Pricing Supplement No. 18  Dated July 18, 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
Subordinated Debt Securities
(Floating Rate Notes)
                                

Principal Amount: $5,200,000

CUSIP: 61688A AC2

Trade Date: July 18, 1996

Settlement Date: July 24, 1996

Maturity Date: July 24, 2026

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: 99.00%

Interest Rate (per annum): 3-month LIBOR - 0.22%

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

Interest Payment Date(s): October 24, January 24, April 24, July 24

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

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
Payment Date.

Interest Reset Date if other than stated in the Prospectus
Supplement: The 24th of each October, January, April and July
beginning October 24, 1996.  If any Interest Reset Date, is not a
Business Day, such Interest 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 .22%    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:
     (X)  Subordinated   ( )  Unsubordinated

Day Count Basis:       (  )  30/360
                        (X)  Actual/360

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

Denomination: $100,000 with $100,000 integral multiples thereafter.

Redemption:
(  )  The Notes may not be redeemed prior to stated maturity.
(X)   The Notes may not be redeemed prior to July 24, 2006.
Thereafter, the notes may be redeemed at the option of the Note
Holder upon at least 15 calendar days notice, but not more than
30 calendar days notice on July 24, 2006, July 24, 2011, July 24,
2016, and July 24, 2021 (subject to Business Day convention
described in the Prospectus Supplement), at the principal amounts
listed below for such date in the applicable Redemption Date
Prices section, together with accrued interest to the date fixed
for redemption.  Such redemption may be made in minimum
denominations of $100,000 with $100,000 integral multiples
thereafter.

Optional Redemption Date(s): July 24, 2006; July 24, 2011; July
24, 2016; and July 24, 2021 inclusive (subject to Business Day
convention described in the Prospectus Supplement)
Initial Redemption Date: July 24, 2006 (subject to Business Day
convention described in the Prospectus Supplement)
Initial Redemption Percentage: See Redemption Date Prices section below
Annual Redemption Percentage Reduction: N/A
Modified Payment Upon Acceleration: N/A

Redemption Date Prices:
               Date           Redemption Price Percentage
               July 24, 2006  99.319%
               July 24, 2011  99.558%
               July 24, 2016  99.875%
               July 24, 2021  100.00%

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 Goldman Sachs Incorporated at a price of
99.00% of the principal amount of the Notes.

The Company has agreed to indemnify JPMSI and Goldman Sachs
Incorporated 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.