8-K

                 SECURITIES AND EXCHANGE COMMISSION
                       Washington, D.C.  20549


                             FORM 8-K


                          CURRENT REPORT

                  Pursuant to Section 13 or 15(d)
               of the Securities Exchange Act of 1934

        Date of Report (Date of earliest event reported):
                         January 28, 1997

                          U.S. TRUST CORPORATION
      (Exact name of registrant as specified in its charter)

              Commission file number:        0-20469

New York                                          13-3818952
(State or other jurisdiction                (I. R. S. Employer
of incorporation or                          Identification No.)
organization)

114 West 47th Street, New York, New York                    10036
(Address of principal executive offices)               (Zip Code)

                         (212) 852-1000
        (Registrant's telephone number, including area code)

















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Item 5.     Other Events

     On January 28, 1997, U.S. Trust Corporation announced a 
dividend increase and stock split of its common stock.  A copy of 
the news release is attached hereto as Exhibit 99 and is 
incorporated herein by reference.




     Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed
on its behalf by the undersigned, hereunto duly authorized.





                                          U. S. Trust Corporation
                                          -----------------------
                                                 (Registrant)





Date:  February 11, 1997               By:   Richard E. Brinkmann
                                          -----------------------
                                             Richard E. Brinkmann
                                                  Comptroller and
                                           Chief Planning Officer
                                   (Principal Accounting Officer)















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                            EXHIBIT INDEX

Exhibit
Number                        Description
- -------    ------------------------------------------------------

99         U.S. Trust Corporation January 28, 1997 news release.


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EX-99

Exhibit 99
Contact:        Allison Cooke Kellogg
               (212) 852-1127

U.S. TRUST

               For Release:    IMMEDIATE

   U.S. TRUST ANNOUNCES STOCK SPLIT, DIVIDEND INCREASE AND SHARE
                  REPURCHASE AUTHORIZATION

New York, N.Y.; Jan. 28, 1997 -- The Board of Directors of U.S. 
Trust Corporation today approved a two-for-one stock split of its 
common shares, payable on Feb. 21, 1997, to shareholders of 
record on Feb. 7, 1997.

The board also approved a 20% increase in the corporation's 
regular quarterly dividend, payable on April 25, 1997, to 
shareholders of record on April 10, 1997.  After the stock split,
U.S. Trust's indicated annual dividend rate for 1997 will be 
$0.60 per share, or $0.15 per quarter, effective in the second 
quarter of 1997.  Currently, the corporation's annual dividend, 
on a pre-stock-split basis, is $1.00 per share.

In addition, U.S. Trust's board authorized the repurchase of up 
to 500,000 shares (1,000,000 shares after the stock split) of 
common stock for general corporate purposes.  The shares will be 
purchased in the open market from time to time at prevailing 
market prices or in directly negotiated purchases.  This is in 
addition to the approximately 438,000 shares (876,000 shares 
after the stock split) remaining from the repurchase 
authorization the board approved in July 1996 to be used to meet 
the corporation's obligations under its stock-based benefit 
plans, and it brings the total share repurchase authorization to 
938,000 shares (1,876,000 shares after the stock split).
                               -MORE-

U.S. Trust is an investment management company that also provides
fiduciary and private banking services.  Headquartered in New 
York City, U.S. Trust has over $53 billion in assets under 
management and serves affluent individuals, families and 
institutions nationwide through its offices in California, 
Connecticut, Florida, New Jersey, Oregon, Texas and Washington, 
D.C.


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