John Pierpont Morgan
Born 1837 · Age 188
American financier and investment banker who dominated corporate finance in the Gilded Age; led formation of U.S. Steel, General Electric, International Harvester and headed the banking house that became JPMorgan Chase.
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Life & Career Timeline
Grandfather Joseph Morgan's estate/inheritance to family
Death of his grandfather Joseph Morgan; family inherits a large fortune that elevated the Morgan family's financial standing.
Passed entrance exam to English High School of Boston
Admitted to a mathematics-focused high school that prepared him for commercial careers.
Contracted rheumatic fever; sent to Azores to convalesce
Suffered rheumatic fever in April and was sent to the Azores for almost a year of recovery; illness affected him lifelong.
Studied at Bellerive (La Tour‑de‑Peilz), Switzerland
Sent by his father to Bellerive school; gained fluency in French.
Degree in art history, University of Göttingen
Completed studies in German and art history at Göttingen within six months and improved German language skills.
Moved to London to join his father's firm
Traveled to London in August to join Junius Spencer Morgan in the merchant banking firm George Peabody & Co.; began training in international finance.
Joined Duncan, Sherman & Company (New York)
Began work as a junior clerk and American representative of the Peabody-connected houses; learned securities and railroad finance.
Southern business tour to study cotton trade
Spent several months visiting correspondents in Georgia, Alabama, Louisiana and New Orleans to deepen knowledge of cotton and Southern commerce.
Opened J. Pierpont Morgan & Company (NY office)
Founded his own New York office during the opening months of the Civil War; operated from a one-room office at 53 Exchange Place.
Hall Carbine loan: $20,000 to Simon Stevens
Lent $20,000 for arms purchase that later became controversial (Hall Carbine Affair); Morgan held title during the transaction.
Received $55,000 payment for carbines
On Sept 14 Morgan received $55,000 from the Army; after deducting loan and expenses, remainder passed to Stevens; affair shadowed his reputation.
Married Amelia Sturges
Married Amelia 'Memi' Sturges in October 1861; she was seriously ill at marriage.
Brought cousin James Goodwin into partnership
Made his cousin James Goodwin a partner in his firm, strengthening the firm's personnel.
Death of first wife Amelia Sturges
Amelia Sturges died of tuberculosis in Nice in February 1862, four months after marriage.
Transferred $1.15M in gold to England (Oct 1863)
Morgan and Edward B. Ketchum moved $1.15 million in gold to England, producing a price spike and large profit—later criticized as speculative.
George Peabody retires; firm reconfigures (lead-up to Dabney Morgan)
George Peabody retired; J.S. Morgan & Co. reorganized—paved way for hiring Dabney and expanding merchant banking activities.
Dabney, Morgan & Co. formed (senior partner Dabney hired)
Junius Morgan hired Charles H. Dabney as senior partner to expand international merchant banking; J. P. Morgan took primary responsibility for recruiting business.
Exclusive Peruvian guano contract secured
On advice of Levi P. Morton, Morgan secured a four-year exclusive contract to export Peruvian guano at 2.5% commission.
Married Frances Louisa 'Fanny' Tracy
Married Frances Tracy on May 31, 1865; the couple later had four children.
Profit from Atlantic Telegraph Company shares (post-1866)
Firm made a considerable sum selling Atlantic Telegraph Company shares after the trans-Atlantic cable was completed.
Birth of first child Louisa Pierpont Morgan
Daughter Louisa Pierpont Morgan born in 1866.
Birth of son J. P. Morgan Jr.
Son John Pierpont Morgan Jr. (Jack) born in 1867; he later succeeded his father in the firm.
Involvement in reorganizations (e.g., Albany & Susquehanna)
By the late 1860s Morgan began active railroad reorganizations, including Albany & Susquehanna in 1869 (per later biographies).
Drexel, Morgan & Co. formed (partnership with Anthony Drexel)
In 1871 Morgan joined Anthony Joseph Drexel to form Drexel, Morgan & Co., a merchant bank that became central to US finance.
Underwrote pay of entire U.S. Army (Drexel Morgan role)
Drexel Morgan underwrote U.S. Army pay in 1877 to restore investor confidence and stabilize government finance.
Financed Thomas Edison's Edison Electric Illuminating Company
Provided financing for Edison's electric company (1878), which later led Morgan to electrify his home.
First electrically lit private residence in U.S.
On June 6, Morgan's house at 219 Madison Avenue became the first privately electrified home in America, powered by private generators.
Marketed Vanderbilt's New York Central holdings
Successfully marketed a large portion of William H. Vanderbilt's New York Central holdings, consolidating his influence in rail finance.
Reorganized New York, West Shore & Buffalo Railroad
Reorganized the line and leased it to New York Central, exemplifying his 'Morganization' approach to railroads.
