Pricing Supplement No. 91 Dated May 19, 1998
(To Prospectus Supplement dated December 1, 1997
and Prospectus dated November 24, 1997)
Pursuant to Rule 424(b)(3)
Registration Statement No. 333-40447
J.P. Morgan & Co. Incorporated
Medium-Term Notes, Series A
(Floating Rate Notes)
Principal Amount: $30,000,000
CUSIP: 61687Y CY1
Trade Date: May 19, 1998
Settlement Date: May 22, 1998
Maturity Date: May 22, 2000
If principal amount is other than U.S. dollars, equivalent in
U.S. dollars: N/A
Exchange Agent: N/A
Price to Public (Issue Price): 100%
Net Proceeds to Issuer: $30,000,000
Interest Rate (per annum): The simple weighted average of the
daily Federal Funds Rate as set forth in the FED Statistical
Release "H.15" (Telerate page 120) plus 16.25 basis points
(0.1625%) with one day "Look Back" - i.e., the Federal Funds Rate
applicable for each Interest Reset Date shall be the Federal
Funds Rate as of the close of business on the preceding Business
Day; and a two day "Cut Off" - i.e., the Calculation Agent shall
apply the Federal Funds Rate for each Interest Reset Day up to
and including the second Business Day immediately prior to each
Interest Payment Date in accordance with the one day "Look Back"
provision. The Daily Federal Funds effective rate for Thursday
applies to Friday, Saturday and Sunday and the rate for Friday
applies to Monday. In addition, the Interest Rate determined on
the second Business Day immediately prior to each Interest
Payment Date shall be applicable for all Interest Reset Dates
from such Business Day up to but excluding the immediately
following Interest Payment Date.
Interest Rate Basis:
( ) Commercial Paper Rate (X) Federal Funds Rate
( ) LIBOR (Reuters) ( ) Treasury Rate Note
( ) LIBOR (Telerate) ( ) Other:
( ) Prime Rate
Interest Payment Date(s): August 22, November 22, February 22 and
May 22 of each year, commencing August 22, 1998.
Record Date(s): (X) The fifteenth day (whether or not a Business
Day) next preceding each Interest Payment Date.
( ) Other
Initial Interest Rate Per Annum: In accordance with the Interest
Rate above.
Interest Payment Period: ( ) Annual ( ) Semi-Annual
( ) Monthly ( X ) Quarterly ( ) Other:
Interest Reset Periods:
( X ) Daily ( ) Weekly ( ) Monthly
( ) Quarterly (Actual/360)
( ) Semi-annually; the third Wednesday of:
( ) Annually; the third Wednesday of:
Interest Determination Dates: For calculation of each Interest
Payment, two New York Business Days prior to each Interest
Payment Date.
Interest Reset Date if other than stated in the Prospectus
Supplement: Daily, with one day "Look Back" - i.e., the Federal
Funds Rate applicable for each Interest Reset Date shall be the
Federal Funds Rate as of the close of business on the preceding
Business Day; and a two day "Cut Off" - i.e., the Calculation
Agent shall apply the Federal Funds Rate for each Interest Reset
Day up to and including the second Business Day immediately prior
to each Interest Payment Date in accordance with the one day
"Look Back" provision. The Daily Federal Funds effective rate
for Thursday applies to Friday, Saturday and Sunday and the rate
for Friday applies to Monday. In addition, the Interest Rate
determined on the second Business Day immediately prior to each
Interest Payment Date shall be applicable for all Interest Reset
Dates from such Business Day up to but excluding the immediately
following Interest Payment Date.
Interest Calculation:
(X) Regular Floating Rate
( ) Inverse Floating Rate (Fixed Interest Rate: ___%)
( ) Other Floating Rate (See attached)
Spread (plus/minus): plus 16.25 basis points
Spread Multiplier: N/A
Index Maturity: Daily Index Currency: N/A
Maximum Interest Rate: N/A Minimum Interest Rate: 0.00%
Calculation Date if other than stated in the Prospectus
Supplement: N/A
Right of Payment:
( ) Subordinated (X) Unsubordinated
Day Count Basis: ( X) Actual/360
(Commercial Paper Rate Notes,
Federal Funds Rate Notes, Prime
Rate Notes and LIBOR Notes)
( ) Actual (Treasury Rate Notes)
Form: (X) Book-Entry Note (DTC)
( ) Certificated Note
Denomination: $1,000 with $1,000 integral multiples thereafter.
Redemption:
( X ) The Notes may not be redeemed prior to stated maturity.
( ) The Notes may be redeemed prior to stated maturity.
Optional Redemption Date(s): N/A
Initial Redemption Date: N/A
Initial Redemption Percentage: N/A
Annual Redemption Percentage Reduction: N/A
Modified Payment Upon Acceleration: N/A
Repayment Date Prices: N/A
Sinking Fund: None
Extendible Note: ( ) Yes (X) No
Amortization Schedule: N/A
Original Issue Discount: N/A
Amount of OID:
Yield to Maturity:
Interest Accrual Date:
Initial Accrual Period OID:
Indexed Note: ( ) Yes (X) No
Calculation Agent(s): (X) U.S. Bank Trust National Association
( ) Morgan Guaranty Trust Company of New York
Plan of Distribution:
J.P. Morgan Securities Inc. has acted as Agent on behalf of
the Company. The Company has agreed to indemnify the Agent
against certain liabilities, including liabilities under the
Securities Act of 1933, as amended.
Additional Terms:
CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE
DEFINED IN THE PROSPECTUS SUPPLEMENT OR THE PROSPECTUS SHALL HAVE
THE MEANINGS ASSIGNED TO THEM IN THE PROSPECTUS SUPPLEMENT OR
THE PROSPECTUS.
