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J. P. Morgan

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John Pierpont Morgan Sr.
BornTemplate:Birth date
Hartford, Connecticut, U.S.
DiedMarch 31, 1913(1913-03-31) (aged 75)
Rome, Italy
Occupation(s)Financier, investment banker
Known forLeading role in corporate finance during the Gilded Age and Progressive Era; founder of J.P. Morgan & Co.; instrumental in creation of U.S. Steel, International Harvester, General Electric; role in Panic of 1907

John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913) was a prominent American financier and investment banker who played a dominant role in corporate finance on Wall Street during the Gilded Age and Progressive Era. As the leader of the banking institution that evolved into JPMorgan Chase & Co., he was instrumental in driving industrial mergers across the United States at the dawn of the twentieth century.

Morgan was pivotal in establishing major multinational enterprises such as U.S. Steel, International Harvester, and General Electric. Alongside his partners, he maintained controlling stakes in a variety of companies including Aetna, Western Union, the Pullman Car Company, and 21 railroad lines. His grandfather, Joseph Morgan, was a co-founder of Aetna. Through these extensive holdings, Morgan wielded considerable power over U.S. financial markets. Notably, during the Panic of 1907, he coordinated financiers to restore stability to the national monetary system.

Recognized as the foremost financier of the Progressive Era, Morgan’s emphasis on efficiency and modernization significantly transformed the American economy. Adrian Wooldridge referred to him as America’s "greatest banker." Morgan passed away in Rome in 1913 at age 75, bequeathing his wealth and enterprise to his son, J. P. Morgan Jr. Biographer Ron Chernow assessed his fortune to be around $80 million, roughly equivalent to $2 billion today.

Childhood and education

John Pierpont Morgan entered the world on April 17, 1837, in Hartford, Connecticut, born to Junius Spencer Morgan (1813–1890), an influential member of the Morgan family, and Juliet Pierpont (1816–1884). His father was a partner at Howe Mather & Co., Hartford’s leading dry goods wholesaler, while his mother descended from poet John Pierpont. His uncle James Lord Pierpont composed the well-known Christmas tune Jingle Bells. Morgan preferred to be addressed as "Pierpont." The death of his grandfather Joseph Morgan in 1847 left a significant inheritance for the family.

His education began in New England at West Middle School and Cheshire Academy. Junius advanced to become senior partner at Mather Morgan & Co. In 1851, Pierpont passed the entrance examination for The English High School in Boston, where he concentrated on mathematics relevant to commerce. After contracting rheumatic fever in 1852, he spent nearly a year recuperating in the Azores before returning to his studies.

In 1856, his father sent him to Bellerive school located in La Tour-de-Peilz, Switzerland, where he became fluent in French. Subsequently, he enrolled at the University of Göttingen to enhance his German proficiency, achieving conversational fluency and obtaining a degree in art history by 1857.

J.S. Morgan & Co.: 1858–1871

Upon completing his formal education, Morgan joined his father in London in August 1857 at the merchant banking firm George Peabody & Co.. Over a span of fourteen years, he acted as his father’s American representative through affiliated New York banking entities: Duncan, Sherman & Company (1858–1861), J. Pierpont Morgan & Co. (1861–1864), and Dabney Morgan (1864–1872). Dabney, Morgan & Company was established jointly by Charles H. Dabney and Jim Goodwin.

Duncan, Sherman & Company: 1858–1861

Morgan entered Duncan Sherman in New York City as a junior clerk, benefiting from his father's esteemed reputation and being positioned as the successor to Peabody. He was granted considerable autonomy in making investment choices, a reflection of his father's confidence in his diligence and professional integrity.

During this period, Peabody & Co. encountered difficulties stemming from the Panic of 1857, which undermined trust in American securities and caused correspondent banks to halt their activities. Creditors such as Baring Brothers insisted on repayment; Peabody resisted these demands and secured a vital loan from the Bank of England in November 1857. This move stabilized the London branch despite critical views from Wall Street directed at Duncan Sherman. Morgan championed loyalty to Duncan Sherman amid these adverse reports.

