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John Pierpont Morgan (April 17, 1837 – March 31, 1913) was an American
financier An investor is a person that allocates capital with the expectation of a future financial return (profit) or to gain an advantage (interest). Through this allocated capital most of the time the investor purchases some species of property. Types ...

financier
and
bank A bank is a financial institution Financial institutions, otherwise known as banking institutions, are corporation A corporation is an organization—usually a group of people or a company—authorized by the State (polity), stat ...

bank
er who dominated
corporate finance Corporate finance is the area of finance that deals with sources of funding, the capital structure of corporations, the actions that managers take to increase the Value investing, value of the firm to the shareholders, and the tools and analysis ...
on
Wall Street Wall Street is an eight-block-long street in the Financial District This is a list of financial districts in cities around the world. Background A financial district is usually a central area in a city where financial services firms suc ...

Wall Street
throughout the
Gilded Age In History of the United States, United States history, the Gilded Age was an era that occurred during the late 19th century, from the 1870s to about 1900. The Gilded Age was an era of rapid economic growth, especially in the Northern United St ...
. As the head of the banking firm that ultimately became known as
J.P. Morgan and Co. J.P. Morgan & Co. was a commercial Commercial may refer to: * a dose of advertising conveyed through media (such as - for example - radio or television) ** Radio advertisement ** Television advertisement * (adjective for:) commerce, a system o ...
, he was the driving force behind the wave of
industrial consolidation In business, consolidation or amalgamation is the merger and acquisition of many smaller companies into a few much larger ones. In the context of financial accounting, ''consolidation'' refers to the aggregation of financial statements of a grou ...
in the United States spanning the late 19th and early 20th centuries. Over the course of his career on Wall Street, J.P. Morgan spearheaded the formation of several prominent
multinational corporations A multinational company (MNC) is a corporate A corporation is an organization—usually a group of people or a company A company, abbreviated as co., is a Legal personality, legal entity representing an association of people, whether Nat ...
including U.S. Steel,
International Harvester The International Harvester Company (often abbreviated by IHC or IH, or simply International ( colloq.)) was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household ...
and
General Electric General Electric Company (GE) is an American Multinational corporation, multinational Conglomerate (company), conglomerate incorporated in New York State and headquartered in Boston. Until 2021, the company operated through GE Aviation, aviat ...
which subsequently fell under his supervision. He and his partners also held controlling interests in numerous other American businesses including
Aetna Aetna Inc. () is an American managed health care The term managed care or managed healthcare is used in the United States to describe a group of activities intended to reduce the cost of providing for-profit health care and providing Health ins ...
,
Western Union The Western Union Company is an American multinational financial services Financial services are the economic services provided by the finance Finance is a term for the management, creation, and study of money In a 1786 James ...

Western Union
,
Pullman Car Company The Pullman Car Company, founded by George Pullman George Mortimer Pullman (March 3, 1831 – October 19, 1897) was an American engineer and industrialist. He designed and manufactured the Pullman Company, Pullman sleeping car and founded a c ...
and 21 railroads. Due to the extent of his dominance over U.S. finance, Morgan exercised enormous influence over the nation's policies and the market forces underlying its economy. During the
Panic of 1907 The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nomina ...
, he organized a coalition of financiers that saved the American
monetary system A monetary system is a system by which a government provides money in a country's economy. Modern monetary systems usually consist of the national treasury, the mint (facility), mint, central bank, the central banks and commercial banks. Commodity ...
from collapse. As the
Progressive Era The Progressive Era (1896–1916) was a period of widespread social activism Activism consists of efforts to promote, impede, direct, or intervene in Social change, social, Political campaign, political, Economics, economic, or Natural ...
's leading financier, J.P. Morgan's dedication to efficiency and modernization helped transform the shape of the American economy.
Adrian Wooldridge Adrian Wooldridge (born 11 November 1959) is the management editor and, since 1 April 2017, the 'Bagehot' columnist for ''The Economist ''The Economist'' is an international weekly newspaper printed in magazine-format and Electronic publishi ...
characterized Morgan as America's "greatest banker". Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Biographer
Ron Chernow Ronald Chernow (; born March 3, 1949) is an American writer, journalist, historian, and biographer. He has written bestselling and award-winning biographies of historical figures from the world of business, finance, and American politics. He won t ...
estimated his fortune at $80 million (equivalent to $1.2 billion in 2019), a net worth which allegedly prompted
John D. Rockefeller John Davison Rockefeller Sr. (July 8, 1839May 23, 1937) was an American American(s) may refer to: * American, something of, from, or related to the United States of America, commonly known as the United States The United States of Am ...

John D. Rockefeller
to say: "and to think, he wasn't even a rich man."


Childhood and education

Morgan was born and raised in
Hartford, Connecticut Hartford is the capital city A capital or capital city is the municipality holding primary status in a Department (country subdivision), department, country, Constituent state, state, province, or other administrative region, usually as ...
, the son of
Junius Spencer Morgan Junius Spencer Morgan I (April 14, 1813 – April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. In 1864, he established J. S. Morgan & Co. in Lo ...

Junius Spencer Morgan
(1813–1890) and Juliet Pierpont (1816–1884) of the influential
Morgan familyThe Morgan family is a prominent American family and List of banking families, banking dynasty, which became prominent in the U.S. and throughout the world in the late 19th century and early 20th century. Members of the family amassed an immense for ...
. Pierpont, as he preferred to be known, had a varied education due in part to his father's plans. In the fall of 1848, he transferred to the Hartford Public School, then to the Episcopal Academy in
Cheshire, Connecticut Cheshire (), formerly known as New Cheshire Parish, is a town in New Haven County, Connecticut, United States The United States of America (USA), commonly known as the United States (U.S. or US), or America, is a country Contiguous United ...
(now
Cheshire Academy Cheshire Academy is a selective, co-educational University-preparatory school, college preparatory school located in Cheshire, Connecticut, United States. Founded in 1794 as the Episcopal Academy of Connecticut, it is currently the eleventh oldest ...
), where he boarded with the principal. In September 1851, he passed the entrance exam for
The English High School The English High School of Boston, Massachusetts, United States, is the first public high school in America, founded in 1821. Originally called The English Classical School, it was renamed The English High School upon its first relocation in 1824. ...
of Boston, which specialized in mathematics for careers in commerce. In April 1852, an illness struck Morgan which became more common as his life progressed:
Rheumatic fever Rheumatic fever (RF) is an inflammatory disease that can involve the heart The heart is a muscle, muscular Organ (anatomy), organ in most animals, which pumps blood through the blood vessels of the circulatory system. The pumped blood ca ...
left him in such pain that he could not walk, and Junius sent him to the
Azores The Azores ( , also ; pt, Açores ), officially the Autonomous Region of the Azores (), is one of the two autonomous regions of Portugal The two Autonomous Regions of Portugal ( pt, Regiões Autónomas de Portugal) are the Azores (''Região ...

