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_________________________________________________________________
                           __________
_________________________________________________________________
                           __________
                                
               SECURITIES AND EXCHANGE COMMISSION
                                
                     WASHINGTON, D.C. 20549
                         ______________
                                
                            FORM 8-K
                                
                         CURRENT REPORT
                                
             PURSUANT TO SECTION 13 OR 15(d) OF THE
                                
                 SECURITIES EXCHANGE ACT OF 1934
                         ______________
                                
  Date of Report (Date of earliest event reported) May 23, 1995
                                
                                
                 J.P. MORGAN & CO. INCORPORATED
     (Exact name of registrant as specified in its charter)
                                
                                
        DELAWARE                1-5885              13-2625764
 (State or other juris-      (Commission          (IRS Employer
       diction of            File Number)      Identification No.)
     incorporation)

                                
        60 WALL STREET, NEW YORK, NEW YORK                  10260-
0060
     (Address of principal executive offices)               (Zip
Code)
                                
                                
    Registrant's telephone number, including area code (212) 483-
                              2323
                                
_________________________________________________________________
                                
                                
        (Former name or former address, if changed since last
                             report)
_________________________________________________________________
                           __________
_________________________________________________________________
                           __________


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ITEM 5.  OTHER EVENTS

         On May 23, 1995, the Registrant issued a press release
announcing the
         sale of its global custody business to The Bank of New
York.  The
         transaction is expected to close in six to nine months,
subject to
         various regulatory and other customary business
contingencies, and is
         expected to result in a gain.  A copy of such press
release is filed
         herein as Exhibit 99.


ITEM 7.  FINANCIAL STATEMENTS, PRO FORMA FINANCIAL INFORMATION
AND EXHIBITS

         (a) Financial Statements

             NONE.

         (b) Pro Forma Financial Information

             NONE.

         (c) Exhibits

             99.  Copy of press release of J.P. Morgan & Co.

                  Incorporated dated May 23, 1995.


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                           SIGNATURES




Pursuant to the requirements of the Securities Exchange Act of
1934, the

registrant has duly caused this report to be signed on its behalf
by the

undersigned hereunto duly authorized.







                        J.P. MORGAN & CO. INCORPORATED
                        ______________________________
                        (REGISTRANT)








                         /s/  PATRICIA A. JONES
                        ________________________
                        NAME: PATRICIA A. JONES
                        TITLE: MANAGING DIRECTOR



DATE: May 26, 1995