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MORGAN STANLEY

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                                                                    EXHIBIT 13.1
 
17.  QUARTERLY RESULTS (UNAUDITED)



                                                                      1997                            
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                                                                 FISCAL QUARTER                       
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(DOLLARS IN MILLIONS,
EXCEPT SHARE AND PER SHARE DATA)              FIRST          SECOND           THIRD          FOURTH   
------------------------------------------------------------------------------------------------------
                                                                                       
Revenues
   Investment banking                 $         522   $         581   $         818   $         773   
   Principal transactions:
     Trading                                    869             722             778             822   
     Investments                                 56             136             206              65   
   Commissions                                  490             484             559             553   
   Fees:
     Asset management, distribution
       and administration                       587             610             656             652   
     Merchant and cardmember                    436             424             433             411   
     Servicing                                  202             184             196             180   
   Interest and dividends                     3,369           3,197           3,570           3,447   
   Other                                         29              38              41              36   
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     Total revenues                           6,560           6,376           7,257           6,939   
   Interest expense                           2,709           2,478           2,765           2,854   
   Provision for consumer
     loan losses                                379             376             385             353   
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   Net revenues                               3,472           3,522           4,107           3,732   
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Non-interest expenses
   Compensation and benefits                  1,490           1,505           1,849           1,175   
   Occupancy and equipment                      128             127             134             137   
   Brokerage, clearing and
     exchange fees                               95             113             130             122   
   Information processing
     and communications                         270             267             249             294   
   Marketing and business
     development                                288             274             293             324   
   Professional services                         93              99             127             132   
   Other                                        180             180             219             191   
   Merger-related expenses                       --              74              --              --   
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   Total non-interest expenses                2,544           2,639           3,001           2,375   
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Income before income taxes                      928             883           1,106           1,357   
Provision for income taxes                      357             356             428             547   
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Net income                            $         571   $         527   $         678   $         810   
--------------------------------------================================================================
Earnings applicable to
   common shares(1)                   $         552   $         509   $         663   $         796   
--------------------------------------================================================================
Per common share(2)
   Primary earnings(3)                $         .93   $         .85   $        1.11   $        1.33   
   Fully diluted earnings(3)          $         .91   $         .83   $        1.09   $        1.30   
   Dividends to common
     shareholders                     $         .14   $         .14   $         .14   $         .14   
   Book value                         $       18.70   $       19.37   $       20.25   $       22.11   
Average common and
     equivalent shares(2)
   Primary                              593,495,440     598,282,535     597,921,853     600,038,489   
   Fully diluted                        606,621,425     611,724,590     610,187,894     612,255,249   

Stock price range(4)                   $32.19-43.75    $34.50-41.50    $41.00-53.88    $47.31-58.75   
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                                                     1996                                             
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                                                                    FISCAL QUARTER                    
----------------------------------------------------------------------------------------------------- 
(DOLLARS IN MILLIONS,                                                                                 
EXCEPT SHARE AND PER SHARE DATA)              FIRST           SECOND           THIRD          FOURTH  
----------------------------------------------------------------------------------------------------- 
                                                                                       
Revenues                                                                                              
   Investment banking                 $         464    $         599   $         477   $         650  
   Principal transactions:                                                                            
     Trading                                    823              679             534             623  
     Investments                                 (7)              38              29              26  
   Commissions                                  455              463             412             446  
   Fees:                                                                                              
     Asset management, distribution                                                                   
       and administration                       397              429             427             479  
     Merchant and cardmember                    319              346             379             461  
     Servicing                                  198              189             220             202  
   Interest and dividends                     2,794            2,809           3,038           2,647  
   Other                                         30               37              23              36  
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     Total revenues                           5,473            5,589           5,539           5,570  
   Interest expense                           2,250            2,245           2,419           2,020  
   Provision for consumer                                                                             
     loan losses                                224              270             302             418  
----------------------------------------------------------------------------------------------------- 
   Net revenues                               2,999            3,074           2,818           3,132  
------------------------------------------------------------------------------------------------------
Non-interest expenses                                                                                 
   Compensation and benefits                  1,275            1,303           1,171           1,322  
   Occupancy and equipment                      119              120             122             132  
   Brokerage, clearing and                                                                            
     exchange fees                               77               79              76              85  
   Information processing                                                                             
     and communications                         232              239             249             276  
   Marketing and business                                                                             
     development                                229              243             247             308  
   Professional services                         60               80              85             109  
   Other                                        167              166             160             175  
   Merger-related expenses                       --               --              --              --  
----------------------------------------------------------------------------------------------------- 
   Total non-interest expenses                2,159            2,230           2,110           2,407  
----------------------------------------------------------------------------------------------------- 
Income before income taxes                      840              844             708             725  
Provision for income taxes                      322              304             250             261  
----------------------------------------------------------------------------------------------------- 
Net income                            $         518    $         540   $         458   $         464  
--------------------------------------=============================================================== 
Earnings applicable to                                                                                
   common shares(1)                   $         502    $         523   $         443   $         446  
--------------------------------------=============================================================== 
Per common share(2)                                                                                   
   Primary earnings(3)                $         .83    $         .87   $         .75   $         .76  
   Fully diluted earnings(3)          $         .81    $         .86   $         .73   $         .74  
   Dividends to common                                                                                
     shareholders                     $         .11    $         .11   $         .11   $         .11  
   Book value                         $       15.86    $       16.42   $       16.93   $       18.43  
Average common and                                                                                    
     equivalent shares(2)                                                                             
   Primary                              606,585,943      600,219,450     591,882,036     587,117,776  
   Fully diluted                        620,807,404      612,616,954     604,879,722     601,438,805  
Stock price range(4)                   $22.50-29.00     $25.56-31.06    $24.13-28.88    $27.56-34.38  
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(1)  Amounts shown are used to calculate primary earnings per share.
(2)  Per share and share data have been restated to reflect the Company's
     two-for-one stock split.
(3)  Summation of the quarters' earnings per common share may not equal the
     annual amounts due to the averaging effect of the number of shares and
     share equivalents throughout the year.
(4)  Prices represent the range of sales per share on the New York Stock
     Exchange for the periods indicated. The number of stockholders of record at
     November 30, 1997 approximated 192,440. The number of beneficial owners of
     common stock is believed to exceed this number.


MSDWD 98
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