Throughout his service, Morgan acquired valuable experience in financing and restructuring railroads like Ohio & Mississippi and Illinois Central, personally handling loan negotiations. His responsibilities also encompassed managing interest payments, executing transactions on the New York Stock Exchange, and performing credit evaluations on mercantile clients.

In early 1859, Morgan devoted several months to traveling throughout the South, visiting correspondents in Georgia, Alabama, and Louisiana to gain deeper insight into the cotton industry. He made a brief trip to Cuba, cultivating a lasting appreciation for Cuban cigars. The majority of his time was spent in New Orleans, a principal hub for cotton exports. He received a reprimand for engaging in an unauthorized coffee trade—his first solo transaction—and later that year discussed plans to start his own enterprise with his father during a London visit while courting Amelia Sturges, whom he eventually wed.

J. Pierpont Morgan & Co.: 1861–1864

With the onset of the American Civil War, business activity diminished, delaying Morgan’s plans to establish his own firm. Between April and July 1861, he founded J. Pierpont Morgan & Company, operating from a modest office located at 53 Exchange Place. Initially, most transactions were conducted on behalf of his father and closely resembled his former duties at Duncan Sherman. Morgan avoided conscription by hiring a substitute for $300.

The conflict shifted Morgan’s attention away from cotton and iron imports toward securities and foreign exchange trading. The firm earned substantial profits dealing in Union bonds following the Battle of Antietam, leveraging the Union's improved military position. They also broadened their European securities operations during this period of industrial expansion, supported by a significant deposit from W. W. Corcoran, who was divesting American assets due to Confederate sympathies.

Morgan further increased profits through gold speculation after specie payments were suspended in 1862; gold prices fluctuated based on expectations regarding Union success. In October 1863, together with Edward B. Ketchum, he transferred $1.15 million worth of gold to England, causing prices to rise before selling at considerable gain. Although accused of attempting to corner the gold market, the overall economic effect was limited.

In 1862, Morgan brought his cousin James Goodwin into partnership. The firm’s position was reinforced when Morgan’s father succeeded George Peabody as head of the London office, transferring commercial credit and securities accounts away from Duncan Sherman. By late 1862, J. Pierpont Morgan & Co. had become one of Wall Street’s more prominent private banking institutions.

Hall Carbine Controversy

In August 1861, Morgan extended a $20,000 loan to Simon Stevens, who utilized the funds to purchase five thousand carbines intended for resale to General John C. Frémont. These firearms, initially acquired by the government and sold at low prices, were bought by Stevens at $11.50 each and subsequently sold to Frémont at $22 apiece amid increasing wartime demand.

During the 38-day duration of the loan, Morgan retained ownership and arranged for barrel replacements prior to shipment. When Stevens requested further financing, Morgan refused and insisted on repayment of the original loan. After Stevens received $55,000 from the Army for the carbines, Morgan subtracted the principal, interest, and associated costs before forwarding the balance to Stevens.

The transaction generated significant controversy; military authorities considered Frémont had paid excessively, and an 1863 House report condemned those involved as "worse than traitors." Although Morgan was never formally reprimanded, his connection to the Hall Carbine Affair remained a blemish on his reputation. Discussions regarding his role continued after his death. Interest in the matter resurfaced in 1910 with Gustavus Myers' History of the Great American Fortunes, which criticized the safety of the carbines.

R. Gordon Wasson, who later led J.P. Morgan & Co.’s public relations, maintained there was no proof Morgan knowingly profited from the scheme. Historian Vincent Carosso agrees that Stevens took advantage of Morgan’s name without direct involvement or financial gain on Morgan’s part but notes that Morgan was less cautious than in previous transactions. In contrast, Matthew Josephson argued Morgan was aware of the situation since he invoiced $58,175 before delivering the remaining rifles held as collateral. Charles Morris also doubted that Morgan was unaware of how profits were generated.

