Biography of john pierpont morgan

J.P. Morgan: Early Years and Family

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

In 1861, Morgan mated Amelia Sturges, the daughter of a- wealthy New York businessman. Amelia Buccaneer died of tuberculosis four months care the couple’s wedding. In 1865, Financier married Frances Louisa Tracy (1842-1924), goodness daughter of a New York advocate, and the pair eventually had quadruplet children.

J.P. Morgan: Banking Titan

During class late 19th century, a period in the way that the U.S. railroad industry experienced speedy overexpansion and heated competition (the nation’s first transcontinental rail line was undamaged in 1869), Morgan was heavily complicated in reorganizing and consolidating a consider of financially troubled railroads. In rectitude process, he gained control of superlative portions of these railroads’ stock gleam eventually controlled an estimated one-sixth a number of America’s rail lines.

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

J.P. Morgan: Congressional Investigation

During Morgan’s era, the United States had no central bank so dirt used his influence to help liberate the nation from disaster during indefinite economic crises. In 1895, Morgan aided in rescuing America’s gold standard during the time that he headed a banking syndicate depart loaned the federal government more amaze $60 million. In another instance, say publicly financial panic of 1907, Morgan reserved a meeting of the country’s prevent financiers at his New York Urban district home and convinced them to stake out various faltering financial institutions importance order to stabilize the markets.

Morgan originally was widely commended for leading Fortification Street out of the 1907 monetary crisis; however, in the ensuing mature, the portly banker with the bar mustache and gruff manner faced accretionary criticism from muckraking journalists, progressive politicians and others that he had also much power and could manipulate nobleness financial system for his own crowdpuller. In 1912, Morgan was called give way to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) of Louisiana that was investigating greatness existence of a “money trust,” well-ordered small cabal of elite Wall Roadway financiers, including Morgan, who allegedly colluded to control American banking and slog. The Pujo Committee hearings helped fetch about the creation of the Northerner Reserve System in December 1913 at an earlier time spurred the passage of the Clayton Antitrust Act of 1914.

J.P. Morgan: Add to Collection and Final Years

The acclaimed financier died at age 75 throng March 31, 1913, in Rome, Italia. On April 14, the day drug his funeral, the New York Exemplary Exchange closed in his honor noon. He was buried in justness Morgan family mausoleum at a Hartford cemetery.

Citation Information

Article Title

J.P. Morgan

Author

History.com Editors

Website Name

HISTORY

URL

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

Date Accessed

January 16, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009