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John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was an American financier and investment banker who dominated
corporate finance Corporate finance is the area of finance that deals with the sources of funding, the capital structure of corporations, the actions that managers take to increase the value of the firm to the shareholders, and the tools and analysis used to all ...
on
Wall Street Wall Street is an eight-block-long street in the Financial District of Lower Manhattan in New York City. It runs between Broadway in the west to South Street and the East River in the east. The term "Wall Street" has become a metonym for ...
throughout the
Gilded Age In United States history, the Gilded Age was an era extending roughly from 1877 to 1900, which was sandwiched between the Reconstruction era and the Progressive Era. It was a time of rapid economic growth, especially in the Northern and Wes ...
. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was the driving force behind the wave of industrial consolidation 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 including U.S. Steel,
International Harvester The International Harvester Company (often abbreviated by IHC, IH, or simply International ( colloq.)) was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household e ...
and
General Electric General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable ene ...
which subsequently fell under his supervision. He and his partners also held controlling interests in numerous other American businesses including Aetna,
Western Union The Western Union Company is an American multinational financial services company, headquartered in Denver, Colorado. Founded in 1851 as the New York and Mississippi Valley Printing Telegraph Company in Rochester, New York, the company cha ...
, Pullman Car Company 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 that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% fro ...
, 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, the central banks and commercial banks. Commodity money system A commodity m ...
from collapse. As the
Progressive Era The Progressive Era (late 1890s – late 1910s) was a period of widespread social activism and political reform across the United States focused on defeating corruption, monopoly, waste and inefficiency. The main themes ended during Am ...
's leading financier, J.P. Morgan's dedication to efficiency and modernization helped transform the shape of the American economy. Adrian Wooldridge 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. John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker, finance executive, and philanthropist. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. ...
Biographer
Ron Chernow Ronald Chernow (; born March 3, 1949) is an American writer, journalist and biographer. He has written bestselling historical non-fiction biographies. He won the 2011 Pulitzer Prize for Biography and the 2011 American History Book Prize for hi ...
estimated his fortune at $80million (equivalent to $billion in ).


Childhood and education

Morgan was born and raised in
Hartford, Connecticut Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since t ...
, to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) of the influential Morgan family. 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 (now
Cheshire Academy Cheshire Academy is a selective, co-educational college preparatory school located in Cheshire, Connecticut, United States. Founded in 1794 as the Episcopal Academy of Connecticut, it is currently the eleventh oldest boarding school in the United ...
), 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 one of the first public high schools in America, founded in 1821. Originally called The English Classical School, it was renamed The English High School upon its first relocation ...
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, joints, skin, and brain. The disease typically develops two to four weeks after a streptococcal throat infection. Signs and symptoms include fever, multiple painful ...
left him in such pain that he could not walk, and Junius sent him to the
Azores ) , motto =( en, "Rather die free than subjected in peace") , anthem= ( en, "Anthem of the Azores") , image_map=Locator_map_of_Azores_in_EU.svg , map_alt=Location of the Azores within the European Union , map_caption=Location of the Azores wi ...
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 municipality in Riviera-Pays-d'Enhaut District in the canton of Vaud in Switzerland. The city is located on Lake Geneva between Montreux and Vevey (their agglomeration counting some 80,000 inhabitants). History In th ...
, 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 ...
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. , it had 290,955 inhabitants, plus approximately 21,000 United States citizens (mostly associated with the United States Army). The Wiesbaden urban area ...
, 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. Merchant banks were the first modern banks and evolved from medieval merchants who traded in commo ...
firm Peabody, Morgan & Co., a partnership between his father and George Peabody founded three years earlier. In 1858, he moved to New York City to join the banking house of Duncan, Sherman & Company, the American representatives of
George Peabody and Company J.S. Morgan & Co. was a merchant banking firm based in London and New York City founded by Junius Spencer Morgan, father of J. P. Morgan. History The business had originally been started by the American merchant George Peabody conducting busi ...
. During the
American Civil War The American Civil War (April 12, 1861 – May 26, 1865; also known by Names of the American Civil War, other names) was a civil war in the United States. It was fought between the Union (American Civil War), Union ("the North") and t ...
, in an incident known as the
Hall Carbine Affair During the American Civil War, John Pierpont Morgan financed the purchase of 5,000 surplus rifles at $3.50 each, which were then sold back to the government for $22 each. The incident became renowned as a scandalous example of wartime profiteerin ...
, 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,
Anthony J. Drexel Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was an American banker who played a major role in the rise of modern global finance after the American Civil War. As the dominant partner of Drexel & Co. of Philadelphia, he found ...
founded the New York firm of Drexel, Morgan & Company with his apprentice Pierpont.


