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'{{About|the 1837–1913 American financier|the modern company|JPMorgan Chase|the historical banking institution|J.P. Morgan & Co.|other people of the same name|J. P. Morgan (disambiguation)}} {{Use American English|date=February 2016}} {{Use mdy dates|date=November 2016}} {{Infobox person | name = J. P. Morgan | image = JohnPierpontMorgan.png | caption = | birth_name = John Pierpont Morgan | birth_date = {{Birth date|1837|4|17|mf=yes}} | birth_place = [[Hartford, Connecticut]], U.S. | death_date = {{Death date and age|1913|3|31|1837|4|17|mf=yes}} | death_place = [[Rome, Italy]] | resting_place = [[Cedar Hill Cemetery (Hartford, Connecticut)|Cedar Hill Cemetery]], Hartford, Connecticut, U.S. | education = [[English High School of Boston]] | alma_mater = [[University of Göttingen]] ([[Bachelor of Arts|B.A.]]) | occupation = Financier, banker, art collector | spouse = {{marriage|Amelia Sturges|1861|1862|reason=died}}<br />{{marriage|Frances Louise Tracy|1865}} | parents = [[Junius Spencer Morgan]]<br />Juliet Pierpont | children = Louisa Pierpont Morgan<br />[[J. P. Morgan Jr.|John Pierpont Morgan Jr.]]<br /> Juliet Morgan<br />[[Anne Morgan (philanthropist)|Anne Morgan]] | signature = CAB 1918 Morgan John Pierpont signature.png}} '''John Pierpont Morgan Sr.''' (April 17, 1837 – March 31, 1913) was an American [[financier]] and [[Bank|banker]] who dominated [[corporate finance]] and [[Merger|industrial consolidation]] in the United States of America in the late 19th and early 20th centuries. In 1892 Morgan arranged the merger of [[Edison General Electric]] and [[Thomson-Houston Electric Company]] to form [[General Electric]]. He also played important roles in the formation of the [[U.S. Steel|United States Steel Corporation]], [[International Harvester]] and [[AT&T]]. At the height of Morgan's career during the early twentieth century, he and his partners had financial investments in many large corporations and had significant influence over the nation's high finance and [[United States Congress]] members. He directed the banking coalition that stopped the [[Panic of 1907]]. He was the leading financier of the [[Progressive Era]], and his dedication to efficiency and modernization helped transform American [[commerce | business]]. Adrian Wooldridge characterized Morgan as America's "greatest banker".<ref> {{cite news |author1= Adrian Wooldridge|authorlink1= Adrian Wooldridge |title= The alphabet of success |url= https://www.economist.com/news/special-report/21707053-superstars-need-dazzling-range-qualities-alphabet-success |accessdate= September 16, 2016 |work= [[The Economist]]|date= September 15, 2016 | quote = GENERAL ELECTRIC, THE product of an alliance between Thomas Edison, America's greatest inventor, and J.P. Morgan, its greatest banker, was the technology superstar of the early 20th century. }} </ref> Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, [[J. P. Morgan Jr.| John Pierpont Morgan Jr.]] His fortune was estimated{{by whom?|date=November 2017}} at "only" $80 million, prompting [[John D. Rockefeller]] to say: "and to think, he wasn't even a rich man". ==Childhood and education== Morgan was born into the influential [[Morgan family]] in [[Hartford, Connecticut]], and was raised there. He was the son of [[Junius Spencer Morgan]] (1813–1890) and Juliet Pierpont (1816–1884).<ref>{{cite book|last1=Witzel|first1=Morgan|title=Fifty Key Figures in Management|date=2003|publisher=Routledge|page=207|url=https://books.google.com/books?id=a6F-AgAAQBAJ&pg=PA207 |accessdate=September 21, 2015}}</ref><ref>{{cite book|title=J.P. Morgan's Way|date=2010|publisher=Pearson Education|page=2|url=https://books.google.com/books?id=hgJoKA9oSAQC&pg=PP4 |accessdate=September 21, 2015}}</ref> Pierpont, as he preferred to be known, had a varied education due in part to the plans of his father. In the fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in [[Cheshire, Connecticut]] (now called [[Cheshire Academy]]), boarding with the principal. In September 1851, Morgan passed the entrance exam for [[The English High School]] of Boston, a school specializing in mathematics to prepare young men for careers in commerce. In the spring of 1852, an illness struck which was to become more common as his life progressed. [[Rheumatic fever]] left him in so much pain that he could not walk, and Junius sent him to the [[Azores]] to recover.