

                                                                    Exhibit 15.1

To the Directors and Shareholders of Morgan Stanley,
         Dean Witter, Discover & Co.:

         We have made a review, in accordance with standards established by the
American Institute of Certified Public Accountants, of the unaudited interim
consolidated financial information of Dean Witter, Discover & Co. (renamed
"Morgan Stanley, Dean Witter, Discover & Co." on May 31, 1997) and subsidiaries
as of March 31, 1997 and for the three month periods ended March 31, 1997 and
1996, as indicated in our report dated April 30, 1997; because we did not
perform an audit, we expressed no opinion on that information. We are aware that
out report, which is included in your Quarterly Report on Form 10-Q for the
quarter ended March 31, 1997, is incorporated by reference in this Registration
Statement.

         We have also made a review, in accordance with standards established by
the American Institute of Certified Public Accountants, of the supplemental
unaudited interim consolidated financial information of Morgan Stanley, Dean
Witter, Discover & Co. and subsidiaries as of first fiscal quarter end 1997 and
for the first fiscal quarter 1997 and 1996, as indicated in our report dated May
31, 1997 (which makes reference to the review of Morgan Stanley Group Inc. by
other auditors); because we did not perform an audit, we expressed no opinion on
that information. We are aware that our report, which is included in your
Current Report on Form 8-K filed on June 2, 1997, is incorporated by reference
in this Registration Statement.

         We are also aware that the aforementioned reports, pursuant to Rule
436(c) under the Securities Act of 1933, are not considered a part of the
Registration Statement prepared or certified by an accountant or a report
prepared or certified by an accountant within the meaning of Sections 7 and 11
of that Act.

/s/ DELOITTE & TOUCHE LLP

New York, New York
June 2, 1997