J.P. Morgan & Company

After the death of
Anthony Drexel Anthony Joseph Drexel Sr. (September 13, 1826 – June 30, 1893) was an American banker who played a major role in the rise of modern global finance after the American Civil War. As the dominant partner of Drexel & Co. of Philadelphia, he founded ...
, the firm was rechristened J. P. Morgan & Company in 1895, retaining close ties with
Drexel & Company Drexel Burnham Lambert was an American multinational 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 was ...
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 railroad from Albany to Binghamton, New York, operating 1851 to 1870. It was subsequently leased by the Delaware and Hudson Canal Company and later merged into the Delaware and Hudson R ...
from Jay Gould and Jim Fisk in 1869; led the syndicate that broke the government-financing privileges of 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 and Mid-Atlantic regions of the United States. The railroad primarily connected greater New York and Boston in the east with Chicago and St. Louis in the Mid ...
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 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, from Minnesota to the Pacific Northwest. It was approved by Congress in 1864 and given nearly of land grants, wh ...
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 E. H. Harriman and St. Paul, MN railroad builder James J. Hill. To reduce expensive competition in the Midwest, they created the Northern Securities Company 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, from Minnesota to the Pacific Northwest. It was approved by Congress in 1864 and given nearly of land grants, wh ...
, the Great Northern Railway, and the
Chicago, Burlington and Quincy Railroad The Chicago, Burlington and Quincy Railroad was a railroad that operated in the Midwestern United States. Commonly referred to as the Burlington Route, the Burlington, or as the Q, it operated extensive trackage in the states of Colorado, Illin ...
. 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 by his initials, T. R., was an American politician, statesman, soldier, conservationist, naturalist, historian, and writer who served as the 26t ...
. 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 The Sherman Antitrust Act of 1890 (, ) is a United States antitrust law which prescribes the rule of free competition among those engaged in commerce. It was passed by Congress and is named for Senator John Sherman, its principal author. T ...
. 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 in the United States that began in 1893 and ended in 1897. It deeply affected every sector of the economy, and produced political upheaval that led to the political realignment of 1896 and the pres ...
. 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 ...
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 or intrastate war is a war between organized groups within the same state (or country). The aim of one side may be to take control of the country or a region, to achieve independence for a region, or to change government polici ...
statute that allowed Morgan and the
Rothschilds The Rothschild family ( , ) is a wealthy Ashkenazi Jewish family originally from Frankfurt that rose to prominence with Mayer Amschel Rothschild (1744–1812), a court factor to the German Landgraves of Hesse-Kassel in the Free City of Fran ...
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 Party, 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 lawyer, orator and politician. Beginning in 1896, he emerged as a dominant force in the History of the Democratic Party (United States), Democratic Party, running ...
. 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, serving from 1897 until his assassination in 1901. As a politician he led a realignment that made his Republican Party largely dominant in t ...
, 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
Charles M. Schwab Charles Michael Schwab (February 18, 1862 – September 18, 1939) was an American steel magnate. Under his leadership, Bethlehem Steel became the second-largest steel maker in the United States, and one of the most important heavy manufacturer ...
, president of Carnegie Co., and businessman
Andrew Carnegie Andrew Carnegie (, ; November 25, 1835August 11, 1919) was a Scottish-American industrialist and philanthropist. Carnegie led the expansion of the American steel industry in the late 19th century and became one of the richest Americans in ...
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-producing company primarily created by Andrew Carnegie and several close associates to manage businesses at steel mills in the Pittsburgh, Pennsylvania area in the late 19th century. The company was form ...
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, economies of scale are the cost advantages that enterprises obtain due to their scale of operation, and are typically measured by the amount of output produced per unit of time. A decrease in cost per unit of output enables ...
, 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, is a country in Europe, off the north-western coast of the continental mainland. It comprises England, Scotland, Wales and ...
and
Germany Germany,, officially the Federal Republic of Germany, is a country in Central Europe. It is the second most populous country in Europe after Russia, and the most populous member state of the European Union. Germany is situated betwee ...
. 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; see spelling differences), is the process of interaction and integration among people, companies, and governments worldwide. The term ''globalization'' first appeared in the early 20t ...
"). 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 steelmaking company headquartered in Bethlehem, Pennsylvania. For most of the 20th century, it was one of the world's largest steel producing and shipbuilding companies. At the height of its succ ...
, 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—including Morgan and CEO Elbert Gary—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 that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% fro ...
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
George B. Cortelyou George Bruce Cortelyou (July 26, 1862October 23, 1940) was an American Cabinet secretary of the early twentieth century. He held various positions in the presidential administrations of Grover Cleveland, William McKinley, and Theodore Roosevelt. ...
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, 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 and iron ore mining and railroad operations. Originally based entirely with ...
. 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, owning valuable iron and coal deposits. Morgan controlled U.S. Steel; 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 the field of law that promotes or seeks to maintain market competition by regulating anti-competitive conduct by companies. Competition law is implemented through public and private enforcement. It is also known as antitrust ...
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 by his initials, T. R., was an American politician, statesman, soldier, conservationist, naturalist, historian, and writer who served as the 26t ...
, 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 in the United States Senate, where he represented Rhode Island from 1881 to 1911. By the ...
, devised a plan that resulted in the creation of the
Federal Reserve System The Federal Reserve System (often shortened to the Federal Reserve, or simply the Fed) is the central banking system of the United States of America. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after ...
in 1913.