Dabney, Morgan & Co.: 1864–1872

George Peabody retired from J. S. Morgan & Co. on October 1, 1864, reinvesting his interest back into the firm. To facilitate international growth, Junius Morgan appointed Dabney as senior partner on November 15. Dabney, esteemed for his accounting skills and integrity, joined at age fifty-seven from Duncan Sherman. Meanwhile, J. P. Morgan concentrated on attracting new business opportunities.

Throughout the 1870s, Dabney, Morgan and J.S. Morgan & Co. focused on merchant banking and commodity trading. Between 1863 and 1873, profits from securities only exceeded trade commissions in 1865. The firm engaged in global trade involving iron rails, American cotton, Philippine tobacco, Brazilian coffee, and Peruvian guano. Acting on advice from Levi P. Morton in 1865, J. P. Morgan secured a four-year exclusive contract to export Peruvian guano with a commission rate of 2.5%.

Their securities dealings centered on railroad stocks and government bonds; however, railroad construction stalled during the Civil War and only resumed momentum after 1867 under the leadership of Jay Cooke & Company. In 1866, J. S. Morgan & Co. realized substantial gains by selling shares of the Atlantic Telegraph Company following completion of the trans-Atlantic cable. Despite these successes, creditor Brown Shipley declined to increase Morgan’s credit limit due to perceiving their securities activities as speculative.

Drexel Morgan & Co.: 1871–1895

In 1871, responding to J.S. Morgan’s invitation, Philadelphia financier Anthony Joseph Drexel took on the role of mentor and partner to J.P. Morgan, resulting in the creation of Drexel Morgan & Co.. This merchant bank, headquartered in New York, served as the primary conduit for European capital flowing into the United States. It spearheaded financing efforts for American railroads and played a pivotal role in stabilizing the securities markets. The firm was instrumental in developing a nationwide capital market catering to industrial enterprises beyond just railroads and canals.

Drexel Morgan significantly influenced government finance by underwriting the entire U.S. Army payroll in 1877 and rescuing the federal government during the Panic of 1895. These actions restored investor trust and fortified the firm’s position within financial markets.

Railroad investments and management

Morgan directed his focus toward America’s largest corporations: the railroads. Leading the syndicate that ended Jay Cooke’s dominance over government financing, he financed and consolidated a vast railroad network across the country. He successfully raised considerable funds from European investors, particularly through the London Stock Exchange’s American railroad sector. Beyond capital raising, Morgan took an active role in managing and restructuring railroad companies to enhance operational efficiency and introduced what became known as "Morganization," an early form of private equity investment.

In 1883, Morgan facilitated the sale of a significant portion of William H. Vanderbilt’s holdings in the New York Central Railroad. By 1885, he had reorganized the New York, West Shore & Buffalo Railroad and arranged for its lease to New York Central. Following enactment of the 1887 Interstate Commerce Act, Morgan organized industry-wide meetings in 1889–1890 that paved the way for consolidations in the early 20th century. He brought together railroad executives to ensure compliance with new regulations and to establish “public, reasonable, uniform and stable rates,” promoting cooperation among competitors and laying groundwork for future mergers.

J.P. Morgan & Company: 1895–1913

With Anthony Drexel’s passing in 1895, the firm adopted the name J. P. Morgan & Company while preserving close relationships with Drexel & Company (Philadelphia), Morgan, Harjes & Company (Paris), and J.S. Morgan & Company (London), which later became Morgan, Grenfell & Company. By the turn of the century, it had emerged as a premier international banking institution specializing in corporate reorganizations and mergers.

Under Morgan’s leadership alongside partners such as George Walbridge Perkins, the firm cultivated a global reputation that attracted investors eager to participate in its growing portfolio of acquisitions.

Panic of 1893 and the 1896 Presidential Election

During the financial crisis of 1893, the United States Treasury's gold reserves were nearly depleted. J.P. Morgan suggested that the government purchase gold from his own and European banking institutions; however, this proposal was declined in favor of issuing bonds to the public. Subsequently, Morgan arranged a meeting with President Grover Cleveland to caution that without prompt action, the government faced the possibility of default.

