Exhibit 23




                CONSENT OF INDEPENDENT ACCOUNTANTS





We hereby consent to the incorporation by reference in the
Registration Statements on Form S-8 (Nos. 2-83780, 2-81019,
2-60469, 33-42536, 33-65077, 33-54045,333-40991) and Form S-3
(Nos. 33-516613 and 333-43017) of Carpenter Technology
Corporation of our report dated February 17, 1997, except as to
the notes titled "Significant Accounting Policies - Basis of
Presentation", "Discontinued Operations" and "Segment Operations" 
which are as of February 3, 1998, relating to the consolidated
financial  statements of Talley Industries, Inc., which appears
in the Current Report on Form 8-K/A of Carpenter Technology
Corporation dated on or about February 10, 1998.





















PRICE WATERHOUSE LLP





Phoenix, Arizona
February 10, 1998