Azores
to recover. He convalesced there for almost a year, then returned to Boston to resume his studies. After graduation, his father sent him to Bellerive, a school in the Swiss village of
La Tour-de-Peilz La Tour-de-Peilz () is a municipalities of Switzerland, municipality in Riviera-Pays-d'Enhaut District in the Cantons of Switzerland, canton of Vaud in Switzerland. The city is located on Lake Geneva between Montreux and Vevey (their agglomeration ...

La Tour-de-Peilz
, where he gained fluency in French. His father then sent him to the
University of Göttingen The University of Göttingen, officially the Georg August University of Göttingen, (german: Georg-August-Universität Göttingen, known informally as Georgia Augusta) is a public research university in the city of Göttingen, Germany. Founded i ...
to improve his German. He attained passable fluency within six months, and a degree in art history; then traveled back to London via
Wiesbaden Wiesbaden () is a city in central western Germany and the capital of the state of Hesse Hesse (, , ) or Hessia (, ; german: Hessen ), officially the State of Hessen (german: links=no, Land Hessen), is a German states, state in Germany. Its ...

Wiesbaden
, his formal education complete.


Career


Early years and life

Morgan went into banking in 1857 at the London branch of
merchant banking A merchant bank is historically a bank dealing in commercial loans and investment. In modern British usage it is the same as an investment bank To invest is to allocate money Image:National-Debt-Gillray.jpeg, In a 1786 James Gillray carica ...
firm Peabody, Morgan & Co., a partnership between his father and
George Peabody George Peabody ( ; February 18, 1795 – November 4, 1869) was an American financier and philanthropist. He is widely regarded as the father of modern philanthropy. Born into a poor family in Massachusetts Massachusetts (, ), officially ...

George Peabody
founded three years earlier. In 1858, he moved to New York City to join the banking house of
Duncan, Sherman & Company Duncan, Sherman & Company was a New York City banking firm, founded in 1852, that went bankrupt in 1875. History Duncan, Sherman & Company was established in 1852 by Scottish immigrant Alexander Duncan (banker), Alexander Duncan, Watts Sherman (the ...
, the American representatives of George Peabody and Company. During the
American Civil War The American Civil War (also known by other names Other most often refers to: * Other (philosophy), a concept in psychology and philosophy Other or The Other may also refer to: Books * The Other (Tryon novel), ''The Other'' (Tryon nove ...
, in an incident known as the Hall Carbine Affair, Morgan financed the purchase of five thousand rifles from an army arsenal at $3.50 each, which were then resold to a field general for $22 each. Morgan had avoided serving during the war by paying a substitute $300 to take his place. From 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his father's firm, renamed "J.S. Morgan & Co." upon Peabody's retirement in 1864. From 1864 to 1872, he was a member of the firm of Dabney, Morgan, and Company. In 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan & Company. At that time, Anthony J. Drexel became Pierpont's mentor at the request of Junius Morgan.


J.P. Morgan & Company

After the death of Anthony Drexel, the firm was rechristened J. P. Morgan & Company in 1895, retaining close ties with
Drexel & Company Drexel Burnham Lambert was an American investment banking, investment bank that was forced into bankruptcy in 1990 due to its involvement in illegal activities in the junk bond market, driven by senior executive Michael Milken. At its height, it w ...
of Philadelphia; Morgan, Harjes & Company of Paris; and J.S. Morgan & Company (after 1910 Morgan, Grenfell & Company) of London. By 1900 it was one of the world's most powerful banking houses, focused primarily on reorganizations and consolidations. Morgan had many partners over the years, such as George W. Perkins, but always remained firmly in charge. He often took over troubled business and reorganized their structures and management to return them to profitability, a process that became known as "Morganization". His reputation as a banker and financier drew interest from investors to the businesses that he took over.


Railroads

In his ascent to power, Morgan focused on railroads, America's largest business enterprises. He wrested control of the
Albany and Susquehanna Railroad The Albany and Susquehanna Railroad (A&S) was a broad gauge A broad-gauge railway is a railway with a track gauge broader than the standard-gauge railways. Broad gauge of , commonly known as Russian gauge, is the dominant track gauge in form ...
from
Jay Gould Jason Gould (; May 27, 1836 – December 2, 1892) was an American railroad magnate and financial speculator who is generally identified as one of the Robber barons of the Gilded Age In History of the United States, United States history, ...

Jay Gould
and Jim Fisk in 1869; led the syndicate that broke the government-financing privileges of
Jay Cooke Jay Cooke (August 10, 1821 – February 16, 1905) was an American financier who helped finance the Union war effort during the American Civil War and the postwar development of railroads in the northwestern United States. He is generally acknowle ...

