May 1, 1994
     
     
     
         SUPPLEMENT TO PROSPECTUS DATED DECEMBER 29, 1993 Which
       Prospectus Has Been Previously Amended By Supplements
            Dated January 1, 1994 and February 21, 1994
                                     
     
     
     
     Effective May 1, 1994, the following sentence is hereby
     substituted for the first sentence of the second
     paragraph of the section entitled "DETERMINATION OF THE
     CERTIFICATE INTEREST RATE" located on page 12 of the
     prospectus.
     
          On the effective date of this supplement the
          CIR is 7.75% on Five-Year, 8.25% on the Ten-
          Year and 8.50% on the Twenty-Year
          Subordinated Capital Investment Certificates;
          7.75% on Five-Year, and 8.25% on Ten-Year
          Subordinated Monthly Income Capital
          Investment Certificates; and 4.25% on Demand
          Loan Certificates.