FORM 3
U.S. SECURITIES AND EXCHANGE COMMISSION _____________________
WASHINGTON, D.C. 20549 | OMB APPROVAL |
INITIAL STATEMENT OF |_____________________|
BENEFICIAL OWNERSHIP OF SECURITIES |OMB NUMBER: 3235-0104|
|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
______________________________________________________________________
1. Name and Address of Reporting Person
Norfolk Southern Corporation
______________________________________________________________________
(Last) (First) (Middle)
Three Commercial Place
______________________________________________________________________
(Street)
Norfolk Virginia 23510-9240
________________________________________________________________________
(City) (State) (Zip)
______________________________________________________________________
2. Date of Event Requiring Statement (Month/Day/Year)
4/8/97
______________________________________________________________________
3. IRS OR SOCIAL SECURITY NUMBER OF REPORTING PERSON (VOLUNTARY)
52-1188014
______________________________________________________________________
4. Issuer Name and Ticker or Trading Symbol
Conrail Inc. (CRR)
______________________________________________________________________
5. RELATIONSHIP OF REPORTING PERSON(S) TO ISSUER (CHECK ALL APPLICABLE)
( ) DIRECTOR
( x) 10% OWNER
( ) OFFICER (GIVE TITLE BELOW)
( ) OTHER (SPECIFY TITLE BELOW)
_____________________________________
______________________________________________________________________
6. IF AMENDMENT, DATE OF ORIGINAL (MONTH/DAY/YEAR)
______________________________________________________________________
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>
<CAPTION>
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TABLE I - NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
____________________________________________________________________________
<S> <C> <C> <C> <C>
|1. TITLE OF SECURITY|2. AMOUNT OF |3. OWNERSHIP |4. NATURE OF INDIRECT |
| (INSTR. 4) | SECURITIES | FORM DIRECT| BENEFICIAL OWNERSHIP|
| | BENEFICIALLY| DIRECT (D) | (INSTR. 5) |
| | OWNED | OR INDIRECT| |
| | (INSTR. 4) | (I) (INSTR.| |
| | | 5) | |
|____________________|_______________|______________|_______________________|
Common Stock 8,200,100 I 8,200,000 shares by
Atlantic Acquisition
Corporation (held
pursuant to a voting
trust agreement
dated as of February
10, 1997) and 100
shares by Atlantic
Investment Company,
each of which is a
wholly owned
subsidiary of
Norfolk Southern
Corporation.
Common Stock 17,775,124 I By CSX Corporation (1)
</TABLE>
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TABLE II - DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
_______________________________________________________________________
1. Title of Derivative Security (Instr. 4)
_______________________________________________________________________
2. Date Exercisable and Expiration Date (Month/Day/Year)
________________________ _________________________
Date Exercisable Expiration Date
_______________________________________________________________________
3. Title and Amount of Securities Underlying Derivative Security
(Instr. 4)
________________________________ _______________________________
Title Amount of Number of Shares
_______________________________________________________________________
4. Conversion or Exercise Price of Derivative Security
_______________________________________________________________________
5. Ownership Form of Derivative Security: Direct(D) or Indirect(I)
(Instr. 5)
_______________________________________________________________________
6. Nature of Indirect Beneficial Ownership (Instr. 5)
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EXPLANATION OF RESPONSES:
(1) Norfolk Southern Corporation ("NSC") and CSX Corporation ("CSX")
have entered into an agreement dated April 8, 1997 (the "Agreement")
pursuant to which NSC and CSX have agreed to jointly acquire Conrail
Inc. ("CRR") through a newly formed entity to be owned by NSC and CSX
("Acquisition Sub"). Each of NSC and CSX will have equal
decision-making authority with respect to matters relating to
Acquisition Sub and its subsidiaries. Pursuant to the Agreement, NSC
has agreed to cause 8,200,000 shares of CRR common stock to be
contributed to Acquisition Sub and CSX has agreed to cause 17,775,124
shares of CRR common stock to be contributed to Acquisition Sub.
Accordingly, NSC may indirectly be deemed to beneficially own the
17,775,124 common shares beneficially owned by CSX by reason of the
Agreement
/s/ DEZORA M. MARTIN 4/18/97
** SIGNATURE OF REPORTING PERSON DATE
Dezora M. Martin
Corporate Secretary
_____________________________
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS.
SEE 18 U.S.C. 1001 AND 15 U.S.C. 78FF(A).
NOTE: FILE THREE COPIES OF THIS FORM, ONE OF WHICH MUST BE MANUALLY SIGNED.
IF SPACE PROVIDED IS INSUFFICIENT, SEE INSTRUCTION 6 FOR PROCEDURE
POTENTIAL PERSONS WHO ARE TO RESPOND TO THE COLLECTION OF INFORMATION
CONTAINED IN THIS FORM ARE NOR REQUIRED TO RESPOND UNLESS THE FORM
DISPLAYS A CURRENTLY VALID OMB NUMBER.
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