UNION PACIFIC CORP
424B2, 1998-11-20
RAILROADS, LINE-HAUL OPERATING
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     Pricing Supplement No. 3 dated November 18, 1998          
     (To Prospectus dated June 4, 1998, as supplemented         
     by Prospectus Supplement dated October 19, 1998)           
                                                               
    Rule 424(b)(2)
    Registration Nos. 333-18345 & 333-54009 
                                
                                
                                  $180,000,000
                           UNION PACIFIC CORPORATION
                          Medium-Term Notes, Series E
                                                                
     
     
     Principal Amount:  $180,000,000, as follows:      
          Credit Suisse First Boston                        
            Corporation                 -      $ 40,000,000          
          J.P. Morgan Securities Inc.   -        40,000,000           
          Lehman Brothers Inc.          -        30,000,000
          Salomon Smith Barney Inc.     -        70,000,000 
                                               ------------
                                   Total:      $180,000,000      
                                               ============
     Issue Price (Dollar Amount and Percentage of                
     Principal Amount):  $180,000,000; 100%
                                     
     Settlement Date (Issue Date):  November 23, 1998       
     
     Stated Maturity:  November 25, 2003               
                                             
     Type of Note:                           
          [X]  Fixed Rate Note                         
          [ ]  Floating Rate Note
          [ ]  Inverse Floating Rate Note              
          [ ]  Zero Coupon Note                   
          [ ]  Foreign Currency Note                        
          [ ]  Indexed Note
                                     
     Form:                              
          [X]  Book Entry                      
          [ ]  Definitive                    
                                        
     CUSIP No:  90782EGW8                    
                                                  
     Interest Rate:  6.34%
                                     
     Interest Payment Dates:  May 1 and November 1,    
     commencing May 1, 1999                    
                                        
     Redemption Terms (at option of Union Pacific):         
          [X]  Not redeemable prior to Stated Maturity           
          [ ]  Redeemable in accordance with the following                    
               terms:
     
     Repayment Terms (at option of the Holder):
          [X]  Not repayable prior to Stated Maturity
          [ ]  Repayable in accordance with the following
                terms:
     Sinking Fund Provisions:
          [X]  None
          [ ]  Applicable in accordance with the following
               terms:
     
     Specified Currency (U.S. dollars, unless otherwise
          indicated):
     
     Agents:   Credit Suisse First Boston Corporation
               J.P. Morgan Securities Inc.
               Lehman Brothers Inc.
               Salomon Smith Barney Inc.
     
     Agents acting in capacity indicated below:
          [X]  As Agents
          [ ]  As Principals
     
     
     Agents' Commissions:  $900,000, as follows:
          Credit Suisse First Boston
               Corporation              -     $200,000  
     
          J.P. Morgan Securities Inc.   -      200,000
          Lehman Brothers Inc.          -      150,000
          Salomon Smith Barney Inc.     -      350,000 
                                              --------
                   Total:                     $900,000
                                              ========
     
     Net Proceeds to Union Pacific:  $179,100,000, as follows:
          Credit Suisse First Boston 
               Corporation              -       $ 39,800,000
          J.P. Morgan Securities Inc.   -         39,800,000
          Lehman Brothers Inc.          -         29,850,000
          Salomon Smith Barney Inc.     -         69,650,000
                                                ------------
                    Total:                      $179,100,000
                                                ============
     Other:



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