Jay Cooke
; and developed and financed a railroad empire by reorganization and consolidation in all parts of the United States. He raised large sums in Europe; but rather than participating solely as a financier, he helped the railroads reorganize and achieve greater efficiency. He fought speculators interested only in profit and built a vision of an integrated transportation system. He successfully marketed a large part of William H. Vanderbilt's
New York Central The New York Central Railroad was a railroad primarily operating in the Great Lakes region, Great Lakes and Mid-Atlantic (United States), Mid-Atlantic regions of the United States. The railroad primarily connected New York metropolitan area, gr ...
holdings in 1883. In 1885 he reorganized the New York, West Shore & Buffalo Railroad, leasing it to the New York Central. In 1886 he reorganized the Philadelphia & Reading, and in 1888 the Chesapeake & Ohio. After Congress passed the
Interstate Commerce Act The Interstate Commerce Act of 1887 is a United States federal law that was designed to regulate the railroad industry, particularly its monopoly, monopolistic practices. The Act required that railroad rates be "reasonable and just," but did not em ...
in 1887, Morgan set up conferences in 1889 and 1890 that brought together railroad presidents to help the industry follow the new laws and write agreements for the maintenance of "public, reasonable, uniform and stable rates". The first of their kind, the conferences created a community of interest among competing lines, paving the way for the great consolidations of the early 20th century. In addition, J P Morgan & Co, and the banking houses which it succeeded, reorganized a large number of railroads between 1869 and 1899. Morgan also financed street railways, especially in New York City. A major political debacle came in 1904. The
Northern Pacific Railway The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States The Western United States (also called the American West, the Far West, and the West) is the List of regions of t ...
went bankrupt in the great depression of 1893. The bankruptcy wiped out the railroad's bondholders, leaving it free of debt, and a complex financial battle for its control ensued. In 1901, a compromise was reached between Morgan, New York financier and St. Paul, MN railroad builder . To reduce expensive competition in the Midwest, they created the
Northern Securities CompanyThe Northern Securities Company was a short-lived American railroad trust formed in 1901 by E. H. Harriman, James J. Hill, J.P. Morgan and their associates. The company controlled the Northern Pacific Railway The Northern Pacific Railway was a ...
to consolidate the operations of three of the region's most important railways: the
Northern Pacific Railway The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States The Western United States (also called the American West, the Far West, and the West) is the List of regions of t ...
, the Great Northern Railway, and the
Chicago, Burlington and Quincy Railroad The Chicago, Burlington and Quincy Railroad was a railroad that operated in the Midwest, Midwestern United States. Commonly referred to as the Burlington Route, the Burlington, or as the Q, it operated extensive trackage in the states of Colora ...
. The consolidators ran into unexpected opposition, however, from President
Theodore Roosevelt Theodore Roosevelt Jr. ( ; October 27, 1858 – January 6, 1919), often referred to as Teddy or his initials T. R., was an American politician, statesman, conservationist, naturalist, historian, and writer who served as the 26th president o ...

Theodore Roosevelt
. An energetic trustbuster, Roosevelt considered the giant merger bad for consumers and a violation of the (until then) seldom-enforced
Sherman Antitrust Act of 1890 200px, Sen. Ohio),_the_principal_author_of_the_Sherman_Antitrust_Act.html" ;"title="Republican Party (United States)">R–List of United States Senators from Ohio">Ohio), the principal author of the Sherman Antitrust Act">Republican Party (Unite ...
. In 1902, Roosevelt ordered his Justice Department to sue to break it up. In 1904 the Supreme Court dissolved the Northern Security company and the railroads had to go their separate, competitive ways. Morgan did not lose money on the project, but his all-powerful political reputation suffered.


Treasury gold

The Federal Treasury was nearly out of gold in 1895, at the depths of the
Panic of 1893 The Panic of 1893 was an economic depression An economic depression is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a economic recession, recession, which is a slowdown ...
. Morgan had put forward a plan for the federal government to buy gold from his and European banks but it was declined in favor of a plan to sell bonds directly to the general public to overcome the crisis. Morgan, sure there was not enough time to implement such a plan, demanded and eventually obtained a meeting with
Grover Cleveland Stephen Grover Cleveland (March 18, 1837June 24, 1908) was an American lawyer and politician who served as the 22nd and 24th president of the United States from 1885 to 1889 and from 1893 to 1897. Cleveland is the only president in American ...

Grover Cleveland
where he claimed the government could default that day if they didn't do something. Morgan came up with a plan to use an old
civil war A civil war, also known as an intrastate war in polemology, is a war War is an intense armed conflict between states State may refer to: Arts, entertainment, and media Literature * ''State Magazine'', a monthly magazine publis ...
statute that allowed Morgan and the
Rothschilds The Rothschild family () is a wealthy Ashkenazi Jewish Ashkenazi Jews ( are a Jews, Jewish Jewish diaspora, diaspora population who Coalescent theory, coalesced in the Holy Roman Empire around the end of the first millennium. The trad ...
to sell gold directly to the U.S. Treasury, 3.5 million ounces, to restore the treasury surplus, in exchange for a 30-year bond issue. The episode saved the Treasury but hurt Cleveland's standing with the agrarian wing of the
Democratic PartyDemocratic Party most often refers to: *Democratic Party (United States) Democratic Party and similar terms may also refer to: Active parties Africa *Botswana Democratic Party *Democratic Party of Equatorial Guinea *Gabonese Democratic Party *Democ ...
, and became an issue in the election of 1896 when banks came under a withering attack from
William Jennings Bryan William Jennings Bryan (March 19, 1860 – July 26, 1925) was an American orator and politician. Beginning in 1896, he emerged as a dominant force in the Democratic PartyDemocratic Party most often refers to: *Democratic Party (United Stat ...

William Jennings Bryan
. Morgan and Wall Street bankers donated heavily to Republican
William McKinley William McKinley (January 29, 1843September 14, 1901) was the 25th president of the United States The president of the United States (POTUS) is the and of the . The president directs the of the and is the of the . The power of ...
, who was elected in 1896 and re-elected in 1900. Gordon, John Steele (Winter 2010). , American Heritage.com; retrieved December 22, 2011; archived fro
the original
on July 10, 2010.


Steel

After his father's death in 1890, Morgan took control of J. S. Morgan & Co. (renamed Morgan, Grenfell & Company in 1910). He began talks with , president of Carnegie Co., and businessman
Andrew Carnegie Andrew Carnegie ( , November 25, 1835August 11, 1919) was a Scottish-American Scottish Americans or Scots Americans (Scottish Gaelic language, Scottish Gaelic: ''Ameireaganaich Albannach''; sco, Scots-American) are Americans whose ancestry ...