Utilizing a statute dating back to the Civil War, Morgan, along with the Rothschilds, was authorized to sell 3.5 million ounces of gold directly to the Treasury in exchange for 30-year government bonds. This intervention stabilized the Treasury’s finances but severely weakened Cleveland’s support among the Democratic Party’s populist faction, effectively ending his political trajectory. In the 1896 presidential race, Morgan was among prominent financiers backing Republican candidate William McKinley, while William Jennings Bryan criticized bankers and their influence.

Nikola Tesla’s Wardenclyffe Project: 1900

In 1900, inventor Nikola Tesla convinced Morgan to invest in developing a transatlantic wireless communication system based on his theories concerning electrical conduction through the Earth and atmosphere. The facility was planned at Wardenclyffe, aiming to outperform the short-distance radio telegraphy pioneered by Guglielmo Marconi. Morgan contributed $150,000 (equivalent to $ in ), and Tesla offered him majority control—51%—of the patents. Shortly thereafter, Tesla broadened the scope of the project to include terrestrial wireless power transmission to enhance its commercial viability. Morgan declined further financial support, and without additional funding, progress halted; Wardenclyffe was ultimately abandoned by 1906.

Northern Securities Company: 1901–1904

Following the collapse triggered by the Panic of 1893, the insolvent Northern Pacific Railway was relieved of its debt burden, sparking a complex struggle for control. In 1901, Morgan joined forces with financier E. H. Harriman and railroad magnate James J. Hill to establish the Northern Securities Company, consolidating three major Midwestern railroads: Northern Pacific Railway, Great Northern Railway, and Chicago, Burlington and Quincy Railroad. President Theodore Roosevelt opposed this consolidation on grounds of anti-competitive practices and directed Attorney General Philander Knox to initiate legal action under the Sherman Antitrust Act of 1890. By 1904, the Supreme Court ordered Northern Securities dissolved; although Morgan avoided monetary losses, his political influence suffered as a result.

United States Steel Corporation: 1901–1913

In 1900, Morgan began negotiations to acquire Andrew Carnegie’s steel enterprise, merging it with various steel, coal, mining, and shipping companies. After financing Federal Steel Company, he combined it with Carnegie Steel and other entities such as William Edenborn’s Consolidated Steel and Wire Company in 1901 to create the United States Steel Corporation. This corporation became the first billion-dollar company globally with an authorized capitalization of $1.4 billion—surpassing all other industrial firms and rivaling leading railroads.

U.S. Steel pursued enhanced economies of scale, aiming to lower transportation and raw material expenses, diversify product offerings, and optimize distribution channels in order to compete internationally against producers in the United Kingdom and Germany. President Charles M. Schwab emphasized that U.S. Steel’s magnitude would facilitate aggressive expansion into foreign markets. Critics accused it of monopolistic behavior as it sought control not only over steel production but also bridges, ships, railroad cars, rails, wire, nails, and associated products. Through U.S. Steel, Morgan controlled approximately two-thirds of the steel market; Schwab anticipated increasing this share to 75%.

The corporation faced scrutiny for its opposition to unionization efforts and employed assertive measures against labor organizing. The merger’s architects—including Morgan—focused on ensuring long-term profitability, operational stability, favorable public perception, and minimizing labor disputes. This approach resulted in a "paternalistic" labor policy prioritizing management control over direct confrontation with workers.

Unsuccessful London Underground Project: 1902

In 1902, Morgan encountered an uncommon defeat when his proposal to construct and run a London Underground route was thwarted by transit tycoon Charles Tyson Yerkes. Morgan sought parliamentary consent for the Piccadilly, City and North East London Railway, which would have directly competed with tube lines under Yerkes' control. Morgan denounced Yerkes' tactics as "the greatest rascality and conspiracy I ever heard of."