Became trustee of the Metropolitan Museum of Art
Appointed trustee in 1888; later served as vice-president and became president in 1904; major art patron and donor.
Set up railroad industry conferences (rate stabilization)
Organized conferences in 1889–1890 to encourage adherence to the Interstate Commerce Act and stabilize rates—paved way for later consolidations.
Served as trustee of American Museum of Natural History (long tenure)
Longtime trustee (museum opened 1869; Morgan served for decades and was major donor and officer).
Death of his father Junius Spencer Morgan
Junius died in 1890/1891 (often cited 1890), making J. P. Morgan senior figure of the family banking interests; Morgan's collecting intensified.
Arranged merger creating General Electric
Facilitated the merger of Edison General Electric and Thomson-Houston to form General Electric (commonly dated 1892), consolidating the electrical industry.
Appointed to Book of Common Prayer revision committee; financed special printing
As an influential Episcopalian, Morgan was a lay member of the committee that produced the 1892 revision and financed a limited collectible printing.
Led gold loan to U.S. Treasury (rescue during Panic of 1893 aftermath)
Organized/arranged a syndicate to supply gold (commonly cited ~$62 million) to the U.S. Treasury to restore reserves and confidence.
Firm renamed J.P. Morgan & Company
After Anthony Drexel's death and reorganizations the New York firm was renamed J.P. Morgan & Co., becoming the dominant private bank of the era.
Donated land for the Metropolitan Club (approx $125,000)
After resigning from the Union Club, he organized the Metropolitan Club and donated land at 5th Ave & 60th St, reportedly costing $125,000.
Purchased lots for NY Yacht Club site (Oct 1898 / donated)
As Commodore/leader, attended NYYC board meeting Oct 27, 1898 and offered to buy a 75x100 ft lot; bought lots next day for $148,000 and donated to the club.
Funded Nikola Tesla's Wardenclyffe project: $150,000
Provided $150,000 to Tesla to build a trans-Atlantic wireless station (Wardenclyffe) and was offered 51% of patents; later refused further funding.
Initiated talks to acquire Carnegie Steel
Began negotiations to purchase Andrew Carnegie's steel business and consolidate it with other steel interests—precursor to U.S. Steel formation.
Organized Northern Securities Company (railroad merger)
Formed Northern Securities to merge Northern Pacific, Great Northern and Burlington lines to reduce competition in the Midwest.
Formed United States Steel Corporation
Merged Federal Steel, Carnegie Steel and others to create U.S. Steel—the world's first billion-dollar corporation with authorized capitalization of $1.4 billion.
Formed International Harvester and International Mercantile Marine (IMMC)
Consolidated agricultural-equipment manufacturers into International Harvester and financed IMMC (White Star Line became IMMC subsidiary).
Attempted London Underground line (failed)
Tried to obtain parliamentary authority to build Piccadilly, City & North East London Railway; thwarted by Charles Yerkes—rare defeat.
Northern Securities sued and later dissolved (led to 1904 Supreme Court decision)
President Theodore Roosevelt sued under the Sherman Antitrust Act; Supreme Court ordered dissolution in 1904—Morgan's political clout was damaged.
Treasury earmarked federal deposit to ease crisis ($35M)
Secretary Cortelyou earmarked $35 million of federal money to deposit in New York banks during the crisis; Morgan coordinated private actions.
Led private-sector response to Panic of 1907
Called together leading bankers, coordinated deposits and liquidity, and organized the rescue including arranging U.S. Steel's $30M purchase of TCI to stave off failure.
Legislative aftermath: Currency act enabling reserve associations
Following 1907 panic, Congress passed a currency act (1908) permitting banks to form reserve associations—a step toward central banking reforms.
Donated $100,000 to Episcopal world‑conference commission
Contributed $100,000 to finance a commission proposed by Bishop Charles Brent to plan a world conference of churches (1910).
Booked on RMS Titanic (canceled)
Had a booking on the Titanic's maiden voyage but canceled (reportedly due to illness); the ship sank April 1912 causing large loss of life and financial blow to IMMC.
Testified before the Pujo Committee
Appeared before the House Banking subcommittee investigating the 'money trust'; committee concluded a small group controlled vast resources.
Death in Rome, Italy
Died in his sleep on March 31, 1913, in Rome at age 75; left his fortune and business to his son J. P. Morgan Jr.
New York Stock Exchange closed for his funeral
On April 14, 1913 (day of his funeral), the New York Stock Exchange closed until noon in his honor.
Morgan's book collection opened as public library (posthumous)
His book collection and library building were made public in 1924, becoming the Morgan Library & Museum (posthumous institutional milestone tied to his legacy).
Modern discovery: banks accepting slaves as loan collateral (historical investigation)
Early‑2000s historical work found predecessor banks accepted slaves as loan collateral (1831–1865) and owned hundreds; JPMorgan later publicized estimates and issued an apology in a municipal context.
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