EXHIBIT 23.1
 
                  CONSENTS OF INDEPENDENT PUBLIC ACCOUNTANTS

     As independent public accountants, we hereby consent to the incorporation
by reference in this Form S-8 of our report dated January 17, 1995, incorporated
by reference in Northern Trust Corporation's Annual Report on Form 10-K for the
year ended December 31, 1994 and to all references to our Firm included in this
registration statement.



                            /s/ ARTHUR ANDERSEN LLP

Chicago, Illinois
February 8, 1996


     As independent public accountants, Hill, Taylor & Co. hereby consent to the
incorporation by reference in this Form S-8 of our report dated April 21, 1995,
included in the Northern Trust Company's Thrift-Incentive Plan Annual Report on
Form 11-K for the year ended December 31, 1994 and to all references to our Firm
included in this registration statement.

 

                            /s/ HILL, TAYLOR & CO.

Chicago, Illinois
February 8, 1996


                             CONSENT OF ATTORNEYS

     The consent of Rossiter, Ritchie & Porter to the filing of their opinion as
an exhibit to this Registration Statement is contained in their opinion filed as
Exhibit 5 hereto.