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
Butler, Samuel C.
Cravath, Swaine & Moore
825 Eighth Avenue - Worldwide Plaza
New York, New York 10019
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
01/31/97
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
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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 | | | | | | |2,000 (1) |D | |
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Common Stock | | | | | | |750 (2) |I |By Wife |
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Common Stock | | | | | | |3,880 (3) |I |By Trustee |
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Common Stock | | | | | | |427 (4) |D | |
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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 (5) |37.50 | | | | | |7-28-|1-28-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |94 |04 | | | | | | |
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Option (5) |33.00 | | | | | |7-27-|1-27-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |95 |05 | | | | | | |
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Option (6) |43.125 |1-31-|A |V|1 |A |7-30-|1-30-|Common Stock|1,000 | |1,000 |D | |
| |97 | | | | |97 |07 | | | | | | |
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Common Stock Units (7)|1-for-1 |12-31|A |V|554 |A | | |Common Stock|554 |39.567-| | | |
| |-96 | | | | | | | | |44 | | | |
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Common Stock Units (7)|1-for-1 |12-31|A |V|8,121 |A | | |Common Stock|8,121 |43.875 |49,831 |D | |
| |-96 | | | | | | | | | | | | |
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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. Owned by wife. I hereby disclaim beneficial ownership of these
shares.
3. Owned by Daniel L. Mosely, Trustee U/A/D 7/30/90 M/B Samuel C.
Butler.
4. Shares allocated pursuant to Ashland's Dividend Reinvestment Plan as of
12-16-96.
5. Stock options under Ashland's Deferred Compensation and Stock Incentive Plan
for Non-Employee Directors.
6. Grant of options under Ashland's Deferred Compensation and Stock Incentive
Plan for Non-Employee Directors.
7. 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
Samuel C. Butler
DATE
February 5, 1997
