FORM 4
(X) Check this box if no longer
subject to Section 16. Form 4
or Form 5 obligations may continue.
See Instruction 1(b).
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |_____________________|
|OMB NUMBER: 3235-0287|
|EXPIRES: |
| SEPTEMBER 30, 1998 |
Filed pursuant to Section 16(a) of the |ESTIMATED AVERAGE |
Securities Exchange Act of 1934, |BURDEN HOURS |
Section 17(a) of the Public Utility |PER RESPONSE 0.5 |
Holding Company Act of 1935 |_____________________|
or Section 30(f) of the Investment
Company Act of 1940
UNION PACIFIC CORPORATION
UNION PACIFIC RAILROAD COMPANY
MARTIN TOWER
EIGHTH & EATON AVENUES
BETHLEHEM, PENNSYLVANIA 18018
1. Name and Address of Reporting Person
SOUTHERN PACIFIC RAIL CORPORATION (RSP)
____________________________________________________________________________
2. Issuer Name and Ticker or Trading Symbol
____________________________________________________________________________
3. IRS OR Social Security Number of Reporting Person (Voluntary)
SEPTEMBER 1996
____________________________________________________________________________
4. Statement for Month/Year
____________________________________________________________________________
5. If Amendment, Date of Original (Month/Year)
____________________________________________________________________________
6. Relationship of reporting person to Issuer (Check all applicable)
( ) DIRECTOR
(X) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
_____________________________________________________
____________________________________________________________________________
7. Individual, or Joint/Group Filing (Check all applicable)
( ) Form filed by One Reporting Person
(X) Form filed by More than One Reporting Person
===========================================================================
TABLE I
Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
COMMON STOCK, PAR VALUE $.001 PER SHARE
____________________________________________________________________________
1. Title of Security (Instr. 3)
SEPTEMBER 11, 1996
____________________________________________________________________________
2. Transaction Date (Month/Day/Year)
J
____________________________________________________________________________
3. Transaction Code (Instr. 8)
(A)
____________________________________________________________________________
4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)
156,171,899(1)
____________________________________________________________________________
5. Amount of Securities Beneficially Owned at End of Month (Instr. 3 and 4)
(D)
____________________________________________________________________________
6. Ownership Form: Direct(D) or Indirect(I) (Instr. 4)
____________________________________________________________________________
7. Nature of Indirect Beneficial Ownership (Instr. 4)
____________________________________________________________________________
Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly.
============================================================================
TABLE II
Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., Puts, Calls, Warrants, Options, Convertible securities)
____________________________________________________________________________
1. Title of Derivative Security (Instr. 3)
____________________________________________________________________________
2. Conversion or Exercise Price of Derivative Security
____________________________________________________________________________
3. Transaction Date (Month/Day/Year)
____________________________________________________________________________
4. Transaction Code (Instr. 8)
____________________________________________________________________________
5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)
____________________________________________________________________________
6. Date Exercisable and Expiration Date (Month/Day/Year)
____________________________________________________________________________
7. Title and Amount of Underlying Securities (Instr. 3 and 4)
____________________________________________________________________________
8. Price of Derivative Securities (Instr. 5)
____________________________________________________________________________
9. Number of Derivative Securities Beneficially Owned at End of Month
(Instr. 4)
____________________________________________________________________________
10. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 4)
____________________________________________________________________________
11. Nature of Indirect Beneficial Ownership (Instr. 4)
____________________________________________________________________________
EXPLANATION OF RESPONSES:
(1) THIS AMOUNT REPRESENTS (I) 39,034,471 SHARES, PAR VALUE $.001 PER SHARE
(THE "SHARES"), OF SOUTHERN PACIFIC RAIL CORPORATION ("SP") ACQUIRED BY UP
ACQUISITION CORPORATION ("UP ACQUISITION"), AN INDIRECT WHOLLY-OWNED
SUBSIDIARY OF UNION PACIFIC CORPORATION ("UP"), ON SEPTEMBER 7, 1995,
PURSUANT TO UP ACQUISITION'S TENDER OFFER DATED AUGUST 9, 1995 AND (II)
117,137,428 SHARES HELD BY REMAINING SHAREHOLDERS OF SP FOLLOWING THE
COMPLETION OF THE TENDER OFFER BY UP ACQUISITION. PURSUANT TO A VOTING
TRUST AGREEMENT, DATED AUGUST 3, 1995, BY AND AMONG UP ACQUISITION AND
SOUTHWEST BANK OF ST. LOUIS, AS TRUSTEE, PURSUANT TO WHICH 39,034,471 SHARES
WERE DEPOSITED ON SEPTEMBER 7, 1995 INTO A VOTING TRUST PENDING APPROVAL OF
THE INTERSTATE COMMERCE COMMISSION OF THE PROPOSED MERGER OF UP AND SP. ON
JUNE 25, 1996, THE CORPORATE EXISTENCE OF UP ACQUISITION CEASED AND
TERMINATED UPON THE MERGER OF UP ACQUISITION WITH AND INTO UNION PACIFIC
RAILROAD COMPANY ("UPRR") WITH UPRR SURVIVING AS AN INDIRECT WHOLLY-OWNED
SUBSIDIARY OF UP. ON SEPTEMBER 11, 1996, THE CORPORATE EXISTENCE OF SP
CEASED AND TERMINATED UPON THE MERGER OF SP WITH AND INTO UP HOLDING
COMPANY, INC. ("HOLDING"), WITH HOLDING SURVIVING AS A WHOLLY-OWNED
SUBSIDIARY OF UP.
UNION PACIFIC CORPORATION
/S/ CARL W. VON BERNUTH OCTOBER 9, 1996
--------------------------------------------- -------------------------
** SIGNATURE OF REPORTING PERSON DATE
CARL W. VON BERNUTH
SENIOR VICE PRESIDENT AND GENERAL COUNSEL
UNION PACIFIC RAILROAD COMPANY
/S/ CARL W. VON BERNUTH OCTOBER 9, 1996
-------------------------------------------- -------------------------
** SIGNATURE OF REPORTING PERSON DATE
CARL W. VON BERNUTH
VICE PRESIDENT AND GENERAL COUNSEL
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
