<PAGE>  1

           UNITED STATES SECURITIES AND EXCHANGE COMMISSION

                        Washington, D.C. 20549

                               FORM 10-Q

(Mark One)

[X] QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

           For the quarterly period ended September 30, 1997

                                  OR

[ ] TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934

For the transition period from __________________ to __________________

Commission      Registrant, State of Incorporation     I.R.S. Employer
File Number       Address and Telephone Number       Identification No.
_______________________________________________________________________

  0-7862          AMERCO                                 88-0106815
                  (A Nevada Corporation)
                  1325 Airmotive Way, Ste. 100
                  Reno, Nevada  89502-3239
                  Telephone (702) 688-6300


  2-38498         U-Haul International, Inc.             86-0663060
                  (A Nevada Corporation)
                  2727 N. Central Avenue
                  Phoenix, Arizona 85004
                  Telephone (602) 263-6645

Indicate by check mark whether the registrant (1) has filed all reports
required  to be filed by Section 13 or 15(d) of the Securities Exchange
Act  of 1934 during the preceding 12 months (or for such shorter period
that  the  registrant was required to file such reports), and  (2)  has
been subject to such filing requirements for the past 90 days.
Yes [X] No [ ].

22,614,087  shares  of  AMERCO  Common  Stock,  $0.25  par  value,  were
outstanding at November 13, 1997.

5,385  shares  of  U-Haul International, Inc. Common Stock,  $0.01  par
value,  were  outstanding at November 13, 1997.  U-Haul  International,
Inc. meets the conditions set forth in General Instruction H(1)(a)  and
(b)  of  Form  10-Q and is therefore filing this form with the  reduced
disclosure format.
<PAGE>  2
                          TABLE OF CONTENTS



PART I.  FINANCIAL INFORMATION

Item 1.  Financial Statements.

         a)  Consolidated Balance Sheets as of September 30, 1997,
             March 31, 1997 and September 30, 1996...................  4

         b)  Consolidated Statements of Earnings for the Six
             months ended September 30, 1997 and 1996................  6

         c)  Consolidated Statements of Changes in Stockholders'
             Equity for the Six months ended September 30, 1997
             and 1996................................................  7

         d)  Consolidated Statements of Earnings for the
             Quarters ended September 30, 1997 and 1996..............  8

         e)  Consolidated Statements of Cash Flows for the Six
             months ended September 30, 1997 and 1996................  9

         f)  Notes to Consolidated Financial Statements -
             September 30, 1997, March 31, 1997 and
             September 30, 1996...................................... 10

Item 2.  Management's Discussion and Analysis of Financial
         Condition and Results of Operations......................... 17

PART II. OTHER INFORMATION

Item 4.  Submission of Matters to a Vote of Security Holders......... 26

Item 6.  Exhibits and Reports on Form 8-K............................ 26






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                        INTENTIONALLY BLANK
<PAGE>  4
                  PART I.  FINANCIAL INFORMATION


ITEM 1.  FINANCIAL STATEMENTS.


               AMERCO AND CONSOLIDATED SUBSIDIARIES

                    Consolidated Balance Sheets
                                 

                                           September 30, March 31, September 30,
            ASSETS                             1997        1997        1996
                                           ------------------------------------
                                            (unaudited)   (audited)  (unaudited)
                                                       (in thousands)


Cash and cash equivalents                  $    33,831      41,752      32,380
Receivables                                    249,992     238,523     311,480
Inventories                                     72,273      65,794      54,718
Prepaid expenses                                23,927      17,264      11,060
Investments, fixed maturities                  856,383     859,694     879,699
Investments, other                             149,757     127,306     162,661
Deferred policy acquisition costs               47,505      48,598      56,171
Other assets                                    71,948      72,997      61,428
                                             ---------------------------------
Property, plant and equipment, at
  cost:
  Land                                         209,944     209,803     214,853
  Buildings and improvements                   822,767     814,744     800,760
  Furniture and equipment                      205,045     199,126     191,826
  Rental trailers and other rental
    equipment                                  181,337     170,407     172,678
  Rental trucks                              1,053,326     947,911     950,209
                                             ---------------------------------
                                             2,472,419   2,341,991   2,330,326
  Less accumulated depreciation              1,116,032   1,094,925   1,077,193
                                             ---------------------------------

       Total property, plant and
         equipment                           1,356,387   1,247,066   1,253,133
                                             ---------------------------------

























                                           $ 2,862,003   2,718,994   2,822,730
                                             =================================

The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE>  5



                                         September 30,  March 31, September 30,
 LIABILITIES AND STOCKHOLDERS' EQUITY         1997         1997       1996
                                         --------------------------------------
                                            (unaudited)   (audited)  (unaudited)
                                                       (in thousands)

Liabilities:
  Accounts payable and accrued
    liabilities                            $   106,471      131,099    153,732
  Notes and loans                            1,059,044      983,550    940,282
  Policy benefits and losses, claims
    and loss expenses payable                  485,415      469,134    485,932
  Liabilities from premium deposits            427,556      433,397    435,789
  Cash overdraft                                21,113       23,606     22,740
  Other policyholders' funds and
    liabilities                                 26,073       30,966     31,711
  Deferred income                               35,202       35,247     36,694
  Deferred income taxes                         46,785        9,675     62,820
                                             ---------------------------------
Stockholders' equity:
  Serial preferred stock, with or
    without par value, 50,000,000
    shares authorized -
    Series A preferred stock, with no
      par value, 6,100,000 shares issued
      and outstanding as of September 30, 1997,
      March 31, 1997 and September 30, 1996        -            -          -
    Series B preferred stock, with no
      par value, 100,000 shares issued
      and outstanding as of September 30, 1997,
      March 31, 1997 and September 30, 1996        -            -          -
  Serial common stock, with or
    without par value, 150,000,000
    shares authorized -
    Series A common stock of $0.25 par
      value, 10,000,000 shares authorized,
      5,762,495 shares issued as of
      September 30, 1997,  March 31, 1997,
      and September 30, 1996                     1,441        1,441      1,441
  Common stock of $0.25 par value,
    150,000,000 shares authorized,
    36,487,505 shares issued as of
    September 30, 1997 and March 31, 1997,
    and 34,237,505 shares issued as of
    September 30, 1996                           9,122        9,122      8,559
  Additional paid-in capital                   336,933      337,933    264,378
  Foreign currency translation adjustment      (14,653)     (14,133)   (12,451)
  Unrealized gain(loss) on investments           4,229        4,411        315
  Retained earnings                            697,569      644,009    680,279 
                                             --------------------------------- 
                                             1,034,641     982,783     942,521
  Less:
      Cost of common shares in treasury,
      (19,635,913 shares as of September 30,
      1997 and March 31, 1997, 15,599,609
      shares as of September 30, 1996)         359,723      359,723    266,315
    Unearned employee stock
      ownership plan shares                     20,574       20,740     23,176
                                             ---------------------------------
         Total stockholders' equity            654,344      602,320    653,030

Contingent liabilities and commitments      
                                             --------------------------------- 


                                           $ 2,862,003    2,718,994  2,822,730
                                             =================================
<PAGE> 6
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                  Six months ended September 30,
                            (Unaudited)

                                                   1997         1996
                                              -----------------------
                                                 (in thousands except
                                                   per share data)

Revenues
  Rental revenue                            $    576,846      554,421
  Net sales                                      108,465      107,192
  Premiums                                        79,845       72,749
  Net investment income                           23,636       25,140
                                              -----------------------
       Total revenues                            788,792      759,502

Costs and expenses
  Operating expense                              461,830      446,058
  Cost of sales                                   61,654       62,639
  Benefits and losses                             82,033       66,716
  Amortization of deferred acquisition
    costs                                          7,123        8,057
  Depreciation, net                               39,273       31,739
                                              -----------------------
       Total costs and expenses                  651,913      615,209

