EXHIBIT 15



November 9, 2004

To the Board of Directors and Shareholders of Morgan Stanley:

We have made a review, in accordance with standards of the Public Company
Accounting Oversight Board (United States), of the unaudited interim financial
information of Morgan Stanley and subsidiaries for the periods ended February
29, 2004 and February 28, 2003, as indicated in our report dated April 6, 2004
(October 13, 2004, as to the effects of the restatement discussed in Note 18,
October 27, 2004 as to the effects of discontinued operations discussed in Note
19); because we did not perform an audit, we expressed no opinion on that
information.

Additionally, we have made a review, in accordance with standards of the Public
Company Accounting Oversight Board (United States), of the unaudited interim
financial information of Morgan Stanley and subsidiaries for the periods ended
May 31, 2004 and 2003, as indicated in our report dated July 12, 2004 (October
13, 2004, as to the effects of the restatement discussed in Note 18, October 27,
2004 as to the effects of discontinued operations discussed in Note 19); because
we did not perform an audit, we expressed no opinion on that information.

Additionally, we have made a review, in accordance with standards of the Public
Company Accounting Oversight Board (United States), of the unaudited interim
financial information of Morgan Stanley and subsidiaries for the periods ended
August 31, 2004 and 2003, as indicated in our report dated October 13, 2004;
because we did not perform an audit, we expressed no opinion on that
information.

We are aware that our reports referred to above, which are included in your
Quarterly Report on Form 10-Q for the quarter ended August 31, 2004 and in your
Current Report on Form 8-K filed October 28, 2004 for the quarters ended
February 29, 2004 and May 31, 2004, are being incorporated by reference in this
Amendment No. 1 to Registration Statement No. 333-117752 of Morgan Stanley on
Form S-3 dated November 9, 2004.

We also are aware that the aforementioned reports, pursuant to Rule 436(c) under
the Securities Act of 1933, are not considered a part of the Registration
Statements prepared or certified by an accountant or a report prepared or
certified by an accountant within the meaning of Sections 7 and 11 of that Act.




/s/ Deloitte & Touche
New York, New York