J.P. Morgan & Co., New York, has elected Paul A. Allaire, chairman and chief executive officer of Xerox Corp., and Ellen V. Futter, former chairman of the Federal Reserve Bank of New York, to its board.

Mr. Allaire joined Xerox in 1966 as a financial analyst and has held its top jobs since 1991.

After leaving the New York Fed, Ms. Futter was president of Barnard College in New York for 13 years. Since 1993 she has been president of the American Museum of Natural History.

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