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                                                                    Exhibit (23)


                         CONSENT OF INDEPENDENT AUDITORS

We consent to the incorporation by reference in this Annual Report on Form 10-K
of The McGraw-Hill Companies, Inc. of our report dated January 31, 1996,
included in the 1995 Annual Report to Shareholders of The McGraw-Hill Companies,
Inc.

Our audits also included the consolidated financial statement schedule of The
McGraw-Hill Companies, Inc. listed in Item 14 (a). This schedule is the
responsibility of the Company's management. Our responsibility is to express an
opinion based on our audits. In our opinion, the consolidated financial
statement schedule referred to above, when considered in relation to the basic
financial statements taken as a whole, presents fairly, in all material
respects, the information set forth therein.

We also consent to the incorporation by reference in the Registration Statement
on Form S-3 (No. 33-33667) pertaining to the Debt Securities of The McGraw-Hill
Companies, Inc. and in the Registration Statements on Form S-8 pertaining to the
1983 Stock Option Plan for Officers and Key Employees (No. 2-84058), the 1987
Key Employee Stock Incentive Plan (No. 33-22344), the 1993 Key Employee Stock
Incentive Plan (No. 33-49743), the 1993 Stock Payment Plan for Directors (No.
33-49741), and The Savings Incentive Plan of McGraw-Hill, Inc. and Its
Subsidiaries, The Employee Retirement Account Plan of McGraw-Hill, Inc. and Its
Subsidiaries, The Standard & Poor's Savings Incentive Plan for Represented
Employees, The Standard & Poor's Employee Retirement Account Plan for
Represented Employees, The Employees' Investment Plan of McGraw-Hill
Broadcasting Company, Inc. and Its Subsidiaries (No. 33-50856) and in the
related prospectuses of our report dated January 31, 1996 with respect to the
consolidated financial statements incorporated therein by reference, and our
report included above with respect to the consolidated financial statement
schedule included in this Annual Report (Form 10-K) of The McGraw-Hill
Companies, Inc.


/s/ ERNST & YOUNG LLP


New York, New York
March 26, 1996



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