1
                               Filed pursuant to Rule 424(b)(3).
                                This pricing supplement relates to
                                Registration Statement Nos. 33-52695
                                and 333-17913.


                Pricing Supplement No. 37 Dated July 17, 1997
                (To Prospectus Dated December 23, 1996 and
                Prospectus Supplement Dated December 23, 1996)


                            PAINE WEBBER GROUP INC.

                               Multiple Currency
              ---------------------------------------------------
                        Medium-Term Senior Notes, Series C
              ---------------------------------------------------
              Due from Nine Months to 30 Years from Date of Issue
                             (FIXED RATE NOTES)


                                 
Designation:                        Medium Term Senior Notes, Series C

Original Issue Date:                July 22, 1997

Principal Amount:                   $25,000,000

Interest Rate Per Annum:            6.585%

Specified Currency in which         U.S. Dollars
Denominated:                           


Stated Maturity:                    July 23, 2001

Issue Price (As a Percentage        100%
of Principal Amount):               

Regular Record Dates:               February 15 and August 15

Redemption and Early                The Note cannot be redeemed prior to 
Repayment Provision:                Stated Maturity

Note(s) Represented By:             [x] Global Note
                                    [ ] Certificated note(s)