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
Burns, Jr., John J.
Alleghany Corporation
375 Park Avenue
New York, NY 10152
USA
2. Issuer Name and Ticker or Trading Symbol
Alleghany Corporation
Y
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
May 1998
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
(X) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
President
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>
___________________________________________________________________________________________________________________________________
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 |3/17/9|A(1)|V|4,952 |A |$347.50 | | | |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|3/17/9|D(1)|V|2,476 |D |$347.50 | | | |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|3/31/9|G(2)|V|200 |D | | | | |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
|5/28/9|S | |1,000 |D |$351 |26,673 |D | |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |726 |I |by wife |
- -----------------------------------------------------------------------------------------------------------------------------------|
|3/31/9|G(2)|V|30 |A | |325 |I |by daughter |
|8 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<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>
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) Settlement of 4,952 performance shares for 2,476 shares of Common Stock and
$860,410 in cash.
(2) Includes gift to child sharing household with
undersigned.
SIGNATURE OF REPORTING PERSON
/s/ John J. Burns, Jr.
DATE
June 9, 1998
