JOHN PIERPONT MORGAN’S BIOGRAPHY
J P MORGAN’S EARLY LIFE AND EDUCATION
John Pierpont Morgan was born on April 17, 1837, in Hartford, Connecticut into a New England family.
As a child J P Morgan suffered from mysterious ailments, Morgan spend long time at home.
John Pierpont Morgan attend English High School in Boston.
His father Junius Morgan relocate with his family to London to start a new career as a partner in the banking firm of George Peabody and Company.
John attend Institute Silling in Switzerland, where he learned French Language and also aptitude in mathematics, he later proceed to Göttingen University in Germany.
J P MORGAN’S PARENTS
J P Morgan’s father is Junius Morgan, he was a partner in a dry goods business, his mother name is Juliet Pierpont, she is the daughter of poet John Pierpont.
J P Morgan’s grandfather is Joseph, he is the founder of the Aetna Insurance Company.
J P MORGAN’S CAREER
J P Morgan complete his education in 1857, he moved to New York City, where is work as a clerk at Duncan, Sherman and Company, this company was the American branch of his father’s firm.
J P Morgan met a ship capital in New Orleans with boatload of coffee without any buyer, so John purchase the coffee with his company fund from the ship capital and sell it to the local merchants, he make good profit from his coffee business deal.
His success of his coffee deal encourage him, so he establish his own company, which he named J Pierpont Morgan & Co. in the 1860s.
John Morgan grew close to Amelia “Memie” Sturges, she was the daughter of a successful marchant, J P Morgan and Amelia got married in 1861, and they moved to Angiers, she was diagnosed with tuberculosis before they got married, J P Morgan hope she will recover but she passed away in February 1862.
J P Morgan return to New York In 1864, he urge his father to partner with Charles Dabney and they establish Dabney, Morgan & Co, his father was heading the London bank firm, J P Morgan start investing into different businesses in America, this make him more wealth even more than before.
J P Morgan date for Frances Louisa and later marry her in May 1865, she is the daughter of a lawyer in New York.
Louisa gave birth to four children with son John Pierpont “Jack” Morgan Jr.
J P MORGAN’S CAREER
In 1871, J P Morgan retire from Dabney, he just Philadelphia Banker Authority Drexel, immediately so that he can establish Morgan & Co, he start his company from residence in a tower new building in lower Manhattan.
During this period J P Morgan was dominating financially, with frame.
In 1879, Morgan took leap forward, when William Vanderbilt approached him about sales of 250,000 share of stock in New York Central Railroad.
J P MORGAN’S PRESIDENTIAL FOE
In 1901 Morgan team with James J. Hill to form the Northern Securities Company, which held the majority of shares in the Northern and the CB&Q railroad, this give Morgan the control of approximately one third of the United States railway.
Morgan face the resistance of President Theodore Roosevelt, who leverage the populist tide against the wealthy once in United States, “robber barons” of Wall Street
The Justice Department charge Morgan’s company, Northern Securities with violating the Sherman Antitrust Act of 1890 In 1902.
The case was settled in the Supreme Court which rules in the favour of the government.
Morgan did not stop exert his authority in both in government and industry.
In 1903 J P Morgan and Company was appointed fiscal agent for independent Panama, with responsibilities which includes transfer of $40 million to the New Panama Canal Co.
J P MORGAN’S DEATH
J P Morgan want to sail on an overseas voyage when he heard his health steadily declined, and he finally died in a hotel in Rome, Italy, on March 31, 1913.
On that day the New York Stock Exchange remain closed until noon in commemorate his pass away.