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 Italians, Italian inventor and electrical engineering, electrical engineer, known for his creation of a practical radio wave-based Wireless telegrap ...
. 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 without wires as a physical link. In a wireless power transmission system ...
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 He ...
. 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, 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 monopolize the shipping trade.
IMM was founded by shipping magnate ...
(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 t ...
, 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 one of the deadliest global conflicts in history. Belligerents included much of Europe, the Russian Empire, the United States, and the Ottoman Empire, with fightin ...
, 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 (USSB), Emergency Fleet Corporation (EFC) created to operate German liners seized by the United States in 1917. The ships were owned by the USSB and all ...
, 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
![John Pierpont J](https://upload.wikimedia.org/wikipedia/commons/4/48/John_Pierpont_J._P._Morgan.jpeg)
*
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 Pitts ...
*
American Telephone & Telegraph
AT&T Corporation, originally the American Telephone and Telegraph Company, is the subsidiary of AT&T Inc. that provides voice, video, data, and Internet telecommunications and professional services to businesses, consumers, and government agen ...
* 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 energ ...
* 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
The Case Corporation was a manufacturer of agricultural machinery and construction equipment. Founded, in 1842, by Jerome Increase Case as the J. I. Case Threshing Machine Company, it operated under that name for most of a century. For ano ...
*
National Tube
*
United Dry Goods
Associated Dry Goods Corporation (ADG) was a chain of department stores that merged with May Department Stores in 1986. It was founded in 1916 as an association of independent stores called American Dry Goods, based in New York City.
History
T ...
*
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, Kansas, Atchison and Top ...
*
Atlantic Coast Line
*
Central of Georgia Railway
*
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
The Chicago and Western Indiana Railroad was the owner of Dearborn Station in Chicago and the trackage leading to it. It was owned equally by five of the railroads using it to reach the terminal, and kept those companies from needing their own ...
*
Chicago, Burlington and Quincy
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 ...
*
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 Minnesota a ...
*
Chicago, Indianapolis & Louisville Railroad
*
Elgin, Joliet and Eastern Railway
The Elgin, Joliet and Eastern Railway was a Class I railroad, operating between Waukegan, Illinois and Gary, Indiana. The railroad served as a link between Class I railroads traveling to and from Chicago, although it operated almost entirely wit ...
*
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 Erie ...
*
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 pr ...
*
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, w ...
*
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 the ...
*
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 Mid ...
*
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 ...
*
New York, Ontario and Western Railway
The New York, Ontario and Western Railway, more commonly known as the O&W or NYO&W, was a regional railroad with origins in 1868, lasting until March 29, 1957 (the last train ran from Norwich to Middletown, NY on this date), after which it was or ...
*
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, whic ...
*
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 in ...
*
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 calle ...
*
St. Louis–San Francisco Railway
The St. Louis–San Francisco Railway , commonly known as the "Frisco", was a railroad that operated in the Midwest and South Central United States from 1876 to April 17, 1980. At the end of 1970, it operated of road on of track, not includi ...
*
Southern Railway
*
Terminal Railroad Association of St. Louis
The Terminal Railroad Association of St. Louis is a Class III switching and terminal railroad that handles traffic in the St. Louis, Missouri, metropolitan area. It is co-owned by five of the six Class I railroads that reach the city.
Present ope ...
Later years
![J](https://upload.wikimedia.org/wikipedia/commons/5/5b/J.P._Morgan_cph.3a02120.jpg)
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 Erie ...
president John King, was
blackballed, Morgan resigned and organized the
Metropolitan Club
The Metropolitan Club of New York is a private social club on the Upper East Side of Manhattan in New York City. It was founded as a gentlemen's club in 1891 for men only, but it was one of the first major clubs in New York to admit women, t ...
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 additio ...
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
Herbert Livingston Satterlee (October 31, 1863 – July 14, 1947) was an American lawyer, writer, and businessman who served as the Assistant Secretary of the Navy from 1908 to 1909.
Early life
Herbert Livingston Satterlee was born in New York Cit ...
(1863–1947)
*
J. P. 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. P ...
(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
![J](https://upload.wikimedia.org/wikipedia/commons/8/89/J._P._Morgan_beating_a_photographer_with_his_stick.jpg)
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
Rhinophyma is a condition causing development of a large, bulbous nose associated with granulomatous infiltration, commonly due to untreated rosacea. The condition is most common in older white males.
Colloquial terms for the rhinophyma includ ...
, 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 The General Convention is the primary governing and legislative body of the Episcopal Church in the United States of America. With the exception of the Bible, the Book of Common Prayer, and the Constitution and Canons, it is the ultimate authority ...
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
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 often ...
and
order.” Morgan was so impressed by the proposal for such a conference that he contributed $100,000 to finance the commission's work.
Homes
![231 Madison Avenue 1855](https://upload.wikimedia.org/wikipedia/commons/9/92/231_Madison_Avenue_1855.jpg)
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
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 invention ...
's
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
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– Middletow ...
. His son, of the same name, was the owner of East Island in
Glen Cove, New York
Glen Cove is a Political subdivisions of New York State#City, city in Nassau County, New York, United States, on the North Shore (Long Island), North Shore of Long Island. At the 2020 United States Census, the city population was 28,365 as of th ...
.
J.P. Morgan spent three months of every year in
London
London is the capital and 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 down to the North Sea, and has been a majo ...
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
Putney () is a district of southwest London, England, in the London Borough of Wandsworth, southwest of Charing Cross. The area is identified in the London Plan as one of 35 major centres in Greater London.
History
Putney is an ancient paris ...
, which was later demolished and developed into the
Dover House Estate
Dover House Estate is one of a number of important London County Council cottage estates inspired by the Garden city movement. The land was previously the estates of two large houses, ''Dover House'' and ''Putney Park House'', which were purchas ...
.
Yachting
![Steam yacht Corsair LCCN2001706280 (cropped)](https://upload.wikimedia.org/wikipedia/commons/f/f3/Steam_yacht_Corsair_LCCN2001706280_%28cropped%29.jpg)
An avid yachtsman, Morgan owned several large yachts, the first being the ''Corsair'', built by
William Cramp & Sons
William Cramp & Sons Shipbuilding Company (also known as William Cramp & Sons Ship & Engine Building Company) of Philadelphia was founded in 1830 by William Cramp, and was the preeminent U.S. iron shipbuilder of the late 19th century.
Company hi ...
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. His sharp and often unscrupulous business practices made hi ...
'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.
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. P ...
, in connection with the launching of the son's yacht ''Corsair IV'' at
Bath Iron Works
Bath Iron Works (BIW) is a major United States shipyard located on the Kennebec River in Bath, Maine, founded in 1884 as Bath Iron Works, Limited. Since 1995, Bath Iron Works has been a subsidiary of General Dynamics. It is the fifth-largest de ...
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 t ...
, 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 Stre ...
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
Belle da Costa Greene (November 26, 1879 – May 10, 1950) was an American librarian best known for managing and developing the personal library of J. P. Morgan. After Morgan's death in 1913, Greene continued as librarian for his son, Jack ...
, 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 inter ...
, 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 higher le ...
(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, M ...
),
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
![Morgan collection US gems](https://upload.wikimedia.org/wikipedia/commons/5/52/Morgan_collection_US_gems.jpg)
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
George Frederick Kunz (September 29, 1856 – June 29, 1932) was an American mineralogist and mineral collector.
Biography
Kunz was born in Manhattan, New York City, USA, and began an interest in minerals at a very young age. By his teens, he ...
. 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 inter ...
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
Morganite is an orange or pink gemstone and is also a variety of beryl. Morganite can be mined in countries like Brazil, Afghanistan, Mozambique, Namibia, the United States, and Madagascar.
Morganite has grown in popularity since 2010. ''Brides ...
.
Photography
Morgan was a patron to photographer
Edward S. Curtis
Edward Sherriff Curtis (February 19, 1868 – October 19, 1952) was an American photographer and ethnologist whose work focused on the American West and on Native American people. Sometimes referred to as the "Shadow Catcher", Curtis travele ...
, 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'' (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
''The Indian Picture Opera'' is a magic lantern slide show by photographer Edward S. Curtis. In the early 1900s, Curtis published the renowned 20-volume book subscription entitled ''The North American Indian''. He compiled about 2400 photograph ...
'' 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 the ...
. 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.
![John Pierpont Morgan memorial](https://upload.wikimedia.org/wikipedia/commons/4/44/John_Pierpont_Morgan_memorial.jpg)
His estate was worth $68.3 million ($1.39 billion in today's dollars based on
CPI
A consumer price index (CPI) is a price index, the price of a weighted average market basket of consumer goods and services purchased by households. Changes in measured CPI track changes in prices over time.
Overview
A CPI is a statistic ...
, 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.
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. P ...
, 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.
![J](https://upload.wikimedia.org/wikipedia/commons/d/da/J.P._Morgan_and_J.P._Morgan_Jr.png)
The gemstone
morganite
Morganite is an orange or pink gemstone and is also a variety of beryl. Morganite can be mined in countries like Brazil, Afghanistan, Mozambique, Namibia, the United States, and Madagascar.
Morganite has grown in popularity since 2010. ''Brides ...
was named in his honor.
The
Cragston Dependencies
Cragston Dependencies is a group of historic buildings located at Highlands in Orange County, New York. They were built about 1860 as part of the Cragston estate of J. P. Morgan (1837–1913). They consist of a house, barn, well, carriage house, ...
, 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 re ...
), 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 v ...
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
John Roderigo Dos Passos (; January 14, 1896 – September 28, 1970) was an American novelist, most notable for his ''U.S.A.'' trilogy.
Born in Chicago, Dos Passos graduated from Harvard College in 1916. He traveled widely as a young man, visit ...
'
''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 ...
'', 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 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 Pittsbu ...
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 Disord ...
's novel ''The Personal Librarian''.
* Morgan is believed to have been the model for Walter Parks Thatcher (played by
George Coulouris
George Alexander Coulouris (1 October 1903 – 25 April 1989) was an English film and stage actor.
Early life
Coulouris was born in Manchester, Lancashire, England, the son of Abigail (née Redfern) anNicholas Coulouris a merchant of Greek o ...
), 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
''The Men Who Built America'' (also known as ''The Innovators: The Men Who Built America'' in some international markets) is an eight-hour, four-part miniseries docudrama which was originally broadcast on the History Channel in autumn 2012, and o ...
''.
* "My Name Is Morgan (But It Ain't J.P.)" – 1906 popular song released as an
Edison cylinder
Phonograph cylinders are the earliest commercial medium for Sound recording and reproduction, recording and reproducing sound. Commonly known simply as "records" in their era of greatest popularity (c. 1896–1916), these hollow cylinder, cylind ...
recording, with words by Will A. Mahoney, music by
Halsey K. Mohr, and sung by
Bob Roberts. 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 w ...
" 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
Ventfort Hall Mansion and Gilded Age Museum is a historic, Jacobean-style mansion and museum located at 104 Walker Street, Lenox, Massachusetts. It is listed on the National Register of Historic Places. Visitors can tour the mansion and lear ...
* , a
lake freighter
Lake freighters, or lakers, are bulk carrier vessels that operate on the Great Lakes of North America. These vessels are traditionally called boats, although classified as ships.
Since the late 19th century, lakers have carried bulk cargoes of m ...
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
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 his ...
. ''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