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
Chellgren, Paul W.
P.O. Box 391
50 E. RiverCenter Boulevard
Covington, KY 41012-0391
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
April 30, 1999
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)
Chief Executive Officer
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 I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
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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)| |
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<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock | | | | | | |10,217 (1) |I |By Trustee |
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Common Stock |4-7-99|I (2|V|13,384 |A |$40.125 |26,359 (3) |I |By Trustee |
| |) | | | | | | | |
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Common Stock | | | | | | |60,000 (4) |D | |
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Common Stock | | | | | | |2,218 (5) |D | |
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Common Stock | | | | | | |22,100 |D | |
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Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
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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)| |
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<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Option (6) |41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | |
| | | | | | |90 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | |
| | | | | | |91 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | |
| | | | | | |92 |-99 | | | | | | |
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|41.00 | | | | | |9-21-|10-21|Common Stock|6,250 | |6,250 |D | |
| | | | | | |93 |-99 | | | | | | |
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Option (6) |30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | |
| | | | | | |91 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | |
| | | | | | |92 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | |
| | | | | | |93 |-00 | | | | | | |
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|30.750 | | | | | |9-20-|10-20|Common Stock|6,250 | |6,250 |D | |
| | | | | | |94 |-00 | | | | | | |
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Option (6) |30.50 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | |
| | | | | | |92 |-01 | | | | | | |
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|30.50 | | | | | |9-19-|10-19|Common Stock|6,250 | |6,250 |D | |
| | | | | | |93 |-01 | | | | | | |
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|30.50 | | | | | |9-19-|10-19|Common Stock|6,250 | |6,250 |D | |
| | | | | | |94 |-01 | | | | | | |
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Option (6) |23.875 | | | | | |9-21-|10-21|Common Stock|15,000 | |15,000 |D | |
| | | | | | |93 |-02 | | | | | | |
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|23.875 | | | | | |9-21-|10-21|Common Stock|7,500 | |7,500 |D | |
| | | | | | |94 |-02 | | | | | | |
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|23.875 | | | | | |9-21-|10-21|Common Stock|7,500 | |7,500 |D | |
| | | | | | |95 |-02 | | | | | | |
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Option (6) |24.625 | | | | | |11-5-|12-5-|Common Stock|12,500 | |12,500 |D | |
| | | | | | |93 |02 | | | | | | |
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|24.625 | | | | | |11-5-|12-5-|Common Stock|6,250 | |6,250 |D | |
| | | | | | |94 |02 | | | | | | |
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|24.625 | | | | | |11-5-|12-5-|Common Stock|6,250 | |6,250 |D | |
| | | | | | |95 |02 | | | | | | |
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Option (6) |33.125 | | | | | |9-16-|10-16|Common Stock|20,000 | |20,000 |D | |
| | | | | | |94 |-03 | | | | | | |
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|33.125 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |95 |-03 | | | | | | |
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|33.125 | | | | | |9-16-|10-16|Common Stock|10,000 | |10,000 |D | |
| | | | | | |96 |-03 | | | | | | |
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Option (7) |35.875 | | | | | |9-15-|10-15|Common Stock|20,000 | |20,000 |D | |
| | | | | | |95 |-04 | | | | | | |
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|35.875 | | | | | |9-15-|10-15|Common Stock|10,000 | |10,000 |D | |
| | | | | | |96 |-04 | | | | | | |
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|35.875 | | | | | |9-15-|10-15|Common Stock|10,000 | |10,000 |D | |
