UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
( ) Form 3 Holdings Reported
( ) Form 4 Transactions Reported
1. Name and Address of Reporting Person
   Gomory, Ralph E.
   
   Alfred P. Sloan Foundation
   630 Fifth Ave., Suite 2550
   New York, New York  10111-0242
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
   September 30, 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 Reporting (Check Applicable Line)
   (X) Form filed by One Reporting Person
   ( ) Form filed by More than One Reporting Person
___________________________________________________________________________________________________________________________________ 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 | |Date |Code| | Beneficially |(D)or | | | | | | A/| | Owned at |Indir | | | | | Amount | D | Price | End of Year |ect(I)| | ___________________________________________________________________________________________________________________________________| Common Stock | | | | | |2,000 (1) |D | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | |6,600 |D | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________| ___________________________________________________________________________________________________________________________________ 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 |Date |Code| rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial | |cise Pr | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership | |ice 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 | | | Amount | |ble | | | |Year |(I)| | ___________________________________________________________________________________________________________________________________| 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 (2) |52.75 | | | | |7-29-|1-29-|Common Stock|1,000 | |1,000 |D | | | | | | | |98 |08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (3) |1-for-1 |3-31-|J |313 |A | | |Common Stock|313 |(3) | | | | | |98 | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (3) |1-for-1 |6-30-|J |347 |A | | |Common Stock|347 |(3) | | | | | |98 | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (3) |1-for-1 |9-30-|J |419 |A | | |Common Stock|419 |(3) |12,090 |D | | | |98 | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| ___________________________________________________________________________________________________________________________________|
Explanation of Responses: 1. Represents shares of restricted common stock acquired pursuant to Ashland's stock incentive plans as approved by the shareholders and exempt pursuant to Rule 16b-3. 2. Stock options (represents a right to buy Ashland Common Stock) pursuant to Ashland's Deferred Compensation and Stock Incentive Plan for Non-Employee Directors. 3. 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. The price of the Common Stock Units on applicable acquistion dates has varied from $46.250 to $57.313. SIGNATURE OF REPORTING PERSON Ralph E. Gomory DATE November 3, 1998