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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
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FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
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Date of Report (Date of earliest event reported) August 28, 1998
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 File Number) Identification No.)
incorporation)
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
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(Former name or former address, if changed since last report)
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ITEM 5. OTHER EVENTS
On August 28, 1998, the Registrant issued a press release
disclosing Russian exposure and approximate trading revenues for
the quarter to date period. A copy of such press release is
filed herein 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 August 28, 1998.
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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
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(REGISTRANT)
/s/ David H. Sidwell
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NAME: David H. Sidwell
TITLE: Managing Director and Controller
(Principal Accounting Officer)
DATE: August 28, 1998
News release: Immediate
August 28, 1998
J.P. MORGAN DISCLOSES RUSSIAN EXPOSURE
J.P. Morgan said today that its exposure to the Russian
Federation at August 27 was approximately $160 million.
This comprises credit and settlement exposure to Russian
counterparties of $70 million, including the full notional
amount of foreign exchange contracts, and net trading assets
of $90 million. In addition, Morgan has provided financing
to non-Russian institutional investors and investment funds
to invest in Russian assets. These financings are
substantially supported by cash and U.S. Treasury
collateral.
J.P. Morgan also said that, because of unsettled financial
markets globally and notably events in Russia, trading
revenues (including trading-related net interest income) for
the quarter to date are approximately $300 million. This
amount includes losses from write-downs of Russian trading
assets, partially offset by gains in other emerging markets,
and lower revenues from trading activities in developed
markets.
