For Filing Pursuant to Rule 424(b)(3)
                                           Registration Statement No. 33-60827

                 PRICING SUPPLEMENT NO. 1 DATED AUGUST 9, 1996
             (To Prospectus dated February 20, 1996 and Prospectus
                        Supplement dated June 11, 1996)


                          MEDIUM-TERM NOTES, SERIES E

                                                    INTEREST RATE
              RANGE OF MATURITIES                     PER ANNUM
              -------------------                   -------------
                    3 years                              6.25

The Series E Notes to which this Pricing Supplement relates will bear interest
at the rate specified above and will be Fixed Rate Notes. Salomon Brothers Inc
has purchased the Notes as principal in this transaction for resale to one or
more investors at varying prices related to prevailing market conditions at the
time or times of resale as determined by Salomon Brothers Inc.