Andrew Carnegie
in 1900, with the goal of buying Carnegie's steel business and merging it with several other steel, coal, mining and shipping firms. After financing the creation of the Federal Steel Company, he merged it in 1901 with the
Carnegie Steel Company Carnegie Steel Company was a steel Steel is an alloy of iron with typically a few tenths of a percent of carbon to improve its strength of materials, strength and fracture toughness, fracture resistance compared to iron. Many other eleme ...
and several other steel and iron businesses (including William Edenbirn's Consolidated Steel and Wire Company), forming the United States Steel Corporation. In 1901, U.S. Steel was the world's first billion-dollar company, with an authorized capitalization of $1.4 billion, much larger than any other industrial firm and comparable in size to the largest railroads. U.S. Steel's goals were to achieve greater
economies of scale In microeconomics Microeconomics is a branch of mainstream economics Mainstream economics is the body of knowledge, theories, and models of economics, as taught by universities worldwide, that are generally accepted by economists as a basis ...

economies of scale
, reduce transportation and resource costs, expand product lines, and improve distribution to allow the United States to compete globally with the
United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain,Usage is mixed. The Guardian' and Telegraph' use Britain as a synonym for the United Kingdom. Some prefer to use Britain as shorth ...

United Kingdom
and
Germany ) , image_map = , map_caption = , map_width = 250px , capital = Berlin Berlin (; ) is the Capital city, capital and List of cities in Germany by population, largest city of Germany by both area and population. Its 3,769,495 inh ...

Germany
. Schwab and others claimed the company's size would enable it to be more aggressive and effective in pursuing distant international markets ("
globalization Globalization, or globalisation (Commonwealth English The use of the English language English is a of the , originally spoken by the inhabitants of . It is named after the , one of the ancient that migrated from , a peninsu ...

globalization
"). U.S. Steel was regarded as a monopoly by critics, as it sought to dominate not only steel but the construction of bridges, ships, railroad cars and rails, wire, nails, and many other products. With U.S. Steel, Morgan captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75% market share. However, after 1901, its market share dropped; and in 1903, Schwab resigned to form
Bethlehem Steel The Bethlehem Steel Corporation was an American steel Steel is an alloy An alloy is an admixture of metal A metal (from Ancient Greek, Greek μέταλλον ''métallon'', "mine, quarry, metal") is a material that, when freshly ...

Bethlehem Steel
, which became the second largest U.S. steel producer. Labor policy was a contentious issue. U.S. Steel was non-union, and experienced steel producers, led by Schwab, used aggressive tactics to identify and root out pro-union "troublemakers". The lawyers and bankers who had organized the merger—notably Morgan and CEO
Elbert Gary Elbert Henry Gary (October 8, 1846August 15, 1927) was an American lawyer, county judge and business executive. He was a founder of U.S. Steel in 1901, bringing together partners J. P. Morgan John Pierpont Morgan (April 17, 1837 – Marc ...
—were more concerned with long-range profits, stability, good public relations, and avoiding trouble. The bankers' views generally prevailed, and the result was a "paternalistic" labor policy. (U.S. Steel was eventually unionized in the late 1930s.)


Panic of 1907

The
Panic of 1907 The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nomina ...
was a financial crisis that almost crippled the American economy. Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis.Carosso, ''The Morgans'' pp. 528–48 Treasury Secretary earmarked $35 million of federal money to deposit in New York banks. Morgan then met with the nation's leading financiers in his New York mansion, where he forced them to devise a plan to meet the crisis.
James Stillman James Jewett Stillman (June 9, 1850 – March 15, 1918) was an American businessman who invested in land, banking, and railroads in New York, Texas, and Mexico. He was chairman of the board of directors of the National City Bank. He forged alliance ...
, president of the National City Bank, also played a central role. Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations. A delicate political issue arose regarding the brokerage firm of Moore and Schley, which was deeply involved in a speculative pool in the stock of the
Tennessee Coal, Iron and Railroad Company The Tennessee Coal, Iron and Railroad Company (1852–1952), also known as TCI and the Tennessee Company, was a major American steel manufacturer with interests in coal mining, coal and iron ore mining and railroad operations. Originally based ent ...
. Moore and Schley had pledged over $6 million of the Tennessee Coal and Iron (TCI) stock for loans among the Wall Street banks. The banks had called the loans, and the firm could not pay. If Moore and Schley should fail, a hundred more failures would follow and then all Wall Street might go to pieces. Morgan decided they had to save Moore and Schley. TCI was one of the chief competitors of U.S. Steel and it owned valuable iron and coal deposits. Morgan controlled U.S. Steel and he decided it had to buy the TCI stock from Moore and Schley. Elbert Gary, head of U.S. Steel, agreed, but was concerned there would be
antitrust Competition law is a law Law is a system A system is a group of Interaction, interacting or interrelated elements that act according to a set of rules to form a unified whole. A system, surrounded and influenced by its environmen ...
implications that could cause grave trouble for U.S. Steel, which was already dominant in the steel industry. Morgan sent Gary to see President
Theodore Roosevelt Theodore Roosevelt Jr. ( ; October 27, 1858 – January 6, 1919), often referred to as Teddy or his initials T. R., was an American politician, statesman, conservationist, naturalist, historian, and writer who served as the 26th president o ...

Theodore Roosevelt
, who promised legal immunity for the deal. U.S. Steel thereupon paid $30 million for the TCI stock and Moore and Schley was saved. The announcement had an immediate effect; by November 7, 1907, the panic was over. The crisis underscored the need for a powerful oversight mechanism. Vowing never to let it happen again, and realizing that in a future crisis there was unlikely to be another Morgan, in 1913 banking and political leaders, led by Senator
Nelson Aldrich Nelson Wilmarth Aldrich (/ ˈɑldɹɪt͡ʃ/; November 6, 1841 – April 16, 1915) was a prominent American politician and a leader of the Republican Party Republican Party is a name used by many political parties A political party is an or ...
, devised a plan that resulted in the creation of the
Federal Reserve System The Federal Reserve System (also known as the Federal Reserve or simply the Fed) is the central bank A central bank, reserve bank, or monetary authority is an institution that manages the and of a or formal monetary union, and ove ...
in 1913.


