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                                     FORM 4
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                UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


                  STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
     Filed pursuant to Section 16(a) of the Securities 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


/ /  Check  this  box if no  longer  subject  to  Section  16.  Form 4 or Form 5
     obligations may continue. See Instruction 1(b).

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                            (Print or Type Response)

1.   Name and Address of Reporting Person*

     Boyd              James             R.
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     (Last)            (First)         (Middle)

     City Place One, Suite 300
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                      (Street)

     St. Louis           MO              63141
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     (City)            (State)          (Zip)


2.   Issuer Name and Ticker or Trading Symbol

     Arch Coal, Inc. (ACI)
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3.   IRS or Social Security Number of Reporting Person (Voluntary)


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4.   Statement for Month/Year

     March 2000
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5.  If Amendment, Date of Original (Month/Year)


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6.  Relationship of Reporting Person(s) to Issuer (Check all applicable)

    / X / Director

    /   / 10% Owner

    /   / Officer (Give Title)
                               ---------------
    /   / Other (Specify)
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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 I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned ==================================================================================================================================== 1. Title of Security 2. Trans- 3. Trans- 4. Securities Acquired (A) 5. Amount of 6. Ownership 7. Nature of (Instr. 3) action action or Disposed of (D) Securities Form: Indirect Date Code (Instr. 3, 4 and 5) Benefici- Direct (D) Beneficial (Instr. 8) ally Owned or In- Ownership --------- ----------- -------------------------- at End of direct (I) (Instr. 4) (Month/ Code V Amount (A) or (D) Price Month (Instr. 4) Day/ (Instr. 3 Year) and 4) Common Stock 3/29/2000 J(1) V 8,962(2) A $7.1875 D Common Stock 3/29/2000 J(1) V 1,689 A $7.1875 1,689 I By Ashland Inc. Thrift Common Stock 3/31/2000 A 10,000 A $7.00 23,692 D Plan ------------------------ -------- ----- ----- -------- -------- -------- ----------- ------------ ----------- ==================================================================================================================================== ==================================================================================================================================== (1) Issued to Reporting Person as a result of a distribution of Issuer's stock to Ashland Inc. shareholder. (2) Includes 1,045 shares held jointly with the Reporting Person's spouse. Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.* If the form is filed by more than one person, see Instruction 4(b)(v).
==================================================================================================================================== TABLE II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities) ==================================================================================================================================== 1. Title of 2. Conver- 3. Trans- 4. Trans- 5. Number of 6. Date 7. Title and Derivative sion or action action Derivative Exercisable Amount of Security Exercise Date Code Securities and Under- (Instr. 3) Price of (Month/ (Instr. 8) Acquired (A) Expiration lying Deriva- Day/ or Disposed Date Securities tive Year) of (D)(Instr. (Month/Day/ (Instr. 3 Security 3, 4 and 5) Year) and 4) Date Expir- Amount or Exer- ation Number of Code V (A) (D) cisable Date Title Shares Common Phantom Stock Units 3/29/2000 J(1) V 4,984 (1) (1) Stock 4,984 --------------- --------- -------- ------ ----- ------- ------- -------- -------- ------- ---------- ==================================================================================================================================== Table II (continued) ==================================================================================================================================== 8. Price of 9. Number of 10. Ownership 11. Nature of Derivative Derivative Form of Indirect Security Securities Derivative Beneficial (Instr. 5) Benefic- Security: Ownership ially Direct (D) (Instr. 4) Owned at or Indirect End of Month (I)(Instr. 4) (Instr. 4) $7.1875 4,984 D ------------ ------------- ------------- ------------ ==================================================================================================================================== ====================================================================================================================================
Explanation of Responses: (1) The phantom stock units were received via Ashland Inc.'s 1995 Deferred Compensation Plan as a result of a distribution of Issuer stock to Ashland Inc. shareholders. The stock units are payble in cash or stock upon termination of service. /s/ Rosemary L. Klein April 10, 2000 - ----------------------------------- ----------------- **Signature of Reporting Person Date Rosemary L. Klein Attorney in Fact ** 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 is insufficient, see Instruction 6 for procedure. 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.


                                POWER OF ATTORNEY

         The undersigned appoints the following individuals,  with full power to
each of them to act alone, as its true and lawful  attorneys-in-fact  and agents
to execute and file on behalf of the  undersigned  all Forms 3, 4 and 5, and any
amendments  thereto,  that the  undersigned  may be  required  to file  with the
Securities and Exchange Commission, and any stock exchange or similar authority,
as a result of the  undersigned's  ownership of or transactions in securities of
Arch Coal, Inc. The authority of the following  individuals  under this Power of
Attorney  shall continue  until the  undersigned  is no longer  required to file
Forms 3, 4 and 5 with regard to the  undersigned's  ownership of or transactions
in  securities  of Arch Coal,  Inc.,  unless  earlier  revoked in  writing.  The
undersigned  acknowledges that the following individuals are not assuming any of
the undersigned's  responsibilities  to comply with Section 16 of the Securities
and Exchange Act of 1934.

                   The following officers of Arch Coal, Inc.:

                          Secretary of the Corporation

                     Assistant Secretary of the Corporation

                       General Counsel of the Corporation

         IN WITNESS  WHEREOF,  the undersigned has caused this Power of Attorney
 to be executed this 10TH day of APRIL , 2000.

                                                         /s/  JAMES R. BOYD
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                                                              James R. Boyd
                                                              Signature