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MORGAN, JOHN PIERPONT (1837–1913)

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Originally appearing in Volume V18, Page 834 of the 1911 Encyclopedia Britannica.
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MORGAN, See also:JOHN PIERPONT (1837–1913) , See also:American financier and banker, was See also:born in See also:Hartford, See also:Connecticut, on the 17th of See also:April 1837, a son of See also:Junius See also:Spencer Morgan (1813–189o), who was a partner of See also:George See also:Peabody and the founder of the See also:house of J. S. Morgan & Co. in See also:London. He was educated at the See also:English High School in See also:Boston and at the University of See also:Gottingen. In 1857–186o he worked in the New See also:York banking house of See also:Duncan, See also:Sherman & Co.; from 186o to 1864 was See also:agent and See also:attorney in New York for George Peabody & Co. of London, and afterwards for its successor, J. S. Morgan & Co., of which he became See also:head; in 1864–1871 was a member of the See also:firm of Dabney, Morgan & Co.; and in 1871 he entered the firm of See also:Drexel, Morgan & Co., in which he was associated with See also:Anthony J. Drexel, of See also:Philadelphia, upon whose See also:death in 1893 he became See also: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 See also:

Paris, and. Morgan, Grenfell & Co. (before 1910 J. S. Morgan & Co.) of London, it became, largely owing to Mr Morgan's ability, one of the most powerful banking houses in the See also:world. It carried through the formation of the See also:United States See also:Steel See also:Corporation (which took over the business of See also:Andrew See also:Carnegie and others), harmonized the See also:coal and railway interests of See also:Pennsylvania, and See also:purchased the Leyland See also:line of See also:Atlantic steamships and other See also:British lines in 1902, thus effecting an Atlantic See also:shipping " combine " (See STEAMSHIP LINES) ; and it, or the banking houses which it succeeded, reorganized the following See also:railways : See also:Albany & Susquehanna (1869); the Chesapeake & See also:Ohio, and the See also:Cleveland? See also:Cincinnati, See also:Chicago & St See also:Louis (1888) ; the See also:Erie and the See also:Reading (1895); the New York & New See also:England (1896); the See also:Northern Pacific (1897); the See also:Baltimore & Ohio (1899), &c.; and in 1895 it supplied the United States See also:government with $62,000,000 in See also:gold to See also:float a See also:bond issue and restore the See also:treasury surplus of $roo,000,000. Mr Pierpont Morgan was a prominent member of the See also:Protestant Episcopal See also:Church; an enthusiastic yachtsman, whose " See also:Columbia " defeated the " Shamrock " in 1899 and 1901 for the " See also:America's " See also:cup; a notable See also:collector of books, pictures, and other See also:art See also:objects, many loaned or given to the See also:Metropolitan Museum of Art (of which he was See also:president), and many housed in his London house and in his private library on 36th See also:Street, near See also:Madison See also:Avenue, New York See also:City; and a generous benefactor of the American Museum of Natural See also:History, the Metropolitan Museum of Art, Harvard University (especially its medical school), the Lying-in See also:Hospital of the city of New York and the New York See also:trade See also:schools.

End of Article: MORGAN, JOHN PIERPONT (1837–1913)

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