Pricing Supplement No. 988 Dated 7/22/97 Rule 424(b)(3)
(To Prospectus dated April 5, 1996 and File No. 333-01807
Prospectus Supplement dated April 5, 1996)
This Pricing Supplement consists of 3 page(s)
SALOMON INC
Medium-Term Notes, Series D
(Registered Notes)
Due More Than Nine Months from Date of Issue
Principal Amount or Face Amount: $100,000,000.00
Issue Price: 100.0000000000%
Proceeds to Company on original issuance: $99,925,000.00
Commission or Discount on original issuance: $75,000.00
Salomon Brothers Inc's capacity on original issuance: |X| As agent
If as principal | | As principal
| | The Registered Notes are being offered at varying prices related
to prevailing market prices at the time of resale.
| | The Registered Notes are being offered at a fixed initial public
offering price of % of Principal Amount or Face Amount.
Original Issue Date: 7/25/97
Stated Maturity: 8/03/98
Specified Currency:
(If other than U.S. Dollars)
Authorized Denominations:
(If other than as set forth in the Prospectus Supplement)
Interest Payment Dates: 3rd of Feb., May, Aug., & Nov. First coupon is
11/03/97.
Accrue to Pay: |X| Yes | | No
Indexed Principal Note: | | Yes (See Attached) |X| No
Type of Interest on Note: | | Fixed Rate |X| Floating Rate | | Indexed Rate
(See Attached)
Interest Rate (Fixed Rate Notes):
Initial Interest Rate (Floating Rate Notes): SEE ATTACHED%
Base Rate: | | CD Rate | | Commercial Paper Rate | | Federal Funds Rate
| | LIBOR Telerate | | LIBOR Reuters | | Treasury Rate
| | Treasury Rate Constant Maturity |X| Other (See Attached)
Calculation Agent (If other than Citibank): | | Salomon Brothers
| | Other (See Attached)
Computation of Interest: | | 30 over 360 | | Actual over Actual
|X| Actual over 360 | | Other (See Attached)
(If other than as set forth in the Prospectus Supplement)
Interest Reset Dates: Daily
Rate Determination Dates: See Attached.
(If other than as set forth in the Prospectus Supplement)
Index Maturity:
Spread (+/-): - 266 bps
Spread Multiplier:
Change in Spread, Spread Multiplier or Fixed Interest Rate prior
to Stated Maturity: | | Yes (See Attached) | | No
Maximum Interest Rate:
Minimum Interest Rate:
Amortizing Note: | | Yes (See Attached) |X| No
Optional Redemption: | | Yes |X| No
Optional Redemption Dates:
Redemption Prices:
Redemption: | | In whole only and not in part | | May be in whole or in part
Optional Repayment: | | Yes |X| No
Optional Repayment Dates:
Optional Repayment Prices:
Discount Note: | | Yes |X| No
Total Amount of OID:
Bond Yield to Call :
Bond Yield to Maturity:
Yield to Maturity :
Cusip: 79549QDW1
Pricing Supplement No. 988
Supplement dated July 22, 1997 (to Prospectus Supplement
dated April 5, 1996, to Prospectus dated April 5, 1996)
DESCRIPTION OF THE NOTE
General
The following description of the particular terms of
the Registered Note offered hereby (the "Note")
supplements, and to the extent inconsistent therewith
replaces, the descriptions of the general terms and
provisions of the Registered Notes set forth in the
accompanying Prospectus Supplement, to which description
reference is hereby made.
"New York Business Day" with respect to the Note means
any day, other than a Saturday or Sunday, that is not a day
on which banking institutions are authorized or required by
law or regulation to be closed in New York, New York, in
the United States.
The Calculation Agent will be Citbank N.A. Neither the
Calculation Agent nor Salomon Inc (the "Company") will have
any responsibility for errors or omissions in making
calculations or determinations in respect of the Notes. The
Calculation Agent shall not be an agent of the Holder of
the Note, and its calculations and determinations in
respect of the Note shall (except in the case of manifest
error) be final and binding on the Company and such Holder.
Interest
The Note is a Floating Rate Note.
The Base Rate for the Note is the "Prime Rate" (as
defined below). The "Prime Rate" shall be determined by the
Calculation Agent as described below and will reset daily
on each New York Business Day during the term of the Note.
The "Prime Rate" with respect to any Interest Reset
Date shall be the rate with respect to such date as
published by the Board of Governors of the Federal Reserve
System in H.15(519) (or any successor publication thereto)
under the heading "Bank Prime Loan" on the applicable Prime
Rate Determination Date. If such rate is not published by
9:00 a.m., New York City time, on the Prime Rate
Determination Date pertaining to such Interest Reset Date,
the Prime Rate will be determined by the Calculation Agent
and will be the arithmetic mean of the rates of interest
publicly announced by each bank named on the "Reuters
Screen USPRIME1 Page" (as defined below) as such bank's
prime rate or base lending rate as in effect for such
Interest Reset Date. "Reuters Screen USPRIME1 Page" means
the display designated as "USPRIME1" on the Reuters Monitor
Money Rates Service (such term to include such other page
as may replace the USPRIME1 page on that Service for the
purpose of displaying prime rates or base lending rates of
major United States banks). If fewer than four such rates
but more than one such rate appear on the Reuters Screen
USPRIME1 Page for such Interest Reset Date, the Prime Rate
will be determined by the Calculation Agent and will be the
arithmetic mean of the prime rates quoted on the basis of
the actual number of days in the year divided by 360 as of
the close of business on the relevant Prime Rate
Determination Date by four major money center banks in the
City of New York selected by the Calculation Agent. If
fewer than two such rates appear on the Reuters Screen
USPRIME1 Page for such Interest Reset Date, the Prime Rate
will be calculated by the Calculation Agent and will be
determined as the arithmetic mean of the prime rates
furnished in the City of New York by the appropriate number
of substitute banks or trust companies organized and doing
business under the laws of the United States or any state
thereof, in each case having total equity capital of at
least $500,000,000 and being subject to supervision or
examination by federal or state authority, selected by the
Calculation Agent, provided that if the banks or trust
companies selected as aforesaid by the Calculation Agent
are not quoting as mentioned in this sentence, the Prime
Rate with respect to the relevant Interest Reset Date will
be the rate of interest in effect on such Interest Reset
Date.
The "Prime Rate Determination Date" with respect to
any Interest Reset Date shall be the second New York
Business Day preceding such Interest Rate Date.
