Pricing Supplement No. 98 Dated September 8, 1998
(To Prospectus Supplement dated May 26, 1998
and Prospectus dated May 21, 1998)
Pursuant to Rule 424(b)(3)
Registration Statement No. 333-51961
J.P. Morgan & Co. Incorporated
Medium-Term Notes, Series A
(Floating Rate Notes)
Principal Amount: $280,000,000
CUSIP: 61687Y DE4
Trade Date: September 8, 1998
Settlement Date: September 14, 1998
Maturity Date: September 15, 1999
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): 100.0%
Net Proceeds to Issuer: $280,000,000 (100%)
Interest Rate (per annum): Prime as set forth in the H.15
(Telerate page 125) minus 289 basis points, with one day "Look
Back" - i.e., the Prime Rate applicable for each Interest Reset
Date shall be the Prime 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 Prime 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 Prime Rate as of the close of
business on 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 ( ) Federal Funds Rate
( ) LIBOR (Reuters) ( ) Treasury Rate Note
( ) LIBOR (Telerate) ( ) Other:
( X ) Prime Rate
Interest Payment Date(s): December 15, March 15, June 15 and
September 15 of each year, commencing December 15, 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
( ) 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 Prime
Rate applicable for each Interest Reset Date shall be the Prime
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 Prime 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 Prime Rate as of the close of business on
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): Minus 289 basis points Spread Multiplier: N/A
Index Maturity: Daily Index Currency: N/A
Maximum Interest Rate: N/A Minimum Interest Rate: 0
Calculation Date if other than stated in the Prospectus
Supplement: N/A
Right of Payment:
( ) Subordinated (X) Unsubordinated
Day Count Basis: ( ) 30/360 (Commercial Paper Rate Notes,
Federal Funds Rate Notes, Prime
Rate Notes and LIBOR Notes)
(X) Actual/360
Form: (X) Book-Entry Note (DTC)
( ) Certificated Note
Denomination: $250,000 with $50,000 integral multiples
thereafter.
Redemption:
(X) The Notes may not be redeemed prior to stated maturity.
( ) The Notes may be redeemed prior to 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.