Earnings from operations                         136,879      144,293

Interest expense, net of interest
  income of $7,064 and $18,637 in
  1997 and 1996, respectively                     33,644       17,714
                                              -----------------------

Pretax earnings from operations                  103,235      126,579
Income tax expense                               (35,005)     (46,833)
                                              -----------------------

Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                          68,230       79,746
Extraordinary loss on early
  extinguishment of debt, net                     (4,138)      (2,004)
                                              -----------------------
       Net earnings                         $     64,092       77,742
                                              =======================

Earnings per common share:
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                    $       2.63         2.43
Extraordinary loss on early
  extinguishment of debt, net                       (.19)        (.07)
                                              -----------------------
Net earnings                                $       2.44         2.36
                                              =======================

Weighted average common shares outstanding    21,884,614   29,845,247
                                              =======================

The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE> 7
               AMERCO AND CONSOLIDATED SUBSIDIARIES

    Consolidated Statements of Changes in Stockholders' Equity

                  Six months ended September 30,
                            (Unaudited)

                                                   1997        1996
                                                -------------------
                                                    (in thousands)
Series A common stock of $0.25 par value:
  10,000,000 shares authorized, 5,762,495
  shares issued as of September 30, 1997,
  March 31, 1997 and September 30, 1996
    Beginning and end of period                $   1,441       1,441
                                                 -------------------

Common stock of $0.25 par value:
  150,000,000 shares authorized, 36,487,505
  shares issued as of September 30, 1997 and
  March 31, 1997, and 34,237,505 shares
  issued as of September 30, 1996
    Beginning and end of period                    9,122       8,559
                                                 -------------------

Additional paid-in capital:
  Beginning of period                            337,933     165,756
    Issuance of preferred stock                   (1,000)     98,622
                                                 -------------------
  End of period                                  336,933     264,378
                                                 -------------------

Foreign currency translation:
  Beginning of period                            (14,133)    (11,877)
  Change during period                              (520)       (574)
                                                 -------------------

  End of period                                  (14,653)    (12,451)
                                                 -------------------

Unrealized gain (loss) on investments:
  Beginning of period                              4,411      11,097
  Change during period                              (182)    (10,782)
                                                 -------------------

  End of period                                    4,229         315
                                                 -------------------

Retained earnings:
  Beginning of period                            644,009     609,019
    Net earnings                                  64,092      77,742
    Dividends paid to stockholders:
      Preferred stock Series A ($1.06 per share)  (6,482)     (6,482)
      Preferred stock Series B($40.50 per share)  (4,050)        -
                                                 -------------------           

  End of period                                  697,569     680,279
                                                 -------------------

Less Treasury stock:
  Beginning of period                            359,723     111,118
  Net increase (8,390,532 shares in 1996)            -       155,197
                                                 -------------------

  End of period                                  359,723     266,315
                                                 -------------------

Less Unearned employee stock ownership
    plan shares:
  Beginning of period                             20,740      23,329
    Increase in loan                                   3         -
    Proceeds from loan                              (169)       (153)
                                                 -------------------

  End of period                                   20,574      23,176
                                                 -------------------

Total stockholders' equity                     $ 654,344     653,030
                                                 ===================






The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE> 8                                  
               AMERCO AND CONSOLIDATED SUBSIDIARIES

                Consolidated Statements of Earnings

                   Quarters ended September 30,
                            (Unaudited)

                                                   1997         1996
                                              -----------------------
                                                (in thousands except
                                                   per share data)

Revenues
  Rental revenue                            $    308,597      293,504
  Net sales                                       51,746       51,213
  Premiums                                        44,380       41,594
  Net investment income                           12,048       12,138
                                              -----------------------
       Total revenues                            416,771      398,449

Costs and expenses
  Operating expense                              241,152      235,403
  Cost of sales                                   30,257       31,058
  Benefits and losses                             46,934       43,458
  Amortization of deferred acquisition
    costs                                          3,663        4,035
  Depreciation, net                               18,694       12,460
                                              -----------------------
       Total costs and expenses                  340,700      326,414

Earnings from operations                          76,071       72,035

Interest expense, net of interest
  income of $3,586 and $7,754 in
  1997 and 1996, respectively                     16,956        9,743
                                              -----------------------

Pretax earnings from operations                   59,115       62,292
Income tax expense                               (20,083)     (22,551)
                                              -----------------------

Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                          39,032       39,741
Extraordinary loss on early
  extinguishment of debt, net                     (4,138)      (2,004)
                                              -----------------------

       Net earnings                         $     34,894       37,737
                                              =======================


Earnings per common share:
Earnings from operations before
  extraordinary loss on early
  extinguishment of debt                    $       1.54         1.29
Extraordinary loss on early
  extinguishment of debt, net                       (.19)        (.07)
                                              -----------------------

       Net earnings                         $       1.35         1.22
                                              =======================


Weighted average common shares outstanding    21,890,072   27,675,192
                                              =======================




The   accompanying  notes   are   an  integral   part   of    these
consolidated financial statements.
<PAGE> 9
               AMERCO AND CONSOLIDATED SUBSIDIARIES

               Consolidated Statements of Cash Flows

                  Six months ended September 30,
                            (Unaudited)
                                                   1997        1996
                                                --------------------
                                                    (in thousands)
Cash flows from operating activities:
  Net earnings                                $   64,092      77,742
    Depreciation and amortization                 53,334      48,582
    Provision for losses on accounts
      receivable                                   2,350       1,841
    Net (gain) loss on sale of real and
      personal property                             (465)     (6,980)
    Gain (loss) on sale of investments                25          50
    Changes in policy liabilities and
      accruals                                    29,244      17,688
    Additions to deferred policy
      acquisition costs                           (5,709)    (10,469)
    Net change in other operating assets
      and liabilities                            (19,808)    (13,530)
                                                --------------------
Net cash provided by operating activities        123,063     114,924
                                                --------------------

Cash flows from investing activities:
  Purchases of investments:
    Property, plant and equipment               (284,035)  (134,247)
    Fixed maturities                             (66,883)   (88,295)
    Equity investments                           (24,500)    (2,596)
    Mortgage loans                               (11,858)    (8,944)
    Real estate                                      -         (767)
  Proceeds from sale of investments:
    Property, plant and equipment                134,320     200,785
    Fixed maturities                              68,693      68,895
    Real estate                                      194         389
    Mortgage loans                                10,623      12,943
  Changes in other investments                     3,083     (40,510)
                                                --------------------
Net cash provided (used) by investing
  activities                                    (170,363)      7,653
                                                --------------------

Cash flows from financing activities:
  Net change in short-term borrowings            176,000    (177,500)
  Proceeds from notes                                -       337,500
  Debt issuance costs                               (506)     (4,125)
  Loan to leveraged Employee Stock
    Ownership Plan                                    (3)        -
  Proceeds from leveraged Employee Stock
    Ownership Plan                                   169         153
  Extraordinary loss on early
    extinguishment of debt, net                   (4,138)     (2,004)
  Principal payments on notes                   (100,506)   (217,938)
  Issuance of preferred stock                     (1,000)     98,622
  Net change in cash overdraft                    (2,493)     (9,419)
  Dividends paid                                 (10,532)     (6,482)
  Treasury stock acquisitions                        -      (155,197)
  Investment contract deposits                    11,726      42,950
  Investment contract withdrawals                (29,338)    (27,925)
                                                --------------------
Net cash provided (used) by
  financing activities                            39,379    (121,365)
                                                --------------------
Increase (decrease)in cash and
  cash equivalents                                (7,921)      1,212
Cash and cash equivalents at
  beginning of period                             41,752      31,168
                                                --------------------
Cash and cash equivalents at
  end of period                               $   33,831      32,380
                                                ====================

The  accompanying notes are an integral part of these  consolidated
financial statements.
<PAGE> 10
               AMERCO AND CONSOLIDATED SUBSIDIARIES

            Notes to Consolidated Financial Statements

     September 30, 1997, March 31, 1997 and September 30, 1996
                            (Unaudited)


1.   SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION
     AMERCO,  a  Nevada corporation (the Company), is  the  holding
company for U-Haul International, Inc. (U-Haul), Amerco Real Estate
Company  (AREC),  Republic  Western Insurance  Company  (RWIC)  and
Oxford Life Insurance Company (Oxford).

