JP Morgan
JP Morgan was born in Hartford, Connecticut, United States on April 17th, 1837 and is the Entrepreneur. At the age of 75, JP Morgan biography, profession, age, height, weight, eye color, hair color, build, measurements, education, career, dating/affair, family, news updates, and networth are available.
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John Pierpont Morgan Sr. (April 17, 1837-March 31, 1913) was an American financier and banker who dominated Wall Street during the Gilded Age.
He was a driving force behind the surge of industrial consolidation in the United States during the late 19th and early twentieth century. He was the founder of the banking company that eventually became J.P. Morgan and Co. J.P. Morgan pioneered the establishment of several major multinational companies, including U.S. Steel Corporation, International Harvester, and General Electric during his time on Wall Street.
He and his partners also had controlling stakes in several other American companies, including AT&T, Western Union, and 24 railroads.
Morgan was able to wield considerable authority over the country's lawmakers and budgets thanks to his financial clout.
During the Panic of 1907, he gathered a group of financiers that saved the American economy from ruin.
J.P. Morgan, the country's top economist, helped change the shape of the American economy.
Morgan was dubbed America's "greatest banker," by Adrian Wooldridge.
Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and success to his son, John Pierpont Morgan Jr., who owed only $118 million (of which some parts of his vast art collection), a net worth that allegedly caused John D. Rockefeller to say, "And to think, he wasn't even a wealthy man."
Childhood and education
Morgan was born and raised in Hartford, Connecticut, to Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884) of the influential Morgan family. Pierpont, as he liked to be known, had a varied education due in a large part to his father's wishes. He went to the Hartford Public School in 1848 and then to the Episcopal Academy in Cheshire, Connecticut, where he boarded with the principal. He took the entrance exam for The English High School of Boston in September 1851, a Boston school that concentrated in math for careers in industry. Morgan's life began in April 1852, an illness that became more common as his life progressed: Rheumatic fever left him in such pain that he could not walk, and Junius sent him to the Azores to recover.
He convalesced there for almost a year and then returned to Boston to resurrect his studies. His father took him to Bellerive, a French school in La Tour-de-Peilz, where he acquired fluency in French after graduating. His father took him to Göttingen University to develop his German. He attained passable fluency within six months and a degree in art history; later, he returned to London via Wiesbaden, with complete formal education.
Personal life
Morgan married Amelia Sturges, who was called Mimi (1835–1862). On May 31, 1865, he married Frances Louisa "Fanny" Tracy (1842-1954).They had four children:
Morgan also had a major physical effect on people; one man said that a Morgan visit left him feeling "as if a gale had blown through the house." He was physically large with massive shoulders, piercing eyes, and a purple nose. He was known to loathe public and disliked being photographed without his permission; as a result of his self-consciousness of his rosacea, all of his professional portraits were retouched. His deformed nose was caused by a condition called rhinophyma, which can cause rosacea. The nose deformities are getting worse; pits, nodules, fissures, lobulations, and piedunculation contort the nose. "Johnny Morgan's nasal organ has a purple hue" in this setting. During Morgan's lifetime, surgeons could have cut away the sebaceous tissue growth during his childhood, but Herbert L. Satterlee, Morgan's uncle-in-law, has speculated that he did not seek surgery for his nose because the seizures would have returned.
His social and career self-confidence were too strong to be harmed by this illness. It seemed as if he dared people to meet him straight rather than shrinking from the spectacle, claiming the power of his character over his face's ugliness.
Morgan was a lifelong member of the Episcopal Church, and by 1890, she was one of the Episcopal Church's most influential figures. He was a founding member of the Church Club of New York, an Episcopal private member's club in Manhattan. The Episcopal Church's General Convention established a commission in 1910 to address their "faith and order" in the church's global conference. Morgan was so impressed by the plan that he contributed $100,000 to finance the commission's work.
John Jay Phelps' house on 219 Madison Avenue was originally constructed by John Jay Phelps in 1853 and bought by Morgan in 1882. It was the first fully lit private residence in New York. Thomas Alva Edison's Edison Electric Illuminating Company was a result of his investment in the new technology. On April 12, 1894, there was a reception of 1,000 guests for Juliet Morgan and William Pierson Hamilton's wedding, where they were given a favorite clock of Morgan's. Morgan also owned the "Cragston" estate, which is located in Highland Falls, New York. His uncle, who bore the same name, was the owner of East Island in Glen Cove, New York.
