CSX Corp. – ‘3’ on 10/24/96 re: Conrail Inc.

As of:  Thursday, 10/24/96   ·   Accession #:  898822-96-434   ·   File #:  1-12184

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Initial Statement of Beneficial Ownership of Securities by an Insider   —   Form 3   —   SEA’34
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: 3           Initial Statement of Beneficial Ownership of           2±    10K 
                Securities by an Insider                                         


U.S. SECURITIES AND EXCHANGE COMMISSION                                         
WASHINGTON, D.C. 20549                                                          
FORM 3                                                                          
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES                         
1. Name and Address of Reporting Person                                         
CSX Corporation                                                           
One James Center                                                          
901 East Cary Street                                                      
Richmond, Virginia  23219-4031                                            
USA                                                                       
2. Date of Event Requiring Statement (Month/Day/Year)                           
10/14/96                                                                  
3. IRS or Social Security Number of Reporting Person (Voluntary)                
62-1051971                                                                
4. Issuer Name and Ticker or Trading Symbol                                     
Conrail Inc.                                                              
CRR                                                                       
5. Relationship of Reporting Person to Issuer (Check all applicable)            
( ) Director  (X) 10% Owner  ( ) Officer (give title below) ( ) Other     
(specify below)                                                           

6. If Amendment, Date of Original (Month/Day/Year)                              

                                                        [Enlarge/Download Table]

___________________________________________________________________________________________________________________________________ 
 Table I -- Non-Derivative Securities Beneficially Owned                                                                           |
___________________________________________________________________________________________________________________________________|
1. Title of Security                       |2. Amount of          |3. Ownership    |4. Nature of Indirect                          |
                                           |   Securities         |   Form:        |   Beneficial Ownership                        |
                                           |   Beneficially       |   Direct(D) or |                                               |
                                           |   Owned              |   Indirect(I)  |                                               |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
___________________________________________________________________________________________________________________________________|

___________________________________________________________________________________________________________________________________ 
 Table II -- Derivative Securitites Beneficially Owned                                                                             |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative   |2.Date Exer-       |3.Title and Amount     |         |4. Conver-|5. Owner-    |6. Nature of Indirect      |
  Security              |  cisable and      |  of Underlying        |         |sion or   |ship:        |   Beneficial Ownership    |
                        |  Expiration       |  Securities           |         |exercise  |Form of      |                           |
                        |  Date(Month/      |-----------------------|---------|price of  |Deriv-       |                           |
                        |  Day/Year)        |                       |Amount   |deri-     |ative        |                           |
                        | Date    | Expira- |                       |or       |vative    |Security:    |                           |
                        | Exer-   | tion    |         Title         |Number of|Security  |Direct(D) or |                           |
                        | cisable | Date    |                       |Shares   |          |Indirect(I)  |                           |
___________________________________________________________________________________________________________________________________|
                                                                                                                                    
Option (see below)      |(see belo|(see belo|Common Stock           |15,955,47|$92.50    |D            |                           |
                        |w)       |w)       |                       |7        |          |             |                           |
-----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|

Explanation of Responses:                                                       
In connection with an Agreement and Plan of Merger (the "Merger       
Agreement"), dated as of October 14, 1996, between CSX Corporation (the         
"Reporting Person"), Green Acquisition Corp. and Conrail Inc. (the "Issuer"),   
the Reporting Person and the Issuer entered into a Stock Option                 
Agreement, dated as of October 14, 1996, providing for the option described     
above.  The option is exercisable only upon the occurrence of certain           
events described in the Stock Option Agreement and expires upon the occurrence  
of certain events described in the Stock Option Agreement.  The                 
number of shares of common stock of the Issuer purchasable by the Reporting     
Person under the option will be adjusted under certain circumstances as may     
be necessary so that the number of shares purchasable by the Reporting Person   
upon exercise of the option at the time of such exercise equals 19.9% of the    
outstanding shares of Common Stock of the Issuer at such time.  Prior to such   
exercise, the Reporting Person expressly disclaims beneficial                   
ownership of the shares of Common Stock of the Issuer which are purchasable by  
the Reporting Person upon exercise of such option.                              

SIGNATURE OF REPORTING PERSON                                                   
/s/ Mark G. Aron                                                                

CSX Corporation                                                                 
By: Mark G. Aron                                                                
Title: Executive Vice President -                                               
Law and Public Affairs                                            
DATE                                                                            
10/24/96                                                                        

Dates Referenced Herein   and   Documents Incorporated by Reference

This ‘3’ Filing		Date		Other Filings
Filed on:		10/24/96		PREC14A,  SC 14D1
		10/14/96		8-K
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