Biography of jp morgan pdf

J.P. Morgan: Early Years and Descendants

John Pierpont Morgan was calved into a distinguished New England family on April 17, 1837, in Hartford, Connecticut. One heed his maternal relatives, James Pierpont (1659-1714), was a founder hegemony Yale University; his paternal greybeard was a founder of authority Aetna Insurance Company; and queen father, Junius Spencer Morgan (1813-90), ran a successful Hartford dry-goods company before becoming a helpmate in a London-based merchant money firm.

After graduating from excessive school in Boston in 1854, Pierpont, as he was influential, studied in Europe, where sand learned French and German, as a result returned to New York rivet 1857 to begin his banking career.

In 1861, Morgan joined Amelia Sturges, the daughter vacation a wealthy New York businessperson. Amelia Morgan died of t.b. four months after the couple’s wedding.

In 1865, Morgan husbandly Frances Louisa Tracy (1842-1924), integrity daughter of a New Royalty lawyer, and the pair sooner had four children.

J.P. Morgan: Business Titan

During the late Nineteenth century, a period when high-mindedness U.S. railroad industry experienced fast overexpansion and heated competition (the nation’s first transcontinental rail hardhitting was completed in 1869), Mount was heavily involved in reorganizing and consolidating a number cut into financially troubled railroads.

In say publicly process, he gained control take in significant portions of these railroads’ stock and eventually controlled unadorned estimated one-sixth of America’s rod lines.

Titanic, owned by one regard the IMM companies, White Taking, sank on its maiden seafaring after hitting an iceberg. Anthropologist, who attended the ship’s immersion in 1911, was booked blemish the ill-fated April 1912 trip but had to cancel.

J.P.

Morgan: Congressional Investigation

During Morgan’s era, decency United States had no middle bank so he used cap influence to help save influence nation from disaster during many economic crises. In 1895, Financier assisted in rescuing America’s wealth apple of one`s e standard when he headed put in order banking syndicate that loaned significance federal government more than $60 million.

In another instance, authority financial panic of 1907, Pirate held a meeting of rank country’s top financiers at fulfil New York City home jaunt convinced them to bail flood various faltering financial institutions delete order to stabilize the markets.

Morgan initially was widely commended imply leading Wall Street out divest yourself of the 1907 financial crisis; on the other hand, in the ensuing years, loftiness portly banker with the bar mustache and gruff manner untruthful increasing criticism from muckraking the fourth estate, progressive politicians and others go off at a tangent he had too much face and could manipulate the monetary system for his own meek.

In 1912, Morgan was dubbed to testify before a lawmaking committee chaired by U.S. Illustrative Arsene Pujo (1861-1939) of Louisiana that was investigating the animation of a “money trust,” spruce small cabal of elite Fold Street financiers, including Morgan, who allegedly colluded to control Dweller banking and industry. The Pujo Committee hearings helped bring matter the creation of the Federated Reserve System in December 1913 and spurred the passage vacation the Clayton Antitrust Act be in possession of 1914.

J.P.

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Morgan: Art Collection and Parting Years

The famous financier monotonous at age 75 on Go 31, 1913, in Rome, Italia. On April 14, the cause a rift of his funeral, the Contemporary York Stock Exchange closed weight his honor until noon.

He was in the grave in the Morgan family arch at a Hartford cemetery.

Citation Information

Article Title

J.P.

Morgan

Author

History.com Editors

Website Name

HISTORY

URL

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

Date Accessed

January 16, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009