UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 3
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
1. Name and Address of Reporting Person
Shelton, Stanley W.
State Street Corporation
225 Franklin Street
Boston, MA 02110
2. Date of Event Requiring Statement (Month/Day/Year)
3/18/98
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Issuer Name and Ticker or Trading Symbol
State Street Corporation
STT
5. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President
6. If Amendment, Date of Original (Month/Day/Year)
7. Individual or Joint/Group Filing (Check Applicable Line)
(X) Form filed by One Reporting Person
( ) Form filed by More than One Reporting Person
<TABLE>
<CAPTION>
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Table I -- Non-Derivative Securities Beneficially Owned |
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1. Title of Security |2. Amount of |3. Ownership |4. Nature of Indirect |
| Securities | Form: | Beneficial Ownership |
| Beneficially | Direct(D) or | |
| Owned | Indirect(I) | |
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<S> <C> <C> <C>
Common Stock |8,300 |D(1) | |
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<CAPTION>
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Table II -- Derivative Securitites Beneficially Owned |
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1.Title of Derivative |2.Date Exer- |3.Title and Amount | |4. Conver-|5. Owner- |6. Nature of Indirect |
Security | cisable and | of Underlying | |sion or |ship | Beneficial Ownership |
| Expiration | Securities | |exercise |Form of | |
| Date(Month/ |-----------------------|---------|price of |Deriv- | |
| Day/Year) | |Amount |deri- |ative | |
| Date | Expira- | |or |vative |Security: | |
| Exer- | tion | Title |Number of|Security |Direct(D) or | |
| cisable | Date | |Shares | |Indirect(I) | |
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<S> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option (r|2/17/99 |2/16/04 |Common Stock |2,952 |18.6250 |D(2) | |
ight to buy) | | | | | | | |
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Employee Stock Option (r|2/16/00 |2/15/05 |Common Stock |3,076 |16.2500 |D(3) | |
ight to buy) | | | | | | | |
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Employee Stock Option (r|12/19/97-|12/18/06 |Common Stock |15,210 |31.7500 |D(4) | |
ight to buy) | | | | | | | |
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|12/19/01 | | | | | | |
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Employee Stock Option (r|12/18/98-|12/17/07 |Common Stock |8,500 |56.2500 |D(5) | |
ight to buy) | | | | | | | |
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|12/18/00 | | | | | | |
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Employee Stock Option (r|12/17/99-|12/16/08 |Common Stock |38,500 |67.4375 |D(6) | |
ight to buy) | | | | | | | |
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|12/17/01 | | | | | | |
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Employee Stock Option (r|2/18/00 |2/17/09 |Common Stock |6,000 |72.9688 |D(7) | |
ight to buy) | | | | | | | |
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|2/18/02 | | | | | | |
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</TABLE>
Explanation of Responses:
(1) These shares were granted as restricted stock awards pursuant to State
Street Corporation 1997 Equity Incentive Plan.
(2) Employee stock option granted pursuant to State Street Corporation 1989
Stock Option Plan in transaction exempt under old Rule 16b-3.
(3) Employee stock option granted pursuant to State Street Corporation 1994
Stock Option and Performance Unit Plan in transaction exempt under old
Rule
16b-3.
(4) Employee stock option granted pursuant to State Street Corporation 1994
Stock Option and Performance Unit Plan exercisable in 33 1/3%
installments over a three-year period commencing
12/19/97.
(5) Employee stock option granted pursuant to State Street Corporation 1997
Equity Incentive Plan exercisable in 33 1/3% installments over a
three-year period commencing
12/18/98.
(7) Employee stock option granted pursuant to State Street Corporation 1997
Equity Incentive Plan exercisable in 33 1/3% installments over a
three-year period commencing
12/17/99.
(8) Employee stock option granted pursuant to State Street Corporation 1997
Equity Incentive Plan exercisable in 33 1/3% installments over a
three-year period commencing
2/18/00.
SIGNATURE OF REPORTING PERSON
/s/Stanley W. Shelton
DATE
3/24/99
