For SEC Filing Purposes:
                                            Filed under Rule 424(b)(2)
                                          Registration No. 33-4479 and
                                             Registration No. 33-52771

Pricing Supplement No. 1   Dated May 24, 1995

To Prospectus Dated May 4, 1994
     Prospectus Supplement Dated May 23, 1995


                             $298,167,500

                           OLIN CORPORATION

                     MEDIUM-TERM NOTES, SERIES A

                       (Fixed Rate Senior Note)

           Due from 9 Months to 40 Years from Date of Issue

                    Principal Amount: $50,000,000

         (Total Principal Amount Issued to Date: $50,000,000)


    Original Issue Date:                                 June 1, 1995

    Stated Maturity Date:                                June 1, 2005

    Interest Rate:                                       7.11%


Redemption (check box opposite applicable paragraph below):

[X]   The Notes cannot be redeemed prior to maturity.

[ ]  The Notes may be redeemed prior to maturity.

Initial Redemption Date:  Not Applicable.

          The optional Redemption Price on and after the Initial
Redempton Date shall initially be    % of the principal amount of the
Notes to be redeemed and shall decline at each anniversary of the
Initial Redemption Date by    % of the principal amount to be redeemed
until the Optional Redemption Price is 100% of such principal amount.

Check box:      [X] Book Entry Note    [ ]  Certificated Note

Commission to be paid to Agents:                          $312,500
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