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
Rouse, Jr., William L.
2201 Regency Road
Suite 602
Lexington, Kentucky 40503
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
___________________________________________________________________________________________________________________________________
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 | | | | | | |2,000 (1) |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |1,000 |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 (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 (3) |43.125 |1-31-|A |V|1 |A |7-30-|1-30-|Common Stock|1,000 | |1,000 |D | |
| |97 | | | | |97 |07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (4)|1-for-1 |12-31|A |V|379 |A | | |Common Stock|379 |39.567-| | | |
| |-96 | | | | | | | | |44 | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (4)|1-for-1 |12-31|A |V|7,981 |A | | |Common Stock|7,981 |43.875 |21,599 |D | |
| |-96 | | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
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 under Ashland's Deferred Compensation and Stock Incentive Plan
for Non-Employee Directors.
3. Grant of options under Ashland's Deferred Compensation and Stock Incentive
Plan for Non-Employee Directors.
4. 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
William L. Rouse, Jr.
DATE
February 8, 1997
