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John Pierpont Morgan, 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 Railroad 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 Northern Pacific. He helped to achieve railroad rate stability and discouraged overly chaotic competition in the East. By gaining control of much of the stock 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
Morgan thereafter concentrated on amassing control of various banks and insurance companies. and many other institutions. 1857.. 1837. London. Morgan in 1901 joined in merging it with the giant Carnegie Steel Company and other steel companies to form United States Steel Corporation. P.. Student of University of Gottingen. he gave to . thereby preserving the solvency of many major banks and corporations. but he remained the dominant figure in American capitalism until his death in 1913. Morgan & Co.500. Secured American subscriptions of $50. His first venture. Entered bank of Duncan. financier. Organized existing agreement of anthracite operator of Pennsylvania. His book collection and the building that housed them in New York City became a public reference library in 1924.000. Made valuable gifts to American Museum of Natural History.000 miles of railways.. Son of Junius Spencer and Juliet (Pierpont) Morgan. of firm of Drexel. Largely occupied as financier in largest reorganizations of railways and consolidation of industrial properties.000 to hospital.formed a syndicate that resupplied the U. the cathedral of St. John the Divine. 1901.000. for George Peabody & Co. bankers.000 to British war loan of April. Gave site.000. Sherman & Co. was to arrange the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. Morgan successfully led the American financial community¶s attempt to avert a general financial collapse following the stock market panic of 1907. Member of Dabney. large American and British ocean transportation lines. investment securities. New York. CT. government¶s depleted gold reserve with $62. also of soft coal interests in Ohio. Morgan & Co.000 during Cleveland administration. with less subsequent success. the International Merchant Marine. 1871. Floated United States bonds issue of $62. April 17. London. Boston. Graduate of English high school. Became member. also J. which was the world¶s first billion-dollar corporation. 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. Having ceased to undertake large industrial reorganizations. 1901 (capital. in which his father was partner. Became agent and attorney in United States. 1864-71. Having financed the creation of the Federal Steel Company in 1898. In 1912. Banker. and large donations to the New York trade schools. and Pennsylvania. an amalgamation of a majority of the transatlantic shipping lines. Morgan & Co.. This earned Morgan the occasional distrust of the federal government and the enmity of reformers and muckrakers throughout the country. In 1902 Morgan brought together several of the leading agricultural-equipment manufacturers to form the International Harvester Company. leading private bank United States. and he donated many works of art to the Metropolitan Museum of Art in New York City. Morgan and his banking house achieved a top-heavy concentration of control over some of the nation¶s leading corporations and financial institutions.100. Morgan was one of the greatest art and book collectors of his day. Indiana. John Pierpont. Three years later he began financing a series of giant industrial consolidations that were to reshape the corporate structure of the American manufacturing sector.000).000 in gold in order to relieve a Treasury crisis. Morgan & Co. Morgan. which became the dominant electrical-equipment manufacturing firm in the United States.S. Born in Hartford. Organized and floated securities of United States Steel Corporation. In that same year he organized. 1860. Germany. buildings. S. Metropolitan Museum of Art. $1. now J.. and funds amounting to about $1.. Controlled over 50.000. and New York Public Library. in 1891. Through a system of interlocking memberships on the boards of companies he had reorganized or influenced.
especially Rockefeller. Owned famous collection of pictures (including famous Gainsborough painting). Educated in Boston and Germany. but he walked away largely unscathed. . clubs. JP Morgan's power did not lie in the millions he had. books. His process of buying and consolidation of railroads came to be known as Morganization. 1913 he had an estate worth $80 million (today around $1. JP Morgan also helped the government in its finances. In 1877. It was after the Civil War that he started buying distressed businesses and especially railroad companies. Some of these railroads include the West Shore. etc. the Erie and the New England railroads.worth approximately $1. so by no means was JP Morgan born into a poor family. 1837. was born on 17th April.2 billion). the son of a successful financier. By the time of his father's death. it was Rockefeller's comment at the time. Some of his detractors had. P. Philadelphia and Reading. Sherman and Company. curios. In fact. making it one of the most important banking houses in the world. At the time of his death on March 31. member of many societies. heavily criticised him for the harsh terms of the loan. 1837 in Hartford. he bought $200 million worth of government bonds with gold thereby preserving the credit of the United States. JP Morgan had already established himself as a financier through Dabney. Morgan and Company. it lay in the billions he controlled.S. he trained as an accountant at the New York banking firm of Duncan. they floated $260 million in US government bonds. together with August Belmont and the Rothschilds. Richmond Terminal. His father was a partner of the firm George Peabody & Co. John Pierpont Morgan. "And to think he wasn't even a rich man. This was reorganized as J. On several occasions. He was also involved with several other companies and sat on quite a few boards. etc. In 1860 he was appointed as the American agent and attorney for George Peabody & Company in which his father was a partner. and later Drexel. the first billion-dollar corporation. Morgan and Company in 1895. however. A few of the better known ones include Western Union Telegraph Company and General Electric.Library of Congress a complete set of autographs of the signers of the Declaration of Independence. Morgan & Co and when his father died in 1890 he left it to JP Morgan giving him important European connections and enabling him to run a large foreign reserve business. Morgan & Co. in United States and abroad. Died 1913. Wiki John Pierpont (JP) Morgan was born on April 17. Sherman and Company. he went to the University of Gottingen in Germany. After the government ran into some gold problems. Morgan & Co. This later became J. In 1867. Connecticut to parents Juniet Spencer Morgan and Juliet (Pierpont) Morgan." Yet. Morgan transferred to his father's banking company and ten years later became a partner in Drexel. Compared to his peers of the time. This had also resulted in a Congressional hearing in 1912. After he completed school at the English school in Boston. Perhaps the biggest deal he was ever involved in was the forming of the US Steel Corporation. manuscripts. it was not such a large estate. When he returned to the US in 1857 he got a job working for the private banking house Duncan. He had bought some mills from Andrew Carnegie and together with some other steel assets formed US Steel .2 billion. President of Metropolitan Museum of Art.
By 1902 Morgan controlled over 5. Morgan concentrated on gaining control of various banks and insurance companies. After financing the creation of the Federal Steel Company he joined with Henry Frick to merge it with Carnegie Steel Company to form the United States Steel Corporation. This enabled Morgan to become a member of the board of directors in several of these companies including most of the major railroad companies. In his final years.000 miles (8.In 1891 Morgan arranged the merger of Edison General Electric and Thompson-Houson Electric Company to form General Electric. John Pierpont Morgan died on 31st March.000 km) of American railroads. 1913 . Morgan had good links with the London financial world and was able to arrange the capital for growing industrial corporations in the United States with money from British bankers. This in turn gave him influence over most of the nation's main corporations. which then became the country's main electrical-equipment manufacturing company. Some muckraking journalists began to criticize the enormous power that Morgan now had.