PRINCIPLES OF CONSOLIDATION
     The consolidated financial statements include the accounts  of
the  parent corporation, AMERCO, and its subsidiaries, all of which
are   wholly-owned.    All  material  intercompany   accounts   and
transactions of AMERCO and its subsidiaries have been eliminated.
     
     The  consolidated balance sheets as of September 30, 1997  and
1996,  and the related consolidated statements of earnings, changes
in  stockholders'  equity and cash flows  for  the  quarters  ended
September  30,  1997  and 1996 are unaudited;  in  the  opinion  of
management,  all  adjustments necessary for a fair presentation  of
such  financial  statements have been included.   Such  adjustments
consisted only of normal recurring items.  Interim results are  not
necessarily indicative of results for a full year.
     
     The  operating  results  and financial  position  of  AMERCO's
consolidated insurance operations are determined on a  one  quarter
lag.   There  were no effects related to intervening  events  which
would  significantly  affect  consolidated  financial  position  or
results  of  operations  for  the  financial  statements  presented
herein.
     
     The  financial statements and notes are presented as permitted
by Form 10-Q and do not contain certain information included in the
Company's annual financial statements and notes.

     Property,  plant  and equipment are carried at  cost  and  are
depreciated on the straight-line and accelerated methods  over  the
estimated  useful lives of the assets.  Maintenance is  charged  to
operating expenses as incurred, while renewals and betterments  are
capitalized.  Major overhaul costs are amortized over the estimated
period  benefited.   Gains  and losses on dispositions  are  netted
against depreciation expense when realized.
     
     Earnings per share are computed by dividing net earnings after
deduction  of  preferred stock dividends by  the  weighted  average
number  of  common  shares  outstanding, excluding  shares  of  the
employee  stock ownership plan that have not been committed  to  be
released.    Preferred  dividends  include  undeclared  or   unpaid
dividends of the Company.
     
     Certain  reclassifications have been  made  to  the  financial
statements  for the six months ended September 30, 1996 to  conform
with the current year's presentation.
<PAGE> 11
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


2.   INVESTMENTS
  
     A  comparison of amortized cost to market for fixed maturities
is as follows:

  June 30, 1997        
  -------------        Par Value               Gross       Gross     Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Held-to-Maturity     of shares     cost      gains       losses     value
                       ------------------------------------------------------
                                            (in thousands)

  U.S. treasury
    securities
    and government
    obligations        $  16,630  $  16,506      1,015         (25)   17,496
  U.S. government
    agency mortgage-
    backed securities  $  47,372     47,112        384      (1,719)   45,777
  Obligations of
    states and
    political
    subdivisions       $  29,220     29,031      1,106         (12)   30,125
  Corporate
    securities         $ 166,440    170,250      2,870      (1,646)  171,474
  Mortgage-backed
    securities         $ 110,431    109,008      1,390      (1,537)  108,861
  Redeemable preferred
    stocks                 1,207     33,636        433        (180)   33,889
                                    ----------------------------------------

                                    405,543      7,198      (5,119)  407,622
                                    ----------------------------------------

  June 30, 1997          
  -------------        Par Value               Gross       Gross     Estimated
  Consolidated         or number  Amortized  unrealized  unrealized   market
  Available-for-Sale   of shares     cost      gains       losses     value
                       ------------------------------------------------------

  U.S. treasury
    securities and
    government
    obligations        $  11,685     11,762        816         -      12,578
  U.S. government
    agency mortgage-
    backed securities  $  28,350     27,863        460         (60)   28,263
  States,
    municipalities
    and political
    subdivisions       $  12,400     12,573        510         (84)   12,999
  Corporate
    securities         $ 298,957    302,139      6,092      (2,309)  305,922
  Mortgage-backed
    securities         $  75,635     75,061      1,573        (470)   76,164
  Redeemable preferred
    stocks                   561     14,620        331         (37)   14,914
                                    ----------------------------------------
                                    444,018      9,782      (2,960)  450,840
                                    ----------------------------------------

         Total                    $ 849,561     16,980      (8,079)  858,462
                                    ========================================

     In   February   1997,  the  Company,  through  its   insurance
subsidiaries, invested in the equity of a limited partnership in  a
Texas-based self-storage corporation.  RWIC invested $13,500,000 in
exchange  for  a  27.3%  limited partnership  and  Oxford  invested
$11,000,000 in exchange for a 22.2% limited partnership. U-Haul  is
a  50%  owner  of a corporation which is a general partner  in  the
Texas-based   self-storage  corporation.    The   Company   has   a
$10,000,000 note receivable from the corporation.



<PAGE>  12
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)



3.   SUMMARIZED  CONSOLIDATED FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES
     
     A  summary  consolidated balance sheet for RWIC  is  presented
below:

                                                             June 30,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   412,140     394,750
    Other investments                                   24,014      13,678
    Receivables                                        117,613     135,339
    Deferred policy acquisition costs                    9,217      11,833
    Due from affiliate                                  32,521      36,696
    Deferred federal income taxes                       16,851      17,320
    Other assets                                         9,867      13,369
                                                       -------------------
         Total assets                              $   622,223     622,985
                                                       ===================

    Policy liabilities and accruals                $   348,252     335,130
    Unearned premiums                                   55,235      74,266
    Other policyholders' funds and liabilities          22,166      20,896
                                                       -------------------
         Total liabilities                             425,653     430,292

    Stockholder's equity                               196,570     192,693
                                                       -------------------

              Total liabilities and
                stockholder's equity               $   622,223     622,985
                                                       ===================

     A   summarized  consolidated  income  statement  for  RWIC  is
presented below:

                                                   Six months ended June 30,
                                                   -------------------------
                                                         1997        1996
                                                   -------------------------
                                                          (in thousands)

    Premiums                                       $    78,996      64,754
    Net investment income                               15,280      15,157
                                                     ---------------------
         Total revenue                                  94,276      79,911
    Benefits and losses                                 69,918      55,283
    Amortization of deferred policy
      acquisition costs                                  4,311       4,929
    Other expenses                                      14,224       9,998
                                                     ---------------------
         Income from operations                          5,823       9,701
    Federal income tax expense                          (1,645)     (2,957)
                                                     ---------------------
    Net income                                     $     4,178       6,744
                                                     =====================
<PAGE> 13
               AMERCO AND CONSOLIDATED SUBSIDIARIES
                                 
       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)

3.   SUMMARIZED  CONSOLIDATED  FINANCIAL  INFORMATION  OF  INSURANCE
SUBSIDIARIES, continued

     A  summary  consolidated balance sheet for Oxford is presented
below:

                                                             June 30,
                                                     ---------------------
                                                         1997        1996
                                                     ---------------------
                                                          (in thousands)

    Investments - fixed maturities                 $   444,243     484,949
    Other investments                                  102,894      85,196
    Receivables                                         14,527      14,761
    Deferred policy acquisition costs                   38,288      44,338
    Due from affiliate                                     121         307
    Other assets                                         2,402       1,585
                                                       -------------------
         Total assets                              $   602,475     631,136
                                                       ===================

    Policy liabilities and accruals                $    81,928      76,735
    Premium deposits                                   427,556     435,789
    Other policyholders' funds and liabilities           5,108      11,810
    Deferred taxes                                      10,033       9,455
                                                       -------------------
         Total liabilities                             524,625     533,789

    Stockholder's equity                                77,850      97,347
                                                       -------------------

