WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.

  

Pitney Bowes Inc. - Form 10-Q
Six Months Ended June 30, 1997
Page 19 of 19
<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS  FINANCIAL  INFORMATION  EXTRACTED FROM PITNEY BOWES INC.
CONSOLIDATED  BALANCE  SHEET,  CONSOLIDATED  STATEMENT OF INCOME,  CORRESPONDING
FOOTNOTE #3 FIXED ASSETS AND STATEMENT RE  COMPUTATION OF PER SHARE EARNINGS AND
IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.
</LEGEND>
<MULTIPLIER> 1,000
       
                                                         
<PERIOD-TYPE>                                             6-MOS
<FISCAL-YEAR-END>                                   DEC-31-1997
<PERIOD-END>                                        JUN-30-1997
<CASH>                                                  130,743
<SECURITIES>                                              1,474
<RECEIVABLES>                          <F1>           1,807,475
<ALLOWANCES>                           <F1>              60,937
<INVENTORY>                                             255,791
<CURRENT-ASSETS>                                      2,266,322
<PP&E>                                 <F2>           2,735,770
<DEPRECIATION>                         <F2>           1,429,037
<TOTAL-ASSETS>                                        8,288,497
<CURRENT-LIABILITIES>                                 3,514,281
<BONDS>                                               1,172,053
<COMMON>                                                323,338
<PREFERRED-MANDATORY>                                   300,000
<PREFERRED>                                               2,337
<OTHER-SE>                                            1,763,156
<TOTAL-LIABILITY-AND-EQUITY>                          8,288,497
<SALES>                                                 867,579
<TOTAL-REVENUES>                                      1,967,481
<CGS>                                                   523,298
<TOTAL-COSTS>                                           779,013
<OTHER-EXPENSES>                                         42,483
<LOSS-PROVISION>                                              0
<INTEREST-EXPENSE>                                      104,597
<INCOME-PRETAX>                                         383,745
<INCOME-TAX>                                            132,729
<INCOME-CONTINUING>                                     251,016
<DISCONTINUED>                                                0
<EXTRAORDINARY>                                               0
<CHANGES>                                                     0
<NET-INCOME>                                            251,016
<EPS-PRIMARY>                                              1.70
<EPS-DILUTED>                                              1.69
<FN>
<F1>  Receivables are comprised of trade  receivables of $340,102 and short-term
finance  receivables of  $1,467,373.  Allowances are comprised of allowances for
trade receivables of $17,423 and for short-term finance  receivables of $43,514.
<F2>  Property,  plant and equipment are comprised of fixed assets of $1,093,043
and rental  equipment and related  inventories  of $1,642,727.  Depreciation  is
comprised of  depreciation  on fixed assets of $608,161 and on rental  equipment
and related inventories of $820,876.
</FN>