J.P. Morgan lived in London for three months of every year and owned two houses. 13 Prince's Gate, his father's inherited from his father, was later extended by the purchase of the neighbouring Number 14 to house his expanding art collection. From 1929 to 1955, the merged buildings were offered to the US government for use as the Ambassador's residence. Dover House, Putney, was his other home, but it was later demolished and turned into the Dover House Estate.
Morgan, an avid yachtsman, owned several large yachts, the first being the Corsair, built by William Cramp & Sons for Charles J. Osborn (1837–1885) and launched on May 26, 1880. Charles J. Osborn, Jay Gould's personal banker, was named after him. Morgan bought the yacht in 1882. In reaction to a question about the cost of owning a yacht, Morgan has attributed the well-known quote, "If you have to ask the price, you can't afford it" is often attributed to the fact that the tale is unconfirmed. J. P. Morgan Jr., a father of J. P. Morgan Jr., a similar unidentified explorer, is credited with the son's Corsair IV's introduction at Bath Iron Works in 1930.
Morgan had intended to travel on the ill-fated RMS Titanic's maiden voyage but had to cancel at the last minute, choosing to remain at a resort in Aix-les-Bains, France. Morgan's International Mercantile Marine Company's White Star Line, which was operated Titanic, was a member of Morgan's International Mercantile Marine Company, and Morgan was supposed to have his own private suite and promenade deck on the ship. Morgan said in reaction to Titanic's sinking, a rumour was mistook it for a ruckus.
Morgan was a book, photograph, drawing, clocks, and other art works, many of whom were loaned or gifted to the Metropolitan Museum of Art (of which he was president and a major force in the institution), and many were stored in his London home and in his private library on 36th Street in New York City.
Roger Fry, a British artist and art critic, worked for the museum and Morgan as a collector for a long time.
J. P. Morgan Jr., his uncle, established the Pierpont Morgan Library as a memorial to his father in 1924, and hired Belle da Costa Greene, his father's private librarian, as the first director.
Morgan, a benefactor of the Morgan Library and Museum, the American Museum of Natural History, the Metropolitan Museum of Art, the British Museum, Groton School, Harvard University (especially the medical school), Harvard University's Trinity College, the City of New York's Lying-in Hospital, and the New York trade schools, among others.
Morgan was one of America's most influential gemstone dealers by the turn of the century, and had assembled the most comprehensive gem collection in the United States, as well as American gemstones (over 1,000 pieces). Tiffany & Co.'s Chief Gemologist, George Frederick Kunz, produced his first collection. In 1889, the collection was on view at the World's Fair in Paris. The exhibit garnered two gold awards and attracted the attention of scholars, lapidaries, and the general public.
George Frederick Kunz continued to create a second, and perhaps nobler collection, which was on view in Paris in 1900. These collections have been donated to the American Museum of Natural History in New York, where they were formerly known as the Morgan-Tiffany and the Morgan-Bement collections. Kunz found a new gem after his best customer morganite was identified in 1911.
Morgan, a patron of photographer Edward S. Curtis, owed Curtis $75,000 in 1906 to produce a series of American Indians. Curtis' The North American Indian, a 20-volume work, was eventually published. Curtis also made a motion picture In the Land of the Head Hunters (1914), which was restored in 1974 and re-released as In the Land of the War Canoes. Curtis was also known for his 1911 magic lantern slide show The Indian Picture Opera, which used his photographs and original musical compositions by composer Henry F. Gilbert.
According to observers, Morgan smoked hundreds of cigarettes per day and favoured large Havana cigars called Hercules' Clubs.
Career
Morgan first started banking at Peabody, Morgan & Co., a joint venture between his father and George Peabody that began three years ago. He came from New York City in 1858 to join Duncan, Sherman & Co, the American representatives of George Peabody and Company. Morgan financed the purchase of five thousand rifles from an army arsenal at $3.50 each, which were later sold to a field general for $22 per each during the American Civil War, an event known as the Hall Carbine Affair. Morgan had avoided serving during the war by employing a substitute $300 to take his place. He served as J. Pierpont Morgan & Company's agent in New York for his father's business from 1860 to 1864, and was dubbed "J.S." Peabody's retirement in 1864 was Morgan & Co." He worked with Dabney, Morgan, and Co. from 1864 to 1872. Anthony J. Drexel founded Drexel, Morgan & Company, with his apprentice Pierpont in 1871.
