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________________________________________________________________________
                             ___
________________________________________________________________________
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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) August 28, 1998
                              
                              
               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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________________________________________________________________________
                             ___


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ITEM 5.  OTHER EVENTS

       On August 28, 1998, the Registrant issued a press release
       disclosing Russian exposure and approximate trading revenues for
       the quarter to date period.  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 August 28, 1998.



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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/   David H. Sidwell
                        ____________________________
                        NAME:  David H. Sidwell
                        TITLE: Managing Director and Controller
                         (Principal Accounting Officer)



DATE: August 28, 1998