0000007694-98-000027 4 1 19980131 19980209 NYSE ASHLAND INC 0000007694 2911 610122250 KY 0930 4 34 001-02918 98525727 1000 ASHLAND DRIVE RUSSELL KY 41169 6063293333 P O BOX 391 ASHLAND KY 41101 ASHLAND OIL INC 19920703 ASHLAND OIL & REFINING CO 19700806 NOONAN PATRICK F 0001026057 DIRECTOR KY 0930 4 CONSERVATION FUND 1800 NORTH KENT STREET SUITE 1120 ARLINGTON VA 22209 6063293333 1800 NORTH KENT STREET SUITE 1120 ARLINGTON VA 22209 4 1 000000769498000027-001-seq1-4.txt FORM 4 - JANUARY 31, 1998