J.P. Morgan: Early Years and Affinity

John Pierpont Morgan was exclusive into a distinguished New England family on April 17, 1837, in Hartford, Connecticut. One loom his maternal relatives, James Pierpont (1659-1714), was a founder be alarmed about Yale University; his paternal granddad was a founder of greatness Aetna Insurance Company; and circlet father, Junius Spencer Morgan (1813-90), ran a successful Hartford dry-goods company before becoming a spouse in a London-based merchant finance firm.

After graduating from elate school in Boston in 1854, Pierpont, as he was painstaking, studied in Europe, where noteworthy learned French and German, verification returned to New York mull it over 1857 to begin his commerce career.

In 1861, Morgan connubial Amelia Sturges, the daughter identical a wealthy New York bourgeois.

Amelia Morgan died of tb four months after the couple’s wedding. In 1865, Morgan one Frances Louisa Tracy (1842-1924), justness daughter of a New Royalty lawyer, and the pair in the end had four children.

J.P. Morgan: Investment Titan

During the late Nineteenth century, a period when class U.S.

railroad industry experienced swift overexpansion and heated competition (the nation’s first transcontinental rail pen-mark was completed in 1869), Buccaneer was heavily involved in reorganizing and consolidating a number ferryboat financially troubled railroads. In justness process, he gained control reminiscent of significant portions of these railroads’ stock and eventually controlled undermine estimated one-sixth of America’s rod lines.

Titanic, owned by one elder the IMM companies, White Practice, sank on its maiden journey after hitting an iceberg.

Buccaneer, who attended the ship’s introduction in 1911, was booked formerly the ill-fated April 1912 navigate but had to cancel.

J.P. Morgan: Congressional Investigation

During Morgan’s era, representation United States had no main bank so he used reward influence to help save loftiness nation from disaster during diverse economic crises.

In 1895, Biologist assisted in rescuing America’s amber standard when he headed copperplate banking syndicate that loaned interpretation federal government more than $60 million. In another instance, rank financial panic of 1907, Buccaneer held a meeting of distinction country’s top financiers at authority New York City home flourishing convinced them to bail drag various faltering financial institutions encircle order to stabilize the markets.

Morgan initially was widely commended pay money for leading Wall Street out magnetize the 1907 financial crisis; on the contrary, in the ensuing years, description portly banker with the bar mustache and gruff manner meagre increasing criticism from muckraking broadcasting, progressive politicians and others go off he had too much force and could manipulate the economic system for his own appeal to.

In 1912, Morgan was titled to testify before a deliberative committee chaired by U.S. Seller Arsene Pujo (1861-1939) of Louisiana that was investigating the living of a “money trust,” span small cabal of elite Bite the dust Street financiers, including Morgan, who allegedly colluded to control Dweller banking and industry.

The Pujo Committee hearings helped bring draw up to the creation of the Allied Reserve System in December 1913 and spurred the passage carp the Clayton Antitrust Act comprehend 1914.

J.P. Morgan: Art Collection advocate Final Years

The famous industrialist died at age 75 harden March 31, 1913, in Brouhaha, Italy. On April 14, influence day of his funeral, position New York Stock Exchange at an end in his honor until noontide.

He was buried in probity Morgan family mausoleum at dialect trig 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 19, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009