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 byname J.p. Morgan (born April 17, 1837, Hartford, Conn., U.S.²
died March 31, 1913, Rome), American financier and industrial organizer, one of the world¶s
foremost financial figures during the two pre-World War I decades. He reorganized several
major railroads and consolidated the United States Steel, International Harvester, and General
Electric corporations.

The son of a successful financier, Junius Spencer Morgan (1813±90), John Pierpont was
educated in Boston and at the University of Göttingen. He began his career in 1857 as an
accountant with the New York banking firm of Duncan, Sherman and Company, which was the
American representative of the London firm George Peabody and Company. In 1861 Morgan
became the agent for his father¶s banking company in New York City. During 1864±71 he was a
member of the firm of Dabney, Morgan and Company, and in 1871 he became a partner in the
New York City firm of Drexel, Morgan and Company, which soon became the predominant
source of U.S. government financing. This firm was reorganized as J.P. Morgan and Company in
1895, and, largely through Morgan¶s ability, it became one of the most powerful banking houses
in the world.

Because of his links with the Peabody firm, Morgan had intimate and highly useful connections
with the London financial world, and during the 1870s he was thereby able to provide the rapidly
growing industrial corporations of the United States with much-needed capital from British
bankers. He began reorganizing railroads in 1885, when he arranged an agreement between two
of the largest railroads in the country, the New York Central Œ
  and the Pennsylvania
Railroad, that minimized a potentially destructive rate war and rail-line competition between
them. In 1886 he reorganized two more major railroads with the aim of stabilizing their financial
base. In the course of these corporate restructurings, Morgan became a member of the board of
directors of these and other railroads, thereby amassing great influence on them. Between 1885
and 1888 he extended his influence to lines based in Pennsylvania and Ohio, and after the
financial panic of 1893 he was called upon to rehabilitate a large number of the leading rail lines
in the country, including the Southern Railroad, the Erie Railroad, and the  
Pacific. He
helped to achieve railroad rate stability and discouraged overly chaotic competition in the East.
By gaining control of much of the  of the railroads that he reorganized, he became one of
the world¶s most powerful railroad magnates, controlling about 5,000 miles (8,000 km) of
American railroads by 1902. During the depression that followed the panic of 1893, Morgan
formed a syndicate that resupplied the U.S. government¶s depleted gold reserve with
$62,000,000 in gold in order to relieve a Treasury crisis. Three years later he began financing a
series of giant industrial 

 

 that were to reshape the corporate structure of the
American manufacturing sector. His first venture, in 1891, was to arrange the    of Edison
General Electric and Thomson-Houston Electric Company to form General Electric, which
became the dominant electrical-equipment manufacturing firm in the United States. Having
financed the creation of the Federal Steel Company in 1898, Morgan in 1901 joined in merging it
with the giant Carnegie Steel Company and other steel companies to form United States Steel
Corporation, which was the world¶s first billion-dollar corporation. In 1902 Morgan brought
together several of the leading agricultural-equipment manufacturers to form the International
Harvester Company. In that same year he organized, with less subsequent success, the
International Merchant Marine, an amalgamation of a majority of the transatlantic shipping lines.

Morgan successfully led the American financial community¶s attempt to avert a general financial
collapse following the stock market panic of 1907. He headed a group of bankers who took in
large government deposits and decided how the money was to be used for purposes of financial
relief, thereby preserving the solvency of many major banks and corporations. Having ceased to
undertake large industrial reorganizations, Morgan thereafter concentrated on amassing control
of various banks and


 companies. Through a system of interlocking memberships on
the boards of companies he had reorganized or influenced, Morgan and his banking house
achieved a top-heavy concentration of control over some of the nation¶s leading corporations and
financial institutions. This earned Morgan the occasional distrust of the federal government and
the enmity of reformers and muckrakers throughout the country, but he remained the dominant
figure in American capitalism until his death in 1913.

Morgan was one of the greatest art and book collectors of his day, and he donated many works of
art to the Metropolitan Museum of Art in New York City. His book collection and the building
that housed them in New York City became a public reference library in 1924.

Morgan, John Pierpont. Banker, financier. Born in Hartford, CT, April 17, 1837. Son of Junius
Spencer and Juliet (Pierpont) Morgan. Graduate of English high school, Boston. Student of
University of Gottingen, Germany. Entered bank of Duncan, Sherman & Co., 1857. Became
agent and attorney in United States, 1860, for George Peabody & Co., bankers, London, in which
his father was partner. Member of Dabney, Morgan & Co., investment securities, 1864-71.
Became member, 1871, of firm of Drexel, Morgan & Co., now J. P. Morgan & Co., leading
private bank United States; also J. S. Morgan & Co., London. Largely occupied as financier in
largest reorganizations of railways and consolidation of industrial properties. Floated United
States bonds issue of $62,000,000 during Cleveland administration. Organized and floated
securities of United States Steel Corporation, 1901 (capital, $1,100,000,000). Secured American
subscriptions of $50,000,000 to British war loan of April, 1901. Organized existing agreement of
anthracite operator of Pennsylvania, also of soft coal interests in Ohio, Indiana, and
Pennsylvania. Controlled over 50,000 miles of railways, large American and British ocean
transportation lines. Gave site, buildings, and funds amounting to about $1,500,000 to hospital,
New York, and large donations to the New York trade schools, the cathedral of St. John the
Divine, and many other institutions. Made valuable gifts to American Museum of Natural
History, Metropolitan Museum of Art, and New York Public Library. In 1912, he gave to
Library of Congress a complete set of autographs of the signers of the Declaration of
Independence. Owned famous collection of pictures (including famous Gainsborough painting),
books, manuscripts, curios, etc. President of Metropolitan Museum of Art; member of many
societies, clubs, etc. in United States and abroad. Died 1913.

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