Pricing Supplement No. 1   Dated Nov. 8, 1994      Rule 424(b)(3)
     (To Prospectus dated August 6, 1992 and         File No. 33-50232
     Prospectus Supplement dated November 4, 1994) CUSIP No. 78355HDF3

     $400,000,000

     RYDER SYSTEM, INC.

     Medium-Term Notes, Series 10
     (Registered Notes--Fixed Rate)
     Due Nine Months or More from Date of Issue

     Principal Amount:   $10,000,000

     Issue Price:        100%

     Issue Date:         11/16/94

     Maturity Date:      11/17/97

     Interest Rate:      7.86%
               __                __
     Form:    /X/  Book Entry   / /  Certificated             

                    __
     Redemption:   /X/  The Notes cannot be redeemed prior to maturity.
                  __
                 / /  The Notes may be redeemed prior to maturity.  

          Terms of Redemption:     N/A
                                        __
     Repayment at option of holder:    /X/  The holder has no option to
                                            elect repayment of the Notes
                                            prior to maturity.

                                        __
                                       / /  The Notes are repayable prior to
                                            maturity at the option of
                                            holder.

          Terms of Repayment:      N/A
                      __         __
     Discount note:  / /  Yes   /X/  No 

          Total Amount of OID:       N/A

          Yield to Maturity:         7.86%

          Initial Accrual Period OID:   N/A



    Name of Agent and Agent's Discount or Commission:  Merrill Lynch  $35,000


     Additional Terms:



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