International Mercantile Marine and RMS Titanic: 1902–1913

The year 1902 saw J.P. Morgan & Co. fund the establishment of the International Mercantile Marine Co. (IMMC), a transatlantic shipping conglomerate that consolidated major American and British lines with the goal of dominating oceanic freight. Morgan aimed to secure control through interlocking board memberships and railroad agreements but faced obstacles from the inherent unpredictability of maritime transport, U.S. antitrust regulations, and British governmental accords.

Morgan initially intended to be aboard the inaugural voyage of the , operated by IMMC subsidiary White Star Line, but altered his plans beforehand. The Titanic tragedy inflicted a significant financial loss on IMMC, which was overextended with insufficient liquidity, causing defaults on bond interest payments. Following Morgan’s death, IMMC sought bankruptcy protection in 1915 and was later restructured as United States Lines, which eventually declared bankruptcy in 1986.

Morgan is reported to have commented on the catastrophe:

Panic of 1907

The Panic of 1907 nearly brought the U.S. economy to a halt as leading New York banks teetered on collapse without an established rescue framework. Treasury Secretary George B. Cortelyou released $35 million in federal funds to support these banks. Morgan assembled prominent financiers at his residence, devising a strategy to restore stability by redistributing capital among banks, arranging international credit facilities, and acquiring undervalued shares in financially sound enterprises.

A pivotal challenge involved brokerage firm Moore and Schley, which held substantial investments in Tennessee Coal, Iron and Railroad Company (TCI). The firm had used over $6 million of TCI stock as loan collateral but faced imminent default. To avert broader financial turmoil, Morgan proposed merging TCI with U.S. Steel. Despite antitrust apprehensions voiced by U.S. Steel president Elbert Gary, Morgan obtained legal exemption from President Theodore Roosevelt. U.S. Steel purchased $30 million worth of TCI stock, thereby rescuing Moore and Schley. By November 7, 1907, the crisis had largely abated.

Critiques and Inquiries

While conservative factions lauded Morgan for his civic contributions, economic fortification efforts, and patronage of arts and religion, detractors regarded him as a central figure in banking consolidation they opposed. They criticized his 1895 gold loan to the U.S. Treasury and took issue with his conduct during the Panic of 1907.

In December 1912, Morgan provided testimony before the Pujo Committee, which uncovered that a small group of financial leaders—including partners at J.P. Morgan & Co. and directors from First National and National City Bank—exerted control over assets totaling $22.245 billion—an amount equivalent to all property west of the Mississippi River, according to Louis Brandeis.

Research published in the early 2000s by historian James Lide revealed that predecessor banks now part of JPMorgan Chase accepted thousands of enslaved individuals as collateral on loans extended to plantation owners during the early nineteenth century, resulting in ownership of several hundred slaves. From the 1830s until the American Civil War, Citizens' Bank and Canal Bank occasionally acquired slaves following loan defaults. JPMorgan estimated that between 1831 and 1865 these institutions accepted approximately 13,000 slaves as collateral and owned around 1,250 enslaved people outright. The corporation issued an apology consistent with disclosure obligations related to historical involvement in slave trade activities when conducting business in Chicago.

List of Morgan-affiliated corporations

Between 1890 and 1913, J.P. Morgan and Company organized or partially underwrote the securities of 42 prominent corporations.

Manufacturing and construction sectors


Railway companies


Marriages and offspring

In October 1861, Morgan wed Amelia "Memi" Sturges (1835–1862). Although it was hoped that relocating to a warmer environment would aid her health, she succumbed to tuberculosis in February 1862, just over four months following their marriage.