Banking's critics

While conservatives in the
Progressive Era The Progressive Era (1896–1916) was a period of widespread social activism Activism consists of efforts to promote, impede, direct, or intervene in Social change, social, Political campaign, political, Economics, economic, or Natural ...
hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing viewed him as one of the central figures in the system it rejected. Morgan redefined conservatism in terms of financial prowess coupled with strong commitments to religion and high culture. Enemies of banking attacked Morgan for the terms of his loan of gold to the
federal government A federation (also known as a federal state) is a political entity A polity is an identifiable political Politics (from , ) is the set of activities that are associated with Decision-making, making decisions in Social group, groups, ...
in the 1895 crisis and, together with writer
Upton Sinclair Upton Beall Sinclair Jr. (September 20, 1878 – November 25, 1968) was an American writer, muckraker The muckrakers were reform-minded journalists, writers, and photographers in the Progressive Era The Progressive Era (1896– ...
, they attacked him for the financial resolution of the
Panic of 1907 The Panic of 1907 – also known as the 1907 Bankers' Panic or Knickerbocker Crisis – was a financial crisis A financial crisis is any of a broad variety of situations in which some financial assets suddenly lose a large part of their nomina ...
. They also attempted to attribute to him the financial ills of the
New York, New Haven and Hartford Railroad The New York, New Haven and Hartford Railroad , commonly known as The Consolidated or simply as the New Haven, was a railroad that operated in the New England region of the United States from 1872 to December 31, 1968. Founded by the merger of th ...

New York, New Haven and Hartford Railroad
. In December 1912, Morgan testified before the
Pujo CommitteeThe Pujo Committee was a United States congressional subcommittee in 1912–1913 that was formed to investigate the so-called "money trust", a community of Wall Street Wall Street is an eight-block-long street in the Financial District, Manhat ...
, a subcommittee of the House Banking and Currency committee. The committee ultimately concluded that a small number of financial leaders was exercising considerable control over many industries. The partners of J.P. Morgan & Co. and directors of First National and controlled aggregate resources of $22.245 billion, which
Louis Brandeis Louis Dembitz Brandeis (; November 13, 1856 – October 5, 1941) was an American lawyer and associate justice Associate justice or associate judge is the title for a member of a judicial panel who is not the chief justice The chief jus ...
, later a U.S. Supreme Court Justice, compared to the value of all the property in the twenty-two states west of the
Mississippi River The Mississippi River is the second-longest river and chief river A river is a natural flowing watercourse, usually freshwater, flowing towards an ocean, sea, lake or another river. In some cases, a river flows into the ground and b ...

Mississippi River
.


Unsuccessful ventures

Morgan did not always invest well, as several failures demonstrated.


Nikola Tesla

In 1900, the inventor
Nikola Tesla Nikola Tesla ( ; sr-cyr, Никола Тесла, ; 1856 – 7 January 1943) was a Serbian-American inventor An invention is a unique or novel A novel is a relatively long work of narrative fiction, typically written in prose ...

Nikola Tesla
convinced Morgan he could build a trans-Atlantic wireless communication system (eventually sited at ) that would outperform the short range radio wave-based wireless telegraph system then being demonstrated by
Guglielmo Marconi Guglielmo Giovanni Maria Marconi, 1st Marquis of Marconi (; 25 April 187420 July 1937) was an Kingdom of Italy, Italian inventor and electrical engineering, electrical engineer, known for his creation of a practical radio wave-based Wireless ...

Guglielmo Marconi
. Morgan agreed to give Tesla $150,000 () to build the system in return for a 51% control of the patents. Almost as soon as the contract was signed Tesla decided to scale up the facility to include his ideas of terrestrial
wireless power transmission Wireless power transfer (WPT), wireless power transmission, wireless energy transmission (WET), or electromagnetic power transfer is the transmission of electrical energy Electrical energy is energy derived from electric potential energy or kine ...
to make what he thought was a more competitive system. Morgan considered Tesla's changes (and requests for the additional amounts of money to build it) a breach of contract and refused to fund the changes. With no additional investment capital available, the project at Wardenclyffe was abandoned in 1906, and never became operational.


London Underground

Morgan suffered a rare business defeat in 1902 when he attempted to build and operate a line on the
London Underground The London Underground (also known simply as the Underground, or by its nickname the Tube) is a rapid transit system serving Greater London and some parts of the adjacent ceremonial counties of England, counties of Buckinghamshire, Essex and H ...

London Underground
. Transit magnate
Charles Tyson Yerkes Charles Tyson Yerkes Jr. ( ; June 25, 1837 – December 29, 1905) was an American financier. He played a major part in developing mass-transit systems in Chicago and London. Philadelphia Yerkes was born into a Quaker family in the Northern Liber ...
thwarted Morgan's effort to obtain parliamentary authority to build the Piccadilly, City and North East London Railway, a subway line that would have competed with "tube" lines controlled by Yerkes. Morgan called Yerkes' coup "the greatest rascality and conspiracy I ever heard of".


International Mercantile Marine

In 1902, J.P. Morgan & Co. financed the formation of
International Mercantile Marine Company The International Mercantile Marine Company, originally the International Navigation Company, was a trust formed in the early twentieth century as an attempt by J.P. Morgan to Monopoly, monopolize the shipping trade. IMM was founded by shippin ...
(IMMC), an Atlantic shipping company which absorbed several major American and British lines in an attempt to monopolize the shipping trade. IMMC was a holding company that controlled subsidiary corporations that had their own operating subsidiaries. Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with the railroads, but that proved impossible because of the unscheduled nature of sea transport, American antitrust legislation, and an agreement with the British government. One of IMMC's subsidiaries was the
White Star Line The Oceanic Steam Navigation Company, more commonly known as the White Star Line (WSL), was a British shipping company. Founded out of the remains of a defunct packet company, it gradually rose up to become one of the most prominent shipping ...
, which owned the
RMS ''Titanic''RMS may refer to: Places * Ramstein Air Base, in Germany (IATA code RMS) * ' (Republic of the South Moluccas), a self-proclaimed republic in the Maluku Islands, founded in 1950 Organizations Learned societies * Ramanujan Mathematical Society, a le ...

RMS ''Titanic''
. The ship's famous sinking in 1912, the year before Morgan's death, was a financial disaster for IMMC, which was forced to apply for bankruptcy protection in 1915. Analysis of financial records shows that IMMC was over-leveraged and suffered from inadequate cash flow causing it to default on bond interest payments. Saved by
World War I World War I, often abbreviated as WWI or WW1, also known as the First World War or the Great War, was a global war A world war is "a war engaged in by all or most of the principal nations of the world". The term is usually reserved for ...

World War I
, IMMC eventually re-emerged as the
United States Lines United States Lines was the trade name of an organization of the United States Shipping Board The United States Shipping Board (USSB) was established as an emergency agency by the 1916 Shipping Act (39 Stat. 729), on September 7, 1916. The United ...
, which went bankrupt in 1986.


