PRICING SUPPLEMENT NO 1
(To Prospectus dated July 23, 1997,
as supplemented by Prospectus Supplement
dated November 15, 1997)
$10,000,000
[GRAPHIC OMITTED]
Anheuser-Busch Companies, Inc.
5.13% Medium-Term Notes Due December 21, 2001
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The Notes will mature on December 21, 2001. Interest on the Notes will
be payable semi-annually on March 1 and September 1 of each year
The Notes will not be redeemable prior to maturity.
The provisions relating to possible termination of the co-obligation of
Anheuser-Busch, Incorporated in respect of the Debt Securities described under
"Description of Debt Securities-ABI Co-Obligation" in the accompanying Prospects
will not apply in respect of the Notes. Such co-obligation will remain in effect
until the Notes are paid.
Underwriter's
Price to Discounts and Proceeds to
Public(1) Commissions(2) Company(1)(3)
----------------- ------------------- ------------------
Per Note ......... 100% .35% 99.65%
Total ............ $10,000,000 $35,000 $9,965,000
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(1) Plus accrued interest, if any, from December 21, 1998.
(2) The Company has agreed to indemnify the Agent against certain liabilities,
including liabilities under the Securities Act of 1933, as amended.
(3) Before deducting expenses payable by the Company estimated at $2,000.
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Morgan Stanley Dean Witter
December 16, 1998