Morgan's second marriage took place on May 31, 1865, when he married Frances Louisa "Fanny" Tracy (1842–1924), whom he encountered at St. George's Church. Together they had four children:

  • Louisa Pierpont Morgan (1866–1946), who became the wife of Herbert L. Satterlee
  • J. P. Morgan Jr. (1867–1943), who succeeded him and married Jane Norton Grew
  • Juliet Pierpont Morgan (1870–1952), who married William Pierson Hamilton
  • Anne Tracy Morgan (1873–1952), recognized for her philanthropic efforts

Physical characteristics

Morgan possessed an imposing stature characterized by broad shoulders, intense eyes, and a notably purplish nose. He shunned public exposure and meticulously managed his public image; all official portraits were altered to conceal the effects of his rosacea-related deformity. The condition known as rhinophyma caused marked disfigurement of his nose, yet he refrained from undergoing surgery, possibly due to concerns about triggering a recurrence of seizures experienced during childhood.

Despite this physical challenge, Morgan maintained unwavering self-assurance, radiating a formidable presence that overshadowed his appearance. Additionally, he was famous for frequently smoking large Havana cigars, affectionately termed Hercules' Clubs.

Religion

Morgan maintained a lifelong commitment to the Episcopal Church in the United States of America and played a prominent role within its leadership. He was instrumental in establishing the Church Club of New York, a private Episcopal organization located in Manhattan. As one of the earliest lay participants on the committee tasked with revising the 1892 edition of the Book of Common Prayer, Morgan funded a specially produced limited edition of the text.

In 1910, he donated $100,000 (equivalent to $ in ) to back a commission formed by the Episcopal Church aimed at organizing an international conference focused on Christian faith and unity.

Residences

Morgan's home at 219 Madison Avenue, originally constructed in 1853 and acquired by him in 1882, was notable as the first private residence in America to be illuminated by electricity. The electrical power was supplied by a coal-powered steam engine that drove two generators, reflecting Morgan’s early financial support for Thomas Edison's Edison Electric Illuminating Company established in 1878. This residence served as the venue for important occasions, including the 1894 wedding reception of Juliet Morgan and William Pierson Hamilton. Additionally, Morgan owned the "Cragston" estate situated in Highland Falls, New York, while his son held ownership of East Island near Glen Cove, New York.

Morgan spent approximately three months each year in London, where he possessed two properties: 13 Prince's Gate—an inherited home he expanded to accommodate his art collection and later offered to the U.S. government for use as the ambassador’s residence from 1929 to 1955—and Dover House in Putney, which was ultimately demolished to make way for new development.

Social organizations and philanthropy

After resigning from New York City’s Union Club due to a disagreement involving Erie Railroad president John King, Morgan founded the Metropolitan Club of New York. He contributed land valued at $125,000 at Fifth Avenue and 60th Street and commissioned architect Stanford White to design an exclusive gentlemen’s club. Morgan held the position of club president between 1891 and 1900.

His charitable efforts supported numerous prominent cultural and academic institutions such as the Morgan Library and Museum, American Museum of Natural History, Metropolitan Museum of Art, British Museum, Groton School, Harvard University—including its medical school—Trinity College (Connecticut), New York City’s Lying-in Hospital, and various vocational schools throughout New York.

Yachting

Morgan served as Commodore of the New York Yacht Club (NYYC) and participated in an October 27, 1898 board meeting where plans for a new clubhouse were discussed. He pledged to purchase a plot on 44th Street in Manhattan if the club increased annual dues from $25 to $50 and utilized the entire site for their clubhouse. The board agreed, and Morgan acquired the property for $148,000 before donating it to NYYC.

An informal housewarming event took place on January 29, 1901, during which NYYC members presented Morgan with a trophy as a token of appreciation for his generosity.

A passionate yachtsman, Morgan owned multiple sizable yachts beginning with the Corsair, initially built by William Cramp & Sons for Charles J. Osborn and launched in 1880 before Morgan acquired it in 1882. The oft-cited remark "If you have to ask the price, you can't afford it" is commonly linked to Morgan regarding yacht upkeep costs, although this attribution remains unverified.

