
                                   EXHIBIT 15

                            STATE STREET CORPORATION

                 INDEPENDENT ACCOUNTANT'S ACKNOWLEDGMENT LETTER



The Stockholders' and Board of Directors
State Street Corporation


We are aware of the incorporation of reference in Registration Statements (Forms
S-8 Nos. 333-16979, 333-36409, 33-57359, 33-38672, 33-38671, 33-2882, 2-93157,
2-88641 and 2-68698) and in Post-Effective Amendment No. 2 to Registration
Statement (Form S-8 No. 2-68696) pertaining to various stock option and benefit
share plans, in Registration Statements (Form S-3 Nos. 333-2143, 33-49885)
pertaining to the registration of debt securities and preferred stock of State
Street Corporation and in Registration Statement (Form S-3 No. 333-16897)
pertaining to the registration of Common Stock of State Street Corporation, of
our report dated October 14, 1997 relating to the unaudited consolidated interim
financial statements of State Street Corporation which are included in its Form
10-Q for the quarter ended September 30, 1997.

Pursuant to Rule 436(c) of the Securities Act of 1933, our report is not a part
of the registration statements prepared or certified by accountants within the
meaning of Section 7 or 11 of the Securities Act of 1933.

                                                               ERNST & YOUNG LLP

Boston, Massachusetts
November 12, 1997

