UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Lutzeier, Fred E.
1000 Ashland Drive
Russell, Kentucky 41169
2. Issuer Name and Ticker or Trading Symbol
Ashland Inc.
ASH
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
December 1996
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Auditor
7. Individual or Joint/Group Filing (Check Applicable Line)
( ) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock | | | | | | |1,098 (1) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |186 (2) |I |By Trustee |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock | | | | | | |578 |D | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Common Stock Units (3)| | |J | |1,277 |A | | |Common Stock|1,595 | |1,595 |D | |
| | | | | | | | | Units | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |24.625 | | | | | |11-5-|12-5-|Common Stock|2,000 | |2,000 |D | |
| | | | | | |93 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|24.625 | | | | | |11-5-|12-5-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |94 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|24.625 | | | | | |11-5-|12-5-|Common Stock|1,000 | |1,000 |D | |
| | | | | | |95 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (4) |33.125 | | | | | |9-16-|10-16|Common Stock|2,000 | |2,000 |D | |
| | | | | | |94 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | | |95 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.125 | | | | | |9-16-|10-16|Common Stock|1,000 | |1,000 |D | |
| | | | | | |96 |-03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |35.875 | | | | | |9-15-|10-15|Common Stock|2,000 | |2,000 |D | |
| | | | | | |95 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | | |96 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|35.875 | | | | | |9-15-|10-15|Common Stock|1,000 | |1,000 |D | |
| | | | | | |97 |-04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |33.875 | | | | | |9-21-|10-21|Common Stock|2,000 | |2,000 |D | |
| | | | | | |96 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | | |97 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|33.875 | | | | | |9-21-|10-21|Common Stock|1,000 | |1,000 |D | |
| | | | | | |98 |-05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Option (5) |39.00 | | | | | |9-19-|10-19|Common Stock|2,000 | |2,000 |D | |
| | | | | | |97 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | | |98 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|39.00 | | | | | |9-19-|10-19|Common Stock|1,000 | |1,000 |D | |
| | | | | | |99 |-06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
1. Shares accrued for my account under Ashland's Leveraged Employee Stock
Ownership Plan as of 3-31-96, the date of the final allocation to this
account.
2. Based on Employee Savings Plan information as of 11-20-96, the latest date
for which such information is reasonably available, and includes transactions
occurring on or after 9-30-96.
3. Common Stock Units acquired pursuant to Ashland's 1995 Deferred
Compensation Plan as of 11-12-96 and includes transactions occurring on or
after 9-30-96, payable in cash or stock upon
termination of service and exempt under Rule 16b-3(d). The price of the Common
Stock Units on applicable valuation dates has varied from $39.567 - $42.375.
4. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's Long-Term Incentive Plan. The employee stock
option includes a tax withholding feature
pursuant to the
plan.
5. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1993 Stock Incentive Plan. The employee stock
option includes a tax withholding
feature pursuant to the
plan.
SIGNATURE OF REPORTING PERSON
Fred E. Lutzeier
DATE
December 6, 1996