Morgan corporations

From 1890 to 1913, 42 major corporations were organized or their securities were
underwritten Underwriting (UW) services are provided by some large financial institutions, such as banks, insurance companies and investment houses, whereby they guarantee payment in case of damage or financial loss and accept the financial risk for liability ...
, in whole or part, by J.P. Morgan and Company.


Manufacturing & construction industry

*
American Bridge Company The American Bridge Company is a heavy/civil construction firm that specializes in building and renovating bridges and other large, complex structures. Founded in 1900, the company is headquartered in Coraopolis, Pennsylvania, a suburb of Pittsbur ...
*
American Telephone & Telegraph AT&T Corporation, originally the American Telephone and Telegraph Company, is the subsidiary of AT&T, AT&T Inc. that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government ...
* Associated Merchants * Atlas Portland Cement Company * Boomer Coal & Coke * Federal Steel Company *
General Electric General Electric Company (GE) is an American Multinational corporation, multinational Conglomerate (company), conglomerate incorporated in New York State and headquartered in Boston. Until 2021, the company operated through GE Aviation, aviat ...
* Hartford Carpet Corporation * Inspiration Consolidated Copper Company *
International Harvester The International Harvester Company (often abbreviated by IHC or IH, or simply International ( colloq.)) was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household ...
*
International Mercantile Marine The International Mercantile Marine Company, originally the International Navigation Company, was a trust (19th century), trust formed in the early twentieth century as an attempt by J.P. Morgan to Monopoly, monopolize the shipping trade. IMM was ...
* J. I. Case Threshing Machine * Chester Pipe and Tube Company, National Tube * United Dry Goods * United States Steel Corporation


Railroads

* Atchison, Topeka and Santa Fe Railway * Atlantic Coast Line Railroad, Atlantic Coast Line * Central of Georgia Railway * Chesapeake and Ohio Railway * Chicago and Western Indiana Railroad * Chicago, Burlington and Quincy * Chicago Great Western Railway * Chicago, Indianapolis & Louisville Railroad * Elgin, Joliet and Eastern Railway * Erie Railroad * Florida East Coast Railway * Hocking Valley Railway * Lehigh Valley Railroad * Louisville and Nashville Railroad * New York Central System *
New York, New Haven and Hartford Railroad The New York, New Haven and Hartford Railroad , commonly known as The Consolidated or simply as the New Haven, was a railroad that operated in the New England region of the United States from 1872 to December 31, 1968. Founded by the merger of th ...

New York, New Haven and Hartford Railroad
* New York, Ontario and Western Railway *
Northern Pacific Railway The Northern Pacific Railway was a transcontinental railroad that operated across the northern tier of the western United States The Western United States (also called the American West, the Far West, and the West) is the List of regions of t ...
* Pennsylvania Railroad * Pere Marquette Railroad * Reading Railroad * St. Louis–San Francisco Railway * Southern Railway (U.S.), Southern Railway * Terminal Railroad Association of St. Louis


Later years

After the death of his father in 1890, Morgan gained control of Morgan, Grenfell & Co., J. S. Morgan & Co (renamed Morgan, Grenfell & Company in 1910). Morgan began negotiations with , president of Carnegie Corporation of New York, Carnegie Co., and businessman
Andrew Carnegie Andrew Carnegie ( , November 25, 1835August 11, 1919) was a Scottish-American Scottish Americans or Scots Americans (Scottish Gaelic language, Scottish Gaelic: ''Ameireaganaich Albannach''; sco, Scots-American) are Americans whose ancestry ...

Andrew Carnegie
in 1900 with the intention of buying Carnegie's business and several other steel and iron businesses to consolidate them to create the United States Steel Corporation. Carnegie agreed to sell the business to Morgan for $480 million.Andrew Carnegie's Legacy
carnegie.org. Retrieved August 20, 2014.
The deal was closed without lawyers and without a written contract. News of the industrial consolidation arrived to newspapers in mid-January 1901. U.S. Steel was founded later that year with an authorized market capitalization, capitalization of $1.4 billion, the first billion-dollar company in the world. Morgan was a member of the Union Club of the City of New York, Union Club in New York City. When his friend, Erie Railroad president John King, was Blackballing, black-balled, Morgan resigned and organized the Metropolitan Club of New York. He donated the land on 5th Avenue and 60th Street at a cost of $125,000, and commanded Stanford White to "...build me a club fit for gentlemen, forget the expense..." He invited King in as a charter member and served as club president from 1891 to 1900.


Personal life


Marriages and children

In 1861, Morgan married Amelia Sturges, called Mimi (1835–1862), a daughter of Jonathan Sturges (businessman), Jonathan Sturges. She died the following year. He married Frances Louisa Tracy, known as Fanny (1842–1924), on May 31, 1865. They had four children: * Louisa Pierpont Morgan (1866–1946), who married Herbert L. Satterlee; (1863–1947) * J. P. Morgan Jr. (1867–1943), who married Jane Norton Grew * Juliet Pierpont Morgan (1870–1952), who married William Pierson Hamilton (1869–1950) * Anne Morgan (philanthropist), Anne Tracy Morgan (1873–1952), philanthropist


Appearance

Morgan often had a tremendous physical effect on people; one man said that a visit from Morgan left him feeling "as if a gale had blown through the house." Morgan was physically large with massive shoulders, piercing eyes, and a purple nose. He was known to dislike publicity and hated being photographed without his permission; as a result of his self-consciousness of his rosacea, all of his professional portraits were retouched. His deformed nose was due to a disease called rhinophyma, which can result from rosacea. As the deformity worsens, pits, nodules, fissures, lobulations, and pedunculation contort the nose. This condition inspired the crude taunt "Johnny Morgan's nasal organ has a purple hue." Surgeons could have shaved away the rhinophymous growth of sebaceous tissue during Morgan's lifetime, but as a child he suffered from infantile seizures, and Morgan's son-in-law, Herbert L. Satterlee, has speculated that he did not seek surgery for his nose because he feared the seizures would return. His social and professional self-confidence were too well established to be undermined by this affliction. It appeared as if he dared people to meet him squarely and not shrink from the sight, asserting the force of his character over the ugliness of his face. Morgan smoked dozens of cigars per day and favored large Havana cigars dubbed ''Hercules' Clubs'' by observers.


