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.
1000 Ashland Drive
Russell, KY 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
November 30, 1998
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 | | | | | | |12,894 (2) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |60,000 (3) |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |1,870 (4) |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |11-24-|G | |2,400 |D | |22,100 |D | |
|98 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
___________________________________________________________________________________________________________________________________
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 | | | | | |9-18-|10-18|Common Stock|20,000 | |5,000 |D | |
| | | | | | |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 (8) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I |By Daughter |
| | | | | | |98 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (9) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I |By Daughter |
| | | | | | |98 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (10) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I |By Son |
| | | | | | |98 |-07 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (11) |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-|J | |1 |A |11-5-|12-5-|Common Stock|20,000 | |20,000 |D | |
| |98 | | | | |99 |08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|50.4375 |11-5-|J | |1 |A |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | |
| |98 | | | | |00 |08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|50.4375 |11-5-|J | |1 |A |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | |
| |98 | | | | |01 |08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock Units (13|1-for-1 |11-5-|J | |12,725 |A | | |Common Stock|12,725 |50.4375|36,999 |D | |
) | |98 | | | | | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
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 11-30-98, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after
9-30-98.
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
9-15-98.
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. I hereby disclaim beneficial ownership of all securities owned by my
daughter, Jane Chellgren.
9. I hereby disclaim beneficial ownership of all securities owned by my
daughter, Sarah Chellgren.
10. I hereby disclaim beneficial ownership of all securities owned by my son,
Matthew Chellgren.
11. 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.
12. Grant of employee stock option 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 as of 11-5-98, payable
in cash or stock upon termination of service and exempt under Rule
16b-3(d).
SIGNATURE OF REPORTING PERSON
Paul W. Chellgren
DATE
December 3, 1998
