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
Potts, Charles F.
Tower Place - Suite 600
3340 Peachtree Road
Atlanta, Georgia 30326
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
December 1996
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
___________________________________________________________________________________________________________________________________
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 | | | | | | |4,736 (1) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |1,148 (2) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
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)| |
___________________________________________________________________________________________________________________________________|
Common Stock Units (3)| | |J | |4,073 |A | | |Common Stock|7,222 | |7,222 |D | |
| | | | | | | | | Units | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |33.375 | | | | | |9-17-|10-17|Common Stock|500 | |500 |D | |
| | | | | | |88 |-97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-17-|10-17|Common Stock|250 | |250 |D | |
| | | | | | |89 |-97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-17-|10-17|Common Stock|250 | |250 |D | |
| | | | | | |90 |-97 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |35.625 | | | | | |9-15-|10-15|Common Stock|750 | |750 |D | |
| | | | | | |89 |-98 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.625 | | | | | |9-15-|10-15|Common Stock|375 | |375 |D | |
| | | | | | |90 |-98 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.625 | | | | | |9-15-|10-15|Common Stock|375 | |375 |D | |
| | | | | | |91 |-98 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |41.00 | | | | | |9-21-|10-21|Common Stock|750 | |750 |D | |
| | | | | | |90 |-99 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|41.00 | | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | | |91 |-99 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|41.00 | | | | | |9-21-|10-21|Common Stock|375 | |375 |D | |
| | | | | | |92 |-99 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |30.75 | | | | | |9-20-|10-20|Common Stock|2,000 | |2,000 |D | |
| | | | | | |91 |-00 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|30.75 | | | | | |9-20-|10-20|Common Stock|1,000 | |1,000 |D | |
| | | | | | |92 |-00 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|30.75 | | | | | |9-20-|10-20|Common Stock|1,000 | |1,000 |D | |
| | | | | | |93 |-00 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |30.50 | | | | | |9-19-|10-19|Common Stock|2,000 | |2,000 |D | |
| | | | | | |92 |-01 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|30.50 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | | |93 |-01 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|30.50 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | | |94 |-01 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |23.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |93 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|23.875 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |94 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|23.875 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |95 |-02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |33.125 | | | | | |9-16-|10-16|Common Stock|5,000 | |5,000 |D | |
| | | | | | |94 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|2,500 | |2,500 |D | |
| | | | | | |95 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|2,500 | |2,500 |D | |
| | | | | | |96 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |35.875 | | | | | |9-15-|10-15|Common Stock|5,000 | |5,000 |D | |
| | | | | | |95 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|2,500 | |2,500 |D | |
| | | | | | |96 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|2,500 | |2,500 |D | |
| | | | | | |97 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |33.875 | | | | | |9-21-|10-21|Common Stock|5,000 | |5,000 |D | |
| | | | | | |96 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |97 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|2,500 | |2,500 |D | |
| | | | | | |98 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (6) |39.00 | | | | | |9-19-|10-19|Common Stock|5,000 | |5,000 |D | |
| | | | | | |97 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|2,500 | |2,500 |D | |
| | | | | | |98 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|2,500 | |2,500 |D | |
| | | | | | |99 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
Explanation of Responses:
1. Shares accrued for my account 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 11-20-96, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after 9-30-96.
3. 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). The price of the Common Stock Units on applicable
valuation dates has varied from
$39.567 - $42.375.
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.
SIGNATURE OF REPORTING PERSON
Charles F. Potts
DATE
December 6, 1996
