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.

Notable patronage

In 1900, Morgan financed inventor and engineer, Nikola Tesla and his Wardenclyffe Tower facility (which was a wireless facility). Morgan invested over $75,000 into the project. However, in 1903, when the tower structure was near completion, it was still not yet functional due to a design error. When Morgan wanted to know "Where can I put the meter?", Tesla had no answer. Tesla's vision of free power did not agree with Morgan's worldview. Construction costs eventually exceeded the money provided by Morgan, and additional financiers were reluctant to come forth (since Tesla fell out of favor with Morgan).

Related Topics:
1900 - Inventor - Engineer - Nikola Tesla - Wardenclyffe Tower - Wireless

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By July 1904, Morgan (and the other investors) finally decided they would not provide any additional financing. Morgan also encouraged other investors to avoid the project. The tower was finally dismantled for scrap during wartime. Newspapers of the time labeled Wardenclyffe "Tesla's million-dollar folly."

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Morgan was also a patron to photographer Edward S. Curtis offering Curtis $75,000, in 1906, for a series on the North American Indian.

Related Topics:
Edward S. Curtis - 1906 - North American Indian

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