<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 IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH
FINANCIAL STATEMENTS.
</LEGEND>
<RESTATED> 
<MULTIPLIER> 1,000
       
                             
<PERIOD-TYPE>                   3-MOS
<FISCAL-YEAR-END>                          DEC-31-1997
<PERIOD-END>                               MAR-31-1997
<CASH>                                         142,718
<SECURITIES>                                    12,336
<RECEIVABLES>                                1,788,128<F1>
<ALLOWANCES>                                    58,549<F1>
<INVENTORY>                                    263,947
<CURRENT-ASSETS>                             2,283,824
<PP&E>                                       2,751,271<F2>
<DEPRECIATION>                               1,458,816<F2>
<TOTAL-ASSETS>                               8,184,794
<CURRENT-LIABILITIES>                        3,363,115
<BONDS>                                      1,299,155
<PREFERRED-MANDATORY>                          200,000
<PREFERRED>                                      2,375 
<COMMON>                                       323,338  
<OTHER-SE>                                   1,810,800
<TOTAL-LIABILITY-AND-EQUITY>                 8,184,794
<SALES>                                        417,822
<TOTAL-REVENUES>                               961,370
<CGS>                                          253,808
<TOTAL-COSTS>                                  381,482
<OTHER-EXPENSES>                                20,648
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                              51,905
<INCOME-PRETAX>                                183,635
<INCOME-TAX>                                    63,690
<INCOME-CONTINUING>                            119,945
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   119,945
<EPS-PRIMARY>                                      .41
<EPS-DILUTED>                                      .40
<FN>
<F1>Receivables are comprised of trade receivables of $342,661 and short-term
finance receivables of $1,445,467. Allowances are comprised of allowance for
trade receivables of $15,952 and for short-term finance receivables of $42,597.
<F2>Property, plant and equipment are comprised of fixed assets of $1,102,196
and rental equipment and related inventories of $1,649,075. Depreciation is
comprised of depreciation on fixed assets of $619,493 and on rental equipment
and related inventories of $839,323.
</FN>