Exhibit 23.2

                             ARTHUR ANDERSEN LLP


                  CONSENT OF INDEPENDENT PUBLIC ACCOUNTANTS



   As independent public accountants, we hereby consent to the
   incorporation by reference in this registration statement of our
   report dated January 21, 1997, included in the Northern Trust
   Corporation s Form 10-K for the year ended December 31, 1996, and to
   all references to our Firm included in this registration statement.






                                                  /s/ ARTHUR ANDERSEN LLP
                                                 ------------------------


   Chicago, Illinois
   April 15, 1997