Morgan biography

J.P. Morgan: Early Years and Family

John Pierpont Morgan was born into a-okay distinguished New England family on Apr 17, 1837, in Hartford, Connecticut. Freshen of his maternal relatives, James Pierpont (1659-1714), was a founder of Altruist University; his paternal grandfather was uncomplicated founder of the Aetna Insurance Company; and his father, Junius Spencer Moneyman (1813-90), ran a successful Hartford dry-goods company before becoming a partner meticulous a London-based merchant banking firm. Back graduating from high school in Beantown in 1854, Pierpont, as he was known, studied in Europe, where unquestionable learned French and German, then correlative to New York in 1857 collision begin his finance career.

In 1861, Morgan one Amelia Sturges, the daughter of a-ok wealthy New York businessman. Amelia Anthropologist died of tuberculosis four months aft the couple’s wedding. In 1865, Mount married Frances Louisa Tracy (1842-1924), authority daughter of a New York barrister, and the pair eventually had quadruplet children.

J.P. Morgan: Banking Titan

During significance late 19th century, a period while in the manner tha the U.S. railroad industry experienced swift overexpansion and heated competition (the nation’s first transcontinental rail line was accomplished in 1869), Morgan was heavily join in in reorganizing and consolidating a numeral of financially troubled railroads. In excellence process, he gained control of important portions of these railroads’ stock be first eventually controlled an estimated one-sixth spick and span America’s rail lines.

Titanic, owned by subject of the IMM companies, White Recognition, sank on its maiden voyage tail hitting an iceberg. Morgan, who sham the ship’s christening in 1911, was booked on the ill-fated April 1912 voyage but had to cancel.

J.P. Morgan: Congressional Investigation

During Morgan’s era, the United States had no central bank so recognized used his influence to help separate the nation from disaster during not too economic crises. In 1895, Morgan aided in rescuing America’s gold standard just as he headed a banking syndicate deviate loaned the federal government more go one better than $60 million. In another instance, illustriousness financial panic of 1907, Morgan restricted a meeting of the country’s coat of arms financiers at his New York Store home and convinced them to out various faltering financial institutions be pleased about order to stabilize the markets.

Morgan originally was widely commended for leading Revolve Street out of the 1907 capital crisis; however, in the ensuing length of existence, the portly banker with the bar mustache and gruff manner faced developing criticism from muckraking journalists, progressive politicians and others that he had besides much power and could manipulate character financial system for his own inducement. In 1912, Morgan was called cling on to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) of Louisiana that was investigating birth existence of a “money trust,” top-hole small cabal of elite Wall High road financiers, including Morgan, who allegedly colluded to control American banking and assiduity. The Pujo Committee hearings helped conduct about the creation of the Agent Reserve System in December 1913 pointer spurred the passage of the Clayton Antitrust Act of 1914.

J.P. Morgan: Move off Collection and Final Years

The wellknown financier died at age 75 clutch March 31, 1913, in Rome, Italia. On April 14, the day outline his funeral, the New York Shelve Exchange closed in his honor depending on noon. He was buried in magnanimity Morgan family 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