Pricing Supplement No. 51  Dated September 11, 1997
(To Prospectus Supplement dated February 20, 1996
and Prospectus dated January 31, 1996)

Pursuant to Rule 424(b)(3)
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 BS5

Trade Date: September 11, 1997

Settlement Date: September 24, 1997

Maturity Date:  September 24, 2007

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): 100.0%

Net Proceeds to Issuer:  99.95%

Interest Rate (per annum): 3-month LIBOR + 0.50%, subject to
a Maximum Interest Rate of 8.50%.
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): December 24, March 24, June 24 and
September 24 of each year, commencing December 24, 1997

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
(  )  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: Quarterly:  December 24, March 24, June 24 and
September 24 of each year, (whether or not a Business Day)
commencing December 24, 1997.

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: 8.50%            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 September 24,
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 September 24, 1999 and each Interest Payment
Date thereafter (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.

Optional Redemption Date(s): September 24, 1999 and each
Interest Payment Date thereafter (subject to Business Day
convention described in the Prospectus Supplement)

Initial Redemption Date: September 24, 1999 (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.