<SUBMISSION>
<ACCESSION-NUMBER>0000950103-06-002672
<TYPE>FWP
<PUBLIC-DOCUMENT-COUNT>2
<FILING-DATE>20061124
<DATE-OF-FILING-DATE-CHANGE>20061124
<SUBJECT-COMPANY>
<COMPANY-DATA>
<CONFORMED-NAME>MORGAN STANLEY
<CIK>0000895421
<ASSIGNED-SIC>6211
<IRS-NUMBER>363145972
<STATE-OF-INCORPORATION>DE
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<ACT>34
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<FILM-NUMBER>061238047
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<BUSINESS-ADDRESS>
<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
<ZIP>10036
<PHONE>212-761-4000
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<STREET1>1585 BROADWAY
<CITY>NEW YORK
<STATE>NY
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<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MORGAN STANLEY DEAN WITTER & CO
<DATE-CHANGED>19980326
</FORMER-COMPANY>
<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DEAN WITTER DISCOVER & CO
<DATE-CHANGED>19960315
</FORMER-COMPANY>
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<CONFORMED-NAME>MORGAN STANLEY
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<STREET1>1585 BROADWAY
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<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>MORGAN STANLEY DEAN WITTER & CO
<DATE-CHANGED>19980326
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<FORMER-COMPANY>
<FORMER-CONFORMED-NAME>DEAN WITTER DISCOVER & CO
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<SEQUENCE>1
<FILENAME>dp04107_fwp-ps125.htm
<TEXT>
<HTML>
<HEAD>
   <TITLE></TITLE>
</HEAD>
<BODY bgcolor="#ffffff">
<P align="right">
<B><I><FONT size=2 face="serif">Filed pursuant to Rule 433<br>
Registration Statement
No. 333-131266<br>
Relating to Preliminary Terms No. 125<br>
dated October 30, 2006</FONT></I></B></P>
<P align="center">
<FONT size=2 face="serif"><img src="logo.jpg" width="250" height="45"><br>
GLOBAL MEDIUM-TERM NOTES, SERIES F<br>
Senior Notes</FONT></P>
<P align="center">
<FONT size="3" face="serif">Pricing Sheet &#150; November 22, 2006</FONT></P>
<P align="center">
<B><FONT size=4 face="serif">Capital Protected Notes due May 20, 2010<br>
</FONT></B><FONT size=4 face="serif">Based on the Value of an International Basket of Four Indices</FONT></P>
<TABLE border=0 width=90% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Issue Price</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">&#36;10 per Note</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Aggregate Principal Amount</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">&#36;34,000,000</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Initial Basket Value</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">10</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=center>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Basket Indices</FONT></B>
	</TD>
	<TD  width=5% align="center">&nbsp;
	</TD>
	<TD width=20% align=center nowrap>
      <p><B><U><FONT size=2 face="serif">Percentage Weightings</FONT></U></B></p>
    </TD>
	<TD width=2% align=center nowrap>&nbsp;</TD>
	<TD width=20% align=center nowrap>
<B><U><FONT size=2 face="serif">Initial Index Closing</FONT></U></B>
	</TD>
	<TD  width=2% nowrap>&nbsp;
	</TD>
	<TD width=20% align=center nowrap>
<B><U><FONT size=2 face="serif">Multiplier</FONT></U></B>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>&nbsp;

	</TD>
	<TD  width=5% align="center">&nbsp;
	</TD>
	<TD width=20% align=left nowrap>&nbsp;

