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 Chellgren, Paul W. P.O. Box 391 50 E. RiverCenter Boulevard Covington, KY 41012-0391 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 March 31, 1999 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) Chief Executive Officer 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 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)| | ___________________________________________________________________________________________________________________________________| Common Stock | | | | | | |10,217 (1) |I |By Trustee | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |12,989 (2) |I |By Trustee | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |60,000 (3) |D | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |2,218 (4) |D | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock | | | | | | |22,100 |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 | | | 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)| | ___________________________________________________________________________________________________________________________________| Option (5) |41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | | | | | | | | |90 |-99 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | | | | | | | | |91 |-99 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | | | | | | | | |92 |-99 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | | | | | | | | |93 |-99 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (5) |30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | | | | | | | | |91 |-00 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | | | | | | | | |92 |-00 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | | | | | | | | |93 |-00 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | | | | | | | | |94 |-00 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (5) |30.50 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | | | | | | | | |92 |-01 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |30.50 | | | | | |9-19-|10-19|Common Stock|6,250 | |6,250 |D | | | | | | | | |93 |-01 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |30.50 | | | | | |9-19-|10-19|Common Stock|6,250 | |6,250 |D | | | | | | | | |94 |-01 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (5) |23.875 | | | | | |9-21-|10-21|Common Stock|15,000 | |15,000 |D | | | | | | | | |93 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |23.875 | | | | | |9-21-|10-21|Common Stock|7,500 | |7,500 |D | | | | | | | | |94 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |23.875 | | | | | |9-21-|10-21|Common Stock|7,500 | |7,500 |D | | | | | | | | |95 |-02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (5) |24.625 | | | | | |11-5-|12-5-|Common Stock|12,500 | |12,500 |D | | | | | | | | |93 |02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |24.625 | | | | | |11-5-|12-5-|Common Stock|6,250 | |6,250 |D | | | | | | | | |94 |02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |24.625 | | | | | |11-5-|12-5-|Common Stock|6,250 | |6,250 |D | | | | | | | | |95 |02 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (5) |33.125 | | | | | |9-16-|10-16|Common Stock|20,000 | |20,000 |D | | | | | | | | |94 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.125 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |95 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.125 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | | | | | | | | |96 |-03 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (6) |35.875 | | | | | |9-15-|10-15|Common Stock|20,000 | |20,000 |D | | | | | | | | |95 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |35.875 | | | | | |9-15-|10-15|Common Stock|10,000 | |10,000 |D | | | | | | | | |96 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |35.875 | | | | | |9-15-|10-15|Common Stock|10,000 | |10,000 |D | | | | | | | | |97 |-04 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (6) |33.875 | | | | | |9-21-|10-21|Common Stock|20,000 | |20,000 |D | | | | | | | | |96 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | | | | | | | | |97 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |33.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | | | | | | | | |98 |-05 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (6) |39.00 | | | | | |9-19-|10-19|Common Stock|25,000 | |25,000 |D | | | | | | | | |97 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |39.00 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | | | | | | | | |98 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |39.00 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | | | | | | | | |99 |-06 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |53.375 |3-23-|G(8)|V|5,000 |D |9-18-|10-18|Common Stock|20,000 | |0 |D | | | |99 | | | | |98 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |53.375 | | | | | |9-18-|10-18|Common Stock|10,000 | |10,000 |D | | | | | | | | |99 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |53.375 | | | | | |9-18-|10-18|Common Stock|10,000 | |10,000 |D | | | | | | | | |00 |-07 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I (|By Daughter | | | | | | | |98 |-07 | | | | |9) | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |53.375 |3-23-|G |V|5,000 |A |9-18-|10-18|Common Stock|5,000 | |10,000 |I (|By Daughter | | |99 | | | | |98 |-07 | | | | |10)| | - -----------------------------------------------------------------------------------------------------------------------------------| Option (7) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I (|By Son | | | | | | | |98 |-07 | | | | |11)| | - -----------------------------------------------------------------------------------------------------------------------------------| Option (12) |48.00 | | | | | |9-17-|10-17|Common Stock|20,000 | |20,000 |D | | | | | | | | |99 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |48.00 | | | | | |9-17-|10-17|Common Stock|10,000 | |10,000 |D | | | | | | | | |00 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |48.00 | | | | | |9-17-|10-17|Common Stock|10,000 | |10,000 |D | | | | | | | | |01 |-08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Option (12) |50.4375 | | | | | |11-5-|12-5-|Common Stock|20,000 | |20,000 |D | | | | | | | | |99 |08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |50.4375 | | | | | |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | | | | | | | | |00 |08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| |50.4375 | | | | | |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | | | | | | | | |01 |08 | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| Common Stock Units (13|1-for-1 | |J |V|578 |A | | |Common Stock|578 | |37,577 |D | | ) | | | | | | | | | | | | | | | - -----------------------------------------------------------------------------------------------------------------------------------| | | | | | | | | | | | | | | | ___________________________________________________________________________________________________________________________________| 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 3-31-99, the latest date for which such information is reasonably available, and includes transactions occurring on or after 11-30-98. 3. Shares of restricted common stock granted pursuant to Ashland's 1997 Stock Incentive Plan and exempt under Rule 16b-3. The restricted common stock has been enrolled in Ashland's Dividend Reinvestment Plan. 4. Shares held in Ashland's Dividend Reinvestment Plan as of 3-15-99. 5. 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. 6. 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. 7. 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. 8. Gift of 5,000 shares to my daughter, Sarah Chellgren. 9. I hereby disclaim beneficial ownership of all securities owned by my daughter, Jane Chellgren. 10. I hereby disclaim beneficial ownership of all securities owned by my daughter, Sarah Chellgren. 11. I hereby disclaim beneficial ownership of all securities owned by my son, Matthew Chellgren. 12. 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. 13. 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 acquisition dates range from 11-6-98 to 3-31-99, and the price of the Common Stock Units on the applicable valuation dates has ranged from $42.188 to $49.00. SIGNATURE OF REPORTING PERSON Paul W. Chellgren DATE April 7, 1999