1


                             Exhibit 12
                                  
          Computation of Ratio of Earnings to Fixed Charges
                   J.P. Morgan & Co. Incorporated
                            Consolidated
_____________________________________________________________________

  Dollars in millions                                    Three months
                                                                 1995
_____________________________________________________________________
                                                           
Earnings:
  Net income                                                    $255
  Add:  income taxes                                             131
  Less:  equity in undistributed income of all affiliates
     accounted for by the equity method                            4
  Add:  fixed charges, excluding interest on deposits          1,359
_____________________________________________________________________
  Earnings available for fixed charges, excluding
     interest on deposits                                      1,741
  Add:  interest on deposits                                     619
_____________________________________________________________________
  Earnings available for fixed charges, including
     interest on deposits                                      2,360
_____________________________________________________________________
Fixed charges:
  Interest expense, excluding interest on deposits             1,351
  Interest factor in net rental expense                            8
_____________________________________________________________________
  Total fixed charges, excluding interest on deposits          1,359
  Add:  interest on deposits                                     619
_____________________________________________________________________
  Total fixed charges, including interest on deposits          1,978
_____________________________________________________________________
Ratio of earnings to fixed charges:
  Excluding interest on deposits                                1.28
  Including interest on deposits                                1.19
_____________________________________________________________________


    2


                             Exhibit 12
                                  
Computation of Ratio of Earnings to Fixed Charges and Preferred Stock Dividends
                   J.P. Morgan & Co. Incorporated
                            Consolidated
_______________________________________________________________________________

Dollars in millions                                        Three months
                                                                 1995
_______________________________________________________________________________
                                                           
Earnings:
  Net income                                                    $  255
  Add:  income taxes                                               131
  Less:  equity in undistributed income of all affiliates
     accounted for by the equity method                              4
  Add:  fixed charges, excluding interest on deposits
     and preferred stock dividends                               1,359
_______________________________________________________________________________
  Earnings available for fixed charges, excluding
     interest on deposits                                        1,741
  Add:  interest on deposits                                       619
_______________________________________________________________________________
  Earnings available for fixed charges, including
     interest on deposits                                        2,360
_______________________________________________________________________________
Fixed charges:
  Interest expense, excluding interest on deposits               1,351
  Interest factor in net rental expense                              8
  Preferred stock dividends                                          9
_______________________________________________________________________________
  Total fixed charges, excluding interest on deposits            1,368
  Add:  interest on deposits                                       619
_______________________________________________________________________________
  Total fixed charges, including interest on deposits            1,987
_______________________________________________________________________________
Ratio of earnings to fixed charges:
  Excluding interest on deposits                                  1.27
  Including interest on deposits                                  1.19
_______________________________________________________________________________