Pricing Supplement No. 22 Dated July 26, 1996 (To Prospectus Supplement dated February 20, 1996 and Prospectus dated January 31, 1996) Pursuant to Rule 424(b)(2) Registration Statement No. 33-64193 J.P. Morgan & Co. Incorporated Medium-Term Notes, Series A (Floating Rate Notes) Principal Amount: $5,000,000 CUSIP: 61687Y AU1 Trade Date: July 26, 1996 Settlement Date: August 16, 1996 Maturity Date: August 18, 2006 If principal amount is other than U.S. dollars, equivalent in U.S. dollars: N/A Exchange Agent: N/A Price to Public (Issue Price): 100% Net Proceeds to Issuer: 99.97% Interest Rate (per annum): 3-month LIBOR + 0.50%, subject to a Maximum Interest Rate of 9.25%. Intermediation calculations rounded to five decimal places; Coupon rounded to three decimal places. Interest Rate Basis: ( ) Commercial Paper Rate ( ) Federal Funds Rate ( ) LIBOR (Reuters) ( ) Treasury Rate Note (X) LIBOR (Telerate) ( ) Other: ( ) Prime Rate Interest Payment Date(s): August 18, November 18, February 18, May 18, of each year, commencing November 18, 1996. Record Date(s): (X) The fifteenth day (whether or not a Business Day) next preceding each Interest Payment Date. ( ) Other Initial Interest Rate Per Annum: Rate on the second Business Day preceding the Settlement Date. Interest Payment Period: ( ) Annual ( ) Semi-Annual ( ) Monthly (X) Quarterly (30/360 with no adjustment to period end date for calculation purposes.) Interest Reset Periods: ( ) Daily ( ) Weekly ( ) Monthly (X) Quarterly (30/360 with no adjustment to period end date for calculation purposes.) ( ) Semi-annually; the third Wednesday of : ( ) Annually; the third Wednesday of: Interest Determination Dates, if other than stated in the Prospectus Supplement: Second Business Day preceding the Interest Reset Date. Interest Reset Date if other than stated in the Prospectus Supplement: 18th of each August, November, February, and May (whether or not a Business Day) beginning November 18, 1996. Interest Calculation: (X) Regular Floating Rate ( ) Inverse Floating Rate (Fixed Interest Rate: ___%) ( ) Other Floating Rate (See attached) Spread (plus/minus): +.50% Spread Multiplier: N/A Index Maturity: 3 months Index Currency: N/A Maximum Interest Rate: 9.25% Minimum Interest Rate: 0.00% Calculation Date if other than stated in the Prospectus Supplement: N/A Right of Payment: ( ) Subordinated (X) Unsubordinated Day Count Basis: ( X) 30/360 with no adjustment to period end date for calculation purposes (Commercial Paper Rate Notes, Federal Funds Rate Notes, Prime Rate Notes and LIBOR Notes) ( ) Actual (Treasury Rate Notes) Form: (X) Book-Entry Note (DTC) ( ) Certificated Note Denomination: $500,000 with $5,000 integral multiples thereafter. Redemption: ( ) The Notes may not be redeemed prior to stated maturity. (X) The Notes may not be redeemed prior to August 18, 1999. The notes may be redeemed at the option of the Company upon at least 15 calendar days notice, in whole but not in part, on August 18, 1999, (subject to Business Day convention described in the Prospectus Supplement) at 100% of the principal amount thereof together with accrued interest to the date fixed for redemption; thereafter, the notes may not be redeemed. Optional Redemption Date(s): August 18, 1999 only (subject to Business Day convention described in the Prospectus Supplement) Initial Redemption Date: August 18, 1999 only (subject to Business Day convention described in the Prospectus Supplement) Initial Redemption Percentage: See above Annual Redemption Percentage Reduction: N/A Modified Payment Upon Acceleration: N/A Repayment Date Prices: N/A Sinking Fund: None Extendible Note: ( ) Yes (X) No Amortization Schedule: N/A Original Issue Discount: N/A Amount of OID: Yield to Maturity: Interest Accrual Date: Initial Accrual Period OID: Indexed Note: ( ) Yes (X) No Calculation Agent(s): (X) First Trust of New York, National Association ( ) Morgan Guaranty Trust Company of New York Plan of Distribution: J.P. Morgan Securities Inc. has acted as Agent on behalf of the Company. The Company has agreed to indemnify the Agent against certain liabilities, including liabilities under the Securities Act of 1933, as amended. Additional Terms: CAPITALIZED TERMS USED IN THIS PRICING SUPPLEMENT WHICH ARE DEFINED IN THE PROSPECTUS SUPPLEMENT OR THE PROSPECTUS SHALL HAVE THE MEANINGS ASSIGNED TO THEM IN THE PROSPECTUS SUPPLEMENT OR THE PROSPECTUS.