              Total liabilities and
                stockholder's equity               $   602,475     631,136
                                                       ===================

     A  summarized  consolidated income  statement  for  Oxford  is
presented below:

                                                   Six months ended June 30,
                                                   -------------------------
                                                         1997        1996
                                                   -------------------------   
                                                          (in thousands)

    Premiums                                       $    12,700      14,302
    Net investment income                                8,909       9,385
                                                      --------------------
         Total revenue                                  21,609      23,687
    Benefits and losses                                 12,115      11,433
    Amortization of deferred policy
      acquisition costs                                  2,812       3,128
    Other expenses                                       2,776       3,538
                                                      --------------------
         Income from operations                          3,906       5,588
    Federal income tax expense                          (1,085)     (1,977)
                                                      --------------------
    Net income                                     $     2,821       3,611
                                                      ====================
<PAGE>  14
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


4.   CONTINGENT LIABILITIES AND COMMITMENTS

     During  the  six months ended September 30, 1997, a subsidiary
of  U-Haul  entered into sixteen transactions, whereby the  Company
sold  rental trucks and subsequently leased back.  The Company  has
guaranteed $22,202,000 of residual values for these assets  at  the
end  of  the respective lease terms.  U-Haul also entered into  one
transaction, whereby the Company sold and subsequently leased  back
computer  equipment.  Following are the lease commitments  for  the
leases  executed  during the six months ended September  30,  1997,
which have a term of more than one year (in thousands):


                                Year ended           Lease
                                 March 31,        Commitments
                               ------------------------------

                                  1998              $  (5,900)
                                  1999                 (7,977)
                                  2000                 (7,977)
                                  2001                  2,020
                                  2002                  9,562
                                  Thereafter           33,149
                                                      -------
                                                    $  22,877
                                                      =======

                                 
     During the six months ended September 30, 1997, the Company
has reduced future lease commitments by $83,713,000 through early
termination of certain leases.  Residual value guarantees were also
reduced by $14,301,000 in connection with the terminations.
     
     In  the  normal course of business, the Company is a defendant
in  a  number of suits and claims.  The Company is also a party  to
several  administrative proceedings arising from  state  and  local
provisions that regulate the removal and/or clean-up of underground
fuel  storage tanks.  It is the opinion of management that none  of
such   suits,   claims  or  proceedings  involving   the   Company,
individually  or  in  the aggregate are expected  to  result  in  a
material loss.


5.   SUPPLEMENTAL CASH FLOWS INFORMATION

     The   (increase)  decrease  in  receivables,  inventories  and
accounts payable and accrued liabilities net of other operating and
investing activities follows:

                                         Six months ended September 30,
                                               1997         1996
                                             ---------------------            
                                                 (in thousands)

        Receivables                       $  (14,736)       22,396
                                             =====================
        Inventories                       $   (6,479)       (8,827)
                                             =====================
        Accounts payable and
          accrued liabilities             $  (24,420)        1,921
                                             =====================

     Income   taxes  paid  in  cash  amounted  to  $1,159,000   and
$1,694,000  for the six months ended September 30, 1997  and  1996,
respectively.
     
     Interest  paid in cash amounted to $44,609,000 and $36,173,000
for the six months ended September 30, 1997 and 1996, respectively.
<PAGE> 15
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


6.  EARNINGS PER SHARE

     Earnings per share are computed based on the weighted  average
number  of  shares outstanding for the year and quarterly  periods,
excluding shares of the employee stock ownership plan that have not
been   committed  to  be  released.   Preferred  dividends  include
undeclared  or  unpaid  dividends of the Company.   Net  income  is
reduced for preferred dividends for purposes of the calculation.
     
     The  following table reflects the calculation of the  earnings
per share (in thousands except per share data):

                                     Six months ended
                                      September 30,           Quarter ended
                                       1997        1996       1997        1996
                                 ----------------------   ---------------------

Earnings from operations
  before extraordinary
  loss on early extinguishment
   of  debt                    $     68,230      79,746      39,032      39,741
Less dividends
   on  preferred shares              10,571       7,137       5,316       3,897
                                 ----------------------  ----------------------
                                     57,659      72,609      33,716      35,844
Extraordinary loss on early
   extinguishment of debt            (4,138)     (2,004)     (4,138)     (2,004)
                                 ----------------------  ----------------------

Net earnings for per
   share  calculation          $     53,521      70,605      29,578      33,840
                                 ======================  ======================

Net earnings for per share:

Earnings from operations
  before extraordinary loss
  on early extinguishment
   of  debt                    $       2.63        2.43        1.54        1.29
Extraordinary loss on early
  extinguishment of debt, net          (.19)       (.07)       (.19)       (.07)
                                 ----------------------  ----------------------

Net earnings                   $       2.44        2.36        1.35        1.22
                                 ======================  ======================

Weighted average common
  shares outstanding             21,884,614  29,845,247  21,890,072  27,675,192
                                 ======================  ======================
     
7.  RELATED PARTIES

     During  the  six months ended September 30, 1997, a subsidiary
held  various senior and junior notes with SAC Holding  Corporation
and  its  subsidiaries (SAC Holdings).  The voting common stock  of
SAC  Holdings is held by Mark V. Shoen, a major stockholder of the
Company.
     
     The  Company's  subsidiary  received  principal  payments   of
$911,000  and  interest payments of $3,513,000  from  SAC  Holdings
during the period.
     
     The  Company  currently manages the properties  owned  by  SAC
Holdings  pursuant  to  a  management agreement,  under  which  the
Company receives a management fee equal to 6% of the gross receipts
from  the  properties.   The Company received  management  fees  of
$916,000  during  the  six months ended September  30,  1997.   The
management  fee percentage is consistent with the fees received  by
the Company for other properties managed by the Company.

<PAGE>  16
               AMERCO AND CONSOLIDATED SUBSIDIARIES

       Notes to Consolidated Financial Statements, Continued
                            (Unaudited)


8.  NEW ACCOUNTING STANDARDS

     On  April  1,  1995,  the  Company  implemented  Statement  of
Position  93-7,  "Reporting on Advertising Costs",  issued  by  the
Accounting  Standards Executive Committee in December  1993.   This
statement  of position provides guidance on financial reporting  on
advertising costs in annual financial statements.  The  Company  is
currently reviewing its implementation procedures.
  
     Other  pronouncements issued by the Financial Standards  Board
with  future  effective  dates are either  not  applicable  or  not
material to the consolidated financial statements of the Company.

9.  SUBSEQUENT EVENTS

     In  October  1997,  the  Company issued $300,000,000  of  Bond
Backed Asset Trust Certificates.  The net proceeds will be used  to
prepay  floating  rate indebtedness of the Company under  revolving
credit agreements.

     On  November 4, 1997, the Company declared a cash dividend  of
$3,241,000 ($0.53125 per preferred share) to preferred stockholders
of record as of November 14, 1997.

     On  September 11, 1997, Oxford entered into an agreement to purchase
all of the issued  and outstanding  shares of Encore Financial, Inc. and
its subsidiaries (Encore)  for  $5,760,000.  Encore's primary  subsidiary
is  North American Insurance Company (NAI).  NAI is an insurance company
domiciled in the state of Wisconsin whose premium volume is primarily
derived from the sale of credit life and disability products, as  well
as health insurance. This purchase is subject to approval by regulatory
authorities in Wisconsin and Louisiana.
<PAGE> 17
ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS.

RESULTS OF OPERATIONS
     The  following table shows industry segment  data  from
the  Company's three primary industry segments:  Moving  and
Storage Operations, Property and Casualty Insurance and Life
Insurance.  Moving and Storage Operations is composed of the
operations  of  U-Haul,  which consists  of  the  rental  of
trucks, automobile-type trailers and self-storage space  and
sales  of  related products and services and AREC.  Property
and  Casualty  Insurance is composed of  the  operations  of
RWIC, which operates in various property and casualty lines.
Life  Insurance  is  composed of the operations  of  Oxford,
which  operates  in various life, accident  and  health  and
annuity  lines.   The  Company's U-Haul Moving  and  Storage
Operations  are  seasonal and proportionately  more  of  the
Company's  revenues and net earnings are  generated  in  the
first and second quarters of each fiscal year (April through
September).

