Registration No. 333-73083 Rule 424 (b)(2)
                                     Pricing Supplement No:231 Cusip:14912LD81
                                     Dated:  June 2, 1999

	Caterpillar Financial Services Corporation
	Medium-Term Notes, Series F
	(Floating Rate)
	With Maturities of 9 Months or More from Date of Issue

Principal Amount:       Initial Interest Rate:        Proceed Amount:
$50,000,000             3 Month LIBOR + 20bps          $49,912,500


Original Issue Date:    Commission Fee:               Maturity Date:
06/07/99                  $87,500                      02/15/2002

Dealer:	     Index Maturity:                Spread +/-:
Merrill Lynch               Quarterly                       +20


Specified Currency:     Option to Elect Payment       Authorized Denominations
x U.S. dollars          in U.S. dollars               (only applicable if
_ Other:___________     (only applicable if           Specified Currency is
                        Specified Currency is         other than U.S.
                        other than U.S. dollars):      N/A
                           N/A

The Note is a:                                        Exchange Rate Agent
    X Global Note                                     (if other than U.S.
      Certificated Note                                 Bank Trust, N.A.): N/A
     (only applicable if
      Specified Currency
      is other than U.S. dollars)                     Spread Multiplier: N/A

Interest Rate Basis or Bases: 3 Month LIBOR + 20bps

LIBOR Source (only applicable if LIBOR Interest Rate Basis):
   Reuters         X  Telerate

LIBOR Currency (only applicable if LIBOR Interest Rate Basis): U.S. Dollar


Maximum Interest Rate:  N/A             Interest Payment Period: Quarterly

Interest Payment Dates: Coupons will pay/reset on the 15th of February, May,
	 August, and November (or next good business
	 day) modified following convention.
                        Initial payment due 08/16/99.

Minimum Interest Rate: N/A

Interest Rate Reset Option:  _ Yes    x No

Optional Reset Dates (only applicable if option to reset spread or spread
multiplier): N/A

Basis for Interest Rate Reset (only applicable if option to reset spread or
spread multiplier): N/A

Minimum Interest Rate:  N/A              Interest Payment Dates:  N/A

Stated Maturity Extension Option:  _ Yes    X No

Extension Period(s) and Final Maturity Date (only applicable if option to
extend stated maturity):  N/A


Basis for Interest Rate During Extension Period (only applicable if option to
extend stated maturity):  N/A


Historical Exchange Rate (only applicable if Specified Currency other than
U.S. dollars):  N/A


Interest Payment Dates: Coupons will pay/reset on the 15th of February, May,
	 August, and November (or next good business
	 day) modified following convention.
                              Initial payment due 08/16/99.

Interest Determination Dates: Two London business days prior to the reset
                              date.


Calculation Agent (if other than U.S. Bank Trust, N.A.): N/A

Original Issue Discount Note:  Total Amount of OID: N/A Terms of Amortizing
     __ Yes    x No                                       Notes: N/A
                               Issue Price (expressed
                               as a percentage of
                               aggregate principal
                               amount): 100%


Redemption Date(s) (including                      Redemption Price(s): N/A
any applicable regular or
special record dates): N/A

Repayment Date(s) (including                       Repayment Price(s):  N/A
 any applicable regular or
special record dates): N/A

Other Terms: N/A

     The interest rates on the Notes may be changed by Caterpillar Financial
Services Corporation from time to time, but any such change will not affect
the interest rate on any Note ordered prior to the effective date of the
change.  Prior to the date of this Pricing Supplement, $578.80MM principal
amount of the Notes had been sold at interest rates then in effect.



	_________________________________

	Pricing Supplement to Prospectus Supplement dated March 25, 1999
	and Prospectus dated March 3, 1999.