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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
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 8HJmx6eIyIYorfzteHQjbw==

<SEC-DOCUMENT>0000007694-98-000028.txt : 19980210
<SEC-HEADER>0000007694-98-000028.hdr.sgml : 19980210
ACCESSION NUMBER:		0000007694-98-000028
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	19980131
FILED AS OF DATE:		19980209
SROS:			NYSE

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ASHLAND INC
		CENTRAL INDEX KEY:			0000007694
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				610122250
		STATE OF INCORPORATION:			KY
		FISCAL YEAR END:			0930

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		
		SEC FILE NUMBER:	001-02918
		FILM NUMBER:		98525731

	BUSINESS ADDRESS:	
		STREET 1:		1000 ASHLAND DRIVE
		CITY:			RUSSELL
		STATE:			KY
		ZIP:			41169
		BUSINESS PHONE:		6063293333

	MAIL ADDRESS:	
		STREET 1:		P O BOX 391
		CITY:			ASHLAND
		STATE:			KY
		ZIP:			41101

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL INC
		DATE OF NAME CHANGE:	19920703

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ASHLAND OIL & REFINING CO
		DATE OF NAME CHANGE:	19700806
<REPORTING-OWNER>

COMPANY DATA:	
	COMPANY CONFORMED NAME:			PFEIFFER JANE C
	CENTRAL INDEX KEY:			0001026062
	STANDARD INDUSTRIAL CLASSIFICATION:	 []
<RELATIONSHIP>DIRECTOR
	STATE OF INCORPORATION:			KY
	FISCAL YEAR END:			0930

FILING VALUES:
	FORM TYPE:		4

BUSINESS ADDRESS:	
	STREET 1:		REPUBLIC BANK CENTER
	STREET 2:		700 LOUISIANNA, SUITE 3920
	CITY:			HOUSTON
	STATE:			TX
	ZIP:			77002
	BUSINESS PHONE:		6063293333

MAIL ADDRESS:	
	STREET 1:		REPUBLIC BANK CENTER
	STREET 2:		700 LOUISIANNA, SUITE 3920
	CITY:			HOUSTON
	STATE:			TX
	ZIP:			77002
</REPORTING-OWNER>
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<DESCRIPTION>FORM 4 - JANUARY 31, 1998
<TEXT>

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
   Pfeiffer, Jane C.
   
   90 Field Point Circle
   Greenwich, CT  06830
2. Issuer Name and Ticker or Trading Symbol
   Ashland Inc.
   ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)
   
4. Statement for Month/Year
   January 31, 1998
5. If Amendment, Date of Original (Month/Year)
   
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
   (X) Director ( ) 10% Owner ( ) Officer (give title below) ( ) Other
   (specify below)
   
7. Individual or Joint/Group Filing (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned                                                 |
___________________________________________________________________________________________________________________________________|
1. Title of Security       |2.    |3.    |4.Securities Acquired (A)         |5.Amount of        |6.Dir |7.Nature of Indirect       |
                           | Transaction |  or Disposed of (D)              |  Securities       |ect   |  Beneficial Ownership     |
                           |      |      |                                  |  Beneficially     |(D)or |                           |
                           |      |    | |                  | A/|           |  Owned at         |Indir |                           |
                           | Date |Code|V|    Amount        | D |    Price  |  End of Month     |ect(I)|                           |
___________________________________________________________________________________________________________________________________|
<S>                        <C>    <C>  <C><C>               <C> <C>         <C>                 <C>    <C>
Common Stock               |      |    | |                  |   |           |447                |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |2,000 (1)          |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock               |      |    | |                  |   |           |376                |D     |                           |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
 Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned                                                   |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con-  |3.   |4.    |5.Number of De |6.Date Exer|7.Title and Amount  |8.Price|9.Number    |10.|11.Nature of|
  Security            |version |Transaction | rivative Secu |cisable and|  of Underlying     |of Deri|of Deriva   |Dir|Indirect    |
                      |or Exer |     |      | rities Acqui  |Expiration |  Securities        |vative |tive        |ect|Beneficial  |
                      |cise    |     |      | red(A) or Dis |Date(Month/|                    |Secu   |Securities  |(D)|Ownership   |
                      |Price of|     |      | posed of(D)   |Day/Year)  |                    |rity   |Benefi      |or |            |
                      |Deriva- |     |      |               |Date |Expir|                    |       |ficially    |Ind|            |
                      |tive    |     |      |           | A/|Exer-|ation|   Title and Number |       |Owned at    |ire|            |
                      |Secu-   |     |    | |           | D |cisa-|Date |   of Shares        |       |End of      |ct |            |
                      |rity    |Date |Code|V|  Amount   |   |ble  |     |                    |       |Month       |(I)|            |
___________________________________________________________________________________________________________________________________|
<S>                   <C>      <C>   <C>  <C><C>        <C> <C>   <C>   <C>          <C>     <C>     <C>          <C> <C>
Option (2)            |37.50   |     |    | |           |   |7-28-|1-28-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |94   |04   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2)            |33.00   |     |    | |           |   |7-27-|1-27-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |95   |05   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (2)            |43.125  |     |    | |           |   |7-30-|1-30-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |     |    | |           |   |97   |07   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3)            |52.75   |1-30-|J   |V|1          |A  |7-29-|1-29-|Common Stock|1,000  |       |1,000       |D  |            |
                      |        |98   |    | |           |   |98   |08   |            |       |       |            |   |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (4)|1-for-1 |     |    | |           |   |     |     |Common Stock|8,900  |       |8,900       |D  |            |
- -----------------------------------------------------------------------------------------------------------------------------------|
                      |        |     |    | |           |   |     |     |            |       |       |            |   |            |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Represents shares of restricted common stock acquired pursuant to Ashland's 
stock incentive plans as approved by shareholders and exempt pursuant to Rule 
16b-3.
2. Stock options (represents a right to buy Ashland Common Stock) granted 
pursuant to Ashland's Deferred Compensation and Stock Incentive Plan for 
Non-Employee Directors.
3. Grant of options under Ashland's Deferred Compensation and Stock Incentive 
Plan for Non-Employee Directors.
4. Common Stock Units acquired pursuant to Ashland's Deferred Compensation and 
Stock Incentive Plan for Non-Employee Directors, payable in cash or stock upon 
termination of service and 
exempt under Rule 
16b-3.
SIGNATURE OF REPORTING PERSON
Jane C. Pfeiffer
DATE
February 4, 1998

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