

                                                     EXHIBIT 15.1



The Stockholders and Board of Directors 
State Street Corporation


We are aware of the incorporation by reference in the
Registration Statement on Form S-8 of State Street Corporation
pertaining to the Investors Fiduciary Trust Company Investment
Savings Plan of our reports dated April 11, 1997 and July 14,
1997 relating to the unaudited consolidated interim financial
statements of State Street Corporation that are included in its
Forms 10-Q for the quarters ended March 31, 1997 and June 30,
1997.

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

                                        /s/ ERNST & YOUNG LLP

                                        ERNST & YOUNG LLP


Boston, Massachusetts
September 24, 1997

