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                           SCHEDULE 14A INFORMATION
                                      
               Proxy Statement Pursuant to Section 14(a) of the
                       Securities Exchange Act of 1934

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Check the appropriate box:

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                         Santa Fe Pacific Corporation
               -----------------------------------------------
                Name of Registrant as Specified In Its Charter
                                      
                          Union Pacific Corporation
               -----------------------------------------------
                 (Namess or Person(s) Filing Proxy Statement)

Payment of Filing Fee (Check the appropriate box):

/   /   $125 per Exchange Act Rules 0-11(c)(1)(ii), 14a-6(i)(1), or
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/ X /   Check box if any party of the fee is offset as provided by
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        (1)  Amount Previously Paid:  $125 on October 13, 1994.
        (2)  Form, Schedule or Registration Statement No.:  Schedule 14A
        (3)  Filing Party:  Same as above
        (4)  Date Filed:  October 13, 1994.

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UNION PACIFIC 
CORPORATION                                                         NEWS RELEASE

Contact: 610-861-3382
Gary F. Schuster
Vice President - Corporate Relations
Martin Tower
Eighth and Eaton Avenues
Bethlehem, PA 18018

                                                           FOR IMMEDIATE RELEASE

                  UNION PACIFIC INCREASES PRICE FOR SANTA FE
                             TO $18.50 PER SHARE

                         - - - - - - - - - - - - - -

                   SEEKS TO ACQUIRE 100% OF SANTA FE SHARES
                           FOR CASH IN TENDER OFFER

                         - - - - - - - - - - - - - -

BETHLEHEM, PA, JANUARY 17, 1995 -- Union Pacific Corporation (NYSE: UNP)
announced today that it has revised its proposal to acquire Santa Fe Pacific
Corporation (NYSE: SFX) to increase the price to $18.50 per common share in cash
and to seek to acquire 100% of Santa Fe's outstanding shares in the tender
offer. The revised offer values Santa Fe at $3.6 billion.

        The terms of Union Pacific's revised proposal are described in a
January 17, 1995 letter from Drew Lewis, Chairman and CEO of Union Pacific, to
Robert D. Krebs, Chairman, President and Chief Executive Officer of Santa Fe,
the full text of which is attached.

        Union Pacific's revised tender offer is subject, among other things, to
termination of Santa Fe's merger agreement with Burlington Northern in
accordance with the terms of such 
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                                     -2-

agreement, the shareholders of Santa Fe not having approved the merger
agreement with Burlington Northern, at least a majority of the Santa Fe shares
being validly tendered and not withdrawn prior to expiration of the offer, the
poison pill rights issued by Santa Fe being redeemed by Santa Fe or the rights
being otherwise inapplicable to the tender offer and proposed merger, and the
absence of any judicial determination invalidating, modifying or imposing
limitations on the ICC's approval regarding Union Pacific's use of a voting
trust.  

        If less than 90% of Santa Fe's outstanding shares are tendered, the
back-end merger of Union Pacific and Santa Fe, by which Union Pacific would
acquire the remaining Santa Fe shares, would be subject, among other things, to
the approval of Santa Fe shareholders.

                                      #

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                    [UNION PACIFIC CORPORATION LETTERHEAD]

                                             January 17, 1995

Mr. Robert D. Krebs
Chairman, President and CEO
Santa Fe Pacific Corporation
1700 East Golf Road
Schaumburg, IL  60173

Dear Rob:

     I am writing to inform you that Union Pacific has revised its
acquisition proposal to increase the price to $18.50 per share in cash and to
seek to acquire 100% of Santa Fe's outstanding shares in the tender offer.

     By using our Interstate Commerce Commission approved voting trust, your
shareholders would receive immediate payment of the entire purchase price
in our transaction, without bearing any risk relating to ICC approval of our
combination with Sante Fe.  By contrast, the new, leveraged Burlington Northern
transaction would require a delay of up to several years for payment of two-
thirds of the purchase price to Santa Fe shareholders, and would require your
shareholders to bear the risk of ICC approval.

     In addition to the all-cash advantage of our offer, we believe our
transaction is superior to the Burlington Northern acquisition when one
discounts BN's purchase price for the time delay in payment, the ICC risk of
non-consummation of the BN transaction and the uncertain value of the BN stock
to be received.

     Our preference remains to negotiate a merger agreement with Santa Fe. 
As your own advisors stated, we were very close to completing negotiation of a
merger agreement before you announced your new transaction with Burlington
Northern.  We should be able to conclude our negotiations very quickly in light
of our revised offer.  We continue to believe it is a violation of your Board's
fiduciary duties for Santa Fe to resist negotiating a transaction with Union
Pacific.
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Mr. Robert D. Krebs
Page 2
January 17, 1995

     If you refuse to negotiate with us, we would be prepared to purchase
shares in our tender offer without a merger agreement, provided that your
shareholders tender at least 90% of Santa Fe's outstanding shares and other
impediments such as the rights plan are eliminated.  In order to complete the
acquisition on a unilateral basis, we would first ask the ICC to approve an
amendment to our voting trust agreement that would enable the trustee to cause
Santa Fe, following the acquisition of Santa Fe shares, to agree to cooperate
with us in obtaining ICC approval of a Sante Fe/Union Pacific combination.  We
would seek ICC approval of the amended voting trust agreement once Santa Fe
shareholders vote to disapprove the Burlington northern merger.

     Our offer, including the conditions to our transaction, remains
unchanged in all other material respects.  Given your rejection of our
alternative $20 all-stock proposal made several months ago, we confirm our
withdrawal of such alternative proposal.

                                           Sincerely,

                                           /s/ Drew 

DL/ss

cc:  Board of Directors
     Santa Fe Pacific Corporation