J. P. Morgan

John Pierpont Morgan (April 17, 1837 – March 31, 1913), American financier and banker, was born in Hartford, Connecticut, a son of Junius Spencer Morgan (1813–1890), who was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. in London. At the turn of the century (1901), J. P. Morgan was one of the wealthiest men in America.

Business years

From 1857 to 1861 Morgan worked in the New York City banking house of Duncan, Sherman & Co. and, from 1860 to 1864, he was an agent and attorney in New York for George Peabody & Co. of London. Afterwards, for its successor, J. S. Morgan & Co. he became it's head. From 1864–1871, the firm of Dabney, Morgan & Co. accepted Morgan as a member. In 1871, he entered the firm of Drexel, Morgan & Co., in which he was associated with Anthony J. Drexel, of Philadelphia, upon whose death in 1893 he became senior partner.

Related Topics:
1857 - 1861 - New York City - 1864 - London - 1871 - Anthony J. Drexel - Philadelphia - 1893

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In 1895 the firm became J. P. Morgan & Co. Closely associated with Drexel & Co. of Philadelphia, Morgan, Harjes & Co. (successors to Drexel, Harjes & Co.) of Paris, and, Morgan, Grenfell & Co. (before 1910 J. S. Morgan & Co.) of London. J. P. Morgan & Co. became one of the most powerful banking houses in the world. Its accomplishments were numerous. J. P. Morgan & Co. financed the formation of the United States Steel Corporation, which took over the business of Andrew Carnegie and others and was the world's first billion-dollar corporation. In 1912, the Pujo Committee, a subcommittee of the House Banking and Currency committee, found that J.P. Morgan & Co. had aggregate resources of $22,245,000,000. Louis Brandeis, the former U.S. Supreme Court Justice, compared this sum to the value of all the property in the twenty-two states west of the Mississippi River (which excluded Alaska and Hawaii).

Related Topics:
1895 - J. P. Morgan & Co. - Drexel & Co. - Morgan, Harjes & Co. - Drexel, Harjes & Co. - Paris - Morgan, Grenfell & Co. - 1910 - J. S. Morgan & Co. - London - United States Steel Corporation - Andrew Carnegie - Louis Brandeis

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In 1891 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric.

Related Topics:
1891 - Edison General Electric - Thomson-Houston Electric Company - General Electric

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In 1895, J. P. Morgan & Co. supplied the United States government with $62 million in gold to float a bond issue and restore the treasury surplus of $100 million. In 1902, J. P. Morgan & Co. purchased the Leyland line of Atlantic steamships and other British lines, creating an Atlantic shipping combine, the International Mercantile Marine Company, which eventually became the owner of White Star Line, builder and operator of RMS Titanic. In addition, J P Morgan & Co (or the banking houses which it succeeded) reorganised a large number of railroads between 1869 and 1899.

Related Topics:
1895 - United States government - Gold - 1902 - Leyland line - Atlantic - Steamship - Shipping - International Mercantile Marine Company - White Star Line - RMS ''Titanic'' - 1869 - 1899

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An enthusiastic yachtsman, Morgan's Columbia defeated the Shamrock in 1899 and 1901 for the America's Cup.

Related Topics:
1899 - 1901 - America's Cup

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