J. P. Morgan & Company was rechristened J. P. Morgan & Company in 1895, maintaining close links with Drexel & Company of Philadelphia; Morgan, Harjes & Company of Paris; and J.S. Morgan & Company (after 1910 Morgan, Grenfell & Company) of London. It was one of the world's most influential banks by 1900, mainly on reorganization and consolidation.
Morgan had many people over the years, including George W. Perkins, but the company's chief stayed firmly in charge. He often took over struggling companies and reorganized their structure and leadership to bring them back to profitability, a process that has been described as "Morganization." Investors were attracted by his reputation as a banker and financier, as opposed to the companies he took over.
Morgan concentrated on railroads, America's biggest industry enterprises, as he rose to power. He wreaked out of control of the Albany and Susquehanna Railroad from Jay Gould and Jim Fisk in 1869; he was the leader of a consortium that overthrew Jay Cooke's government-financing privileges; and established and funded a railroad empire in all portions of the United States. He raised substantial sums in Europe, but rather than serving solely as a financier, he helped the railroads reorganize and increase profitability. He combated speculators interested solely in profit and created a vision of an interconnected transportation system. In 1883, he successfully vented a substantial portion of William H. Vanderbilt's New York Central holdings. He reorganized the New York, West Shore & Buffalo Railroad, leased it to the New York Central Railroad in 1885. He reorganized the Philadelphia & Reading in 1886 and the Chesapeake & Ohio in 1888. Morgan developed conferences in 1889 and 1890 to assist the railroad presidents in ensuring that the new regulations are followed and that "public, affordable, uniform, and stable rates" are maintained. The conferences, the first of their kind, established a community of concern across competing lines, paving the way for the early twentieth century's great consolidations. In addition, J P Morgan & Co and the banking houses, which it succeeded, reorganized a significant number of railroads between 1869 and 1899. In New York City, Morgan also invested in street railways.
In 1904, a major political fiasco occurred. In 1893, the Northern Pacific Railway went bankrupt as a result of 1893's great depression. The bankruptcy stripped out the railroad's bondholders, leaving the railroad debt free of debt, and a tumultuous financial fight ensued. Morgan, New York financier E. H. Harriman, and St. Paul, MN railroad builder James J. Hill had a compromise in 1901. They formed the Northern Securities Company in an effort to consolidate the operations of three of the region's most important railways, the Northern Pacific Railway, and the Chicago, Burlington, and Quincy Railroad. President Theodore Roosevelt's unexpected opposition brought the consolidators into disarray, however. Roosevelt's ardent trustbuster found the massive merger bad for customers and a violation of the Sherman Antitrust Act of 1890, which was not fully enforced. In 1902, Roosevelt ordered his Justice Department to sue it. In 1904, the Supreme Court dissolved the Northern Security firm, and railroads were required to move in separate, competitive manners. Morgan did not lose money on the scheme, but his all-powerful political fame suffered.
In 1895, the Federal Treasury was almost out of gold, during the Panic of 1893. Morgan had suggested that the federal government purchase gold from his and European banks, but the initiative was turned down in favour of a scheme to sell bonds directly to the general public to solve the crisis. Morgan, who was positive that there was not enough time to implement such a scheme, demanded and eventually secured a meeting with Grover Cleveland, where he said the government could default if they didn't do something on a day if they didn't do something. Morgan came up with a scheme to use an old civil war statute that allowed Morgan and the Rothschilds to sell gold directly to the US Treasury, 3.5 million ounces, to reclaim the treasury surplus in exchange for a 30-year bond issue. The episode saved the Treasury, but it put the city's agrarian wing of the Democratic Party in jeopardy, and it became a point in the 1896 election, when banks came under a wretched assault from William Jennings Bryan. Republican William McKinley, who was elected in 1896 and re-elected in 1900, was given a large sum by Morgan and Wall Street bankers.
Morgan purchased J. S. Morgan & Co. after his father's death in 1890 (renamed Morgan, Grenfell & Company in 1910). He began talking to Carnegie Co. President Charles M. Schwab and businessman Andrew Carnegie in 1900, with the intention of purchasing Carnegie's steel industry and merging it with several other steel, coal, mining, and shipping companies. He joined the Federal Steel Company and several other steel and iron companies (including William Edenbirn's Consolidated Steel and Wire Company) in 1901, forming the United States Steel Corporation after financing the company's establishment. U.S. Steel, 1901, was the world's first billion-dollar company, with an approved capitalization of $1.4 billion, much larger than any other industrial company and comparable in size to the country's largest railroads.
