1

                          EXHIBIT INDEX
                                

Exhibit 99     -     Press release of J.P. Morgan & Co.
Incorporated
                  dated February 14, 1995



     2

                                                       Exhibit 99
                                                                 
                                                February 14, 1995
                                                                 
                                                                 
                                                                 
                                                                 
                                                                 

 J.P. Morgan responds to ratings downgrade by Moody's Investors
                             Service
_________________________________________________________________
                             _______
                                

     J.P. Morgan & Co. Incorporated issued the following
statement today in response to Moody's Investors Service's
decision to lower the credit ratings of its holding company to
Aa2 and of its affiliates Morgan Guaranty Trust Company and J.P.
Morgan Delaware to Aa1.

     Morgan Chairman Douglas A. Warner III said, "J.P. Morgan is
a stronger firm, with better diversified business and risks, than
it was a decade ago, and we firmly believe it continues to merit
the highest ratings.  By traditional measures of creditworthiness
- -- capitalization, asset quality, liquidity, and long-term
profitability -- Morgan remains an exceptionally sound
institution.  Among the handful of firms that can intermediate
the increasing flow of global capital, our network of clients,
products, and people is the source of growing competitive
strength globally."

     In its announcement, Moody's cites J.P. Morgan's
"significant competitive strengths including:  excellent capital
protection...outstanding client base; and able management with
conservative banking practices....  The rating agency noted that
Morgan Guaranty and J.P. Morgan Delaware will share with one
other bank the highest rating accorded to any U.S. bank by
Moody's, and that J.P. Morgan's ratings remain higher than other
major investment banks."

     Morgan said it expects Moody's decision to have little
impact on the firm's business.


                             *  *  *