<PAGE> 1
===========================================================================
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) December 10, 1997
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 incorporation) File Number) Identification No.)
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)
===========================================================================
<PAGE> 2
ITEM 5. OTHER EVENTS
On December 10, 1997, the Registrant issued a press release
declaring its common stock, Adjustable Rate Cumulative Preferred
Stock Series A and Cumulative Preferred Stock Series H dividends
for the quarter ending December 31, 1997. The Registrant also
announced lower results for the first two months of the fourth
quarter. In addition, the Registrant announced the purchase of up
to seven million shares of its common stock which may be made in
1998 or beyond. A copy of such press release is attached hereto 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 December 10, 1997.
<PAGE> 3
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/ Grace B. Vogel
----------------------------
NAME: Grace B. Vogel
TITLE: Chief Accounting Officer
DATE: December 10, 1997
<PAGE> 1
December 10, 1997
J.P. Morgan announces quarterly dividend increase and continued share
repurchases; lower results in first two months of fourth quarter
The Board of Directors of J.P. Morgan & Co. Incorporated today declared
an increase in the regular quarterly dividend to $0.95 per share from $0.88 per
share on the company's common stock (NYSE: JPM) for the quarter ending December
31, 1997.
In conjunction with the dividend announcement, Morgan said that,
despite continuing progress toward strategic business objectives, earnings for
the first two months of the 1997 fourth quarter were adversely affected by
unsettled market conditions globally, which resulted in lower levels of client
activity and lower trading revenues.
The regular common stock dividend will be payable January 15, 1998, to
stockholders of record at the close of business on December 22, 1997.
Annualized, the new dividend is $3.80, compared with $3.52 previously, and
represents an increase of approximately 8%.
A dividend has been declared on the Adjustable Rate Cumulative
Preferred Stock, Series A (NYSE: JPM Pr A) at the rate of 5% per annum and in
the amount of $1.25 per share for the quarter ending December 31, 1997, payable
on December 31, 1997, to stockholders of record at the close of business on
December 22, 1997.
A dividend also has been declared on the Cumulative Preferred Stock,
Series H (NYSE: JPM Pr H) at the rate of 6.625% per annum and in the amount of
$8.28125 (or the equivalent of $0.828125 per depositary share) for the quarter
ending December 31, 1997, payable on December 31, 1997, to stockholders of
record at the close of business on December 22, 1997.
Separately, the Board also approved the purchase of up to 7 million
shares of J.P. Morgan common stock to lessen the dilutive impact on earnings per
share of the firm's employee benefit plans. These purchases may be made
periodically in 1998 or beyond in the open market or through privately
negotiated transactions. To date in 1997, the firm has purchased more than 6
million shares for its employee benefit plans.
# # #
