Exhibit 23.3

                           CONSENT OF SALOMON BROTHERS INC


               We hereby consent to the use of Appendix C containing our
          opinion letter dated August 14, 1995 to the Board of Directors of
          Broadway Stores, Inc. ("Broadway") in the Proxy
          Statement/Prospectus constituting a part of the Registration
          Statement on Form S-4 relating to the proposed Federated/Broadway
          Merger (as defined therein) and to the references to our firm in
          such Proxy Statement/Prospectus.  In giving this consent, we do
          not admit and we disclaim that we are experts with respect to any
          part of such Registration Statement within the meaning of the
          term "expert" as used in, or that we come within the category of
          persons whose consent is required under the Securities Act of
          1933, as amended, or the rules and regulations of the Securities
          and Exchange Commission promulgated thereunder.


                                             SALOMON BROTHERS INC




                                             By:    /s/ Michael Carr       
                                                 --------------------------
                                                     Managing Director


                                             Date:   August 21, 1995       
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