J. P. Morgan

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John Pierpont Morgan

John Pierpont Morgan (April 17, 1837March 31, 1913), American financier and banker, was born in Hartford, Connecticut, a son of Junius Spencer Morgan (18131890), who was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. in London. He was educated at the English High School in Boston and at the University of Göttingen.

Correction: This is about John Pierpont Morgan, known also as "Pierpont Morgan" and not about his son, John Pierpont Morgan, Jr. who inherited his father's role in banking. The son was known as J.P. Morgan, Jr.

Contents

Business

From 1857 to 1860 he worked in the New York City banking house of Duncan, Sherman & Co.; from 1860 to 1864 was agent and attorney in New York for George Peabody & Co. of London, and afterwards for its successor, J. S. Morgan & Co., of which he became head; in 1864–1871 he was a member of the firm of Dabney, Morgan & Co.; and in 1871 he entered the firm of Drexel, Morgan & Co., in which he was associated with Anthony J. Drexel, of Philadelphia, upon whose death in 1893 he became senior partner.

In 1895 the firm became J. P. Morgan & Co. Closely associated with Drexel & Co. of Philadelphia, Morgan, Harjes & Co. (successors to Drexel, Harjes & Co.) of Paris, and, Morgan, Grenfell & Co. (before 1910 J. S. Morgan & Co.) of London. It became one of the most powerful banking houses in the world. Its accomplishments were numerous.

It financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1895 it supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1902, it purchased the Leyland line of Atlantic steamships and other British lines, creating an Atlantic shipping combine, the International Mercantile Marine Co. As well, it, or the banking houses which it succeeded, reorganized a large number of railroads between 1869 and 1899.

Personal

Morgan was a prominent member of the Protestant Episcopal Church; an enthusiastic yachtsman, whose Columbia defeated the Shamrock in 1899 and 1901 for the America's Cup; a notable collector of books, pictures, and, other art objects, many loaned or given to the Metropolitan Museum of Art (of which he was president), and many housed in his London house and in his private library on 36th Street, near Madison Avenue, New York City (now the Pierpont Morgan Library); and a benefactor of the American Museum of Natural History, the Metropolitan Museum of Art, Harvard University (especially its medical school), the Lying-in Hospital of the City of New York and the New York trade schools.

A chronic skin disease (rosacea) plagued Morgan's nose, causing it to appear purple; a popular rhyme ran: "Johnny Morgan's nasal organ has a purple hue..."

In his satirical history of the United States, It All Started with Columbus, Richard Armour commented that "Morgan, who was a direct sort of person, made his money in money... He became immensely wealthy because of his financial interests, most of which were around eight or ten percent... This Morgan is usually spoken of as 'J.P.' to distinguish him from Henry Morgan, the pirate."

External links

  • John Pierpont Morgan (http://www.encyclopedia-titanica.org/biography.php/morgan_john_pierpont_2467.html)

References

  • J.P. Morgan : The Financier as Collector Publisher: By Auchincloss, Louis Harry N Abrams (September 1, 1990) ISBN 0810936100
  • J. P. Morgan: Banker to a Growing Nation (American Business Leaders) By Bryman Jeremy Publisher: Morgan Reynolds Publishing (June 1, 2001) ISBN 1883846609
  • The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance,By Chernow, Ron Publisher: Publishers Group West 1st edition (October 15, 2001) ISBN 0802138292
  • The Death of the Banker : The Decline and Fall of the Great Financial Dynasties and the Triumph of the Small Investor By Ron Chernow Publisher: Vintage; 1st edition (July 14, 1997) ISBN 0375700374
  • J.P. Morgan by Jackson,Stanley Publisher: Stein & Day Pub (November 1, 1983) ISBN 0812828240
  • J. P. Morgan Saves the Nation (Sun and Moon Classics) By Jones M., Jeffrey Larson,Johnathan

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