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
Zachem, Harry M.
1000 Ashland Drive
Russell, Kentucky 41169
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 1997
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)
Senior Vice President
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
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Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Common Stock |12-18-|G |V|33 |D | |9,524 |D | |
|96 | | | | | | | | |
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Common Stock | | | | | | |6,994 (1) |I |By Trustee |
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Common Stock |12-4-9|J(2)| |704 |D |$47.25 |3,752 (3) |I |By Trustee |
|6 | | | | | | | | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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)| |
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Option (4) |33.375 | | | | | |9-17-|10-17|Common Stock|2,000 | |2,000 |D | |
| | | | | | |88 |-97 | | | | | | |
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|33.375 | | | | | |9-17-|10-17|Common Stock|1,000 | |1,000 |D | |
| | | | | | |89 |-97 | | | | | | |
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|33.375 | | | | | |9-17-|10-17|Common Stock|1,000 | |1,000 |D | |
| | | | | | |90 |-97 | | | | | | |
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Option (4) |35.625 | | | | | |9-15-|10-15|Common Stock|1,875 | |1,875 |D | |
| | | | | | |89 |-98 | | | | | | |
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|35.625 | | | | | |9-15-|10-15|Common Stock|1,875 | |1,875 |D | |
| | | | | | |90 |-98 | | | | | | |
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|35.625 | | | | | |9-15-|10-15|Common Stock|1,875 | |1,875 |D | |
| | | | | | |91 |-98 | | | | | | |
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|35.625 | | | | | |9-15-|10-15|Common Stock|1,875 | |1,875 |D | |
| | | | | | |92 |-98 | | | | | | |
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Option (5) |41.00 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |90 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |91 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |92 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |93 |-99 | | | | | | |
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Option (5) |30.750 | | | | | |9-20-|10-20|Common Stock|5,000 | |5,000 |D | |
| | | | | | |91 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|5,000 | |5,000 |D | |
| | | | | | |92 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|5,000 | |5,000 |D | |
| | | | | | |93 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|5,000 | |5,000 |D | |
| | | | | | |94 |-00 | | | | | | |
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Option (5) |30.50 | | | | | |9-16-|10-19|Common Stock|10,000 | |10,000 |D | |
| | | | | | |92 |-01 | | | | | | |
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|30.50 | | | | | |9-16-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | | |93 |-01 | | | | | | |
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|30.50 | | | | | |9-16-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | | |94 |-01 | | | | | | |
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Option (5) |23.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | |
| | | | | | |93 |-02 | | | | | | |
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|23.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |94 |-02 | | | | | | |
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|23.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |95 |-02 | | | | | | |
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Option (5) |33.125 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |94 |-03 | | | | | | |
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|33.125 | | | | | |9-16-|10-16|Common Stock|5,000 | |5,000 |D | |
| | | | | | |95 |-03 | | | | | | |
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|33.125 | | | | | |9-16-|10-16|Common Stock|5,000 | |5,000 |D | |
| | | | | | |96 |-03 | | | | | | |
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Option (6) |35.875 | | | | | |9-15-|10-15|Common Stock|10,000 | |10,000 |D | |
| | | | | | |95 |-04 | | | | | | |
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|35.875 | | | | | |9-15-|10-15|Common Stock|5,000 | |5,000 |D | |
| | | | | | |96 |-04 | | | | | | |
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|35.875 | | | | | |9-15-|10-15|Common Stock|5,000 | |5,000 |D | |
| | | | | | |97 |-04 | | | | | | |
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Option (6) |33.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | |
| | | | | | |96 |-05 | | | | | | |
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|33.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |97 |-05 | | | | | | |
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|33.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |98 |-05 | | | | | | |
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Option (6) |39.00 | | | | | |9-19-|10-19|Common Stock|10,000 | |10,000 |D | |
| | | | | | |97 |-06 | | | | | | |
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|39.00 | | | | | |9-19-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | | |98 |-06 | | | | | | |
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|39.00 | | | | | |9-19-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | | |99 |-06 | | | | | | |
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Common Stock Units (7)| | | | | | | | |Common Stock|3,814 | |3,814 |D | |
| | | | | | | | | Units | | | | | |
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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. Disposition pursuant to a qualified domestic relations
order.
3. Based on Employee Savings Plan information as of 12-4-96, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after 11-20-96.
4. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's
Amended 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
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. Common Stock Units acquired pursuant to Ashland's 1995 Deferred
Compensation Plan as of 11-12-96 and
includes transactions occurring on or after 9-30-96, payable in cash or stock
upon termination of service and
exempt under Rule 16b-3(d).
SIGNATURE OF REPORTING PERSON
Harry M. Zachem
DATE
January 3, 1997