Collections

Morgan's collecting interests were broad, encompassing books, manuscripts, decorative arts, bronze figurines, ivories, and clocks, with comparatively less emphasis on paintings than was common among collectors of his era. After his father's passing in 1891, he emerged as a prominent collector, building one of the largest and most distinguished private collections worldwide. As a founding trustee of the Metropolitan Museum of Art from 1888 until 1913, Morgan held positions as vice-president and later president from 1904 onward, guiding the institution toward acquiring significant and original artworks. He also contributed notable donations, including an extensive array of French decorative art pieces.

Following the enactment of a favorable tariff law, Morgan arranged for his collection to be transported from London to the United States, primarily from his London residence at 14 Princes Gate. His paintings were displayed at the Metropolitan Museum in 1913, and by 1914 the entire collection was housed on the second floor of a newly constructed wing. A substantial portion of valuable items was later sold by his son and successor, J. P. Morgan Jr. (known as Jack), who in 1917 gifted approximately 40%—amounting to thousands of objects—of his father's collection to the Metropolitan Museum. Jack also donated the London property at 14 Princes Gate to the U.S. Government for use as its embassy.

The British painter and art critic Roger Fry briefly served as curator and acquisitions advisor but departed due to disagreements with Morgan.

A variety of paintings, rare books, manuscripts, and art objects continue to be preserved at the Morgan Library & Museum located near Madison Avenue in New York City. In 1924, J. P. Morgan Jr. converted the Pierpont Morgan Library into a public institution in honor of his father and appointed Belle da Costa Greene—Morgan’s personal librarian—as its inaugural director.

Gems

By the early 1900s, Morgan had established himself as one of America's leading gem collectors, amassing what became the most significant gemstone collection in the country. His initial collection of over 1,000 American gems was assembled by Tiffany & Co. under the guidance of chief gemologist George Frederick Kunz. This collection was showcased at the 1889 Paris World's Fair where it earned two gold medals and garnered considerable attention from scholars, gem cutters, and the general public.

Kunz subsequently curated an improved second collection that was exhibited in Paris in 1900. Both collections were ultimately donated to the American Museum of Natural History in New York City and are recognized as the Morgan-Tiffany and Morgan-Bement collections.

Photography

In 1906, Morgan provided $75,000 to photographer Edward S. Curtis to document Native American tribes. Curtis produced a comprehensive 20-volume work titled The North American Indian and directed the 1914 film In the Land of the Head Hunters, which was later restored and reissued under the title In the Land of the War Canoes. Curtis also gained acclaim for his 1911 magic lantern slide presentation The Indian Picture Opera, which combined his photographs with original music composed by Henry F. Gilbert.

Death

A newspaper report dated March 31, 1913 described Morgan enduring a prolonged decline characterized by severe weakness and paralysis of throat muscles that made swallowing impossible. He suffered spasms when attempting speech and alternated between consciousness and unconsciousness while receiving nourishment through injections. Having been abroad prior to this period, Morgan passed away peacefully in his sleep on March 31, 1913 at Rome’s Grand Hotel Plaza in Italy. His remains were returned to America aboard the French Line vessel SS France. As his body traveled through New York City, Wall Street flags were lowered to half-mast and trading halted for two hours—a tribute rarely granted except for heads of state. Upon arrival in New York City, his body lay in repose at his residence and adjoining library before burial took place at Cedar Hill Cemetery in Hartford, Connecticut. His son John Pierpont "Jack" Morgan Jr. succeeded him in managing the banking enterprise.

At the time of his death, Morgan’s estate was valued at $68.3 million (equivalent to several billion dollars today), with approximately $30 million held in shares across banks in New York and Philadelphia. The valuation of his art holdings was estimated around $50 million.

Legacy

John Pierpont Morgan Jr. took over leadership from his father but never achieved the same level of prominence. The enactment of the 1933 Glass–Steagall Act resulted in the fragmentation of the House of Morgan into three separate organizations:

  • J.P. Morgan & Co., which later became Morgan Guaranty Trust and ultimately merged with Chase Bank
  • Morgan Stanley, an investment banking firm established by his grandson Henry Sturgis Morgan
  • Morgan Grenfell, a securities company based in London

The gemstone known as morganite was named to honor him. Additionally, the Cragston Dependencies, part of his Highland, New York estate, were added to the National Register of Historic Places in 1982.

