Statement 1 is correct. At 3:16 PM, the hour hand covers 192×0.5=96
192×0.5=96 degrees, and the minute hand covers 16×6= 96
16×6=96 degrees in the same time span.

Therefore, both hands coincide at this time.

Statement 2 is also correct. The second-hand travels through the entire clock face in one minute, so it will coincide with the minute hand between 4:58 PM and 4:59 PM.

Therefore, both statements 1 and 2 are correct.