	Direct
2004-01-22	Common	S	1000	$54	Disposed	0	Direct
2004-01-22	Common	S	8300	$54	Disposed	18888	Direct

Derivative Transactions

Date	Security	Exercise Price	Code	Shares	A/D	Expiration	Underlying	Ownership
2004-01-22	Stock Option (Right-to-Buy)	$37.13	M	1000	Disposed	2010-02-03	Common (1000)	Direct
2004-01-22	Stock Option (Right-to-Buy)	$37.31	M	8300	Disposed	2010-02-08	Common (8300)	Direct

Footnotes

F1: Cashless exercise pursuant to Rule 10b5-1 Trading Plan.