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<SEC-DOCUMENT>0000950152-98-008197.txt : 19981016
<SEC-HEADER>0000950152-98-008197.hdr.sgml : 19981016
ACCESSION NUMBER:		0000950152-98-008197
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19981013
FILED AS OF DATE:		19981015
SROS:			NONE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAND CAPITAL CORP
		CENTRAL INDEX KEY:			0000081955
		STANDARD INDUSTRIAL CLASSIFICATION:	 []
		IRS NUMBER:				160961359
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	811-01825
		FILM NUMBER:		98726350

	BUSINESS ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
		BUSINESS PHONE:		7168530802

	MAIL ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			NEWMAN REGINALD B II
	CENTRAL INDEX KEY:			0001034049
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>DIRECTOR

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		700 GRAND ISLAND BLVD
	STREET 2:		PO BOX 86
	CITY:			TONAWANDA
	STATE:			NY
	ZIP:			14131

MAIL ADDRESS:	
	STREET 1:		700 GRAND ISLAND BLVD
	STREET 2:		PO BOX 86
	CITY:			TONAWANDA
	STATE:			NY
	ZIP:			14131
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<DESCRIPTION>RAND CAPITAL CORP
<TEXT>

<PAGE>   1
<TABLE> 
<CAPTION>
<S>                                                                                                       <C>
                                                                                                          --------------------------
 FORM 4                                                                                                           OMB Approval
                                             U.S.  SECURITIES AND EXCHANGE COMMISSION                     --------------------------
[ ] Check this box if no longer                     WASHINGTON, D.C. 20549                                OMB Number 3253-0287      
    subject to Section 16. Form                                                                           Expires: September 30,1998
    4 or Form 5 obligations may            STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP                   Estimated average burden  
    continue. See Instruction 1(b).                                                                       hours per response.....0.5

         Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility
                        Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
- ------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting Person|   2. Issuer Name and Ticker or Trading Symbol|6. Relationship of Reporting Person(s) to 
                                       |                                              |   Issuer                               
Reginald B. Newman II                  |   Rand Capital Corp - RAND                   |            (Check all applicable)
- --------------------------------------------------------------------------------------|     X   Director              X  10% Owner
(Last)         (First)      (Middle)   |  3. IRS or Social     |4. Statement for      |   _____ Officer (give title below)
                                       |     Security Number   |   Month/Year         |   _____ Other (specify below)
                                       |     of Reporting      |   October 1998       |
2440 Sheridan Drive                    |     Person (Voluntary)|                      |          ____________________________
- ---------------------------------------|                       |----------------------|---------------------------------------------
               (Street)                |                       |5. If Amendment,      |7. Individual or Joint/Group Filing
                                       |                       |   Date of Original   |   (Check Applicable Line)   
                                       |                       |   (Month/Year)       |  X Form filed by One Reporting Person       
Tonawanda         NY             14150 |                       |                      |    Form filed by More than One Reporting 
                                       |                       |                      |    Person                               
- ------------------------------------------------------------------------------------------------------------------------------------
(City)         (State)           (Zip) |      
                                       |      TABLE I - NON DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security                   | 2.Transaction | 3.Transaction | 4.Securities Acquired(A) | 5.Amount of | 6.Owner-| 7.Nature
   (Instr. 3)                          |   Date        |   Code        |   or Disposed of (D)     | Securities  | ship    | of 
                                       | (Month/Day/   |   (Instr. 8)  |   (Instr. 3, 4, and 5)   | Beneficially| Form:   | Indirect
                                       |   Year)       |               |                          | Owned at End| Direct  | Bene-
                                       |               | --------------|--------------------------| of Month    | (D) or  | ficial
                                       |               |       |       | Amount | (A)  |  Price   | (Instr. 3   | Indirect| Owner-
                                       |               |  Code | V     |        |  or  |          |   and 4)    | (I)     | ship
                                       |               |       |       |        | (D)  |          |             |(Instr.4)|(Instr.4)
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock                           | 10/13/98      |   P   |       | 30,000 | A    | .8333    | 661,250     | D       |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
                                       |               |       |       |        |      |          |             |         |
- ------------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned, directly or indirectly.                  (over)

</TABLE>

<PAGE>   2
<TABLE>
<CAPTION>
<S>                 <C>
FORM 4 (CONTINUED)       TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                    (e.g., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

- ------------------------------------------------------------------------------------------------------------------------------------
1.Title of Derivative Security | 2.Conversion | 3.Transaction | 4.Transaction | 5.Number of  | 6.Date Exer-     | 7.Title and Amount
  (Instr. 3)                   | or Exercise  | Date          |   Code        | Derivative   | cisable and      | of Underlying 
                               | Price of     |               |  (Instr. 8)   | Securities   | Expiration Date  | Securities
                               | Derivative   |  (Month/Day/  |               | Acquired (A) | (Month/Day/Year) | (Instr. 3 and 4)
                               | Security     |     Year)     |               | or Disposed  |                  |
                               |              |               |               | of (D)       |--------------------------------------
                               |              |               |               | (Instr. 3,   | Date    | Expir- |        | Amount or
                               |              |               |               |  4, and 5)   | Exer-   | ation  |  Title | Number of
                               |              |               |---------------|--------------| cisable | Date   |        | Shares
                               |              |               | Code  |   V   | (A)  |  (D)  |         |        |        |
- ------------------------------------------------------------------------------------------------------------------------------------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
                               |              |               |       |       |      |       |         |        |        |
- ------------------------------------------------------------------------------------------------------------------------------------
 8.Price of   | 9.Number of    |  10.Ownership     | 11.Nature of  |
   Derivative |   Derivative   |     Form of       |    Indirect   |
   Security   |   Securities   |     Derivative    |    Beneficial |
   (Instr. 5) |   Beneficially |     Security:     |    Ownership  |
              |   Owned at End |     Direct (D) or |    (Instr. 4) |
              |   of Month     |     Indirect (I)  |               |
              |   (Instr. 4)   |     (Instr. 4)    |               |
- -------------------------------------------------------------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- --------------|----------------|-------------------|---------------|
              |                |                   |               |
- ------------------------------------------------------------------- 

Explanation of Responses:

                                                                                                                      10/14/98
                                                                      ------------------------------------        -----------------
                                                                         *Signature of Reporting Person                 Date

                                                                             Daniel P. Penberthy for      
                                                                              Reginald B. Newman II
                                                

** Intentional misstatements or omissions of facts constitute Federal Criminal Violations.
   See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).

Note: File three copies of this Form, one of which must be manually signed.
      If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this
form are not required to respond unless the form displays a currently valid OMB Number.

                                                                                                                       Page 2
                                                                                                              SEC 1474 (7-96)
</TABLE>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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