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                          EXHIBIT INDEX
                                

Exhibit 99     -     Press release of J.P. Morgan & Co.
Incorporated
                  dated May 23, 1995



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                                                       Exhibit 99
                                                                 
                                                     May 23, 1995
                                                                 
                                                                 
                                                                 
                                                                 
                                                                 

  J.P. Morgan announces the sale of its global custody business
________________________________________________________________
                                

     J.P. Morgan announced today that The Bank of New York has
agreed to acquire Morgan's global custody business, including its
custody-related securities lending and domestic custody business
in the United States and the United Kingdom.  The transaction is
expected to be completed in six to nine months; its terms were
not disclosed.

     J.P. Morgan Chairman Douglas A. Warner III said:  "Our
clients will be well served by The Bank of New York's commitment
to providing excellent, cost-effective service, and we will work
closely with them to ensure a smooth business transition.  The
sale of this business reflects a sharpening of Morgan's strategic
focus and will free up resources to invest in core global banking
activities."

     Morgan provides custody services for more than $800 billion
of client assets.  The firm's decision to sell this segment of
its business reflects the increasing maturity of the custody
business and a trend toward consolidation among providers of
global custody services.  Large, highly cost-efficient providers
increasingly dominate the field, and substantial continuing
investment in technology is required to remain a leader.
Assessing strategic priorities in light of these factors, Morgan
concluded that the potential value of its custody business could
best be realized by an institution focusing on custody as a core
service.  The sale will enable Morgan to reallocate resources
with a view toward maximizing shareholder value.

     J.P. Morgan's role as operator of the Euroclear System, the
world's largest clearance and settlement system for
internationally traded securities, will not be affected by the
sale.

     J.P. Morgan is a global banking firm that serves clients
with complex financial needs through an integrated range of
advisory, financing, trading, investment, and related
capabilities.




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