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Filed Pursuant to Rule 424(b)(3)
Registration No. 33-89748
PRICING SUPPLEMENT NO.123, dated May 13, 1996
(To Prospectus dated June 29, 1995 and
Prospectus Supplement dated July 17, 1995)
$3,250,000,000
DEAN WITTER, DISCOVER & CO.
Medium-Term Notes Series I
Floating Rate Notes
Due from 9 Months to 30 Years From Date of Issue
Principal Amount: $30,000,000.00
Issue Price: 100%
Calculation Agent: The First National Bank of Chicago
Original Issue Date: May 17, 1996
Maturity Date: May 18, 1998
Initial Interest Rate: To be determined two London business days prior to
the original issue date.
Interest Rate Basis: ( ) Commercial Paper Rate (X) LIBOR
( ) Treasury Rate ( ) CD Rate
( ) Federal Funds Rate ( ) Prime Rate
( ) Other (see Attachment hereto)
If LIBOR, Designated Page ( ) Reuters Page
(X) Telerate Page 3750
Interest Reset Period: Monthly
Interest Reset Dates: The third Wednesday of each month beginning June 19,
1996.
Interest Payment Period: Monthly
Interest Payment Dates: The third Wednesday of each month beginning June 19,
1996.
Regular Record Dates: 15 calendar days prior to each interest payment date
Index Maturity: One Month
Spread (+/-): +0.06%
Spread Multiplier: N/A
Maximum Rate: N/A
Minimum Rate: N/A
Agent's Commission: 0.25%
Agent's Capacity: Agent
Net Proceeds to Company: $29,925,000.00
Agent: DEAN WITTER REYNOLDS INC.
This Pricing Supplement supplements the Prospectus and Prospectus Supplement
with respect to both (1) the initial offering of Medium -Term Notes Series
I and (2) market-making transactions in Medium-Term Notes Series I by Dean
Witter Reynolds Inc., an affiliate of Dean Witter, Discover & Co.
