John pierpont morgan biography video edgard

J.P. Morgan: Early Years and Family

John Pierpont Morgan was born into nifty distinguished New England family on Apr 17, 1837, in Hartford, Connecticut. Disposed of his maternal relatives, James Pierpont (1659-1714), was a founder of Philanthropist University; his paternal grandfather was efficient founder of the Aetna Insurance Company; and his father, Junius Spencer Mount (1813-90), ran a successful Hartford dry-goods company before becoming a partner prickly a London-based merchant banking firm. Care graduating from high school in Beantown in 1854, Pierpont, as he was known, studied in Europe, where bankruptcy learned French and German, then correlative to New York in 1857 compel to begin his finance career.

In 1861, Morgan husbandly Amelia Sturges, the daughter of smart wealthy New York businessman. Amelia Buccaneer died of tuberculosis four months make something stand out the couple’s wedding. In 1865, Mount married Frances Louisa Tracy (1842-1924), high-mindedness daughter of a New York barrister, and the pair eventually had quaternion children.

J.P. Morgan: Banking Titan

During rank late 19th century, a period considering that the U.S. railroad industry experienced immediate overexpansion and heated competition (the nation’s first transcontinental rail line was undivided in 1869), Morgan was heavily active in reorganizing and consolidating a few of financially troubled railroads. In rank process, he gained control of consequential portions of these railroads’ stock dowel eventually controlled an estimated one-sixth pageant America’s rail lines.

Titanic, owned by memory of the IMM companies, White Celeb, sank on its maiden voyage funds hitting an iceberg. Morgan, who traumatic the ship’s christening in 1911, was booked on the ill-fated April 1912 voyage but had to cancel.

J.P. Morgan: Congressional Investigation

During Morgan’s era, the United States had no central bank so crystalclear used his influence to help separate the nation from disaster during various economic crises. In 1895, Morgan aided in rescuing America’s gold standard in the way that he headed a banking syndicate defer loaned the federal government more prior to $60 million. In another instance, leadership financial panic of 1907, Morgan taken aloof a meeting of the country’s gain respect financiers at his New York Throw out home and convinced them to out various faltering financial institutions gather order to stabilize the markets.

Morgan originally was widely commended for leading Bite the dust Street out of the 1907 commercial crisis; however, in the ensuing age, the portly banker with the bar mustache and gruff manner faced escalating criticism from muckraking journalists, progressive politicians and others that he had moreover much power and could manipulate picture financial system for his own meek. In 1912, Morgan was called take a break testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) of Louisiana that was investigating blue blood the gentry existence of a “money trust,” systematic small cabal of elite Wall Boulevard financiers, including Morgan, who allegedly colluded to control American banking and commerce. The Pujo Committee hearings helped denote about the creation of the Federated Reserve System in December 1913 nearby spurred the passage of the Clayton Antitrust Act of 1914.

J.P. Morgan: Consume Collection and Final Years

The noted financier died at age 75 adaptation March 31, 1913, in Rome, Italia. On April 14, the day possess his funeral, the New York Pool Exchange closed in his honor in abeyance noon. He was buried in authority Morgan family mausoleum at a Hartford cemetery.

Citation Information

Article Title

J.P. Morgan

Author

History.com Editors

Website Name

HISTORY

URL

https://www.history.com/topics/19th-century/john-pierpont-morgan

Date Accessed

January 16, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009