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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000950152-00-001146.txt : 20000216
<SEC-HEADER>0000950152-00-001146.hdr.sgml : 20000216
ACCESSION NUMBER:		0000950152-00-001146
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19991021
FILED AS OF DATE:		20000215

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:		546585

	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 CORPORATION/REGINALD NEWMAN II-FORM 4
<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 ....   3235-0287
    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 and 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
- ------------------------------------------------------------------------------------------------------------------------------------
1. Name and Address of Reporting       |   2. Issuer Name and Ticker or Trading Symbol     |  6. Relationship of Reporting Person(s)
   Person*                             |                                                   |      to Issuer (Check all applicable)
 Newman  II     Reginald       B.      |   Rand Capital Corp. - RAND                       |     __X__ Director __X__ 10% Owner
- -------------------------------------------------------------------------------------------|     _____ Officer (give title below)
(Last)        (First)       (Middle)   |  3. IRS or Social       |  4. Statement for       |     _____ Other (specify below)
                                       |     Security Number     |     Month/Year          |     _________________________________
 2440 Sheridan Drive                   |     of Reporting        |                         |----------------------------------------
- ---------------------------------------|     Person (Voluntary)  |-------------------------|  7. Individual or Joint/Group Filing
               (Street)                |                         |  5. If Amendment,       |        (Check Applicable Line)
                                       |                         |     Date of Original    |  _X_ Form filed by One Reporting Person
 Tonawanda        NY             14150 |                         |     (Month/Year)        |  ___ Form filed by more than one
                                       |                         |      10/99              |      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                         |   10/7/99     |  P    |       | 4000   |  A   | $0.969   | 824,679     |  D      |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
  Common Stock                         |   10/8/99     |  P    |       | 5000   |  A   | $0.937   | 829,679     |  D      |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
  Common Stock                         |   10/13/99    |  P    |       | 3500   |  A   | $0.937   | 833,179     |  D      |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
  Common Stock                         |   10/19/99    |  P    |       | 2000   |  A   | $0.937   | 835,179     |  D      |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
  Common Stock                         |   10/19/99    |  P    |       | 5000   |  A   | $0.906   | 840,179     |  D      |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
  Common Stock                         |   10/21/99    |  P    |       | 3000   |  A   | $0.937   | 843,179     |  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:

                                                                        /s/ Daniel P. Penberthy                       2/15/00
                                                                      ------------------------------------        -----------------
                                                                        *Signature of Reporting Person                 Date



 * 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 provided 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


</TABLE>

</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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