It is well known that the centerless W-1+infinity, algebra provides a
hamiltonian structure for the KP hierarchy. In this letter we address
the question whether the centerful version plays a similar role in any
related integrable system. We find that, surprisingly enough, the cen
trally extended W-1+infinity algebra yields yet another Poisson struct
ure for the same standard KP hierarchy. This is proven by explicit con
struction of the infinitely many new hamiltonians in closed form.