REGISTRATION STATEMENT NO. 33-
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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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FORM S-8
REGISTRATION STATEMENT
UNDER
THE SECURITIES ACT OF 1933

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NORTHERN TRUST CORPORATION
(EXACT NAME OF ISSUER AS SPECIFIED IN ITS CHARTER)

DELAWARE 36-2723087
(STATE OF INCORPORATION) (IRS EMPLOYER IDENTIFICATION NO.)
50 SOUTH LASALLE STREET, CHICAGO, ILLINOIS 60675

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THE NORTHERN TRUST COMPANY THRIFT-INCENTIVE PLAN
(FULL TITLE OF PLAN)

WILLIAM N. SETTERSTROM PETER L. ROSSITER, ESQ.
THE NORTHERN TRUST COMPANY ROSSITER, VALENTINE, RITCHIE &
50 SOUTH LASALLE STREET PORTER
CHICAGO, ILLINOIS 60675 50 SOUTH LASALLE STREET
CHICAGO, ILLINOIS 60675
(NAMES AND ADDRESSES OF AGENTS FOR SERVICE)

(312) 630-6000
(TELEPHONE NUMBER, INCLUDING AREA CODES, OF AGENTS FOR SERVICE)

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APPROXIMATE DATE OF COMMENCEMENT OF PROPOSED SALE TO PUBLIC: From time to
time in accordance with the terms of this Registration Statement.

CALCULATION OF REGISTRATION FEE
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PROPOSED PROPOSED
MAXIMUM MAXIMUM AMOUNT OF
TITLE OF SECURITIES TO BE AMOUNT TO BE OFFERING PRICE AGGREGATE REGISTRATION
REGISTERED REGISTERED PER SHARE OFFERING PRICE FEE
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Common Stock, $1.66 2/3 par val-
ue............................. 250,000(1) $40(1) $10,000,000(1) $3,125(1)
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Interests in the Plan........... (2) (2) (2) (2)
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(1) These shares of Common Stock represent the additional number of shares of
Common Stock with respect to which benefits may be granted under the
Thrift-Incentive Plan. The shares are to be offered at prices not presently
determinable. Pursuant to Rule 457(c), the offering price is estimated
solely for the purpose of determining the registration fee and is based on
the January 14, 1994 edition of The Wall Street Journal, which quoted
Northern Trust Corporation Common Stock at 40 1/4 high and 39 3/4 low.
(2) In addition, pursuant to Rule 416(c) under the Securities Act of 1933, this
registration statement also covers an indeterminate amount of interests to
be offered or sold pursuant to the employee benefit plan described herein.
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GENERAL INSTRUCTIONS

E. REGISTRATION OF ADDITIONAL SECURITIES

The contents of the registration statement on Form S-8 (File No. 33-20362)
filed by the registrant with the Securities and Exchange Commission on March
25, 1988 registering its Common Stock, $3.33 1/3 (currently $1.66 2/3) par
value per share, issuable pursuant to The Northern Trust Company Thrift-
Incentive Plan ("TIP"), the contents of Post-Effective Amendment No. 1 thereto,
filed by the registrant with the Securities and Exchange Commission on June 6,
1988, and the contents of the registration statement on Form S-8 (File No. 33-
41501) filed by the registrant with the Securities and Exchange Commission on
July 1, 1991 registering its common stock, $1.66 2/3 par value per share,
issuable pursuant to TIP, are hereby incorporated by reference.

PART II

INFORMATION REQUIRED IN THE REGISTRATION STATEMENT

All information required in this registration statement not included in the
exhibits attached hereto or set forth on the signature page is set forth in the
registration statement and post effective Amendment No. 1 thereto, of the
registrant on Form S-8 (File No. 33-20362) and the registration statement of
the registrant on Form S-8 (Files No. 33-41501), each of which are incorporated
herein by reference.

ITEM 8. EXHIBITS.

The Exhibits filed herewith are set forth on the exhibit index filed as part
of this Registration Statement on page S-5 hereof.

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SIGNATURES

THE REGISTRANT

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THE REGISTRANT
CERTIFIES THAT IT HAS REASONABLE GROUNDS TO BELIEVE THAT IT MEETS ALL THE
REQUIREMENTS FOR FILING ON FORM S-8 AND HAS DULY CAUSED THIS REGISTRATION
STATEMENT TO BE SIGNED ON ITS BEHALF BY THE UNDERSIGNED, THEREUNTO DULY
AUTHORIZED, IN THE CITY OF CHICAGO AND STATE OF ILLINOIS ON THE 20TH DAY OF
JANUARY, 1994.

