Pricing Supplement No. 23; Dated April 8, 1994     Rule 424(b)(3)
     (To Prospectus dated March 11, 1988 and         File No. 33-20359
     Prospectus Supplement dated May 21, 1992)     CUSIP No. 783556CD9

     $200,000,000
     RYDER SYSTEM, INC.

     Medium-Term Notes, Series 8
     (Registered Notes--Fixed Rate)
     Due Nine Months to Thirty Years from Date of Issue

     Principal Amount:   $5,000,000 (Five million)

     Issue Price:        $5,000,000 (Five million) (100%)

     Issue Date:         April 15, 1994

     Maturity Date:      April 15, 1994

     Interest Rate:      6.99%
                    __                __
     Form:         /X/  Book Entry   / /     Certificated

                    __
     Redemption:   /X/   The Notes cannot be redeemed prior to
                         maturity.
                   __
                  /_/    The Notes may be redeemed prior to maturity.

     Terms of Redemption:     N/A
                                     __
     Repayment at option of holder: /X/ The holder has no option to
                                        elect repayment of the Notes
                                    __  prior to maturity.
                                   / /  The Notes are repayable prior
                                        to maturity at the option of
                                        holder.

     Terms of Repayment:      N/A
                          __          __
     Discount note:      /_/  Yes    /X/     No

          Total Amount of OID:          N/A

          Yield to Maturity:            6.99%

          Initial Accrual Period OID:   N/A

     Name of Agent and Agent's Discount or Commission:

               J.P. Morgan $25,000

     Additional Terms: