J. P. Morgan
Born 1837 · Age 188
American financier and investment banker who dominated corporate finance in the Gilded Age; head of the firm that became J.P. Morgan & Co., orchestrated major industrial consolidations (U.S. Steel, GE, International Harvester), and led financiers during the Panic of 1907.
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Life & Career Timeline
Born in Hartford, Connecticut
John Pierpont Morgan born to Junius Spencer Morgan and Juliet Pierpont in Hartford, CT.
Grandfather Joseph Morgan's death and family inheritance
Death of grandfather Joseph Morgan left the family a substantial fortune that influenced Morgan's upbringing and prospects.
Passed entrance exam for English High School, Boston
Passed entrance exam for The English High School of Boston (specialized in mathematics for commerce).
Rheumatic fever and convalescence in the Azores
Suffered rheumatic fever (April 1852), sent to the Azores to recuperate for almost a year.
Sent to Bellerive school in Switzerland
Studied at Bellerive in La Tour-de-Peilz to learn French; part of European education arranged by his father.
Completed studies at University of Göttingen
Studied German and attained a degree in art history in about six months, finishing in 1857.
Moved to London to join his father's firm
August 1857: Went to London to join his father, who was partnered in George Peabody & Co.; began learning international merchant banking.
Began work at Duncan, Sherman & Company (NY)
Started as a junior clerk in New York; gained early experience in railroad financing and securities.
Business reconnaissance in the American South and Cuba
Spent months visiting firm correspondents in Georgia, Alabama, Louisiana and a brief visit to Cuba to study cotton trade; began independent trading activity.
Avoided military service by paying substitute
During the Civil War Morgan avoided service by paying a $300 substitute to take his place.
Opened J. Pierpont Morgan & Co. in New York
Between April and July 1861 opened a one-room office at 53 Exchange Place to act as his father's American representative and to trade securities and foreign exchange.
Hall Carbine loan (Simon Stevens) — $20,000
August 1861: Lent $20,000 to Simon Stevens to purchase carbines for resale; later controversy known as the Hall Carbine Affair.
Received $55,000 from Army for carbines (Hall affair)
September 14, 1861: Morgan received $55,000 from the Army for carbines, repaid loan/expenses and passed remainder to Stevens — episode later became controversial.
Married Amelia "Memi" Sturges
October 1861: Married Amelia Sturges; she was seriously ill with tuberculosis at the time.
Made James Goodwin a partner
1862: Morgan made his cousin James Goodwin a partner in his firm, strengthening the house's position on Wall Street.
Death of wife Amelia Sturges
Amelia died in Nice in February 1862, four months after marriage.
Transferred $1.15M in gold to England (Oct 1863)
October 1863: With Edward B. Ketchum, transferred $1.15 million in gold to England, sold at profit amid wartime gold speculation.
George Peabody retired from J. S. Morgan & Co.
October 1, 1864: George Peabody retired, prompting reconfiguration of partnership and greater international expansion for the Morgan interests.
Dabney hired as senior partner; formation of Dabney, Morgan & Co.
November 15, 1864: Junius hired Charles H. Dabney as a senior partner; J. P. Morgan took primary responsibility for recruiting new business.
Married Frances Louisa Tracy (Fanny)
May 31, 1865: Married Frances Louisa Tracy; they later had four children (Louisa 1866, J.P. Jr. 1867, Juliet 1870, Anne 1873).
Birth of daughter Louisa Pierpont Morgan
1866: Birth of Louisa Pierpont Morgan (later married Herbert L. Satterlee).
Birth of son J. P. Morgan Jr.
1867: Birth of son John Pierpont Morgan Jr., who later succeeded his father as head of the firm.
Birth of daughter Juliet Pierpont Morgan
1870: Birth of daughter Juliet Pierpont Morgan (later married William Pierson Hamilton).
Drexel, Morgan & Co. formed
1871: Formed a partnership with Anthony J. Drexel to establish Drexel, Morgan & Co., which became a dominant merchant banking house in the U.S.
Birth of daughter Anne Tracy Morgan
1873: Birth of daughter Anne Tracy Morgan, who became a noted philanthropist.
Financed Edison Electric Illuminating Company
Around 1878: Morgan financed Thomas Edison's Edison Electric Illuminating Company, supporting early electric lighting ventures.
Purchased yacht Corsair
1882: Bought the steam yacht Corsair (originally launched 1880); began an active life as an avid yachtsman.
Purchased 219 Madison Ave and installed electric lighting
1882: Bought town house at 219 Madison Avenue; on June 6, 1882 it became the first electrically lit private residence in America.
Marketed large portion of Vanderbilt's New York Central holdings
1883: Successfully marketed a large part of William H. Vanderbilt's New York Central holdings, increasing Morgan's influence in railroad finance.
Reorganized New York, West Shore & Buffalo Railroad
1885: Reorganized the New York, West Shore & Buffalo Railroad and leased it to the New York Central, demonstrating active railroad management.