Northern Trust Corporation

/s/ Peter L. Rossiter
By __________________________________
Peter L. Rossiter
Executive Vice President
General Counsel and Secretary

PURSUANT TO THE REQUIREMENTS OF THE SECURITIES ACT OF 1933, THIS REGISTRATION
STATEMENT HAS BEEN SIGNED BELOW BY THE FOLLOWING PERSONS IN THE CAPACITIES
INDICATED ON THE 20TH DAY OF JANUARY, 1994.

SIGNATURE TITLE
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David W. Fox*
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David W. Fox Chairman of the Board, Chief Executive
Officer and Director
Perry R. Pero*
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Perry R. Pero Senior Executive Vice President and Chief
Financial Officer
John H. Robinson*
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John H. Robinson Senior Vice President and Controller
William A. Osborn*
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William A. Osborn Director
Barry G. Hastings*
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Barry G. Hastings Director
John S. Sutfin*
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John S. Sutfin Director
Worley H. Clark*
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Worley H. Clark Director
Robert S. Hamada*
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Robert S. Hamada Director
Robert A. Helman*
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Robert A. Helman Director

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SIGNATURE TITLE
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Arthur L. Kelley*
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Arthur L. Kelley Director
Ardis Krainik*
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Ardis Krainik Director
William G. Mitchell*
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William G. Mitchell Director
William A. Pogue*
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William A. Pogue Director
Harold Byron Smith, Jr.*
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Harold Byron Smith, Jr. Director
William D. Smithburg*
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William D. Smithburg Director
Bide L. Thomas*
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Bide L. Thomas Director

*Peter L. Rossiter, pursuant to powers of attorney duly executed by each of
the above officers and directors of Northern Trust Corporation and filed with
the Securities and Exchange Commission in Washington, D.C., hereby executes
this registration statement on behalf of each of the persons named above in the
capacity set forth opposite his name.

/s/ Peter L. Rossiter January 20, 1994
_____________________________________
Peter L. Rossiter
(Attorney-in-fact)

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THE PLAN

Pursuant to the requirements of the Securities Act of 1933, the Plan has duly
caused this registration statement to be signed on its behalf by the
undersigned, thereunto duly authorized, in the City of Chicago and State of
Illinois on the 20th day of January, 1994.

The Northern Trust Company
Thrift-Incentive Plan

/s/ William N. Setterstrom
By __________________________________
William N. Setterstrom
Chairman, Employee Benefit
Administrative
Committee
Senior Vice President,
The Northern Trust Company

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EXHIBIT INDEX

EXHIBIT SEQUENTIAL
NUMBER PAGE NO.
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4.1 Portions of Restated Certificate of Incorporation of the
Registrant, as amended, defining the rights of holders
of its Common Stock.....................................
4.2 Amendments to The Northern Trust Company Thrift-Incen-
tive Plan since July 1, 1991............................
4.3 Amendments to The Northern Trust Company Thrift-Incen-
tive Plan Trust Since
July 1, 1991............................................
4.4 Enrollment Authorization................................
4.5 Beneficiary Designation.................................
4.6 TIP Contribution Change Form............................
4.7(a) Financial Hardship Withdrawal Request Forms and Related
Documents...............................................
(i)Medical/Dental
(ii)Eviction/Foreclosure
(iii)Primary Residence
(iv)Tuition
4.7(b) Regular Withdrawal Request Form.........................
4.7(c) Tax Notice Regarding Withdrawals........................
4.8(a) Payout Authorization Form for Employee Terminating Serv-
ice.....................................................
4.8(b) Tax Notice Regarding Distributions......................
4.9(a) Participant Loan Request Form...........................
4.9(b) Loan Administration Guidelines..........................
4.9(c) Promissory Note and Truth-in-Lending Disclosure State-
ment....................................................
4.10 Rollover Request and Related Documents..................
4.11 Handout Describing "Benefits Express"...................
4.12 Handout Regarding Transactions in Northern Trust Stock
Fund....................................................
5 Opinion of Rossiter, Valentine, Ritchie & Porter as to:
(a) The shares of the Common Stock being registered, (b)
Compliance of the Plan and Trust with requirements of
ERISA which pertain thereto.............................
13 Arthur Andersen & Co. Report from 1992 Annual Report to
Stockholders............................................
22 List of Subsidiaries....................................
23.1 Consent of Independent Public Accountants...............
23.2 Consent of Rossiter, Valentine, Ritchie & Porter
(contained in its opinion filed as Exhibit 5)...........
24 Power of Attorney.......................................

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