Pricing Supplement No. 15  Dated June 24, 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: $20,000,000

CUSIP: 61687Y AN7

Trade Date: June 24, 1996

Settlement Date: June 27, 1996

Maturity Date: June 26, 1998

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): 100.00%

Net Proceeds to Issuer: 99.98114%

Interest Rate (per annum): 3-month LIBOR - .06%

Interest Rate Basis:
     (  )  Commercial Paper Rate   (  )  Federal Funds Rate
     (  )  LIBOR (Reuters)         (  )  Treasury Rate Note
     (X)  LIBOR (Telerate)         (  )  Other:
     (  )  Prime Rate

Interest Payment Date(s): September 26, December 26, March 26,
June 26 of each year; commencing on September 26, 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: 5.50250%

Interest Payment Period: (  )  Annual   (  )  Semi-Annual    (  ) Monthly
                         ( X )  Quarterly

Interest Reset Periods:
     (  )  Daily    (  )  Weekly   (  )  Monthly    (X) Quarterly
     (  )  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: 26th of each September, December, March and June
beginning September 26, 1996.  If any Interest Reset Date, is not
a Business Day, such Interest Reset Date shall be postponed to
the next day that is a Business Day, except if such Business Day
is in the next succeeding calendar month, such Interest Reset
Date shall be the immediately preceding Business Day.

Interest Calculation:
     (X)  Regular Floating Rate
     (  )  Inverse Floating Rate (Fixed Interest Rate: ___%)
     (  )  Other Floating Rate (See attached)

Spread (plus/minus): minus .06%    Spread Multiplier: N/A

Index Maturity: 3 months           Index Currency: N/A

Maximum Interest Rate: N/A         Minimum Interest Rate: N/A

Calculation Date if other than stated in the Prospectus
Supplement: N/A

Right of Payment:
     (  )  Subordinated   (X)  Unsubordinated

Day Count Basis:       (  )  30/360 (Commercial Paper Rate Notes,
                             Federal Funds Rate Notes, Prime
                             Rate Notes and LIBOR Notes)
                       (X)  Actual/360

Form:     (X)  Book-Entry Note (DTC)
          (  )  Certificated Note

Denomination: $250,000 with $5,000 integral multiples thereafter.

Redemption:
(X)  The Notes may not be redeemed prior to stated maturity.
(  )  The Notes may be redeemed prior to maturity.

Optional Redemption Date(s):
Initial Redemption Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction:
Modified Payment Upon Acceleration:

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:
     The Company, through J.P. Morgan Securities Inc. ("JPMSI")
acting as the Company's agent, will sell the aggregate principal
amount of the Notes to Deutsche Morgan Grenfell/C.J. Lawrence
Inc. at a price of 99.98114% of the principal amount of the
Notes.

The Company has agreed to indemnify JPMSI and Deutsche Morgan
Grenfell/C.J. Lawrence Inc. 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.