| | | | | | |97 |-04 | | | | | | |
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Option (7) |33.875 | | | | | |9-21-|10-21|Common Stock|20,000 | |20,000 |D | |
| | | | | | |96 |-05 | | | | | | |
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|33.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | |
| | | | | | |97 |-05 | | | | | | |
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|33.875 | | | | | |9-21-|10-21|Common Stock|10,000 | |10,000 |D | |
| | | | | | |98 |-05 | | | | | | |
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Option (7) |39.00 | | | | | |9-19-|10-19|Common Stock|25,000 | |25,000 |D | |
| | | | | | |97 |-06 | | | | | | |
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|39.00 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | |
| | | | | | |98 |-06 | | | | | | |
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|39.00 | | | | | |9-19-|10-19|Common Stock|12,500 | |12,500 |D | |
| | | | | | |99 |-06 | | | | | | |
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Option (8) |53.375 | | | | | |9-18-|10-18|Common Stock|10,000 | |10,000 |D | |
| | | | | | |99 |-07 | | | | | | |
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|53.375 | | | | | |9-18-|10-18|Common Stock|10,000 | |10,000 |D | |
| | | | | | |00 |-07 | | | | | | |
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Option (8) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I (|By Daughter |
| | | | | | |98 |-07 | | | | |9) | |
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Option (8) |53.375 | | | | | |9-18-|10-18|Common Stock|10,000 | |10,000 |I (|By Daughter |
| | | | | | |98 |-07 | | | | |10)| |
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Option (8) |53.375 | | | | | |9-18-|10-18|Common Stock|5,000 | |5,000 |I (|By Son |
| | | | | | |98 |-07 | | | | |11)| |
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Option (8) |48.00 | | | | | |9-17-|10-17|Common Stock|20,000 | |20,000 |D | |
| | | | | | |99 |-08 | | | | | | |
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|48.00 | | | | | |9-17-|10-17|Common Stock|10,000 | |10,000 |D | |
| | | | | | |00 |-08 | | | | | | |
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|48.00 | | | | | |9-17-|10-17|Common Stock|10,000 | |10,000 |D | |
| | | | | | |01 |-08 | | | | | | |
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Option (8) |50.4375 | | | | | |11-5-|12-5-|Common Stock|20,000 | |20,000 |D | |
| | | | | | |99 |08 | | | | | | |
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|50.4375 | | | | | |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | |
| | | | | | |00 |08 | | | | | | |
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|50.4375 | | | | | |11-5-|12-5-|Common Stock|10,000 | |10,000 |D | |
| | | | | | |01 |08 | | | | | | |
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Common Stock Units (12|1-for-1 | | | | | | | |Common Stock|37,577 | |37,577 |D | |
) | | | | | | | | | | | | | | |
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</TABLE>
Explanation of Responses:
1. Shares accrued under Ashland's Leveraged Employee Stock Ownership Plan as
of 3-31-96, the date of the
final allocation to this
account.
2. Intra-plan transfer in Ashland's Employee Savings
Plan.
3. Based on Employee Savings Plan information as of 4-26-99, the latest date
for which such information is
reasonably available, and includes transactions occurring on or after
3-31-99.
4. Shares of restricted common stock granted pursuant to Ashland's 1997 Stock
Incentive Plan and exempt under
Rule 16b-3. The restricted common stock has been enrolled in Ashland's
Dividend Reinvestment Plan.
5. Shares held in Ashland's Dividend Reinvestment Plan as of
3-15-99.
6. 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.
7. 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.
8. Employee stock option (represents a right to buy Ashland Common Stock)
granted pursuant to Ashland's 1997
Stock Incentive Plan. The employee stock option includes a tax withholding
feature pursuant to the plan.
9. I hereby disclaim beneficial ownership of all securities owned by my
daughter, Jane Chellgren.
10. I hereby disclaim beneficial ownership of all securities owned by my
daughter, Sarah Chellgren.
11. I hereby disclaim beneficial ownership of all securities owned by my son,
Matthew Chellgren.
12. Common Stock Units acquired pursuant to Ashland's 1995 Deferred
Compensation Plan as of 3-31-99,
payable in cash or stock upon termination of service and exempt under Rule
16b-3(d).
SIGNATURE OF REPORTING PERSON
Paul W. Chellgren
DATE
May 3, 1999
