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                                                                      Exhibit 23




                       CONSENT OF INDEPENDENT ACCOUNTANTS



We hereby consent to the incorporation by reference in the Prospectuses
constituting part of the Registration Statements on Form S-3 (Nos. 33-44312,
33-45651, 33-49775, 33-55851, 33-64193, 333-01723, 333-01121, 333-01121-01,
333-15079, 333-15079-01 through 04, 333-20427, 333-20427-01 through 03,
333-37315, 333-40447, 333-38633 and 333-38633-01) and in the Registration
Statements on Form S-8, as amended, (Nos. 33-61167, 33-61181, 33-65065,
33-49267, 33-32659, 33-49419 and 33-63659) of our report dated January 14, 1998
appearing on page 41 of the J. P. Morgan & Co. Incorporated Annual Report, which
is included as Exhibit 13 to this Form 10-K for the year ended December 31,
1997.




/s/ PRICE WATERHOUSE LLP
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PRICE WATERHOUSE LLP
New York, New York
March 9, 1998