Banking's critics

While conservatives in the
Progressive Era The Progressive Era (late 1890s – late 1910s) was a period of widespread social activism and political reform across the United States focused on defeating corruption, monopoly, waste and inefficiency. The main themes ended during Am ...
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 characterized by a union of partially self-governing provinces, states, or other regions under a central federal government ( federalism). In a federation, the self-gover ...
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, political activist and the 1934 Democratic Party nominee for governor of California who wrote nearly 100 books and other works in sever ...
, 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 that took place in the United States over a three-week period starting in mid-October, when the New York Stock Exchange fell almost 50% fro ...
. They also attempted to attribute to him the financial ills of the New York, New Haven and Hartford Railroad. In December 1912, Morgan testified before the
Pujo Committee The 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 bankers and financiers that exerted powerful control over the nation's finances ...
, 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 National City Bank 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 on the Supreme Court of the United States from 1916 to 1939. Starting in 1890, he helped develop the " right to privacy" concep ...
, 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 List of longest rivers of the United States (by main stem), second-longest river and chief river of the second-largest Drainage system (geomorphology), drainage system in North America, second only to the Hudson B ...
.


Unsuccessful ventures

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


Nikola Tesla

In 1900, the inventor
Nikola Tesla Nikola Tesla ( ; ,"Tesla"
''Random House Webster's Unabridged Dictionary''.
; 1856 – 7 January 1943 ...
convinced Morgan he could build a trans-Atlantic wireless communication system (eventually sited at Wardenclyffe) 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 Italian inventor and electrical engineer, known for his creation of a practical radio wave-based wireless telegraph system. This led to 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 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 counties of Buckinghamshire, Essex and Hertfordshire in England. The ...
. Transit magnate
Charles Tyson Yerkes Charles Tyson Yerkes Jr. ( ; June 25, 1837 – December 29, 1905) was an American financier. He played a part in developing mass-transit systems in Chicago and London. Philadelphia Yerkes was born into a Quaker family in the Northern Liberties ...
thwarted Morgan's effort to obtain parliamentary authority to build the
Piccadilly, City and North East London Railway __NOTOC__ The Piccadilly, City and North East London Railway (PC&NELR) was a tube railway in London proposed in 1902. The railway was to run from Southgate to Hammersmith and Shepherd's Bush via Palmers Green, Tottenham, Stoke Newington, Da ...
, 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 (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 White Star Line 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 lines in the world, providing passenger and cargo services between ...
, which owned the 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 (28 July 1914 11 November 1918), often abbreviated as WWI, was List of wars and anthropogenic disasters by death toll, one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, ...
, IMMC eventually re-emerged as the United States Lines, 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 liabilit ...
, in whole or part, by J.P. Morgan and Company.


Manufacturing and construction industry

* American Bridge Company * American Telephone & Telegraph * Associated Merchants * Atlas Portland Cement Company * Boomer Coal & Coke * Federal Steel Company *
General Electric General Electric Company (GE) is an American multinational conglomerate founded in 1892, and incorporated in New York state and headquartered in Boston. The company operated in sectors including healthcare, aviation, power, renewable ene ...
* Hartford Carpet Corporation * Inspiration Consolidated Copper Company *
International Harvester The International Harvester Company (often abbreviated by IHC, IH, or simply International ( colloq.)) was an American manufacturer of agricultural and construction equipment, automobiles, commercial trucks, lawn and garden products, household e ...
