Exhibit 10(n)

                             ARRANGEMENT CREDITING
                        100 SHARES OF OLIN COMMON STOCK
                             TO CERTAIN DIRECTORS
                             --------------------



     Effective January 1, 1985, each Olin Director entitled to fees for service
as a Director was credited with 100 shares of Olin Common Stock, payment of
which was deferred until after the Director retires from the Board. Such
deferred shares will be credited with dividend equivalents, payment of which may
also be deferred in the form of Common Stock if elected by the Director.