J.P. Morgan & Co. chairman Dennis P. Weatherstone doesn't like talking to the press any more than most chief executives, but he knows the value of good publicity.

At the bank company's annual meeting last week, Mr. Weatherstone told a shareholder that Morgan's planned advertising budget for 1993 is $10 million. Though relatively modest by the standards of some money-center competitors, that figure is 60% higher than the $6.25 million Morgan spent in 1992.

"We deferred some [ad spending] last year," Mr. Weatherstone said. "We were doing really well so we let the press do our advertising for us."

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