Interstate Commerce Act passed
1887: Congress passed the Interstate Commerce Act; Morgan organized industry conferences in 1889–1890 to accommodate new regulation and stabilize rates.
Became trustee of the Metropolitan Museum of Art
1888: Morgan became a trustee of the Metropolitan Museum of Art, later becoming vice-president and then president in 1904; major patron and donor.
Death of father Junius Spencer Morgan
1890: Death of his father Junius Spencer Morgan — after which Morgan increased collecting and philanthropic activity (sources vary 1890–1891).
Underwrote or organized dozens of corporations (1890–1913)
From 1890 to 1913 Morgan and his firm organized or underwrote securities for some 42 major corporations across manufacturing, utilities, and railroads.
Became leading railroad reorganizer and director
By 1890s: Morgan exerted control over many railroads (board positions across major lines) and managed reorganizations that consolidated the industry (estimated control ~5,000 miles by 1902).
Donated land and founded the Metropolitan Club
Donated land on Fifth Avenue and 60th Street (cost ~$125,000) and organized the Metropolitan Club; served as its president from 1891 to 1900.
Arranged merger forming General Electric
Circa 1891–1892: Arranged the merger of Edison General Electric and Thomson-Houston to form General Electric (GE).
Became major art and book collector; Morgan Library origins
After his father's death Morgan intensified collecting books, manuscripts and art; his collection and library later became the Morgan Library & Museum (opened to public after his death).
Organized Federal Steel financing (precursor to U.S. Steel)
Late 1890s: Morgan financed the creation of Federal Steel Company, a precursor to the 1901 consolidation forming U.S. Steel.
Led syndicate to replenish U.S. Treasury gold (c.1895)
Around 1895 Morgan led syndicate that supplied the U.S. Treasury with gold (commonly cited ~$60–62 million or sale of ~3.5 million ounces) to avert federal default during the Panic aftermath.
Firm renamed J.P. Morgan & Company
1895: After Anthony Drexel's death, the partnership was reorganized as J.P. Morgan & Company, making it the preeminent banking house in the U.S.
NY Yacht Club board meeting where Morgan offered to buy lot
October 27, 1898: As Commodore of the NYYC he offered to acquire property if membership dues were raised; bought lots next day for $148,000 and donated them to the Club.
Invested in Nikola Tesla's Wardenclyffe — $150,000
1900: Morgan gave Tesla $150,000 to build a trans-Atlantic wireless/terrestrial power facility at Wardenclyffe but refused further funding when Tesla expanded the project; Wardenclyffe stalled.
Formed Northern Securities Company (railroad trust)
1901: In concert with E. H. Harriman and James J. Hill, created Northern Securities to merge major railways; later became a landmark antitrust case.
Organized creation of United States Steel Corporation
1901: Merged Federal Steel, Carnegie Steel Company and other firms to form U.S. Steel; world's first billion-dollar corporation with authorized capitalization of $1.4 billion.
Attempted London Underground line (failed)
1902: Morgan attempted to build a London Underground line (Piccadilly, City and North East London Railway) but was thwarted by Charles Yerkes and parliamentary opposition.
Formed International Mercantile Marine (IMM)
1902: J.P. Morgan & Co. financed the formation of IMM, an Atlantic shipping conglomerate that included White Star Line; intended to dominate transatlantic shipping.
Became president of the Metropolitan Museum of Art
1904: Elevated to president of the Met (after serving as trustee and vice-president), directing its drive to acquire important works and expand its stature.
Northern Securities dissolved by U.S. Supreme Court
1904: Supreme Court ruled the Northern Securities Company violated the Sherman Antitrust Act and ordered its dissolution; Morgan's political reputation was damaged though he did not lose money on the deal.
Led bankers to resolve the Panic of 1907
October 1907: Morgan convened leading financiers at his library, organized liquidity, redirected funds, and orchestrated interventions that stabilized markets by early November 1907.
U.S. Steel purchased Tennessee Coal & Iron stock for $30M (to avert collapse)
1907: As part of the Panic resolution, U.S. Steel paid $30 million for TCI stock enabling Moore & Schley to be rescued; Morgan arranged presidential approval to proceed.
Contributed $100,000 to Episcopal commission for world church conference
1910: Donated $100,000 to finance an Episcopal commission to explore a world conference on faith and order.
Testified before the Pujo Committee
December 1912: Morgan testified before the Pujo Committee investigating the 'money trust' and concentration of financial power on Wall Street.
Cancelled booking on RMS Titanic maiden voyage
April 1912: Morgan had booked a luxury suite on the Titanic's maiden voyage but changed plans (illness cited); the sinking was a disaster for IMM/White Star finances.
Estate and succession
Left his fortune and business leadership to his son J. P. Morgan Jr., who succeeded him as senior partner of the house.
Died in Rome, Italy
March 31, 1913: John Pierpont Morgan died in his sleep in Rome; his estate was estimated at about $80 million by biographer Ron Chernow (equivalent ~$1.8B in 2023).
Key Achievement Ages
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