To enable the United States to compete globally with Germany and Germany, U.S. Steel's target was to achieve higher economies of scale, cut transportation and resource costs, expand product lines, and increase distribution. Schwab and others believed that the company's size would help it be more competitive and efficient in targeting foreign markets ("globalization"). Critics said that Steel was regarded as a monopoly by critics because it sought to conquer not only steel, but also railways, railroad cars, and rails, wire, nails, and many other items. Morgan gained two-thirds of the steel market, and Schwab was confident that the firm would have a 75% market share shortly. However, after 1901, the company's share declined; in 1903, Schwab resigned to form Bethlehem Steel, the second largest U.S. steel producer.
Labour policy was a contentious topic. Steel in the United States was non-union, and experienced steel suppliers, led by Schwab, used ardent tactics to locate and root out pro-union "troublemakers" from the company. The lawyers and bankers who arranged the merger, including Morgan and CEO Elbert Gary, were more concerned about long-term success, stability, good public relations, and avoiding disaster. The bankers' opinions generally prevailed, and the end result was a "paternalistic" labor policy. (In the late 1930s, U.S. Steel became unionized).
The Panic of 1907 was a financial crisis that almost crippled the American economy. Until Morgan stepped in to assist with the crisis, major New York banks were on the brink of bankruptcy and there was no way to rescue them. George B. Cortelyou, the Treasury Secretary, earmarked $35 million in federal deposits to deposit in New York banks. In his New York mansion, Morgan met with the country's top financiers, where he compelled them to devise a strategy to solve the problem. The National City Bank's president, James Stillman, was also a central figure in the national bank's success. Morgan formed a team of bank and trust executives that redirected money between banks, gained new international lines of credit, and purchased healthy corporations' plummeting stocks.
Moore and Schley, a brokerage company that was directly involved in a speculative pool in the stock of the Tennessee Coal, Iron, and Railroad Company, a delicate political issue emerged. Among the Wall Street banks, Moore and Schley had pledged over $6 million in Tennessee Coal and Iron (TCI) stock for loans. The loans had been requested by the banks, but they were unable to pay. If Moore and Schley fail, a hundred more failures will follow, and then all Wall Street will be in danger. Morgan figured they had to save Moore and Schley from the wreckage. TCI was one of America's biggest rivals, with valuable iron and coal deposits as a result. Morgan owned U.S. Steel; he determined that it had to purchase the TCI stock from Moore and Schley. Elbert Gary, the steel industry's president, confirmed that while being concerned that antitrust implications could result in significant resistance for U.S. Steel, which was also dominant in the steel industry. Morgan sent Gary to see President Theodore Roosevelt, who promised legal protection for the arrangement. The TCI stock was worth $30 million, and Moore and Schley was saved. The announcement had an immediate effect; by November 7, 1907, the panic had ruled. The crisis highlighted the need for a robust control system.
Vowing never to let it happen again, and remembering that there was unlikely to be another Morgan in 1913, banking and political figures, led by Senator Nelson Aldrich, devised a strategy that resulted in the establishment of the Federal Reserve System in 1913.
Although conservatives in the Progressive Era lauded Morgan for his civic service, the national economy's expansion, and his contributions to the arts and religion, the left wing regarded him as one of the key figures in the movement, which opposed the previous one. Morgan reimagined conservatism in terms of financial stability, as well as strong links to faith and high culture.
Enemies of finance sluggishly slandered Morgan for the terms of his gold loan to the federal government in the 1895 crisis, and they, along with writer Upton Sinclair, criticize the Panic of 1907. They also attempted to attribute the financial difficulties of the New York, New Haven, and Hartford Railroad to him. Morgan testified before the Pujo committee, which was a subcommittee of the House Banking and Currency Committee in December 1912; The committee's findings came out that a select group of financial executives was exercising significant influence over several industries. Compared to the value of all the property in the twenty-two states west of the Mississippi River, J.P. Morgan & Co. and directors of First National and National City Bank controlled aggregate assets of $22.245 billion, which later became a United States Supreme Court Justice Justice.