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J. P. MORGAN
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John Pierpont Morgan I (April 17, 1837 – March 31, 1913) was an American financier and banker, who at the turn of the century (1901), was one of the wealthiest men in America. Life
John was born in Hartford, Connecticut to Junius Spencer Morgan (1813–1890); and Juliet Pierpont (1816-1884) of Boston, Massachusetts. Junius was a partner of George Peabody and the founder of the house of J. S. Morgan & Co. in London. John Morgan was educated at the English High School of Boston and at the University of Göttingen. He was a prominent member of the Protestant Episcopal Church.
John Pierpoint Morgan
From 1857 to 1861 Morgan worked in the New York City banking house of Duncan, Sherman & Company. In 1861 he married Amelia Sturges (1835-1862). She was the daughter of Jonathan Sturges and Mary Pemberton Cady. After her death he married Frances Louise Tracy (1842-1924) on May 3, 1865 and they had the following children: Louisa Pierpont Morgan (1866-?) who married Herbert Livingston Satterlee (1863-1947); Jack Pierpont Morgan (1867-1943); Juliet Morgan (1870-?); and Anne Morgan (1873-1952). Business years
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 its head. From 1864 to 1871, the firm of Dabney, Morgan & Company 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.
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. J.P. Morgan & Co. incorporated in 1940[1]. In 1912, the Pujo Committee, a subcommittee of the House Banking and Currency committee, found that the partners of J.P. Morgan & Co. along with the directors of First National and National City Bank (the triple alliance of interlocking directorates dominated by Morgan) controlled 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).
In 1891 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. 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) bought and reorganised 4 of the 5 American major railroads between 1869 and 1899.
John Pierpoint Morgan - self-conscious about his rosacea, he hated to be photographed
Death and aftermath
J. P. Morgan died in 1913 while visiting Rome, Italy. His remains were returned to the United States for interment in the Cedar Hill Cemetery[2] in his birthplace of Hartford, Connecticut. His son Jack, known as J. P. Morgan, Jr., inherited the banking business.
As required by the 1933 Glass-Steagall Act, the "House of Morgan" became three entities: 1) J.P. Morgan and Co. and its bank, Morgan Guaranty Trust; 2) Morgan Stanley, an investment house; and 3) Morgan Grenfell in London, England, an overseas securities house. Legacy
Morgan was a notable collector of books, pictures, and, other art objects, many loaned or given to the Metropolitan Museum of Art (of which he was president), and many housed in his London house and in his private library on 36th Street, near Madison Avenue in New York City. His son, J. P. Morgan, Jr., created the Pierpont Morgan Library in 1924 as a memorial to his father and kept Belle da Costa Greene, his father's private librarian, as its first director.
Morgan was also a benefactor of the American Museum of Natural History, the Metropolitan Museum of Art, Groton School, Harvard University (especially its medical school), the Lying-in Hospital of the City of New York and the New York trade schools. In his satirical history of the United States, It All Started with Columbus, Richard Armour commented that "Morgan, who was a direct sort of person, made his money in money... He became immensely wealthy because of his financial interests, most of which were around eight or ten percent... This Morgan is usually spoken of as 'J.P.' to distinguish him from Henry Morgan, the pirate."
It has been noted in congressional record of 1917, that J.P. Morgan interests took control of the United States media industry: "In March, 1915, the J.P. Morgan interests, the steel, shipbuilding, and powder interest, and their subsidiary organizations, got together 12 men high up in the newspaper world and employed them to select the most influential newspapers in the United States and sufficient number of them to control generally the policy of the daily press....They found it was only necessary to purchase the control of 25 of the greatest papers... An agreement was reached; the policy of the papers was bought, to be paid for by the month; an editor was furnished for each paper to properly supervise and edit information regarding the questions of preparedness, militarism, financial policies, and other things of national and international nature considered vital to the interests of the purchasers." - U.S. Congressman Oscar Callaway, 1917. Notable patronage
Trivia
References
Nelson Kruschandl - Entrepreneur looking for investors
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Red Bull, although in a different drinks category, spends not quite as much on advertising, but has managed to acquire instant status and volume sales from sponsoring formula one, the Darpa Desert Challenge, and now the New Jersey MetroStars football team.
A taste for adventure capitalists
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MONEY FINDER
REFERENCES and LINKS:
This material and any views expressed herein are provided for information purposes only and should not be construed in any way as a prospectus or offer. Please contact the company concerned for information of any business opportunity or specific program. Before investing in any business, you must obtain, read and examine thoroughly its disclosure document or offering memorandum.
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