*
International Mercantile Marine 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 monopolize the shipping trade. IMM was founded by shipping magnates ...
* J. I. Case Threshing Machine * National Tube * United Dry Goods *
United States Steel Corporation United States Steel Corporation, more commonly known as U.S. Steel, is an American integrated steel producer headquartered in Pittsburgh, Pennsylvania, with production operations primarily in the United States of America and in several countries ...


Railroads

*
Atchison, Topeka and Santa Fe Railway The Atchison, Topeka and Santa Fe Railway , often referred to as the Santa Fe or AT&SF, was one of the larger railroads in the United States. The railroad was chartered in February 1859 to serve the cities of Atchison and Topeka, Kansas, and ...
* Atlantic Coast Line *
Central of Georgia Railway The Central of Georgia Railway started as the Central Rail Road and Canal Company in 1833. As a way to better attract investment capital, the railroad changed its name to Central Rail Road and Banking Company of Georgia. This railroad was cons ...
*
Chesapeake and Ohio Railway The Chesapeake and Ohio Railway was a Class I railroad formed in 1869 in Virginia from several smaller Virginia railroads begun in the 19th century. Led by industrialist Collis P. Huntington, it reached from Virginia's capital city of Richmond t ...
* Chicago and Western Indiana Railroad * Chicago, Burlington and Quincy *
Chicago Great Western Railway The Chicago Great Western Railway was a Class I railroad that linked Chicago, Minneapolis, Omaha, and Kansas City. It was founded by Alpheus Beede Stickney in 1885 as a regional line between St. Paul and the Iowa state line called the Minnesot ...
* Chicago, Indianapolis & Louisville Railroad * Elgin, Joliet and Eastern Railway *
Erie Railroad The Erie Railroad was a railroad that operated in the northeastern United States, originally connecting New York City — more specifically Jersey City, New Jersey, where Erie's Pavonia Terminal, long demolished, used to stand — with Lake ...
*
Florida East Coast Railway The Florida East Coast Railway is a Class II railroad operating in the U.S. state of Florida, currently owned by Grupo México. Built primarily in the last quarter of the 19th century and the first decade of the 20th century, the FEC was a p ...
*
Hocking Valley Railway The Hocking Valley Railway was a railroad in the U.S. state of Ohio, with a main line from Toledo to Athens and Pomeroy via Columbus. It also had several branches to the coal mines of the Hocking Valley near Athens. The company became part of ...
*
Lehigh Valley Railroad The Lehigh Valley Railroad was a railroad built in the Northeastern United States to haul anthracite coal from the Coal Region in Pennsylvania. The railroad was authorized on April 21, 1846 for freight and transportation of passengers, goods, ...
*
Louisville and Nashville Railroad The Louisville and Nashville Railroad , commonly called the L&N, was a Class I railroad that operated freight and passenger services in the southeast United States. Chartered by the Commonwealth of Kentucky in 1850, the road grew into one of t ...
*
New York Central System The New York Central Railroad was a railroad primarily operating in the Great Lakes and Mid-Atlantic regions of the United States. The railroad primarily connected greater New York and Boston in the east with Chicago and St. Louis in the ...
* 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, from Minnesota to the Pacific Northwest. It was approved by Congress in 1864 and given nearly of land grants, wh ...
*
Pennsylvania Railroad The Pennsylvania Railroad (reporting mark PRR), legal name The Pennsylvania Railroad Company also known as the "Pennsy", was an American Class I railroad that was established in 1846 and headquartered in Philadelphia, Pennsylvania. It was named ...
*
Pere Marquette Railroad The Pere Marquette Railway operated in the Great Lakes region of the United States and southern parts of Ontario in Canada. It had trackage in the states of Michigan, Ohio, Indiana and the Canadian province of Ontario. Its primary connections i ...
*
Reading Railroad The Reading Company ( ) was a Philadelphia-headquartered railroad that provided passenger and commercial rail transport in eastern Pennsylvania and neighboring states that operated from 1924 until its 1976 acquisition by Conrail. Commonly call ...
* St. Louis–San Francisco Railway * Southern Railway * Terminal Railroad Association of St. Louis


