Pricing Supplement No. 17  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
(Floating Rate Notes)
                                

Principal Amount: $24,000,000

CUSIP: 61687Y AQ0

Trade Date: July 18, 1996

Settlement Date: July 23, 1996

Maturity Date: July 23, 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%

Net Proceeds to Issuer: 99.85607%

Interest Rate (per annum): 1-month LIBOR - .125%

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

Interest Payment Date(s):  The 23rd of each month, commencing
August 23, 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:  5.33203%

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

Interest Reset Periods:
     (  )  Daily    (  )  Weekly   ( X )  Monthly    (  )
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: The 23rd of each month, commencing August 23, 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 .125%   Spread Multiplier: N/A

Index Maturity: 1 month            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 Merrill Lynch, Pierce, Fenner & Smith
Incorporated at a price of 99.85607% of the principal amount of
the Notes.

The Company has agreed to indemnify JPMSI and Merrill Lynch,
Pierce, Fenner & Smith 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.