EXHIBIT 23.1

                   CONSENT OF MORGAN STANLEY & CO. INCORPORATED

Board of Directors
Fritz Companies, Inc.
706 Mission Street
San Francisco, CA 94103

Members of the Board:

         We hereby consent to the use in the Registration Statement of United
Parcel Service, Inc. ("UPS") on Form S-4 and in the Proxy Statement/Prospectus
of UPS and Fritz Companies, Inc., which is part of the Registration Statement,
of our opinion dated January 9, 2001 appearing as Annex D to such Proxy
Statement/Prospectus, and to the description of such opinion and to the
references to our name contained therein under the heading "Summary", "The
Merger -- Background of the Merger", "The Merger -- Reasons for the Merger" and
"The Merger -- Opinion of Morgan Stanley& Co. Incorporated". In giving the
foregoing consent, we do not admit that we come within the category of persons
whose consent is required under Section 7 of the Securities Act of 1933, as
amended (the "Securities Act"), or the rules and regulations promulgated
thereunder, nor do we admit that we are experts with respect to any part of such
Registration Statement within the meaning of the term "experts" as used in the
Securities Act or the rules and regulations promulgated thereunder.

                                    MORGAN STANLEY & CO. INCORPORATED


                                    By: /s/ MARK D. EICHORN
                                       ----------------------------------------
                                            Mark D. Eichorn
                                            Managing Director

New York, NY
April 2, 2001