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                          EXHIBIT INDEX
                                

Exhibit 99     -     Press release of J.P. Morgan & Co.
Incorporated
                  dated February 27, 1995



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                                                       Exhibit 99
                                                                 
                                                February 27, 1995
                                                                 
                                                                 
                                                                 
                                                                 
                                                                 

         J.P. Morgan responds to S&P rating announcement
     ______________________________________________________
                                

     Standard & Poor's today affirmed AAA credit ratings for J.P.
Morgan's bank subsidiaries, Morgan Guaranty Trust Company and
J.P. Morgan Delaware, and lowered the rating of the holding
company to AA+.

     Morgan's exceptional capitalization, asset quality,
liquidity, and long-term profitability are reflected in Standard
& Poor's confirmation of triple-A ratings for our principal
operating units.  Morgan retains the highest credit ratings
accorded any U.S. banking firm by both Standard & Poor's and
Moody's Investors Service.

     In its announcement, Standard & Poor's cites J.P. Morgan's
"excellent risk controls" and "unique client franchise....which
should yield a staple of strong profits over the long term."  The
rating agency states that Morgan holds "one of the premier global
financial services franchises in the world."  S&P said the
outlook for both bank and holding company ratings is stable.

     In lowering the holding company rating, S&P said that
"despite excellent risk controls, trading income is affected by
periodic market perturbations."  Morgan expects this rating
action to have little effect on its business.


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