Later years

Morgan was a member of the Union Club in New York City. When a friend,
Erie Railroad The Erie Railroad was a railroad that operated in the northeastern United States, originally connecting New York City — more specifically Jersey City, New Jersey, where Erie's Pavonia Terminal, long demolished, used to stand — with Lake ...
president John King, was blackballed, 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 Stanford White (November 9, 1853 – June 25, 1906) was an American architect. He was also a partner in the architectural firm McKim, Mead & White, one of the most significant Beaux-Arts firms. He designed many houses for the rich, in addition ...
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). He married Frances Louisa "Fanny" Tracy (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 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." He 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.


Religion

Morgan was a lifelong member of the 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. Morgan was appointed as one of the first laymen on the committee that created the 1892 revision of the ''
Book of Common Prayer The ''Book of Common Prayer'' (BCP) is the name given to a number of related prayer books used in the Anglican Communion and by other Christian churches historically related to Anglicanism. The original book, published in 1549 in the reign ...
'', where he petitioned for the creation of a special limited collectible printing that he later financed. In 1910, the General Convention of the Episcopal Church established a commission, proposed by Bishop
Charles Brent Charles Henry Brent (April 9, 1862 – March 27, 1929) was the Episcopal Church's first Missionary Bishop of the Philippine Islands (1902–1918); Chaplain General of the American Expeditionary Forces in World War I (1917–1918); and Bishop of t ...
, to implement a world conference of churches to address their differences in their “
faith Faith, derived from Latin ''fides'' and Old French ''feid'', is confidence or trust in a person, thing, or In the context of religion, one can define faith as "belief in God or in the doctrines or teachings of religion". Religious people ofte ...
and
order Order, ORDER or Orders may refer to: * Categorization, the process in which ideas and objects are recognized, differentiated, and understood * Heterarchy, a system of organization wherein the elements have the potential to be ranked a number of ...
.” 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 John Jay Phelps (October 25, 1810, at Simsbury, Connecticut – May 12, 1869, Simsbury, Connecticut) was an early railroad baron and financier, who was one of the founders of the Delaware, Lackawanna and Western Railroad and served as its firs ...
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 Thomas Alva Edison (February 11, 1847October 18, 1931) was an American inventor and businessman. He developed many devices in fields such as electric power generation, mass communication, sound recording, and motion pictures. These inventi ...
's
Edison Electric Illuminating Company The Edison Illuminating Company was established by Thomas Edison on December 17, 1880, to construct electrical generating stations, initially in New York City. The company was the prototype for other local illuminating companies that were establis ...
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 Highland Falls, formerly named Buttermilk Falls, is a village in Orange County, New York, United States. The population was 3,900 at the 2010 census. The village was founded in 1906. It is part of the Poughkeepsie– Newburgh– Middleto ...
. His son, of the same name, was the owner of East Island in
Glen Cove, New York Glen Cove is a city in Nassau County, New York, United States, on the North Shore of Long Island. At the 2020 United States Census, the city population was 28,365 as of the 2020 census. The city was considered part of the early 20th century ...
. J.P. Morgan spent three months of every year in
London London is the capital and List of urban areas in the United Kingdom, largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary dow ...
and owned two houses there. His 'town' house, 13 Prince's Gate was inherited from his father and was later expanded by the acquisition of the neighbouring Number 14 to house his growing art collection. After his death the merged houses were offered to the US government for use as the residence of the
US Ambassador Ambassadors of the United States are persons nominated by the president to serve as the country's diplomatic representatives to foreign nations, international organizations, and as ambassadors-at-large. Under Article II, Section 2 of the U.S. ...
, from 1929 to 1955. His other property was Dover House, Putney, which was later demolished and developed into the Dover House Estate.


