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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) June 21,
                            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 June 21, 1995, the Registrant issued a press
release announcing
         the sale of its U.S. commercial paper processing
business and the
         outsourcing of some processing services. 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 June 21, 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: June 22, 1995