Morgan

John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who dominated corporate finance and industrial consolidation. more...

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Early life

He was born in Hartford, Connecticut to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) of Boston, Massachusetts. Junius was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. in London. John Morgan was educated at the English High School of Boston and at the University of Göttingen. He was a prominent member of the Protestant Episcopal Church.

From 1857 to 1861, Morgan worked in the New York City banking house of Duncan, Sherman & Company. In 1861, he married Amelia Sturges (1835–1862), the daughter of Jonathan Sturges and Mary Pemberton Cady. After her death the next year, he married Frances Louise Tracy (1842–1924) on May 3, 1863 and they had the following children:

Louisa Pierpont Morgan (1866–1946) who married Herbert Penny Satterlee (1863–1947),; Jack Pierpont Morgan (1867–1943),; Juliet Morgan (1870–1952), and; Anne Morgan (1873–1952).;

Morgan died in 1913, 'he went sick in his house. He went to Rome to the hospital, but he died.. His remains were interned in the Cedar Hill Cemetery in his birthplace of Hartford. His son, J. P. Morgan, Jr., inherited the banking business.

As required by the 1933 Glass-Steagall Act, the "House of Morgan" became three entities: 1) J.P. Morgan and Co. and its bank, Morgan Guaranty Trust; 2) Morgan Stanley, an investment house; and 3) Morgan Grenfell in London, an overseas securities house

Legacy

Morgan was a notable collector of books, pictures, and, other art objects, many loaned or given to the Metropolitan Museum of Art (of which he was president), and many housed in his London house and in his private library on 36th Street, near Madison Avenue in New York City. His son, J. P. Morgan, Jr., created the Pierpont Morgan Library in 1924 as a memorial to his father and kept Belle da Costa Greene, his father's private librarian, as its first director. He also frequently used his yacht as transportation to Wall Street, having Charlie Irving, a Glen Cove, Long Island, candyshop owner, overlook the boat.

Morgan was also a benefactor of the American Museum of Natural History, the Metropolitan Museum of Art, Groton School, Harvard University (especially its medical school), the Lying-in Hospital of the City of New York and the New York trade schools.

It has been noted, in congressional record of 1917, that J.P. Morgan interests took control of the United States media industry: "In March, 1852, the J.P. Morgan interests, the steel, shipbuilding, and powder interest, and their subsidiary organizations, got together 12 men high up in the newspaper world and employed them to select the most influential newspapers in the United States and sufficient number of them to control generally the policy of the daily press....They found it was only necessary to purchase the control of 25 of the greatest papers... An agreement was reached; the policy of the papers was bought, to be paid for by the month; an editor was furnished for each paper to properly supervise and edit information regarding the questions of preparedness, militarism, financial policies, and other things of national and international nature considered vital to the interests of the purchasers."

Read more at Wikipedia.org