Pricing Supplement dated [October 29, 2004]                       Rule 424(b)(3)
(To Prospectus dated November 21, 2001 and                    File No. 333-72304
Prospectus Supplement dated [April 18, 2003])                Cusip No. 72447WAU3



                                PITNEY BOWES INC.

                      Global Medium-Term Notes - Fixed Rate


- --------------------------------------------------------------------------------
Principal amount: $100,000,000                             Interest rate: 4.875%

Issue price: 101.595%                                       Original Issue Date:
                                                                November 5, 2004

Agent's discount or commission: 0.650%                     Stated maturity date:
                                                                 August 15, 2014

Net proceeds to Pitney Bowes: $101,987,708.33 (1)

(1) Includes accrued interest of $1,042,708.33 since
    August 18, 2004
- --------------------------------------------------------------------------------

Interest payment dates:

        [ ]February 1 and August 1
        [X]Other: February 15 and August 15

Regular record dates (if other than the 15th day of January and July): February
1 and August 1

Day count convention:
        [ ]Actual/360
        [ ]Actual/actual
        [X]30/360

Redemption:
        [ ]The notes cannot be redeemed prior to the stated maturity date.
        [X]The notes can be redeemed prior to the stated maturity date - See
           "other provisions"
           Initial redemption date:
           Initial redemption percentage:  ____%
           Annual redemption percentage reduction:  ____% until redemption
           percentage is 100% of the principal amount.

Tax Redemption: [ ]Yes    [X]No

Repayment:
        [X]The notes cannot be repaid prior to the stated maturity date.
        [ ]The notes can be repaid prior to the stated maturity date at the
           option of the holder of the notes.
           Optional repayment date(s):
           Optional repayment price(s):



Additional amounts payable: [ ]Yes [X]No
Specified currency (if other than U.S. dollars):  N/A

Authorized denomination (if other than U.S. $1,000 and integral multiples
           thereof):  N/A

Exchange rate agent, if any:  N/A

Original issue discount:   [ ]Yes    [X]No
           Issue Price:
           Total amount of OID:
           Yield to maturity:
           Initial accrual period OID:

Exchange listing: [ ]Yes  [X]No
           Exchange:

Form:
        [X]Book-entry (to be held on behalf of The Depository Trust Company)
        [ ]Book-entry (to be held by a common depositary for Clearstream Banking
           S.A. and Euroclear Bank S.A./N.V., as operator of the
           Euroclear System)
        [ ]Book-entry (The Depository Trust Company and common depositary)
        [ ]Individually certificated

Agent:
        [X]Citigroup Global Markets Inc.
        [X]Deutsche Bank Securities Inc.
        [ ]Other:_______________________

Agent acting in the capacity as indicated below:
        [ ]Agent      [X]Principal

If as principal:
        [ ]The notes are being offered at varying prices related to prevailing
           market prices at the time of resale.
        [X]The notes are being offered at a fixed initial public offering price
           of 101.595% of the principal amount.

If as Agent:
           The notes are being offered at a fixed initial public offering price
            of _____% of the principal amount.


                                      (2)




Rider 3A

Use of Proceeds:

         We expect to use the net proceeds from the sale of the securities
         described in this pricing supplement to repay short-term debt and for
         other general commercial purposes, including possible acquisitions.
         Funds not required immediately for any of the previously mentioned
         purposes may be temporarily invested in marketable securities.


Other provisions:
         Pitney Bowes Inc. may redeem the notes, in whole or in part, at our
         option at any time, at a redemption price equal to the greater of (1)
         100% of the principal amount of the notes to be redeemed or (2) as
         determined by the quotation agent, the sum of the present values of the
         remaining scheduled payments of principal and interest on the notes to
         be redeemed, discounted to the date on which the notes are to be
         redeemed on a semi-annual basis, assuming a 360-day year of twelve
         30-day months, at the adjusted treasury rate selected by the quotation
         agent plus 15 basis points, plus in each case, accrued interest on the
         notes to the date on which the notes are to be redeemed. We will
         appoint Citigroup Global Markets Inc. and Deutsche Bank Securities Inc.
         or their successors and one or more primary U.S. Government securities
         dealers in New York City as reference dealers and we will select one of
         these reference dealers to act as our quotation agent.

         This issuance is a reopening of the 4.875% notes due August 15, 2014,
         originally issued on August 18, 2004, and will be fungible and will
         trade interchangeably with such series.


          Terms have been completed as applicable to this transaction.

Certain of the agents will make these Notes available for sale on the Internet
through a proprietary Web site and/or a third-party system operated by Market
Axess Inc., an Internet-based communications technology provider. Market Axess
Inc. is providing the system as a conduit for communications between those
agents and their respective customers and is not a party to any transactions.
Market Axess Inc., a registered broker-dealer, will receive compensation from
agents utilizing Market Axess's system based on transactions they conduct
through the system. These agents will make the Notes available to their
respective customers through the Internet, whether made through a proprietary or
third-party system, on the same terms as sales made through other channels.


                                      (3)