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'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 Aix-les-Bains (, ; frp, Èx-los-Bens; la, Aquae Gratianae), locally simply Aix, is a commune in the southeastern French department of Savoie.
, France. The
White Star Line The White Star Line 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 lines in the world, providing passenger and cargo services between ...
, 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:


Collector

Morgan was a collector of books, pictures, paintings, clocks and other art objects, many loaned or given to the
Metropolitan Museum of Art The Metropolitan Museum of Art of New York City, colloquially "the Met", is the largest art museum in the Americas. Its permanent collection contains over two million works, divided among 17 curatorial departments. The main building at 1000 ...
(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 Madison Avenue is a north-south avenue in the borough of Manhattan in New York City, United States, that carries northbound one-way traffic. It runs from Madison Square (at 23rd Street) to meet the southbound Harlem River Drive at 142nd Str ...
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
Pierpont Morgan Library The Morgan Library & Museum, formerly the Pierpont Morgan Library, is a museum and research library in the Murray Hill neighborhood of Manhattan in New York City. It is situated at 225 Madison Avenue, between 36th Street to the south and 37th ...
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 American Museum of Natural History (abbreviated as AMNH) is a natural history museum on the Upper West Side of Manhattan in New York City. In Theodore Roosevelt Park, across the street from Central Park, the museum complex comprises 26 int ...
, the
Metropolitan Museum of Art The Metropolitan Museum of Art of New York City, colloquially "the Met", is the largest art museum in the Americas. Its permanent collection contains over two million works, divided among 17 curatorial departments. The main building at 1000 ...
, the
British Museum The British Museum is a public museum dedicated to human history, art and culture located in the Bloomsbury area of London. Its permanent collection of eight million works is among the largest and most comprehensive in existence. It docum ...
,
Groton School Groton School (founded as Groton School for Boys) is a private college-preparatory boarding school located in Groton, Massachusetts. Ranked as one of the top five boarding high schools in the United States in Niche (2021–2022), it is affiliated ...
,
Harvard University Harvard University is a private Ivy League research university in Cambridge, Massachusetts. Founded in 1636 as Harvard College and named for its first benefactor, the Puritan clergyman John Harvard, it is the oldest institution of highe ...
(especially its
medical school A medical school is a tertiary educational institution, or part of such an institution, that teaches medicine, and awards a professional degree for physicians. Such medical degrees include the Bachelor of Medicine, Bachelor of Surgery (MBBS, ...
),
Trinity College Trinity College may refer to: Australia * Trinity Anglican College, an Anglican coeducational primary and secondary school in , New South Wales * Trinity Catholic College, Auburn, a coeducational school in the inner-western suburbs of Sydney, New ...
, the
Lying-in Hospital A maternity hospital specializes in caring for women during pregnancy and childbirth. It also provides care for newborn infants, and may act as a centre for clinical training in midwifery and obstetrics. Formerly known as lying-in hospitals, most ...
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 The American Museum of Natural History (abbreviated as AMNH) is a natural history museum on the Upper West Side of Manhattan in New York City. In Theodore Roosevelt Park, across the street from Central Park, the museum complex comprises 26 int ...
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 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 ''In the Land of the Head Hunters'' (also called ''In the Land of the War Canoes'') is a 1914 silent film fictionalizing the world of the Kwakwaka'wakw peoples of the Queen Charlotte Strait region of the Central Coast of British Columbia, Can ...
'' (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 The magic lantern, also known by its Latin name , is an early type of image projector that used pictures—paintings, prints, or photographs—on transparent plates (usually made of glass), one or more lenses, and a light source. Because a si ...
slide show '' The Indian Picture Opera'' which used his photos and original musical compositions by composer Henry F. Gilbert.