Popular culture

  • John Dos Passos' Nineteen Nineteen, within the U.S.A. trilogy, features a literary biography of Morgan that acts as a metaphor for American finance following World War I.
  • Morgan appears as a character in several novels including Caleb Carr's The Alienist, E. L. Doctorow's Ragtime, Steven S. Drachman's The Ghosts of Watt O'Hugh, Graham Moore's The Last Days of Night, and Marie Benedict and Victoria Christopher Murray's The Personal Librarian.
  • It is widely thought that Walter Parks Thatcher, the guardian figure in Orson Welles' film Citizen Kane, was inspired by Morgan.
  • According to Phil Orbanes, former vice president at Parker Brothers, the American Monopoly mascot Rich Uncle Pennybags was modeled after J. P. Morgan, as confirmed by illustrator Daniel Fox’s descendants.
  • The History Channel’s series The Men Who Built America highlights Morgan’s career in its third and fourth episodes.
  • The 1906 tune "My Name Is Morgan (But It Ain't J.P.)" contrasts a struggling man named Morgan with the famous financier, demonstrating Morgan’s influence on popular culture.
  • Singer and television panelist Jaye P. Morgan, originally Mary Margaret Morgan, acquired her nickname during high school as a reference to J. P. Morgan.
  • In Street Fighter 6, the antagonist is an elderly banker using aliases with the initials "JP," connected to his business dealings with M. Bison.
  • Chris North portrays J. P. Morgan in six episodes of the 2012 television series Titanic: Blood and Steel.

See also

Sources

  • , authored by Morgan's son-in-law

Biographies

  • Bryman, Jeremy. J. P. Morgan: Banker to a Growing Nation. Morgan Reynolds Publishing (2001) , designed for middle school readers
  • Wheeler, George, Pierpont Morgan and Friends: the Anatomy of a Myth, Prentice-Hall, Englewood Cliffs, N.J., 1973.

Specialized studies

  • Carosso, Vincent P. Investment Banking in America: A History Harvard University Press (1970)
  • De Long, Bradford. "Did JP Morgan's Men Add Value?: An Economist's Perspective on Financial Capitalism," in Peter Temin, ed., Inside the Business Enterprise: Historical Perspectives on the Use of Information (1991) pp. 205–36; emphasizes that companies with Morgan affiliates on their boards exhibited higher stock prices relative to book value
  • Forbes, John Douglas. J. P. Morgan Jr. 1867–1943 (1981), a biography focused on his son
  • Fraser, Steve. Every Man a Speculator: A History of Wall Street in American Life HarperCollins (2005)
  • Garraty, John A. Right-Hand Man: The Life of George W. Perkins. (1960); Perkins served as a principal assistant from 1900 to 1910
  • Geisst, Charles R. Wall Street: A History from Its Beginnings to the Fall of Enron. Oxford University Press, 2004
  • Giedeman, Daniel C. "J. P. Morgan, the Clayton Antitrust Act, and Industrial Finance-Constraints in the Early Twentieth Century", Essays in Economic and Business History, 2004 22: 111–126
  • Hannah, Leslie. "J. P. Morgan in London and New York before 1914," Business History Review 85 (Spring 2011) 113–50
  • Keys, C.M., January 1908, "The Builders I: The House of Morgan," The World's Work, vol.15 issue 2, pp.9779–9704
  • Moody, John. The Masters of Capital: A Chronicle of Wall Street (1921)

Additional Sources

  • Baker, Ray Stannard, October 1901, "J. Pierpont Morgan," McClure's Magazine, vol.17 issue 6, pp.507–518; a detailed biographical piece
  • Brands, H.W., Masters of Enterprise: Giants of American Business from John Jacob Astor and J. P. Morgan to Bill Gates and Oprah Winfrey (1999), featuring a concise biography of Morgan

External links

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