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

                PRICING SUPPLEMENT NO. 8 DATED DECEMBER 22, 1998
            (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
              -------------------                   -------------
                    2 years                             5.17%

The Series E Notes to which this Pricing Supplement relates will bear interest
at the rate specified above and will be Fixed Rate Notes. Morgan Stanley & Co.
Incorporated has purchased the Notes as principal in this transaction, at a
discount of .25%, 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
Morgan Stanley & Co. Incorporated.