SECURITIES AND EXCHANGE COMMISSION
                      Washington, D.C. 20549



                              FORM 8-K


                           CURRENT REPORT


              Pursuant to Section 13 or 15(d) of the
                 Securities Exchange Act of 1934


        Date of Report (Date of earliest event reported)
                           March 15, 2000


        RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993 B-1
          (Exact name of registrant as specified in its charter)


       New York                      33-79328              36-7051619
(State or other jurisdic-        (Commission File         (IRS Employer
 tion of incorporation)           Number)               Identification No.)


National Rural Utilities Cooperative
  Finance Corporation
Woodland Park
2201 Cooperative Way, Herndon, VA                          20171-3025
(Address of principal executive offices)                   (ZIP Code)


Registrant's telephone number, including area code:	(703) 709-6700

(Former name or former address, if changed since last report)

Item 5.	Other Events

        In accordance with Section 7.1(a) of the Trust Agreement, a semi-
        annual report dated March 15, 2000 was sent to certificate holders.
        A copy of the report appears as an exhibit to this filing.

Item 7. Financial Statement, Pro Forma Financial Information and Exhibits

        (c)     Exhibits

                The following exhibit is filed herewith:

                21.1    Semi-annual Report to Certificate holders dated
                March 15, 2000.

                                 SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.

                                   NATIONAL RURAL UTILITIES COOPERATIVE
                                          FINANCE CORPORATION

                                   \s\ Steven L. Lilly

                                   Chief Financial Officer


March 17, 2000


Exhibit Index


(21.1)  Semi-annual Report to Certificate holders dated March 15, 2000.

To the holders of:

RURAL ELECTRIC COOPERATIVE GRANTOR TRUST (SOYLAND) 1993B-1
CUSIP:  781681 AT 8

The following information has been furnished to us, as your Trustee, by
National Rural Utilities Cooperative Finance Corporation (the "Servicer"),
pursuant to Section 7.1(a) of the Trust Agreement dated October 6, 1994.


       Certificate Payment Date:                      March 15, 2000


      Distribution Allocable to
                   Principal:                   $               0.00

      Distribution Allocable to
		   Interest:			$	2,153,411.25

      Fees Distributed to Servicer              $          19,870.00

      Principal Balance of
      Certificates Outstanding:                 $      49,675,000.00


No delinquency in payment under either the Note or the Guarantee has occurred
and no Event of Servicing Termination, or, to the best of the Servicer's
knowledge, event that with notice or lapse of time or both would become an
Event of Servicing Termination, has occurred and is continuing.

I, the undersigned, do hereby certify that I am a Responsible Officer of
National Rural Utilities Cooperative Finance Corporation, and as such
officer, I further certify that to the best of my knowledge and belief,
the Semiannual Report is complete and accurate.

                                   NATIONAL RURAL UTILITIES COOPERATIVE
                                          FINANCE CORPORATION

                                   \s\ Steven L. Lilly

                                   Chief Financial Officer
						SIGNATURES


Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.


                                   NATIONAL RURAL UTILITIES COOPERATIVE
                                          FINANCE CORPORATION

                                   \s\ Steven L. Lilly

                                   Chief Financial Officer



March 17, 2000