UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 4
STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
( ) Check this box if no longer subject to Section 16.
Form 4 or Form 5 obligations may continue. See Instructions 1(b).
1. Name and Address of Reporting Person
Chow, Joseph W.
State Street Corporation
225 Franklin Street
Boston, MA 02110
2. Issuer Name and Ticker or Trading Symbol
State Street Corporation
STT
3. IRS or Social Security Number of Reporting Person (Voluntary)
4. Statement for Month/Year
5/31/99
5. If Amendment, Date of Original (Month/Year)
6. Relationship of Reporting Person(s) to Issuer (Check all applicable)
( ) Director ( ) 10% Owner (X) Officer (give title below) ( ) Other
(specify below)
Executive Vice President
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>
___________________________________________________________________________________________________________________________________
Table I -- Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1. Title of Security |2. |3. |4.Securities Acquired (A) |5.Amount of |6.Dir |7.Nature of Indirect |
| Transaction | or Disposed of (D) | Securities |ect | Beneficial Ownership |
| | | | Beneficially |(D)or | |
| | | | | A/| | Owned at |Indir | |
| Date |Code|V| Amount | D | Price | End of Month |ect(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C><C> <C> <C> <C> <C> <C>
Common Stock |5/10/9|M | |744 |A |16.1250 | | | |
|9 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5/10/9|M | |1,676 |A |22.6563 | | | |
|9 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5/13/9|S | |420 |D |85.125 | | | |
|9 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5/13/9|S | |1,000 |D |85.000 | | | |
|9 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Common Stock |5/13/9|S | |1,000 |D |86.000 |1,207 |D | |
|9 | | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |500 |I |(1) |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |4,775 |I(2) |401(k) Plan |
- -----------------------------------------------------------------------------------------------------------------------------------|
___________________________________________________________________________________________________________________________________|
<CAPTION>
___________________________________________________________________________________________________________________________________
Table II -- Derivative Securitites Acquired, Disposed of, or Beneficially Owned |
___________________________________________________________________________________________________________________________________|
1.Title of Derivative |2.Con- |3. |4. |5.Number of De |6.Date Exer|7.Title and Amount |8.Price|9.Number |10.|11.Nature of|
Security |version |Transaction | rivative Secu |cisable and| of Underlying |of Deri|of Deriva |Dir|Indirect |
|or Exer | | | rities Acqui |Expiration | Securities |vative |tive |ect|Beneficial |
|cise | | | red(A) or Dis |Date(Month/| |Secu |Securities |(D)|Ownership |
|Price of| | | posed of(D) |Day/Year) | |rity |Benefi |or | |
|Deriva- | | | |Date |Expir| | |ficially |Ind| |
|tive | | | | A/|Exer-|ation| Title and Number | |Owned at |ire| |
|Secu- | | | | | D |cisa-|Date | of Shares | |End of |ct | |
|rity |Date |Code|V| Amount | |ble | | | |Month |(I)| |
___________________________________________________________________________________________________________________________________|
<S> <C> <C> <C> <C><C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
Employee Stock Option |16.1250 |5/10/|M | |744 |D |2/20/|2/19/|Common Stock|744 | |0 | | |
(right to buy) | |99 | | | | |97 |02 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |22.6563 |5/10/|M | |1,676 |D |2/18/|2/17/|Common Stock|1,676 | |0 | | |
(right to buy) | |99 | | | | |98 |03 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |18.6250 |2/17/| | | | |2/17/|2/16/|Common Stock|2,416 | | | | |
(right to buy) | |94 | | | | |99 |04 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |16.2500 |2/16/| | | | |2/16/|2/15/|Common Stock|3,076 | | | | |
(right to buy) | |95 | | | | |00 |05 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |26.4063 |6/20/| | | | |6/20/|6/19/|Common Stock|4,000 | | | | |
(right to buy) | |96 | | | | |01 |06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |31.7500 |12/19| | | | |12/19|12/18|Common Stock|24,000 | | | | |
(right to buy) | |/96 | | | | |/97- |/06 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |12/19| | | | | | | |
| | | | | | |/99 | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
Employee Stock Option |67.4375 |12/17| | | | |12/17|12/16|Common Stock|19,200 | | | | |
(right to buy) | |/98 | | | | |/99- |/08 | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | |12/17| | | | | | | |
| | | | | | |/01 | | | | | | | |
- -----------------------------------------------------------------------------------------------------------------------------------|
| | | | | | | | | | | | | | |
___________________________________________________________________________________________________________________________________|
</TABLE>
Explanation of Responses:
(1) Shares held in an IRA account by a memeber of Mr. Chow's family with
respect to which Mr. Chow disclaims beneficial ownership of any such
shares.
(2) As of last plan statement. The plan accounts for interests in units of
shares and a small amount of cash. As a result the number of underlying
shares may fluctuate from time to
time.
SIGNATURE OF REPORTING PERSON
/s/Joseph W. Chow
DATE
6/7/99