- ---------------- U.S. SECURITIES AND EXCHANGE COMMISSION ----------------------------
|F O R M 4| Washington, D.C. 20549 | OMB APPROVAL |
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STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP |OMB Number 3235-0287|
[ ] Check this box if |Expires: September 30,1998|
no longer Subject Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, |Estimated ave. burden |
to Section 16. Section 17(a) of the Public Utility Holding Company Act of 1935 or |hours per response.....0.5|
Section 30(f) of the Investment Company Act 1940 ----------------------------
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|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) |
|Berry William S. |Rayonier | |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| | | Director 10% Owner |
|----------------------------------------|------------------------------------------------|--- --- |
| (Last) (First) (MI)|3.IRS or Soc. Sec. No. |4.Statement for Month/ | X Officer Other |
| | of Reporting Person | Year |---(give title below) ---(Specify below)|
| 1177 Summer Street | (Voluntary) | | |
| | | January 1999 | |
| | | | Executive Vice President |
|----------------------------------------| |------------------------|----------------------------------------|
| (Street) | |5.If Amendment, Date of |7. Individual or Joint/Group Filing |
| | | Original (Month/Year) | (Check Applicable Line) |
| | | | |
|Stamford CT 06905-5529| | | X Form filed by One Reporting Person |
| | | |--- |
| | | | Form filed by More than One |
| | | |--- Reporting Person |
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| (City) (State) (Zip) |
| TABLE I - Non-Derivative Securities Acquired, Disposed of or Beneficially Owned |
|----------------------------------------------------------------------------------------------------------------------------------|
|1.Title of Security |2.Transac- |3.Trans. |4.Security Acquired (A) or |5.Amount of |6. |7.Nature of Indirect|
| (Instr. 3) | tion Date | Code | Disposed of (D) | Securities |Own.| Beneficial |
| |(Mon/Day/Yr)|(Instr.8)| (Instr. 3, 4 & 5) | Beneficially |Form| Ownership |
| | |---------|-------------------------------| Owned at End of|(D) | (Instr. 4) |
| | | | | |(A) | | Month |or | |
| | |Code| V | Amount |(D) | Price | (Instr. 3 & 4) |(I) | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
| | | | | | | | | | |
|Common Shares | 01/13/1999 | M | | 5679 | A | $.0000| | | |
| | |(01)| | | | (01)| | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Shares | 01/13/1999 | F | | 4603 | D | $46.0103| 21419 | D | |
| | | | | | | | | | |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
|Common Shares | | | | | | $.0000| 4288 | I |By: Trust |
| | | | | | | | |(02)| |
|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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|-------------------------------|------------|----|----|----------------|----|---------|-----------------|----|--------------------|
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Reminder: Report on a separate line for each class securities owned directly or indirectly. SEC 1474 (7-96)
*If the form is filed by more than one reporting person, see Instruction 4(b)(v).
PAGE: 1 OF 2
FORM 4 (continued) TABLE II - Derivative Securities Acquired, Disposed of, Beneficially Owned
(e.g., puts, calls, warrants, options, convertible security)
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|1.Title of|2.Conver-|3. |4.Tran- |5.Number of |6.Date |7.Title and Amount |8.Price of|9.Number |10. |11.Nature |
|Derivative|sion or |Trans| saction| Derivative |Exercisable| of Underlying |Derivative| of |Own.| of |
|Security |Exercise |Date | Code | Securities |and | Securities |Security |Derivative|Form|Indirect |
|(Instr. 3)|Price of |(Mon/|(Instr.8)| Acquired (A) or |Expiration | (Instr. 3 & 4) |(Instr. 5)|Securities|of |Beneficial|
| |Deriva- | Day/| | Disposed of (D) |Date | | |Benefi- |Deri|Ownership |
| |tive |Year)| | (Instr. 3, 4 & 5) |(Month/Day/| | |cially |Sec.|(Instr. 4)|
| |Security | | | | Year) | | |Owned at |Dir.| |
| | | | | |-----------|---------------------| |End of |(D) | |
| | | | | | | | |Amount or | |Month |or | |
| | | |---------|---------------------|Date |Exp. | Title |Number of | |(Instr. 4)|Ind.| |
| | | |Code| V | (A) | (D) |Exbl.|Date | |Shares | | |(I) | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
| | | | | | | | | | | | | | | |
|EMPLOYEE S| $45.5600|01/02| A | V | 12000| |01/03|01/04|Common Sha| $12000| | 12000| D | |
|TOCK OPTIO| | 1999| | | | | 2000| 2009|res | | | | | |
|N | | | | | | | | | | | | | | |
| | | | | | | | (03)| | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Performanc| |01/13| M | | | 4500| | |Common Sha| 5679| | 0| D | |
|e Share| | 1999| | | | | | |res | | | | | |
| | | | | | | | | | | | | | | |
| | (01)| | | | | | | | | | | | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
|Performanc| |01/02| A | V | 5000| | | |Common Sha| 5000| | 5000| D | |
|e Share| | 1999| | | | | | |res | | | | | |
| | | | | | | | | | | | | | | |
| | (04)| | | | | | | | | | (04)| | | |
|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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|----------|---------|-----|----|----|----------|----------|-----|-----|----------|----------|----------|----------|----|----------|
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Explanation of Responses:
(01) Performance Shares are paid in Rayonier Inc. Common Shares in an amount ranging from 0 to 150% of the Performance Shares
awarded based upon Rayonier Inc.'s total shareholder return performance during the period from January 2, 1996 to J
anuary 1, 1999 as compared with the performance of a peer group of companies. Actual TSR performance translates into a
n award payment in January 1999 of 126.2% of Performance Shares Awarded.
(02) Shares held in trust are held in the Rayonier Investment and Savings Plan for this person's account.
(03) Vests in one-third installments annually commencing January 3, 2000.
(04) Performance Shares are paid in Rayonier Inc. Common Shares in an amount ranging from 0 to 150% of the Performance Shares
awarded based upon Rayonier Inc.'s total shareholder return performance during the period from January 2, 1999 to D
ecember 31, 2001.
**Intentional misstatements or omissions of facts constitute Federal /s/John B. Canning, Attorney-in-Fact 02/08/1999
Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). ------------------------------------------ ----------
**Signature of Reporting Person Date
Note: File three copies of this form, one of which must be manually signed.
If space provided is insufficient, see Instruction 6 for procedure. SEC 1474 (7-96)
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 OMD Number
Berry, William S. Rayonier JAN-1999 PAGE: 2 OF 2