Religion

Morgan was a lifelong member of the Episcopal Church in the United States of America, Episcopal Church, and by 1890 was one of its most influential leaders. He was a founding member of the Church Club of New York, an Episcopal private member's club in Manhattan. In 1910, the General Convention of the Episcopal Church in the United States of America, General Convention of the Episcopal Church established a commission, proposed by Bishop Charles Brent, to implement a world conference of churches to address their differences in their “Faith in Christianity, faith and Holy orders, order.” Morgan was so impressed by the proposal for such a conference that he contributed $100,000 to finance the commission's work.


Homes

His house at 219 Madison Avenue was originally built in 1853 by John Jay Phelps and purchased by Morgan in 1882. It became the first electrically lit private residence in New York. His interest in the new technology was a result of his financing Thomas Alva Edison's Edison Illuminating Company, Edison Electric Illuminating Company in 1878. It was there that a reception of 1,000 people was held for the marriage of Juliet Morgan and William Pierson Hamilton on April 12, 1894, where they were given a favorite clock of Morgan's. Morgan also owned the "Cragston" estate, located in Highland Falls, New York. His son, of the same name, was the owner of East Island in Glen Cove, New York.


Yachting

An avid yachtsman, Morgan owned several large yachts, the first being the ''Corsair'', built by William Cramp & Sons for Charles J. Osborn (1837-1885) and launched on May 26, 1880. Charles J. Osborn was
Jay Gould Jason Gould (; May 27, 1836 – December 2, 1892) was an American railroad magnate and financial speculator who is generally identified as one of the Robber barons of the Gilded Age In History of the United States, United States history, ...

Jay Gould
's private banker. Morgan bought the yacht in 1882. The well-known quote, "If you have to ask the price, you can't afford it" is commonly attributed to Morgan in response to a question about the cost of maintaining a yacht, although the story is unconfirmed. A similarly unconfirmed legend attributes the quote to his son, J. P. Morgan Jr., in connection with the launching of the son's yacht ''Corsair IV'' at Bath Iron Works in 1930. Morgan was scheduled to travel on the ill-fated maiden voyage of the , but canceled at the last minute, choosing to remain at a resort in Aix-les-Bains, France. The
White Star Line The Oceanic Steam Navigation Company, more commonly known as the White Star Line (WSL), was a British shipping company. Founded out of the remains of a defunct packet company, it gradually rose up to become one of the most prominent shipping ...
, which operated ''Titanic'', was part of Morgan's International Mercantile Marine Company, and Morgan was to have his own private suite and promenade deck on the ship. In response to the sinking of ''Titanic'', Morgan purportedly said, "Monetary losses amount to nothing in life. It is the loss of life that counts. It is that frightful death."


Collector

Morgan was a notable collector of books, pictures, paintings, clocks and other art objects, many loaned or given to the Metropolitan Museum of Art (of which he was president and was a major force in its establishment), and many housed in his London house and in his private library on 36th Street, near Madison Avenue in New York City. For a number of years the British artist and art critic Roger Fry worked for the Museum, and in effect for Morgan, as a collector. His son, J. P. Morgan Jr., made the Morgan Library & Museum, Pierpont Morgan Library a public institution in 1924 as a memorial to his father, and kept Belle da Costa Greene, his father's private librarian, as its first director.


Benefactor

Morgan was a benefactor of the Morgan Library and Museum, the American Museum of Natural History, the Metropolitan Museum of Art, the British Museum, Groton School, Harvard University (especially its Harvard Medical School, medical school), Trinity College (Connecticut), Trinity College, the Lying-in Hospital of the City of New York, and the New York trade schools.


Gem collector

By the turn of the century, Morgan had become one of America's most important collectors of gems and had assembled the most important gem collection in the U.S. as well as of American gemstones (over 1,000 pieces). Tiffany & Co. assembled his first collection under their Chief Gemologist, George Frederick Kunz. The collection was exhibited at the World's Fair in Paris in 1889. The exhibit won two golden awards and drew the attention of important scholars, lapidaries, and the general public. George Frederick Kunz continued to build a second, even finer, collection which was exhibited in Paris in 1900. These collections have been donated to the American Museum of Natural History in New York where they were known as the Morgan-Tiffany and the Morgan-Bement collections. In 1911 Kunz named a newly found gem after his best customer morganite.


Photography

Morgan was a patron to photographer Edward S. Curtis, offering Curtis $75,000 in 1906, to create a series on the Native Americans in the United States, American Indians. Curtis eventually published a 20-volume work entitled ''The North American Indian''. Curtis also produced a motion picture, ''In the Land of the Head Hunters'' (1914), which was restored in 1974 and re-released as ''In the Land of the War Canoes''. Curtis was also famous for a 1911 magic lantern slide show ''The Indian Picture Opera'' which used his photos and original musical compositions by composer Henry F. Gilbert.


Death

Morgan died while traveling abroad on March 31, 1913, just shy of his 76th birthday. He died in his sleep at the Grand Hotel Plaza in Rome, Italy. His body was brought back to America aboard the ''SS France (1910), SS France'', a French Line passenger ship. Flags on Wall Street flew at half-staff, and in an honor usually reserved for heads of state, the stock market closed for two hours when his body passed through New York City. His body was brought to lie in his home and adjacent library the first night of arrival in New York City. His remains were interred in the Cedar Hill Cemetery (Hartford, Connecticut), Cedar Hill Cemetery in his birthplace of
Hartford, Connecticut Hartford is the capital city A capital or capital city is the municipality holding primary status in a Department (country subdivision), department, country, Constituent state, state, province, or other administrative region, usually as ...
. His son, J. P. Morgan Jr., John Pierpont "Jack" Morgan Jr., inherited the banking business. He bequeathed his mansion and large book collections to the Morgan Library & Museum in New York. His estate was worth $68.3 million ($1.39 billion in today's dollars based on Consumer price index, CPI, or $25.2 billion based on share of GDP), of which about $30 million represented his share in the New York and Philadelphia banks. The value of his art collection was estimated at $50 million.


