<PAGE> 1
<TABLE>
<CAPTION>
<S> <C>
FORM 4 OMB Approval
UNITED STATES SECURITIES AND EXCHANGE COMMISSION -------------------------
[ ] Check this box if no longer WASHINGTON, D.C. 20549 OMB Number 3235-0207
subject to Section 16. Form Expires: September 30, 1998
4 or Form 5 obligations may STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Estimated average burden
continue. See Instruction 1(b). hours per response...0.5
Filed pursuant to Section 16(a) of the Securities and Exchange Act of 1934, Section 17(a) of the Public Utility
Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
(Print or Type Responses)
- ------------------------------------------------------------------------------------------------------------------------------------
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)
Newman II Reginald B. | Rand Capital Corp. -- RAND | __X___ Director __X___ 10% Owner
- -------------------------------------------------------------------------------------------| _____ Officer (give title below)
(Last) (First) (Middle) | 3. IRS or Social | 4. Statement for | _____ Other (specify below)
| Security Number | Month/Year | _________________________________
2440 Sheridan Drive | of Reporting | October 1999 |----------------------------------------
- ---------------------------------------| Person (Voluntary) |-------------------------| 7. Individual or Joint/Group Filing
(Street) | | 5. If Amendment, | (Check Applicable Line)
| | Date of Original | ___ Form filed by One Reporting Person
| | (Month/Year) | ___ Form filed by more than one
Tonawanda NY 14150 | | | Reporting Person
- ------------------------------------------------------------------------------------------------------------------------------------
(City) (State) (Zip) | Table I - Non Derivative Securities Acquired, Disposed of, or Beneficially Owned
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Security | 2.Transaction | 3.Transaction | 4.Securities Acquired(A) | 5.Amount of | 6.Owner-| 7.Nature
(Instr. 3) | Date | Code | or Disposed of (D) | Securities | ship | of
| (Month/Day/ | (Instr. 8) | (Instr. 3, 4, and 5) | Beneficially| Form: | Indirect
| Year) | | | Owned at End| Direct | Bene-
| | --------------|--------------------------| of Month | (D) or | ficial
| | | | Amount | (A) | Price | (Instr. 3 | Indirect| Owner-
| | Code | V | | or | | and 4) | (I) | ship
| | | | | (D) | | |(Instr.4)|(Instr.4)
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/7/99 | P | | 4,000 | A | $0.969 | 824,679 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/8/99 | P | | 5,000 | A | $0.937 | 829,679 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/8/99 | P | | 1,000 | A | $0.969 | 830,679 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/13/99 | P | | 3,500 | A | $0.937 | 834,179 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/19/99 | P | | 2,000 | A | $0.937 | 836,179 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/19/99 | P | | 5,000 | A | $0.906 | 841,179 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
Common Stock | 10/21/99 | P | | 3,000 | A | $0.937 | 844,179 | D |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
- ---------------------------------------|---------------|-------|-------|--------|------|----------|-------------|---------|---------
| | | | | | | | |
- ------------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned, directly or indirectly. (over)
SEC 1474 (7-96)
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
<S> <C>
FORM 4 (CONTINUED) TABLE II - DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF, OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
- ------------------------------------------------------------------------------------------------------------------------------------
1.Title of Derivative Security | 2.Conversion | 3.Transaction | 4.Transaction | 5.Number of | 6.Date Exer- | 7.Title and Amount
(Instr. 3) | or Exercise | Date | Code | Derivative | cisable and | of Underlying
| Price of | | (Instr. 8) | Securities | Expiration Date | Securities
| Derivative | (Month/Day/ | | Acquired (A) | (Month/Day/Year) | (Instr. 3 and 4)
| Security | Year) | | or Disposed | |
| | | | of (D) |--------------------------------------
| | | | (Instr. 3, | Date | Expir- | | Amount or
| | | | 4, and 5) | Exer- | ation | Title | Number of
| | |---------------|--------------| cisable | Date | | Shares
| | | Code | V | (A) | (D) | | | |
- ------------------------------------------------------------------------------------------------------------------------------------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- -------------------------------|--------------|---------------|-------|-------|------|-------|---------|--------|--------|----------
| | | | | | | | | |
- ------------------------------------------------------------------------------------------------------------------------------------
8.Price of | 9.Number of | 10.Ownership | 11.Nature of |
Derivative | Derivative | Form of | Indirect |
Security | Securities | Derivative | Beneficial |
(Instr. 5) | Beneficially | Security; | Ownership |
| Owned at End | Direct (D) or | (Instr. 4) |
| of Month | Indirect (I) | |
| (Instr. 4) | (Instr. 4) | |
- -------------------------------------------------------------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- --------------|----------------|-------------------|---------------|
| | | |
- -------------------------------------------------------------------
Explanation of Responses:
/s/ Daniel P. Penberthy 11-2-99
------------------------------------ -----------------
*Signature of Reporting Person Date
** 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. Page 2
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 OMB Number.
</TABLE>