                    Moving and Property and            Adjustments
                      Storage    Casualty     Life        and
                    Operations  Insurance  Insurance  Eliminations  Consolidated
                    ------------------------------------------------------------
                                            (in thousands)
Six months ended
September 30, 1997
Revenues:
  Outside           $  684,828     83,031    20,933          -           788,792
  Intersegment             -       11,245       676      (11,921)            -
                     -----------------------------------------------------------
    Total revenues     684,828     94,276    21,609      (11,921)        788,792
                     ===========================================================
Operating profit    $  127,150      5,823     3,906          -           136,879
                     ===========================================
Interest expense                                                          33,644
Pretax earnings                                                          -------
  from operations                                                     $  103,235
                                                                         =======
Identifiable assets $1,961,218    622,223   602,475     (323,913)      2,862,003
                     ===========================================================

                    Moving and Property and           Adjustments
                      Storage    Casualty     Life        and
                    Operations  Insurance  Insurance  Eliminations  Consolidated
                    ------------------------------------------------------------
                                            (in thousands)
Six months ended
September 30, 1996
Revenues:
  Outside           $  662,149     74,095    23,258          -           759,502
  Intersegment             -        5,816       429       (6,245)            -
                     -----------------------------------------------------------
    Total revenues     662,149     79,911    23,687       (6,245)        759,502
                     ===========================================================
Operating profit    $  129,004      9,701     5,588          -           144,293
                     ===========================================
Interest expense                                                          17,714
Pretax earnings                                                          -------
  from operations                                                     $  126,579
                                                                         =======
Identifiable assets $1,903,461    622,985   631,136      (334,852)     2,822,730
                     ===========================================================


<PAGE>  18
SIX  MONTHS ENDED SEPTEMBER 30, 1997 VERSUS SIX MONTHS ENDED
SEPTEMBER 30, 1996

Moving and Storage Operations
     Revenues consist of rental revenue and net sales.

        Rental   revenue   increased   by   $22.4   million,
approximately  4.0%,  to $576.8 million  in  the  first  six
months  of  fiscal 1998.  Transactional growth and  improved
pricing  within  the  truck  fleet  contributed  toward  the
increase in rental revenue.

     Net sales revenues were $108.5 million in the first six
months  of  fiscal  1998, which represents  an  increase  of
approximately 1.2% from the first six months of fiscal  1997
net  sales of $107.2 million.  Revenue growth from the  sale
of  moving  support  items (i.e. boxes,  etc.)  and  propane
resulted  in  a $3.5 million increase during the  six  month
period,  which  was  partially  offset  by  a  $0.9  million
decrease in revenue from gasoline sales.

     Cost of sales was $61.7 million in the first six months
of fiscal 1998, which represents a decrease of approximately
1.4%  from $62.6 million for the same period in fiscal 1997.
Cost  of  sales related to material costs from the  sale  of
hitches and moving support items remained consistent  during
the  first  six months of fiscal 1998 and 1997  even  though
sales increased.

      Operating expense increased to $456.8 million  in  the
first  six months of fiscal 1998 from $438.8 million in  the
first   six   months  of  fiscal  1997,   an   increase   of
approximately  4.1%.   The  change  from  the   prior   year
primarily reflects a $5.9 million increase in lease  expense
reflecting  increased leasing activity and  a  $6.7  million
increase in insurance costs  due to increased cost  of  risk
and   increased  rental  activity.     All  other  operating
expense  categories  increased  in  the  aggregate  by  $5.4
million,  approximately  1.5%  in  conjunction  with  higher
rental and sales costs.

     Depreciation expense for the first six months of fiscal
1998 was $39.7 million, as compared to $38.7 million in  the
same  period of the prior year.  Fiscal 1997 net gain (loss)
on  disposition  of  real  and personal  property  was  $7.0
million compared to $0.4 million for the same period of fiscal
1998.

Property and Casualty
      RWIC's gross premium writings for the six months ended
June  30,  1997  were $89.1 million, as  compared  to  $89.4
million  in  the  six  months ended  June  30,  1996.   This
represents  a  decrease of $0.3 million, or   0.3%.   As  in
prior  periods,  the rental industry market accounts  for  a
significant share of total premiums, approximately 51.4% and
45.6%   in   the  first  six  months  of  1997   and   1996,
respectively.   These  writings  include  U-Haul  customers,
fleetowners  and  U-Haul as well as  other  rental  industry
insureds   with  similar  characteristics.   RWIC  continues
underwriting  professional reinsurance via  broker  markets.
Premiums in this area increased during the first six  months
of  1997  to $30.6 million or 34.4% of total gross premiums,
from  comparable 1996 figures of $28.9 million or  32.3%  of
total gross premiums. This increase can be attributed to  an
increase  in  new  business written.   Premium  writings  in
selected  general  agency lines were  2.3%  of  total  gross
written  premiums  for the period ended  June  30,  1997  as
compared  to 13.8% in the same period of 1996. This decrease
resulted from the cancellation of a general agency agreement
in  November 1996.  RWIC continues its direct multiple peril
coverage of various commercial properties and businesses  in
1997.  These premiums accounted for 11.9% of the total gross
written  premiums for the six months ended June 30, 1997  as
compared  to 8.2% for the same period in 1996.  The increase
is the result of planned business expansion.

     Net  earned premiums increased $14.2 million, or 22.0%,
to  $79.0  million for the six months ended June  30,  1997,
compared with premiums of $64.8 million for the same  period
ended June 30, 1996. The premium increase was primarily  due
to  planned  business expansion in the rental  industry  and
direct  multiple  peril markets, offset  by  a  decrease  in
general agency lines.  As mentioned previously, the decrease
in general agency lines resulted from the cancellation of  a
general agency agreement.

      Underwriting expenses incurred were $88.8 million  for
the  six  months ended June 30, 1997, an increase  of  $18.3
million,   or  25.9%  over  1996.   Comparable  underwriting
expenses  incurred  for the first six months  of  1996  were
$70.6  million.   The  increase is attributed  to  increased
commission  expense  and losses incurred.   Losses  incurred
increased in the rental industry, general agency lines,  and
assumed treaty reinsurance segments, offset by a decrease in
the direct multiple peril markets.

      Net investment income was $15.3 million for the period
ended  June  30,  1997, an increase of 0.7%  over  1996  net
investment  income of $15.2 million.  The marginal  increase
resulted from a shift in investment type to preferred stock.
<PAGE>  19
      RWIC completed the six months ended June 30, 1997 with
income  before  tax expense of $5.8 million as  compared  to
$9.7  million for the same period ended June 30, 1996.  This
represents a decrease of $3.9 million, or 40.2% under 1996.

Life Insurance
     Premiums   from  Oxford's  reinsurance   lines   before
intercompany  eliminations were $8.7  million  for  the  six
months  ended June 30, 1997, a decrease of $1.9  million  or
approximately 17.9% under 1996 and accounted  for  68.5%  of
Oxford's  premiums in 1997.  These premiums are primarily from 
term life insurance and deferred annuity contracts that have 
matured.  Decreases in premiums are primarily from these matured 
reinsurance contracts.
     
     Premiums from Oxford's direct lines before intercompany
eliminations were $4.0 million for the six months ended June
30, 1997, an increase of $0.3 million or 8.1% from the prior
year.    This  increase  in  direct  premium  is   primarily
attributable  to  the Company's disability  and  group  life
business.   Oxford's direct business related to  group  life
and  disability coverage issued to employees of the  Company
for  the  six  months  ended June  30,  1997  accounted  for
approximately  10.0%  of  premiums.   Other  direct   lines,
including  credit  life and health business,  accounted  for
approximately  21.5% of Oxford's premiums in 1997.
     
