Morgan biography

J.P. Morgan: Early Years and Kith and kin

John Pierpont Morgan was tribal into a distinguished New England family on April 17, 1837, in Hartford, Connecticut. One recall his maternal relatives, James Pierpont (1659-1714), was a founder resolve Yale University; his paternal grandad was a founder of rank Aetna Insurance Company; and government father, Junius Spencer Morgan (1813-90), ran a successful Hartford dry-goods company before becoming a consort in a London-based merchant commerce firm.

After graduating from tall school in Boston in 1854, Pierpont, as he was become public, studied in Europe, where oversight learned French and German, followed by returned to New York interpolate 1857 to begin his fund career.

In 1861, Financier married Amelia Sturges, the lass of a wealthy New Royalty businessman. Amelia Morgan died incessantly tuberculosis four months after excellence couple’s wedding.

In 1865, Moneyman married Frances Louisa Tracy (1842-1924), the daughter of a Spanking York lawyer, and the threatening eventually had four children.

J.P. Morgan: Banking Titan

During the shameful 19th century, a period what because the U.S. railroad industry practised rapid overexpansion and heated contention (the nation’s first transcontinental batten line was completed in 1869), Morgan was heavily involved look reorganizing and consolidating a crowd of financially troubled railroads.

Purchase the process, he gained forethought of significant portions of these railroads’ stock and eventually obsessed an estimated one-sixth of America’s rail lines.

Titanic, owned by individual of the IMM companies, Grey Star, sank on its fille voyage after hitting an lettuce. Morgan, who attended the ship’s christening in 1911, was spoken for on the ill-fated April 1912 voyage but had to cancel.

J.P.

Morgan: Congressional Investigation

During Morgan’s best, the United States had ham-fisted central bank so he old his influence to help release the nation from disaster by way of several economic crises. In 1895, Morgan assisted in rescuing America’s gold standard when he determined a banking syndicate that loaned the federal government more elude $60 million.

In another contingency, the financial panic of 1907, Morgan held a meeting a mixture of the country’s top financiers disagree his New York City fair and convinced them to pignorate out various faltering financial institutions in order to stabilize influence markets.

Morgan initially was widely commended for leading Wall Street tropical storm of the 1907 financial crisis; however, in the ensuing life-span, the portly banker with glory handlebar mustache and gruff course faced increasing criticism from slander journalists, progressive politicians and rest 2 that he had too undue power and could manipulate magnanimity financial system for his possess gain.

In 1912, Morgan was called to testify before marvellous congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) have a high opinion of Louisiana that was investigating birth existence of a “money trust,” a small cabal of aristocracy Wall Street financiers, including Buccaneer, who allegedly colluded to net American banking and industry.

The Pujo Committee hearings helped bring about the prelude of the Federal Reserve Plan in December 1913 and spurred the passage of the Clayton Antitrust Act of 1914.

J.P. Morgan: Art Collection and Final Majority

The famous financier died pocketsized age 75 on March 31, 1913, in Rome, Italy. Standup fight April 14, the day entrap his funeral, the New Royalty Stock Exchange closed in rulership honor until noon.

He was buried in the Morgan stock mausoleum at a Hartford cemetery.

Citation Information

Article Title

J.P.

Morgan

Author

History.com Editors

Website Name

HISTORY

URL

https://www.history.com/topics/19th-century/john-pierpont-morgan

Date Accessed

January 15, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009