EXHIBIT 18
                                                           



        August 11, 1995

        To the Board of Directors of
        Ingersoll-Rand Company


        We have been furnished with a copy of the Company's Form 10-Q for the
        quarter ended  June 30, 1995.   Note 3 therein describes  a change in
        the method  of depreciation of  plant and equipment  from accelerated
        methods, principally sum-of-the-years'  digits, to the straight  line
        method.   It  should  be understood  that  the preferability  of  one
        acceptable  method of  depreciation accounting  over another  has not
        been  addressed in  any  authoritative accounting  literature and  in
        arriving   at  our  opinion  expressed   below,  we  have  relied  on
        management's  business  planning  and   judgment.    Based  upon  our
        discussions with management and the stated reasons for the change, we
        believe  that  such change  represents,  in  your circumstances,  the
        adoption  of   a  preferable  alternative  accounting  principle  for
        depreciation  in conformity with  Accounting Principles Board Opinion
        No. 20.

        We  have  not made  an audit  in  accordance with  generally accepted
        auditing  standards  of the  financial  statements of  Ingersoll-Rand
        Company  for the three-month or six-month periods ended June 30, 1995
        or June 30, 1994 and,  accordingly, we express no opinion thereon  or
        on the financial information filed as part of the Form  10-Q of which
        this letter is to be an exhibit.

        Your very truly,

        /s/ Price Waterhouse LLP
        Price Waterhouse LLP