     Net  investment income before intercompany eliminations
was  $8.9 million and $9.4 million for the six months  ended
June 30, 1997 and 1996, respectively.  This decrease is  due
to  a  lower  asset base resulting from a dividend  paid  to
Oxford's parent.
     
     Benefits  and expenses incurred were $17.6 million  for
the  six  months  ended June 30, 1997 as compared  to  $17.7
million for the six months ended June 30, 1996.
     
     Operating  profit  before tax and  before  intercompany
elimination decreased by $1.7 million or approximately 30.4%
in 1997 to $3.9 million.
     
     On September 11, 1997, Oxford entered into an agreement
to  purchase  all  of the issued and outstanding  shares  of
Encore  Financial,  Inc. and its subsidiaries  (Encore)  for
$5,760,000.   Encore's primary subsidiary is North  American
Insurance  Company  (NAI).   NAI  is  an  insurance  company
domiciled in the state of Wisconsin whose premium volume  is
primarily  derived  from  the  sale  of  credit   life   and
disability  products,  as  well as  health  insurance.   The
purchase  will provide Oxford with additional marketing  and
administrative   tools  to  substantially  increase   direct
written  premium in these markets.  This purchase is subject
to  approval  by  regulatory authorities  in  Wisconsin  and
Louisiana.
     

Interest Expense, net
      Interest  expense increased by $4.3 million  to  $40.7
million  for  the six months ended September  30,  1997,  as
compared to $36.4 million for the six months ended September
30,  1996.  The increase can be attributed to higher average
debt levels outstanding during the current year.

     The decline in interest income reflects a reduced level
in  interest income for mortgage notes on storage properties
sold at the end of the first quarter of fiscal 1997.

Extraordinary Loss on Extinguishment of Debt
     During  the second quarter of fiscal 1998, the  Company
extinguished $76.0 million of 10.27% interest-bearing  notes
originally  due  in fiscal 1999 through fiscal  2002.   This
resulted  in an extraordinary loss of $4.1 million,  net  of
tax of $2.3 million ($0.19 per share).
     
     During  the second quarter of fiscal 1997, the  Company
extinguished $76.3 million of debt and $86.2 million of long-
term  notes  originally due in fiscal  1997  through  fiscal
1999.   This  resulted  in  an extraordinary  loss  of  $2.3
million, net of tax of $1.4 million ($0.09 per share).

Consolidated Group
     As a result of the foregoing, pretax earnings of $103.2
million were realized in the six months ended September  30,
1997,  as compared to $126.6 million for the same period  in
1996.  After providing for income taxes and an extraordinary
loss  from the extinguishment of debt, net earnings for  the
six  months ended September 30, 1997 were $64.1 million,  as
compared  to $77.7 million for the same period of the  prior
year.

<PAGE> 20
QUARTERLY RESULTS

     The  following table presents unaudited quarterly results for the
ten  quarters  in  the  period beginning  April  1,  1995  and  ending
September   30,  1997.   The  Company  believes  that  all   necessary
adjustments have been included in the amounts stated below to  present
fairly,   and   in  accordance  with  generally  accepted   accounting
principles,   the  selected  quarterly  information   when   read   in
conjunction  with  the consolidated financial statements 
of the Company.  The  Company's U-Haul  rental  operations  are
seasonal  and  proportionally more of the Company's revenues  and  net
earnings from its U-Haul rental operations are generated in the  first
and  second  quarters  of each fiscal year (April through  September).
The  operating  results for the periods presented are not  necessarily
indicative  of results for any future period (in thousands except  for
per share data).
     
                                     Quarter Ended
                                ------------------------
                                    Jun 30      Sep 30
                                      1997        1997
                                ------------------------
Total revenues                 $   372,021     416,771
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (4)                       29,198      39,032
Net earnings                        29,198      34,894
Weighted average common
  shares outstanding            21,879,156  21,890,072
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share            1.09        1.54
Net earnings per
  common share (1)(4)                 1.09        1.35
     
          

                                              Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1996        1996        1996        1997
                                ----------------------------------------------
Total revenues                 $   361,053     398,449     320,583     308,105
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt (3)                       40,005      39,741      (9,538)    (16,024)
Net earnings (loss)                 40,005      37,737      (9,853)    (16,024)
Weighted average common
  shares outstanding (2)        32,015,301  27,675,192  20,359,873  21,868,241
Earnings from operations
  before extraordinary loss
  on early extinguishment
  of debt per common share (3)        1.15        1.29       (0.72)      (0.97)
Net earnings (loss) per
  common share (1) (2) (3)            1.15        1.22       (0.74)      (0.97)


                                            Quarter Ended
                                ----------------------------------------------
                                   Jun 30      Sep 30      Dec 31      Mar 31
                                     1995        1995        1995        1996
                                ----------------------------------------------
Total revenues                 $   340,331     381,746     313,063     298,656
Net earnings (loss)                 15,177      35,332       7,701       2,184
Weighted average common
  shares outstanding (2)        37,958,426  37,931,825  36,796,961  32,554,458
Net earnings (loss) per
  common share (1) (2)                0.31        0.85        0.13       (0.04)

________________
(1)Net  earnings  (loss)  per common share amounts were computed  after  giving
   effect to the dividends on the Company's Preferred Stock.

(2)Reflects  the  acquisition of treasury shares acquired pursuant to the Shoen
   Litigation  as  discussed  in  Note  14  of  Notes to Consolidated Financial
   Statements in Item 8 of the Company's Form 10-K for the year ended March 31,
   1997.
<PAGE> 21
(3)During the second quarter of fiscal 1997, the Company extinguished $76.3
   million of debt and $86.2 million of long-term notes originally due in fiscal
   1997  through  fiscal  1999.  This resulted in an extraordinary  loss of $2.3
   million, net of tax of $1.4 million ($0.09 per share).

(4)During the second quarter of fiscal 1998, the Company extinguished $76.0
   million of  10.27%  interest-bearing  notes  originally  due  in  fiscal 1999
   through fiscal 2002.  This resulted in an extraordinary loss of $4.1 million,
   net  of tax of $2.3 million ($0.19 per share).


<PAGE> 22
QUARTER  ENDED  SEPTEMBER  30,  1997  VERSUS  QUARTER  ENDED
SEPTEMBER 30, 1996

Moving and Storage Operations
     Revenues consist of rental revenue and net sales.

        Rental   revenue   increased   by   $15.1   million,
approximately 5.1%, to $308.6 million in the second  quarter
of  fiscal  1998.   This  increase reflects  higher  in-town
utilization and improved one-way pricing from the rental  of
moving-related equipment.

      Net sales were $51.7 million in the second quarter  of
fiscal  1998, which represents an increase of 1.0% from  the
second  quarter  of fiscal 1997 net sales of $51.2  million.
Revenue  growth from the sale of moving support items  (i.e.
boxes,  etc.)  and  propane  resulted  in  a  $1.7  million
increase  during  the quarter, which was offset  by  a  $0.5
million decrease in gasoline sales.

      Cost  of sales was $30.3 million in the second quarter
of  fiscal  1998, which represents a decrease of  2.6%  from
$31.1 million for the same period in fiscal 1997.

      Operating expense increased to $237.6 million in  the
second  quarter  of fiscal 1998 from $227.5 million  in  the
second  quarter of fiscal 1997, an increase of approximately
4.4%.    Marginal   increases  in  most  operating   expense
categories were offset by reduced personnel expense.

      Depreciation expense for the second quarter of  fiscal
1998 was $19.2 million, as compared to $19.9 million in  the
same  period of the prior year.  Net gain (loss) on disposition 
of real and personal property was $7.5 million for the second 
quarter of fiscal 1997 compared to $0.5 million for the same 
period of fiscal 1998.

