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<CAPTION>
- ---------------- U.S. SECURITIES AND EXCHANGED COMMISION ----------------------------
|F O R M 4| Washington, D.C. 20549 | OMB APPROVAL |
- ---------------- |--------------------------|
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0287|
[ ] Check this box if |Expires: September 30,1998|
no longer Subject Filed pursuant to Section 16(a) of the Securities Exchanged Act of 1934, |Estimated ave. burden |
to Section 16. Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
Section 30(f) of the Investment Company Act 1940 ----------------------------
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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 |
| | | Issuer (Check all Applicable) |
|Ryan Conall E |Houghton Mifflin Company (HTN) | |
| | | Director 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | X Officer Other |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| HM Interactive Corporation | (Voluntary) | | |
| 120 Beacon Street | | January 1998 | |
| | | | Senior Vice President |
|----------------------------------------| |------------------------|----------------------------------------|
| (Street) | |5.If Amendment, Date of |7. Individual or Joint/Group Filing |
| | | Original (Month/Year) | (Check Applicable Line) |
| | | | |
|Somerville MA 02143 | | | X Form filed by One Reporting Person |
| | | |--- |
| | | | Form filed by More than One |
| | | |--- Reporting Person |
|----------------------------------------------------------------------------------------------------------------------------------|
| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect|
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial |
| |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership |
| | |---------|-------------------------------| Owned at End of|(D) | (Instr. 4) |
| | | | | |(A) | | Month |or | |
| | |Code| V | Amount |(D) | Price | (Instr. 3 & 4) |(I) | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|<S> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |
|Common Stock | 01/27/1998 | A | V | 1310 | A | $28.6875| 21376.567 | D | |
| | | | | | | | (01)| | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Stock | | | | | | $.0000| 596.731 | I |401(k) Plan |
| | | | | | | | |(02)| |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
| | | | | | | | | | |
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1474 (7-96)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
PAGE: 1 OF 3
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FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans| saction| Derivative |Exercisable| of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4 & 5) |(Month/Day/| | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-----------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Month |or | |
| | | |---------|---------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | |Code| V | (A) | (D) |Exbl.|Date | |Shares | | |(I) | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|<S> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |<C> |
|Stock Opti| $18.7500| | | | | | |07/26|Common Sto| 4000| | 4000| D | |
|on | | | | | | | | 1999|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (03)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $22.8750| | | | | | |10/24|Common Sto| 4000| | 4000| D | |
|on | | | | | | | | 1999|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (04)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $25.4375| | | | | | |06/14|Common Sto| 8000| | 8000| D | |
|on | | | | | | | | 2000|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (05)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Stock Opti| $21.3750| | | | | | |10/23|Common Sto| 8000| | 8000| D | |
|on | | | | | | | | 2000|ck | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | (06)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | |
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Explanation of Responses:
(01) Includes shares acquired under the Dividend Reinvestment Plan through December 31, 1997.
(02) Held by the Houghton Mifflin Company 401(k) Savings Plan ("401(k) Plan"). Includes shares acquired through December 31,
1997.
(03) Granted under the Houghton Mifflin Company 1992 Stock Compensation Plan in a transaction exempt under old Rule 16b-3. C
urrently exercisable as to 3,200 shares;800 shares will become exercisable on July 27, 1998.
(04) Granted under the Houghton Mifflin Company 1992 Stock Compensation Plan in a transaction exempt under old Rule 16b-3. C
urrently exercisable as to 3,200 shares;800 shares will become exercisable on October 25, 1998.
(05) Granted under the Houghton Mifflin Company 1995 Stock Compensation Plan in a transaction exempt under old Rule 16b-3. C
urrently exercisable as to 4,800 shares;1,600 shares will become exercisable on each of June 15, 1998, and June 15, 1999
.
**Intentional misstatements or omissions of facts constitute Federal /s/Conall E. Ryan 01/30/1998
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7-96)
Potential persons who are to respond to the collection of information contained in this form are not
required to respond unless the form displays a currently valid OMD Number
Ryan, Conall Houghton Mifflin Company JAN-1998 PAGE: 2 OF 3
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<CAPTION>
E X P L A N A T I O N O F R E S P O N S E S (cont.) F O R M 4
<S> <C> <C>
(06) Granted under the Houghton Mifflin Company 1995 Stock Compensation Plan in a transaction exempt under old Rule 16b-3. C
urrently exercisable as to 4,800 shares;1,600 shares will become exercisable on each of October 24, 1998, and October 24
, 1999.
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