	</TD>
	<TD  width=2% nowrap>&nbsp;
	</TD>
	<TD width=20% align=center nowrap>
<B><U><FONT size=2 face="serif">Value</FONT></U></B>
	</TD>
	<TD  width=2% nowrap>&nbsp;
	</TD>
	<TD width=20% align=left nowrap>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<FONT size=2 face="serif">Dow Jones EURO STOXX 50</FONT><SUP><FONT size=2 face="serif">&#174; </FONT></SUP><FONT size=2 face="serif">Index</FONT>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">:</font>
	</TD>
	<TD width=20% align=center> <FONT size=2 face="serif">42.50%</FONT> </TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">4,085.76</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">0.001040198</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<FONT size=2 face="serif">Nikkei 225</FONT><SUP><FONT size=2 face="serif">&#174; </FONT></SUP><FONT size=2 face="serif">Index</FONT>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">:</font>
	</TD>
	<TD width=20% align=center> <FONT size=2 face="serif">42.50%</FONT> </TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">15,734.60</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">0.000270105</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<FONT size=2 face="serif">Hang Seng</FONT><SUP><FONT size=2 face="serif">&#174; </FONT></SUP><FONT size=2 face="serif">Index</FONT>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">:</font>
	</TD>
	<TD width=20% align=center> <FONT size=2 face="serif">10%</FONT> </TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">19,265.32</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">0.000051907</FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<FONT size=2 face="serif">S&amp;P Latin America 40</FONT><SUP><FONT size=2 face="serif">&#174; </FONT></SUP><FONT size=2 face="serif">Index</FONT>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">:</font>
	</TD>
	<TD width=20% align=center> <FONT size=2 face="serif">5%</FONT> </TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">3,098.33</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=center width=20%>
<FONT size=2 face="serif">0.000161377</FONT>
	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Participation Rate</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">100%</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Determination Date</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">May 18, 2010</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Pricing Date</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">November 22, 2006</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Original Issue Date (Settlement Date)</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">November 30, 2006</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">Listing</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">None</FONT>
	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=31%>
<B><FONT size=2 face="serif">CUSIP</FONT></B>
	</TD>
	<TD  width=5% align="center"><font size=2 face="serif">: </font>
	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">61748A353</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
<TR valign="bottom">
  <TD align=left>&nbsp;</TD>
  <TD align="center">&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
  <TD>&nbsp;</TD>
  <TD align=left>&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD width=31% align=left valign="top">
<B><FONT size=2 face="serif">Agent</FONT></B>	</TD>
	<TD  width=5% align="center" valign="top"><font size=2 face="serif">: </font>	</TD>
	<TD align=left width=20%>
<FONT size=2 face="serif">Morgan Stanley &amp; Co. Incorporated</FONT>
	</TD>
	<TD align=left width=2%>&nbsp;</TD>
	<TD align=left width=20%>&nbsp;</TD>
	<TD  width=2%>&nbsp;
	</TD>
	<TD align=left width=20%>&nbsp;

	</TD>
</TR>
</TABLE>
<P align="left">
<B><I><FONT size=2 face="serif">The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates.  Before you invest, you should read the prospectus in that registration
statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC Web site at </FONT></I></B><font size="2"><B><I><U><FONT
color="#0000ff" face="serif">www.sec.gov</FONT></U><FONT face="serif">.  Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by
calling toll-free 1-800-584-6837.</FONT></I></B></font></P>
<P align="left">
<font size="2"><B><I><FONT face="serif">&#147;Dow Jones EURO STOXX 50<SUP>&#174;</SUP>&#148; and &#147;STOXX<SUP>&#174;</SUP>&#148; are service marks of STOXX Limited. These service marks have been licensed for use for certain purposes by Morgan Stanley.</FONT></I></B></font></P>
<P align="left">
<font size="2"><B><I><FONT face="serif">&#147;Nikkei 225<SUP>&#174;</SUP> Index&#148; is a trademark of Nihon Keizai Shimbun, Inc. and has been licensed for use by
Morgan Stanley.</FONT></I></B></font></P>
<P align="left">
<font size="2"><B><I><FONT face="serif">The Hang Seng<SUP>&#174; </SUP>Index is published and compiled by HSI Services Limited pursuant to a license from Hang Seng
Data Services Limited. The mark and name Hang Seng Index is proprietary to Hang Seng Data Services Limited. HSI Services Limited and Hang Seng Data Services Limited have agreed to the use of, and reference to, the Hang Seng Index by Morgan Stanley
in connection with the Notes.</FONT></I></B></font></P>
<P align="left">
<font size="2"><B><I><FONT face="serif">"Standard &amp; Poor's<SUP>&#174;</SUP>," "S&amp;P<SUP>&#174;</SUP>," and &#147;S&amp;P Latin America 40<SUP>&#174;</SUP>&#148; are trademarks of The
McGraw-Hill Companies, Inc. and have been licensed for use by Morgan Stanley. </FONT></I></B></font></P>
<P align="left">
<font size="2"><B><I><FONT face="serif">The Notes are not sponsored, endorsed, sold or promoted by STOXX Limited, Nihon Keizai Shimbun, Inc., HSI Services Limited or any of its affiliates and Standard &amp; Poor&#146;s<SUP>&#174;</SUP> Corporation and STOXX Limited, Nihon Keizai Shimbun, Inc., HSI Services Limited or any of its affiliates and Standard &amp; Poor&#146;s<SUP>&#174;</SUP> Corporation make no representation regarding the advisability of investing in the Notes.</FONT></I></B></font></P>
<P align="left"><font face="Times New Roman, Times, serif"><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306002484/dp03858_fwp-ps125.htm"><font size="2">Preliminary
    Pricing Supplement No. 125 dated October 30, 2006<br>
</font></a><font size="2"><a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000523/dp02252_424b2.txt">Prospectus
Supplement for Capital Protected Notes dated March 14, 2006 </a><br>
<a href="http://www.sec.gov/Archives/edgar/data/895421/000095010306000145/jan2506_424b2.txt">Prospectus
dated January 25, 2006 </a></font></font></P>

<P align="left"><font size="2"><U></U></font></P>
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end
</TEXT>
</DOCUMENT>
</SUBMISSION>
