Pricing Supplement No. 022 Filing under Rule 424(b)(2)
Dated April 16, 1997 Registration No. 333-22347
(To Prospectus dated March 18, 1997, supplemented by Prospectus Supplement
dated March 21, 1997)
$300,000,000
NIPSCO CAPITAL MARKETS, INC.
Medium-Term Notes
Due Nine Months or More From Date of Issue
____________________
Entitled to the benefit of a Support Agreement
Providing for the Payment of Principal and Interest by
NIPSCO Industries, Inc.
____________________
Principal Amount: $10,000,000
Trade Date: April 15, 1997
Original Issue Date: April 18, 1997
Interest Rate: 7.72%
Stated Maturity Date: April 17, 2009
Form : XX Book Entry ___ Certified
Interest Payment Date(s): March 15, and September 15
Specified Currency: U.S. Dollars
Selling Agent s Commission: $62,500.00
Net Proceeds to the Company: $9,937,500.00
The Medium-Term Note described in this Pricing Supplement is being sold
through Morgan Stanley & Co., Incorporated, as Agent.
Prior to the date of this Pricing Supplement, $232,000,000 Medium-Term Notes
have been sold.
Goldman, Sachs & Co.
Merrill Lynch & Co.
Morgan Stanley & Co. Incorporated
