RAILWORKS CORP
4, 1999-03-04
ARRANGEMENT OF TRANSPORTATION OF FREIGHT & CARGO
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FORM 4                                                                         
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                                 U.S. SECURITIES AND EXCHANGE COMMISSION
                                          WASHINGTON, DC 20549
                                       
                               STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
/ / CHECK BOX IF NO                                                     
    LONGER SUBJECT TO         Filed pursuant to Section 16(a) of the Securities 
    SECTION 16. FORM 4            Exchange Act of 1934, Section 17(a) of the 
    OR FORM 5 OBLIGATIONS         Public Utility Holding Company Act of 1935
    MAY CONTINUE. SEE              or Section 30(f) of the Investment Company
    INSTRUCTION 1(b).                           Act of 1940               

<TABLE> 
<S>                             <C>            <C>                        <C>                <C>          <C>            <C>   
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 1. Name and Address of Reporting Person       2. Issuer Name and Ticker or Trading Symbol   6. Relationship of Reporting Person to
    Pasch             Peter          Alan        RailWorks Corporation (RWKS)                  Issuer (Check all applicable)
- ---------------------------------------------  ----------------------------------------------    X  Director         10% Owner
  (Last)          (First)          (Middle)    3. IRS Identification      4. Statement for      ----              ---
c/o Comstock Holdings, Inc., One North            Number of Reporting        Month/Year          X  Officer (give     Other (Specify
Lexington Avenue                                  Person, if an Entity       February 1999      ----        title ---       below)
- ---------------------------------------------     (Voluntary)                ---------------                below)       
                 (Street)                                                 5. If Amendment,                  
White Plains, New York 10601                                                 Date of Original   Vice President and Chief Operating
- ---------------------------------------------                                (Months/Year)      Officer -- Transit Operations
  (City)           (State)           (Zip)                                 ------------------  -------------------------------------
                                                                                             7. Individual or Joint/Group Filing
                                                                                                (Check applicable line)
                                                                                                 X    Form filed by one 
                                                                                                ----  Reporting Person
                                                                                                      Form filed by more than
                                                                                                ----  one Reporting Person
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                         TABLE 1 -- NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
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 1. Title of Security           2. Trans-   3. Transac-  4. Securities Acquired (A)  5.  Amount of Se-    6. Owner-      7. Nature  
    (Instr. 3)                     action      tion         or Disposed of (D)           curities Benefi-    ship           of In-  
                                   Date        Code         (Instr. 3, 4 and 5)          cially Owned at     Form:          direct  
                                               (Instr. 8)                                End of Month        Direct         Benefi-
                                  (Month/                                                (Instr. 3 and 4)    (D) or         cial
                                   Day/     ---------------------------------------                          Indirect       Owner- 
                                   Year)    Code    V       Amount   (A) or   Price                          (I)            ship   
                                                                     (D)                                     (Instr. 4)     (Instr.
                                                                                                                            4)     

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*If the Form is filed by more than one Reporting Person, see Instruction 4(b)(v).
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.                   (Over)

                                                      (Print or Type Response)                      
 
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<TABLE>
<CAPTION>
                                                                                                                                
 
FORM 4 (CONTINUED)        TABLE II -- DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
                                  (E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)

<S>                       <C>          <C>        <C>         <C>              <C>             <C>                   <C>          
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1. Title of Derivative    2. Conver-   3. Trans-  4. Trans-   5. Number of     6. Date Exer-   7. Title and Amount   8. Price     
   Security                  sion or      action     action      Derivative       cisable and     of Underlying         of        
   (Instr. 3)                Exercise     Date       Code        Securities       Expiration      Securities            Deriv-    
                             Price of     (Month/    (Instr.     Acquired (A)     Date            (Instr. 3 and 4)      ative     
                             Deriv-       Day/       8)          or Disposed      (Month/Day/                           Secur-    
                             ative        Year)                  of (D)           Year)                                 ity       
                             Security                            (Instr. 3,                                             (Instr. 5)
                                                                 4, and 5)     -----------------------------------             
                                                                               Date    Expira-            Amount or            
                                                  ---------------------------- Exer-   tion       Title   Number of            
                                                    Code  V     (A)     (D)    cisable Date               Shares               
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Stock Option (Right       $9.375       2/25/99       A    V  30,000(1)         (1)     (1)       Common   50,000
to Buy)                                                                                          Stock      (1)
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<CAPTION>
<S>                          <C>                    <C>                         <C>                              
1. Title of Derivative       9. Number of           10. Ownership               11. Nature of                              
   Security                     Derivative              Form of                     Indirect                     
   (Instr. 3)                   Securities              Derivative                  Beneficial                   
                                Beneficially            Security:                   Ownership                    
                                Owned at End            Direct (D)                  (Instr. 4)                   
                                of Month                or Indirect (I)                                          
                                (Instr. 4)              (Instr. 4)                                               
                                                                                 
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                                50,000(1)                  (D)
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Explanation of Responses:
 
(1) On February 25, 1999, the Board of Directors of RailWorks Corporation granted to Mr. Pasch options to purchase 50,000 shares 
    of the common stock, $.01 par value per share (the "Common Stock"), of RailWorks Corporation. Of the 50,000 options granted, 
    options to purchase 20,000 shares of Common Stock vested on February 25, 1999, options to purchase 20,000 shares of Common Stock
    vest on February 25, 2000 and options to purchase 10,000 shares of Common Stock vest on February 25, 2001. The options expire on
    February 25, 2009.

                                                                                              /s/ Peter Alan Pasch           3/3/99
                                                                                             ------------------------------- -------
                                                                                             **Signature of Reporting Person   Date
                                         

Note. File three copies of this form, one of which must be manually signed.                                               Page 2   
  If space provided is insufficient, see Instruction 6 for procedure.                                                    

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