Biography of John Pierpont Morgan


Morgan, John Pierpont. Banker, financier. Born in Hartford, CT, April 17, 1837. Son of Junius Spencer and Juliet (Pierpont) Morgan. Graduate of English high school, Boston. Student of University of Gottingen, Germany. Entered bank of Duncan, Sherman & Co., 1857. Became agent and attorney in United States, 1860, for George Peabody & Co., bankers, London, in which his father was partner. Member of Dabney, Morgan & Co., investment securities, 1864-71. Became member, 1871, of firm of Drexel, Morgan & Co., now J. P. Morgan & Co., leading private bank United States; also J. S. Morgan & Co., London. Largely occupied as financier in largest reorganizations of railways and consolidation of industrial properties. Floated United States bonds issue of $62,000,000 during Cleveland administration. Organized and floated securities of United States Steel Corporation, 1901 (capital, $1,100,000,000). Secured American subscriptions of $50,000,000 to British war loan of April, 1901. Organized existing agreement of anthracite operator of Pennsylvania, also of soft coal interests in Ohio, Indiana, and Pennsylvania. Controlled over 50,000 miles of railways, large American and British ocean transportation lines. Gave site, buildings, and funds amounting to about $1,500,000 to hospital, New York, and large donations to the New York trade schools, the cathedral of St. John the Divine, and many other institutions. Made valuable gifts to American Museum of Natural History, Metropolitan Museum of Art, and New York Public Library. In 1912, he gave to Library of Congress a complete set of autographs of the signers of the Declaration of Independence. Owned famous collection of pictures (including famous Gainsborough painting), books, manuscripts, curios, etc. President of Metropolitan Museum of Art; member of many societies, clubs, etc. in United States and abroad. Died 1913.