Property and Casualty
      RWIC's  gross  premium writings for the quarter  ended
June  30,  1997  were  $54.9 million as  compared  to  $41.4
million  in the second quarter of 1996.  The rental industry
market  accounts for a significant share of total  premiums,
approximately 58.6% and 66.9% in the second quarters of 1997
and  1996, respectively.  These writings include U-Haul,  U-
Haul  customers  and  fleetowners as well  as  other  rental
industry   insureds  with  similar  characteristics.    RWIC
continues  underwriting professional reinsurance via  broker
markets.  Premiums in this area increased during the  second
quarter  of  1997 to $15.8 million, or 28.8% of total  gross
premiums,  from comparable 1996 figures of $4.7 million,  or
11.4% of total gross premiums.  Premiums in selected general
agency  lines accounted for a 1.1% share of written premiums
in  1997 as compared to a 12.1% share in 1996. This decrease
resulted from the cancellation of a general agency agreement
in  November 1996.  RWIC continued its direct multiple peril
coverage of various commercial properties and businesses  in
1997.   These  premiums accounted for 11.4% of  total  gross
written  premium during the second quarter 1997, as compared
to  9.5%  in  1996.  This increase is the result of  planned
business expansion.

      Net earned premiums increased to $44.5 million for the
quarter ended June 30, 1997, compared with $39.5 million for
the  quarter  ended June 30, 1996. The premium increase  was
primarily  due to planned business expansion in  the  rental
industry  and  direct multiple peril markets,  offset  by  a
decrease  in general agency lines.  As mentioned previously,
the  decrease  in  general agency lines  resulted  from  the
cancellation of a general agency agreement.

      Underwriting expenses incurred were $51.2 million  for
the  quarter  ended  June  30, 1997,  an  increase  of  $7.6
million,  or 17.4% over 1996. The increase is attributed  to
increased  commission  expense and losses  incurred.  Losses
incurred  increased  in  the  rental  industry  and   direct
multiple peril markets, offset by a decrease in the  assumed
treaty   reinsurance  segment.   The  increased   commission
expense  resulted from the increases for the direct multiple 
peril and assumed treaty reinsurance lines.

      Net investment income was $8.0 million for the quarter
ended  June  30,  1997, an increase of 8.1%  over  1996  net
investment income of $7.4 million.  The increase  over  1996
resulted from increased cash flow from operations.

      RWIC  completed the second quarter of 1997 with income
before  tax  expense  of $0.8 million as  compared  to  $3.7
million for the comparable period ended June 30, 1996.  This
represents a decrease of $2.9 million, or 78.4% under  1996.
Increased premium earnings and investment income were offset
by increased underwriting expenses, as discussed above.
<PAGE> 23
Life Insurance
     Premiums   from  Oxford's  reinsurance   lines   before
intercompany eliminations were $4.8 million for the  quarter
ended  June  30,  1997,  a  decrease  of  $0.6  million   or
approximately 11.1% under 1996 and accounted  for  70.5%  of
Oxford's premiums in the quarter ended June 30, 1997.  These
premiums are primarily from term life insurance and deferred
annuity  contracts that have matured.  Decreases in premiums
are primarily from these matured reinsurance agreements.
     
     Premiums from Oxford's direct lines before intercompany
eliminations were $2.0 million in the quarter ended June 30,
1997,  an  increase of $0.2 million or 11.1% from  the  same
period  of the prior year.  This increase in direct  premium
is  primarily  attributable to the Company's disability  and
group  life  business. Oxford's direct business  related  to
group  life  and disability coverage issued to employees  of
the  Company  accounted for approximately 9.3% of  premiums.
Other   direct  lines,  including  credit  life  and  health
business,  accounted  for approximately  20.2%  of  Oxford's
premium in the quarter ended June 30, 1997.
     
     Net  investment income before intercompany eliminations
was  $4.5  million for the quarters ended June 30, 1997  and
1996.
     
     Benefits  and expenses incurred were $9.2  million  for
the  quarter  ended June 30, 1997, a decrease of  7.1%  over
1996.   Comparable  benefits and expenses incurred  for  the
quarter  ended  June  30,  1996  were  $9.9  million.   This
decrease  is  primarily  due to decreases  in  accident  and
health  benefits, commissions and general expenses partially
offset by increases in death and annuity benefits.
     
     Operating    profit   before   tax   and   intercompany
eliminations  decreased  by $0.7  million  or  approximately
26.9%  in  the quarter ended June 30, 1997 to $1.9  million,
primarily  due to a decrease in premium income and  increase
in death and annuity benefits.

Interest Expense, net
      Net interest expense was $17.0 million for the quarter
ended  September 30, 1997 versus $9.7 million in  the  prior
year's  second quarter.  Higher average debt  levels  and  a
decrease  in  interest  income  contributed  to  higher  net
interest expense.

Extraordinary Loss on Extinguishment of Debt
     During  the second quarter of fiscal 1998, the  Company
extinguished $76.0 million of 10.27% interest-bearing  notes
originally  due  in fiscal 1999 through fiscal  2002.   This
resulted  in an extraordinary loss of $4.1 million,  net  of
tax of $2.3 million ($0.19 per share).
     
     During  the second quarter of fiscal 1997, the  Company
extinguished $76.3 million of debt and $86.2 million of long-
term  notes  originally due in fiscal  1997  through  fiscal
1999.   This  resulted  in  an extraordinary  loss  of  $2.3
million, net of tax of $1.4 million ($0.09 per share).

Consolidated Group
      As a result of the foregoing, pretax earnings of $59.1
million were realized during the quarter ended September 30, 1997, 
as compared to $62.3 million for the same period in 1996.  After 
providing for income taxes and extraordinary losses from the 
extinguishment of debt, net earnings for the quarter ended 
September 30, 1997 were $34.9 million, as compared to $37.7 million 
for the same period of the prior year.
<PAGE> 24
LIQUIDITY AND CAPITAL RESOURCES

Moving and Storage Operations

      To  meet  the  needs  of  its customers,  U-Haul  must
maintain a large inventory of fixed asset rental items.   At
September  30,  1997,  net  property,  plant  and  equipment
represented approximately 69.2% of total U-Haul  assets  and
approximately 47.4% of consolidated assets.   In  the  first
two  quarters  of  fiscal  1998, capital  expenditures  were
$284.0  million, as compared to $134.2 million in the  first
two  quarters  of fiscal 1997. These expenditures  primarily
reflect  expansion  of the rental truck fleet,  purchase  of
trucks  previously  leased and real  property  acquisitions.
The  capital needs required to fund these acquisitions  were
funded with internally generated funds from operations, debt
and lease financings.

      Cash flows from operations were $106.9 million in the
first  two  quarters of fiscal 1998, as compared  to  $104.5
million  in  the  first two quarters of  fiscal  1997.   For
fiscal  1998, increased revenues were offset by an  increase
in  receivables  and prepaid expenses,  and  a  decrease  in
accounts  payable and accrued liabilities.  In fiscal  1997,
cash  flow  from  operations was impacted  by  the  sale  of
mortgage notes receivable and an increase in other assets.

      At  September 30, 1997, total notes and loans  payable
outstanding  were  $1,059.1 million as  compared  to  $983.6
million  at  March 31, 1997 and $940.3 million at  September
30,   1996.   This  increase  was  primarily  due  to  early
termination of $104.5 million of truck lease terminations.

     
Property and Casualty
     Cash flows provided (used) by operating activities were
$1.7  million  and $(12.5) million for the six months  ended
June  30, 1997 and June 30, 1996, respectively.  This change
is  due  to  decreased  due  from affiliates  offset  by  an
increase in accounts receivable, paid losses recoverable and
other  liabilities,  as  well as an  increase  in  loss  and
expense reserve and a smaller unearned premium decrease than
that for the six months ended June 30, 1996.

