EXHIBIT 99
 
 
            UNION PACIFIC ANNOUNCES CONVERTIBLE PREFERRED SECURITIES
 
Dallas, TX, March 18 -- Union Pacific Corporation (NYSE: UNP) announced today 
that it plans to privately place $1 billion of preferred securities of a
statutory business trust sponsored by the Corporation, convertible into Common
Stock of the Corporation, to provide the Company  financial flexibility in
funding its 1998 capital improvement programs and restoring quality service to
its customers.
 
    The Convertible Preferred Securities to be offered by the Corporation
will not be registered under the Securities Act of 1933 as amended, and may not
be offered or sold in the United States absent registration with the Securities
and Exchange Commission or the availability of an applicable exemption from
such registration requirements. 
 
    The Corporation operates in the areas of rail transportation (Union
Pacific Railroad) and trucking (Overnite Transportation Company).