EXHIBIT 23
                                                                      ----------

                     CONSENT OF INDEPENDENT ACCOUNTANTS

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 2-90123, as
amended) of Caterpillar Inc. of our report dated January 21, 1994 related to the
financial statements of Caterpillar Inc., appearing on page A-3 of the Appendix
to the Company's 1994 Annual Meeting Proxy Statement which is incorporated in
this Annual Report on Form 10-K.  We also consent to the incorporation by
reference of our report on the Financial Statement Schedules listed in Item
14(a) of such Annual Report on Form 10-K.

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Forms S-8 (No. 33-14116 and
No. 33-40598) of Caterpillar Inc. of our report dated January 21, 1994 related
to the financial statements of Caterpillar Inc., appearing on page A-3 of the
Appendix to the Company's 1994 Annual Meeting Proxy Statement which is
incorporated in this Annual Report on Form 10-K.  We also consent to the
incorporation by reference of our report on the Financial Statement Schedules
listed in Item 14(a) of such Annual Report on Form 10-K.

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Forms S-8 (No. 33-3718, as
amended, and No. 33-39280) of Caterpillar Inc. of our report dated January 21,
1994 related to the financial statements of Caterpillar Inc., appearing on page
A-3 of the Appendix to the Company's 1994 Annual Meeting Proxy Statement which
is incorporated in this Annual Report on Form 10-K and of our report dated
February 11, 1994 related to the financial statements of the Employees'
Investment Plan, appearing on page 1 of the Form 11-K Annual Report, which is
included in this Annual Report on Form 10-K as Exhibit 99(a).  We also consent
to the incorporation by reference of our report on the Financial Statement
Schedules listed in Item 14(a) of this Form 10-K.

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Forms S-8 (No. 2-97450, as
amended, and No. 33-37353) of Caterpillar Inc. of our report dated January 21,
1994 related to the financial statements of Caterpillar Inc., appearing on page
A-3 of the Appendix to the Company's 1994 Annual Meeting Proxy Statement which
is incorporated in this Annual Report on Form 10-K and of our report dated
February 11, 1994 related to the financial statements of the Savings and
Investment Plan, appearing on page 1 of the Form 11-K Annual Report, which is
included in this Annual Report on Form 10-K as Exhibit 99(c).  We also consent
to the incorporation by reference of our report on the Financial Statement
Schedules listed in Item 14(a) of this Form 10-K.

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-8 (No. 33-8003) of
Caterpillar Inc. of our report dated January 21, 1994 related to the financial
statements of Caterpillar Inc., appearing on page A-3 of the Appendix to the
Company's 1994 Annual Meeting Proxy Statement which is incorporated in this
Annual Report on Form 10-K and of our report dated February 11, 1994 related to
the financial statements of the Tax Deferred Savings Plan, appearing on page 1
of the Form 11-K Annual Report, which is included in this Annual Report on Form
10-K as Exhibit 99(d).  We also consent to the incorporation by reference of our
report on the Financial Statement Schedules listed in Item 14(a) of this Form
10-K. 

We hereby consent to the incorporation by reference in the Prospectus
constituting part of the Registration Statement on Form S-3 (No. 33-46194) of
Caterpillar Inc. of our report dated January 21, 1994 related to the financial
statements of Caterpillar Inc., appearing on page A-3 of the Appendix to the
Company's 1994 Annual Meeting Proxy Statement which is incorporated in this
Annual Report on Form 10-K. We also consent to the incorporation by reference of
our report on the Financial Statement Schedules listed in Item 14(a) of this
Form 10-K. 


[SIGNATURE] (Price Waterhouse)

PRICE WATERHOUSE

Peoria, Illinois
February 11, 1994