UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 5
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
(X) 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
Lutzeier, Fred E.
353 Nelda Avenue
St. Louis, MO 63122
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)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Auditor
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 | | | | | |1,098 (1) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | |413 (2) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | |578 |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 (3) |24.625 | | | | |11-5-|12-5-|Common Stock|2,000 | |2,000 |D | |
| | | | | |93 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|24.625 | | | | |11-5-|12-5-|Common Stock|1,000 | |1,000 |D | |
| | | | | |94 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|24.625 | | | | |11-5-|12-5-|Common Stock|1,000 | |1,000 |D | |
| | | | | |95 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (3) |33.125 | | | | |9-16-|10-16|Common Stock|2,000 | |2,000 |D | |
| | | | | |94 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | |95 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | |96 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |35.875 | | | | |9-16-|10-15|Common Stock|2,000 | |2,000 |D | |
| | | | | |95 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | |9-16-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | |96 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | |9-16-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | |97 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |33.875 | | | | |9-21-|10-21|Common Stock|2,000 | |2,000 |D | |
| | | | | |96 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | |97 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | |98 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |39.00 | | | | |9-19-|10-19|Common Stock|2,000 | |2,000 |D | |
| | | | | |97 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | |98 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | |99 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |53.375 | | | | |9-18-|10-18|Common Stock|2,000 | |2,000 |D | |
| | | | | |98 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | |99 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|53.375 | | | | |9-18-|10-18|Common Stock|1,000 | |1,000 |D | |
| | | | | |00 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (6) |1-for-1 |12-31|J |18 |A | | |Common Stock|18 | | | | |
| |-97 | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (6) |1-for-1 |3-31-|J |11 |A | | |Common Stock|11 | | | | |
| |98 | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (6) |1-for-1 |6-30-|J |8 |A | | |Common Stock|8 | | | | |
| |98 | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (6) |1-for-1 |9-30-|J |13 |A | | |Common Stock|13 | |2,354 |D | |
| |98 | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as of
3-31-96, the date of the
final allocation to this
account.
2. Based on Employee Savings Plan information as of 9-30-98, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after
11-17-97.
3. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's
Long-Term Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
4. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1993
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
5. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1997
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
6. Common Stock Units acquired pursuant to Ashland's 1995 Deferred Compensation
Plan, payable in cash or
stock upon termination of service and exempt under Rule 16b-3(d). The price of
the Common Stock Units on
applicable valuation dates has varied from $46.250 to
$57.313.
SIGNATURE OF REPORTING PERSON
Fred E. Lutzeier
DATE
October 16, 1998
