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Rule 424(b)(3)
Registration No. 33-50463
PRICING SUPPLEMENT NO. 1651 DATED July 2, 1996
TO PROSPECTUS SUPPLEMENTAL DATED APRIL 13, 1995
AND BASE PROSPECTUS DATED OCTOBER 22, 1993
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<S> <C>
Principal Amount: $ 1,500,000.00
Issue Price: 100% of Principal Amount
Original Issue Date: 7/08/96
Maturity Date: 7/15/97
Interest Rate: 6.000% per annum
Record Dates: Each January 1 and July 1
Interest Payment Dates: Each January 15 and July 15
Redeemable Date: None
Agent's Commission: .15%
Form of Note
(Book-Entry or Certificated): Book-Entry
Other Terms: None
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Medium-Term Notes, Series C may be issued by the Company in an
aggregate principal amount of up to $800,000,000 and, to date,
including this offering, an aggregate of $329,886,000 Medium-Term
Notes, Series A, $620,114,000, Series B, and $695,436,000 Series C
have been issued.