Other

Morgan smoked dozens of cigars per day and favored large Havana cigars dubbed ''Hercules' Clubs'' by observers.


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 , a French Line passenger ship. Flags on Wall Street flew at
half-staff Half-mast or half-staff (American English) refers to a flag flying below the summit of a ship mast, a pole on land, or a pole on a building. In many countries this is seen as a symbol of respect, mourning, distress, or, in some cases, a salu ...
, 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 in his birthplace of
Hartford, Connecticut Hartford is the capital city of the U.S. state of Connecticut. It was the seat of Hartford County until Connecticut disbanded county government in 1960. It is the core city in the Greater Hartford metropolitan area. Census estimates since t ...
. His son, John Pierpont "Jack" Morgan Jr., inherited the banking business. He bequeathed his mansion and large book collections to the
Morgan Library & Museum The Morgan Library & Museum, formerly the Pierpont Morgan Library, is a museum and research library in the Murray Hill neighborhood of Manhattan in New York City. It is situated at 225 Madison Avenue, between 36th Street to the south and 37th S ...
in New York. His estate was worth $68.3 million ($1.39 billion in today's dollars based on 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 he 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 J.P. Morgan & Co. is a commercial and investment banking institution founded by J. P. Morgan in 1871. Through a series of mergers and acquisitions, the company is now a subsidiary of JPMorgan Chase, one of the largest banking institutions in ...
;
Morgan Stanley Morgan Stanley is an American multinational investment management and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in more than 41 countries and more than 75,000 employees, the fir ...
, an investment house formed by his grandson
Henry Sturgis Morgan Henry Sturgis Morgan Sr. (October 24, 1900 – February 8, 1982) was an American banker, known for being the co-founder of Morgan Stanley and the president and chairman of the Morgan Library & Museum. Early life and education Morgan was b ...
; and
Morgan Grenfell Morgan, Grenfell & Co. was a leading London-based investment bank regarded as one of the oldest and once most influential British merchant banks. It had its origins in a merchant banking business commenced by George Peabody. Junius Spencer Morgan ...
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 Highlands is a town on the eastern border of Orange County, New York. The population was 12,492 at the 2010 census. West Point, including the United States Military Academy, is located alongside the Hudson River in Highlands, and the military r ...
), was listed on the
National Register of Historic Places The National Register of Historic Places (NRHP) is the United States federal government's official list of districts, sites, buildings, structures and objects deemed worthy of preservation for their historical significance or "great artistic ...
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. * Morgan appears as a character in Caleb Carr's novel ''
The Alienist ''The Alienist'' is a crime novel by Caleb Carr first published in 1994 and is the first book in the Kreizler series. It takes place in New York City in 1896, and includes appearances by many famous figures of New York society in that era, inc ...
'', in E. L. Doctorow's novel ''
Ragtime Ragtime, also spelled rag-time or rag time, is a musical style that flourished from the 1890s to 1910s. Its cardinal trait is its syncopated or "ragged" rhythm. Ragtime was popularized during the early 20th century by composers such as Scott J ...
'', in Steven S. Drachman's novel ''
The Ghosts of Watt O'Hugh ''The Ghosts of Watt O'Hugh'' is the first in a series of novels by Steven S. Drachman (2011). The books fall into the category of science fiction western and tell the story of an American Civil War veteran who becomes a dime novel hero while engag ...