Legacy

His son, J. P. Morgan Jr., took over the business at his father's death, but was never as influential. As required by the 1933 Glass–Steagall Act, the "House of Morgan" became three entities: J.P. Morgan & Co., which later became Morgan Guaranty Trust; Morgan Stanley, an investment house formed by his grandson Henry Sturgis Morgan; and Morgan Grenfell in London, an overseas securities house. The gemstone morganite was named in his honor. The Cragston Dependencies, associated with his estate, Cragston (at Highlands, New York), was listed on the National Register of Historic Places in 1982.


Popular culture

* A contemporary literary biography of Morgan is used as an allegory for the financial environment in America after World War I in the second volume, ''Nineteen Nineteen'', of John Dos Passos' U.S.A. trilogy, ''U.S.A.'' trilogy. * Morgan appears as a character in Caleb Carr's novel ''The Alienist'', in E. L. Doctorow's novel ''Ragtime (novel), Ragtime'', in Steven S. Drachman's novel ''The Ghosts of Watt O'Hugh'', in Graham Moore's novel ''The Last Days of Night,'' and in Marie Bendedict and Victoria Christopher Murray's novel, ''The Personal Librarian''. * Morgan is believed to have been the model for Walter Parks Thatcher (played by George Coulouris), guardian of the young ''Citizen Kane'' (film directed by Orson Welles) with whom he has a tense relationship—Kane blaming Thatcher for destroying his childhood. * According to Phil Orbanes, former Vice President of Parker Brothers, the Rich Uncle Pennybags of the American version of the board game ''Monopoly (game), Monopoly'' is modeled after J. P. Morgan. * Morgan's career is highlighted in episodes three and four of the History Channel's ''The Men Who Built America''. * "My Name Is Morgan (But It Ain't J.P.)" – 1906 popular song released as an Edison cylinder recording, words by Will A. Mahoney, music by Halsey K. Mohr, sung by Bob Roberts (singer), Bob Roberts. Originally released as a "coon song" but revised over the years, a poor man named Morgan tells his girlfriend not to mistake him for a rich man. *The family of the illustrator Daniel Fox, who in 1936 created the mascot Rich Uncle Pennybags for the Monopoly (boardgame), Monopoly boardgame, have accredited J. P. Morgan as being the inspiration for the character. Association of Game and Puzzle Collectors Quarterly www.AGPC.ORG summer 2013 Vol.15 No. 2. Page 18. Meet Daniel Gidahlia Fox - The Artist Who Created "Mr. Monopoly" by Emily F.Clements.


See also

* Ventfort Hall Mansion and Gilded Age Museum * ''SS J. Pierpont Morgan'', a lake freighter named after Morgan


Citations


Further reading


Biographies

* Louis Auchincloss, Auchincloss, Louis. ''J.P. Morgan: The Financier as Collector''. Harry N. Abrams, Inc. (1990) * * H. W. Brands, Brands, H.W. ''Masters of Enterprise: Giants of American Business from John Jacob Astor and J. P. Morgan to Bill Gates and Oprah Winfrey'' (1999), pp. 64–79 * Bryman, Jeremy. ''J. P. Morgan: Banker to a Growing Nation''. Morgan Reynolds Publishing (2001) , for middle schools * Carosso, Vincent P. ''The Morgans: Private International Bankers, 1854–1913''. Harvard U. Press, 1987. 888 pp.  * Ron Chernow, Chernow, Ron. ''The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance'', (2001) * Morris, Charles R. ''The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy'' (2005) * Jean Strouse, Strouse, Jean. ''Morgan: American Financier''. (1999). 796 pp
excerpt and text search
* Wheeler, George, ''Pierpont Morgan and Friends: the Anatomy of a Myth'', Englewood Cliffs, N.J., Prentice-Hall, 1973.


Specialized studies

* Louis Brandeis, Brandeis, Louis D. ''Other People's Money and How the Bankers Use It''. Ed. Melvin I. Urofsky. (1995). * Carosso, Vincent P. ''Investment Banking in America: A History'' Harvard University Press (1970) * De Long, Bradford. "Did JP Morgan's Men Add Value?: An Economist's Perspective on Financial Capitalism," in Peter Temin, ed., ''Inside the Business Enterprise: Historical Perspectives on the Use of Information'' (1991) pp. 205–36; shows firms with a Morgan partner on their board had higher stock prices (relative to book value) than their competitors * Forbes, John Douglas. ''J. P. Morgan Jr. 1867–1943'' (1981). 262 pp. biography of his son * Fraser, Steve. ''Every Man a Speculator: A History of Wall Street in American Life'' HarperCollins (2005) * Garraty, John A. ''Right-Hand Man: The Life of George W. Perkins''. (1960) ; Perkins was a top aide 1900–1910 * Garraty, John A. "The United States Steel Corporation Versus Labor: The Early Years," ''Labor History'' 1960 1(1): 3–38 * Geisst; Charles R
''Wall Street: A History from Its Beginnings to the Fall of Enron''
Oxford University Press. 2004. * Giedeman, Daniel C. "J. P. Morgan, the Clayton Antitrust Act, and Industrial Finance-Constraints in the Early Twentieth Century", ''Essays in Economic and Business History'', 2004 22: 111–126 * Hannah, Leslie. "J. P. Morgan in London and New York before 1914," ''Business History Review'' 85 (Spring 2011) 113–50 * * Moody, John
''The Masters of Capital: A Chronicle of Wall Street''
(1921) * Rottenberg, Dan. ''The Man Who Made Wall Street''. University of Pennsylvania Press.


External links


The Morgan Library and Museum
225 Madison Ave, New York, NY 10016

* * {{DEFAULTSORT:Morgan, J. P. 1837 births 1913 deaths 19th-century American businesspeople 19th-century American Episcopalians 20th-century American businesspeople 20th-century American Episcopalians American art collectors American bankers American book and manuscript collectors American financial company founders American financiers American railway entrepreneurs Burials at Cedar Hill Cemetery (Hartford, Connecticut) Businesspeople from Hartford, Connecticut Businesspeople from New York City Cheshire Academy alumni English High School of Boston alumni General Electric people Gilded Age House of Morgan, J. P. JPMorgan Chase employees Knights of the Order of Saints Maurice and Lazarus Members of the New York Yacht Club Morgan family, .J. P. Philanthropists from New York (state) Presidents of the Metropolitan Museum of Art U.S. Steel people University of Göttingen alumni