     The short-term investment portfolio was $1.5 million at
June  30,  1997.  This balance reflects funds in  transition
from   maturity  proceeds  to  long-term  investments.   The
structure  of the long-term portfolio is designed  to  match
future  liability cash needs.  Capital and operating budgets
allow  RWIC  to  schedule  cash  needs  in  accordance  with
investment and underwriting proceeds.

      RWIC  maintains  a  diversified securities  investment
portfolio,  primarily in bonds at varying  maturity  levels.
Approximately 94.9% of the portfolio consists of  investment
grade securities.  The maturity distribution is designed  to
provide  sufficient  liquidity to meet  future  cash  needs.
Current liquidity remains strong, with RWIC having 2.5% more
invested assets than total liabilities.

     Stockholder's equity increased 2.4% from $192.3 million
at  December  31,  1996 to $196.6 at June  30,  1997.   RWIC
considers  current stockholder's equity to  be  adequate  to
support  future  growth and absorb unforeseen  risk  events.
RWIC  does not use debt or equity issues to increase capital
and therefore has no exposure to capital market conditions.

Life Insurance
     Oxford's primary sources of cash are premiums, deferred
annuity sales and investment income.  The primary uses of
cash   are   operating   costs  and  benefit   payments   to
policyholders.   Matching the investment  portfolio  to  the
cash flow demands of the types of insurance being written is
an  important  consideration.  Benefit and claim  statistics
are  continually monitored to provide projections of  future
cash requirements.
     
     Cash flows provided by operating activities were $14.5
million and $20.9 million for the six months ended June  30,
1997   and   1996,  respectively.   In  1997,   cash   flows
provided (used)  by financing activities were  approximately
$(17.6)  million.   During  1996  cash  flows  provided   by
financing  activities were $11.1 million.  Cash  flows  from
deferred   annuity  sales  are  a  component  of   financing
activities  and result in the purchase of fixed  maturities,
which  are a component of investing activities.  In addition
to  cash  flows  from operating and financing activities,  a
substantial  amount  of liquid funds  is  available  through
Oxford's  short-term portfolio.  At June 30, 1997 and  1996,
short-term  investments amounted to $4.5  million  and  $9.5
million, respectively.  Management believes that the overall
sources of liquidity will continue to meet foreseeable  cash
needs.
<PAGE> 25     
     Stockholder's  equity  of  Oxford  decreased  to  $77.9
million in 1997 from $97.3 million in 1996 as the result  of
a  dividend  of  $30.0 million paid to  Oxford's  parent  on
December 31, 1996.
     
     Applicable laws and regulations of the State of Arizona
require  the  Company's insurance subsidiaries  to  maintain
minimum  capital  and surplus determined in accordance  with
statutory  accounting practices in the amount  of  $600,000.
In  addition, the amount of dividends that can  be  paid  to
stockholders by insurance companies domiciled in  the  State
of  Arizona is limited.  Any dividend in excess of the limit
requires prior regulatory approval.  Statutory surplus which
can  be distributed as dividends without regulatory approval
is  zero  at  June  30,  1997.  These restrictions  are  not
expected to have a material adverse effect on the ability of
the Company to meet its cash obligations.
     
Consolidated Group
      During each of the fiscal years ending March 31, 1998,
1999  and  2000, U-Haul estimates gross capital expenditures
will average approximately $250-$300 million as a result  of
the  expansion  of  the rental truck fleet and  self-storage
locations.   This  level  of capital expenditures,  combined
with an average of approximately $75 million in annual long-
term  debt maturities during this same period, are  expected
to create annual average funding needs of approximately $325-
$375  million.  Management estimates that U-Haul  will  fund
virtually all of these capital expenditure requirements with
internally generated funds.  The remainder, if any,  of  the
anticipated capital expenditures and maturing debt  will  be
funded   through  existing  credit  facilities,   new   debt
placements, lease fundings and equity offerings.

Credit Agreements
      The  Company's operations are funded by various credit
and  financing  arrangements, including unsecured  long-term
borrowings, unsecured medium-term notes and revolving  lines
of  credit with domestic and foreign banks.  Principally  to
finance  its  fleet  of  trucks and  trailers,  the  Company
routinely  enters into sale and leaseback transactions.   As
of  September 30, 1997, the Company had $1,059.1 million  in
total  notes  and loans payable outstanding  and  unutilized
lines of credit of approximately $180.0 million.

      Certain  of  the  Company's credit agreements  contain
restrictive financial and other covenants, including,  among
others,  covenants  with  respect to   incurring  additional
indebtedness,  maintaining  certain  financial  ratios   and
placing  certain  additional liens  on  its  properties  and
assets.   At  September  30,  1997,  the  Company   was   in
compliance with these covenants.

      The  Company is further restricted in the issuance  of
certain   types  of   preferred  stock.   The   Company   is
prohibited  from  issuing  shares of  preferred  stock  that
provide  for any mandatory redemption, sinking fund  payment
or  mandatory prepayment, or that allow the holders  thereof
to  require the Company or any subsidiary of the Company  to
repurchase  such  preferred stock  at  the  option  of  such
holders  or  upon  the  occurrence of any  event  or  events
without the consent of its lenders.

<PAGE> 26
                      PART II.  OTHER INFORMATION

ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     The 1997 Annual Meeting of Stockholders was held August 22, 1997.

     At the 1997 Annual Meeting of Stockholders, John M. Dodds and James P.
Shoen  were  elected  to  serve  until  the  2001  Annual  Meeting  of
Stockholders;  Richard J. Herrera was elected to fill a  vacated  seat
until the 2000 Annual Meeting of Stockholders.  Aubrey K. Johnson  and
Paul F. Shoen continue as directors with terms that expire at the 1998
Annual Meeting of Stockholders;  William E. Carty and Charles J. Bayer
continue  to  serve  as  directors until the 1999  Annual  Meeting  of
Stockholders;   and Edward J. Shoen continues to serve as  a  director
until the 2000 Annual Meeting of Stockholders.

      The  following table sets forth the votes cast for,  against  or
withheld,  as  well as the number of abstentions and broker  non-votes
with respect to each matter voted on at the Combined Annual Meeting of
Stockholders:

    Matters Submitted    Votes cast  Votes cast    Votes               Broker  
      To a Vote             For       Against    Withheld Abstentions Non-Votes
-------------------------------------------------------------------------------


1.  Election of Directors
     James P. Shoen     19,707,227    49,040       97,971     9,110      -
     John M. Dodds      19,710,148    34,016      112,686     6,497      -
     Richard J. Herrera 19,711,886    46,071       95,824     9,567      -


ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K.

         a. Exhibits

                 3.1  Restated Articles of Incorporation (1)
                 3.2  Restated By-Laws of AMERCO as of August 27, 1996 (2)
                 27   Financial Data Schedule

         b. Reports on Form 8-K.

                 No report on Form 8-K  was  filed  for  the  quarter   ended
                 September 30, 1997.
           
_____________________________________

(1)   Incorporated by reference to the Company's Quarterly Report on  Form 10-Q
      for the quarter ended December 31, 1992, file no. 0-7862.

(2)   Incorporated by reference to the Company's Quarterly Report on  Form 10-Q
      for the quarter ended September 30, 1996, file no. 0-7862.

<PAGE> 27
                              SIGNATURES


      Pursuant  to  the  requirements  of  the  Securities  Exchange  Act  of
1934,  the  registrant  has  duly caused this report  to  be  signed  on  its
behalf by the undersigned, thereunto duly authorized.


                                   AMERCO
                                   ___________________________________
                                            (Registrant)


Dated: November 13, 1997             By: /S/ GARY B. HORTON
                                   ___________________________________
                                        Gary B. Horton, Treasurer
                                      (Principal Financial Officer)