Statement 1 is correct: In 1 minute, the hour hand covers $0.5$ degrees. At 3:16 p.m., the position of the hour hand can be calculated as: $16 \times 0.5 = 8$ degrees But, we need to account for the 3-hour mark, so: $3 \times 30 = 90$ degrees (from 12 o'clock position) Therefore, at 3:16 p.m., the hour hand position in degrees is: $90 + 8 = 98$ degrees In 1 minute, the minute hand covers 6 degrees. At 3:16 p.m., the minute hand is at: $16 \times 6 = 96$ degrees The minute hand is very close to the hour hand, and as the hands move, they will coincide in the span of 3:16 p.m. to 3:17 p.m.

Statement 2 is correct: The second hand completes one full rotation of 360 degrees in 60 seconds, meaning it coincides with the minute hand multiple times during its cycle. Between 4:58 p.m. and 4:59 p.m., both the second hand and the minute hand will overlap because the second hand will make a complete rotation within that minute, coinciding with the minute hand during its course.