'', in Graham Moore's novel ''The Last Days of Night,'' and in
Marie Benedict Heather Benedict Terrell (born November 24, 1968) is an American novelist and lawyer who writes some of her novels under the pen name Marie Benedict. Life and education Terrell attended and graduated from Upper St. Clair High School in Pittsburg ...
and
Victoria Christopher Murray Victoria Christopher Murray is an American editor and author of over 30 books, with "more than one million books in print." Personal life and education Murray was born in Queens, New York. She received a Bachelor of Arts in Communication Disor ...
'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 ''Citizen Kane'' is a 1941 American drama film produced by, directed by, and starring Orson Welles. He also co-wrote the screenplay with Herman J. Mankiewicz. The picture was Welles' first feature film. ''Citizen Kane'' is frequently cited ...
'' (film directed by
Orson Welles George Orson Welles (May 6, 1915 – October 10, 1985) was an American actor, director, producer, and screenwriter, known for his innovative work in film, radio and theatre. He is considered to be among the greatest and most influential f ...
) 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 Rich Uncle Pennybags is the mascot of the board game of ''Monopoly''. He is depicted as a portly old man with a moustache who wears a morning suit with a bowtie and top hat. In large parts of the world he is known, additionally or exclusively, as ...
of the American version of the board game ''
Monopoly A monopoly (from Greek language, Greek el, μόνος, mónos, single, alone, label=none and el, πωλεῖν, pōleîn, to sell, label=none), as described by Irving Fisher, is a market with the "absence of competition", creating a situati ...
'' is modeled after J. P. Morgan.The family of the illustrator Daniel Fox, who in 1936 created the mascot for the game, have credited J. P. Morgan as being the inspiration for the character. * 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, with words by Will A. Mahoney, music by Halsey K. Mohr, and sung by
Bob Roberts ''Bob Roberts'' is a 1992 American satirical mockumentary film written, directed by, and starring Tim Robbins. It depicts the rise of Robert "Bob" Roberts Jr., a right-wing politician who is a candidate for an upcoming United States Senate electi ...
. Originally released as a "
coon song Coon songs were a genre of music that presented a stereotype of black people. They were popular in the United States and Australia from around 1880 to 1920, though the earliest such songs date from minstrel shows as far back as 1848, when they we ...
" but revised over the years, a poor man named Morgan tells his girlfriend not to mistake him for a rich man.David A. Jasen, A Century of American Popular Music, Routledge, October 15, 2013, page 142


See also

* Ventfort Hall Mansion and Gilded Age Museum * , a lake freighter named after Morgan


Citations


Further reading

Biographies * Auchincloss, Louis. ''J.P. Morgan: The Financier as Collector''. Harry N. Abrams, Inc. (1990) * * 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.  * 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) * 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 * Brandeis, Louis D. ''
Other People's Money and How the Bankers Use It ''Other People's Money And How the Bankers Use It'' (1914) is a collection of essays written by Louis Brandeis first published as a book in 1914, and reissued in 1933. This book is critical of banks and insurance companies. Contents All the chap ...
''. 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 J. P. JPMorgan Chase employees Knights of the Order of Saints Maurice and Lazarus Members of the New York Yacht Club .J. P. Philanthropists from New York (state) Presidents of the Metropolitan Museum of Art U.S. Steel people University of Göttingen alumni