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John Pierpont Morgan

Morgan was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time. He and his partners were accused by critics of controlling the nation's high finance. He directed the banking coalition that stopped the Panic of 1907. He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business.

Background

  • J. P. Morgan was born and raised in Hartford, Connecticut, to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) of Boston, Massachusetts. Pierpont, as he preferred to be known, had a varied education due in part to interference by his father, Junius. In the fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut, (now called Cheshire Academy), boarding with the principal. In September 1851, Morgan passed the entrance exam for the English High School of Boston, a school specializing in mathematics to prepare young men for careers in commerce.

    In the spring of 1852, illness that was to become more common as his life progressed struck; rheumatic fever left him in so much pain that he could not walk. Junius sent Pierpont to the Azores (Portuguese islands in the Atlantic) in order for him to recover. After convalescing for almost a year, Pierpont returned to the English High School in Boston to resume his studies. After graduating, his father sent him to Bellerive, a school near the Swiss village of Vevey. When Morgan had attained fluency in French, his father sent him to the University of Göttingen in order to improve his German. Attaining a passable level of German within six months and also a degree in art history, Morgan traveled back to London via Wiesbaden, with his education complete.

  • Education

    • In the fall of 1848, Pierpont transferred to the Hartford Public School and then to Cheshire Academy. In September 1851, Morgan passed the entrance exam for the English High School of Boston, a school specializing in mathematics to prepare young men for careers in commerce.

      In the spring of 1852, illness that was to become more common as his life progressed struck; rheumatic fever left him in so much pain that he could not walk. Junius sent Pierpont to the Azores in order for him to recover. After convalescing for almost a year, Pierpont returned to the English High School in Boston to resume his studies. After graduating, his father sent him to Bellerive, a school near the Swiss village of Vevey.

      After graduating English High School, his father sent him to Bellerive, a school near the Swiss village of Vevey. When Morgan had attained fluency in French, his father sent him to the University of Göttingen in order to improve his German. Attaining a passable level of German within six months and also a degree in art history, Morgan traveled back to London via Wiesbaden, with his education complete.

    Career

    • He was 24 years old when he established his own private wholesale bank that underwrote assorted business ventures.He purchased an exemption to avoid military service in the American Civil War, and when Peabody, his father's business partner, retired, Morgan became a partner in the firm, J. S. Morgan and Company. In 1871, in a merger arranged by his father, Morgan's company absorbed Drexel & Co., and became Drexel, Morgan & Co., a forerunner of Drexel Burnham Lambert. Morgan made millions from the death of railroad baron Cornelius Vanderbilt, when William Henry Vanderbilt, son of the deceased, hired Drexel, Morgan & Co. to sell off his inheritance, and Morgan maneuvered to have himself named as one of the directors of Vanderbilt's fortune.

      In 1892, Morgan arranged the merger of Edison General Electric Company with the Thompson-Houston Company as General Electric, which, with competition again eliminated, became wildly profitable.

    Major achievements

    • He directed the banking coalition that stopped the Panic of 1907

    Politics

    Morgan donated heavily to Republican William McKinley, who was elected in 1896 and reelected in 1900.

    Party affiliation: Republican Party

    Religion

    Denomination: Anglican

    Views

    Quotations: "If you have to ask the price, you can't afford it"

    "A man always has two reasons for doing anything: a good reason and the real reason."

    "Go as far as you can see; when you get there, you'll be able to see farther."

    "Well, I don't know as I want a lawyer to tell me what I cannot do. I hire him to tell how to do what I want to do."

    "When you expect things to happen - strangely enough - they do happen."

    Personality

    Interests

    Politicians: William McKinley

    Sport & Clubs: Yacht races

    He was known to dislike publicity and hated being photographed.

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

    Connections

    John Morgan
    See on larger map
    Died March, 1913
    (aged 75)
    Nationality
    • 1848 - 1851
      Hartford Public School
    • 1851
      English High School of Boston
    • 1858
      agent, Banking house of Duncan, Sherman & Company
      New York, United States
    • 1862 - 1864
      founder, J. Pierpont Morgan & Company
      New York, United States
    • 1864 - 1872
      New York representative of Junius Morgan’s London banking firm, J.S. Morgan & Company, Dabney, Morgan, and Company
      New York, United States
    • 1871
      chairman, J.P. Morgan & Company
      New York, United States
    • 1890
      chairman, Morgan, Grenfell & Company
      New York, United States
    • 1891 - 1900
      president, Metropolitan Club
      New York, United States
    • 1901
      founder, United States Steel
      United States
    • show more ...

    Contributor  

    Oksana Starazhok last changed 19/12/2012 view changes
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    Yuliya Yefimchik last changed 30/06/2017 view changes
    • Career
      • J. Pierpont Morgan & Company
        • Position
        • Start date
      • U.S. Steel
        • Position
    • Major Achievements
      • He directed the banking coalition that stopped the Panic of 1907
    • First Name
    • Middle Name
    • Activities
      • financier, banker, philanthropist
    • Place
    • School
      • Hartford Public School
        • present
        • Main photo
      • Cheshire Academy
        • present
        • Main photo
      • English High School of Boston
        • present
        • Main photo
      • Bellerive
        • present
        • Main photo
    • College/University
      • University of Goettingen
        • present
        • Main photo
    • Career
      • United States Steel
      • Banking house of Duncan, Sherman & Company
        • Address
        • mainPhoto
      • J. Pierpont Morgan & Company
        • Address
        • mainPhoto
      • Dabney, Morgan, and Company
        • Address
        • mainPhoto
      • Morgan, Grenfell & Company
        • Address
        • mainPhoto
      • Metropolitan Club
      • J.P. Morgan & Company
        • Address
        • mainPhoto
      • Metropolitan Club
      • United States Steel
    • Major Achievements
      • He directed the banking coalition that stopped the Panic of 1907
        • mainPhoto
    • Address
    • Family description
    • Membership description
    • Relatives
      • Juliet Pierpont Morgan
        • mainPhoto
      • Junius Spencer Morgan
        • mainPhoto
      • Amelia Sturges
        • mainPhoto
      • Frances Louisa Tracy
        • mainPhoto
      • Louisa Pierpont Morgan
        • mainPhoto
      • John Pierpont Morgan
        • mainPhoto
      • Juliet Pierpont Morgan
        • mainPhoto
      • Anne Tracy Morgan
        • mainPhoto
    • Quotations
    • School description
    • College/University Description
    • Favorite Political Figures
    • Personality
    • Quotes from others about the person
    • Physical Characteristics
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