SCHEDULE 14A INFORMATION

Proxy Statement Pursuant to Section 14(a) of the Securities Exchange Act of 1934
                               (Amendment No. )

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 ...............................OGDEN CORPORATION ..............................

               (Name of Registrant as Specified In Its Charter)

 .............................PROVIDENCE CAPITAL, INC...........................

                  (Name of Person(s) Filing Proxy Statement)

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CONTACTS:
- ---------
Adam Weiss
Providence Capital, Inc.
(212) 888-3200
or
Stan Kay
MacKenzie Partners, Inc.
(212) 929-5940

FOR IMMEDIATE RELEASE:
- ----------------------

     PROVIDENCE CAPITAL CLARIFIES POSITION ON OGDEN'S DIVIDEND. Nominees Would
Not Support Cut Unless and Until Value Improved.

NEW YORK, NEW YORK, May 18, 1998 -- Providence Captital, Inc. announced today
that in response to discussions with institutional shareholders of Ogden
Corporation (NYSE: OG) it has clarified its position with respect to a dividend
cut if its nominees are elected to the Ogden Board.

Providence President, Herbert Denton, said, "If our nominees are elected on 
May 20, they would consider a dividend cut if and only after significant
improvement in the Company's value had been achieved through the sale, spin-off
or other disposition of assets, cost reductions or other means chosen by the 
Board."

Providence Capital also announced that it has won the recommendation of
The Proxy Monitor, a proxy advisory firm in New York City, which along with the
recommendation from Institutional Shareholder Services announced last week,
gives the Providence slate the support of two leading proxy advisory firms.

As previously announced, Providence's nominees are seeking election to the
Ogden board with a goal of accelerating earnings growth at Ogden. Providence's
suggestions for accelerating earnings growth include focusing Ogden's 
operations in fewer businesses, simplifying the Company's corporate structure,
improving capital allocation, recruiting a new Chairman and Chief Executive
Officer, and improving the quality and business experience of Ogden's 
directors.

Shareholders seeking a copy of the Providence Capital proxy materials or who
have questions about how to vote their shares to support the Providence
nominees are urged to contact Providence Capital at 212/888-3200 or its proxy
solicitor MacKenzie Partners, Inc. at 800/322-2885.


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