<ref name="CarossoCarosso1987">{{cite book|author1=Vincent P. Carosso|author2=Rose C. Carosso|title=The Morgans: Private International Bankers, 1854-1913|url=https://books.google.com/books?id=CbUtaoTfw28C&pg=PA31|date=January 1, 1987|publisher=Harvard University Press|isbn=978-0-674-58729-8|pages=31–32}}</ref> He convalesced there for almost a year, then returned to the English High School in Boston to resume his studies. After he graduated, his father sent him to Bellerive, a school in the Swiss village of [[La Tour-de-Peilz]], where he gained fluency in French. His father then sent him to the [[Georg August University of Göttingen|University of Göttingen]] in order to improve his German. He attained a passable level of German within six months and also a degree in art history, then traveled back to London via [[Wiesbaden]], with his formal education complete.<ref>{{cite web|url=http://www.financial-inspiration.com/JP-Morgan-biography.html |archive-url=https://web.archive.org/web/20051016105210/http://www.financial-inspiration.com/JP-Morgan-biography.html |dead-url=yes |archive-date=October 16, 2005 |title=JP Morgan biography - One of the most influential bankers in history |publisher=Financial-inspiration.com |date=March 31, 1913 |accessdate=April 7, 2013 |df= }}</ref> ==Career== ===Early years and life=== Morgan went into banking in 1857 at the London branch of [[merchant banking]] firm [[J.S. Morgan & Co.|Peabody, Morgan & Co.]], a partnership between his father and [[George Peabody]] founded three years earlier. In 1858, he moved to New York City to join the banking house of [[Duncan, Sherman & Company]], the American representatives of [[George Peabody and Company]]. During the [[American Civil War]], in an incident known as the [[Hall Carbine Affair]], Morgan financed the purchase of five thousand rifles from an army arsenal at $3.50 each, which were then resold to a field general for $22 each.<ref name="zinn">{{cite book|url=http://www.historyisaweapon.com/defcon1/zinnbaron11.html|title=A People's History of the United States|last=Zinn|first=Howard|isbn=978-0060937317|page=255|authorlink=Howard Zinn}}</ref><ref>{{Cite book|title=The Hall Carbine Affair: a study in contemporary folklore|last=Wasson|first=R. Gordon|publisher=Pandick Press|year=1943|isbn=|location=|pages=}}</ref><ref>{{Cite book|title=The Robber Barons|last=Josephson|first=Matthew|publisher=Harcourt, Brace & Co.|orig-year=1934|isbn=9780156767903|date= 1995 |location=|pages=61ff}}</ref><ref>{{Cite book|title=The Tycoons|last=Morris|first=Charles|publisher=Holt Paperbacks|year=2006|isbn=978-0805081343|location=New York|page=337}}</ref> Morgan had avoided serving during the war by [[Conscription in the United States#Civil War|paying a substitute]] $300 to take his place.<ref name="zinn" /> From 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his father's firm, renamed "J.S. Morgan & Co." upon Peabody's retirement in 1864. From 1864–72, he was a member of the firm of Dabney, Morgan, and Company. In 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan & Company. At that time, [[Anthony J. Drexel]] became Pierpont's mentor at the request of Junius Morgan.<ref>{{cite book|last1=Rottenberg|first1=Dan|title=The Man Who Made Wall Street: Anthony J. Drexel and the Rise of Modern Finance|date=2006|publisher=University of Pennsylvania Press|page=98|url=https://books.google.com/books?id=ZL-BpElFOVwC&pg=PA98&lpg=PA98&dq=anthony+drexel+pierpont+mentor&source=bl&ots=kD54aXKyVy&sig=eNmi--8VwuHp36bf8DRa71A5nnM&hl=en&sa=X&ved=0CB8Q6AEwATgKahUKEwjXjILK1YjIAhXTuB4KHTDqBvc#v=onepage&q=anthony%20drexel%20pierpont%20mentor&f=false|accessdate=September 21, 2015}}</ref> ===J.P. Morgan & Company=== {{Main article|J.P. Morgan & Co.}} After the death of [[Anthony Joseph Drexel I|Anthony Drexel]], the firm was rechristened "J. P. Morgan & Company" in 1895, retaining close ties with [[Drexel & Company]] of Philadelphia; [[Morgan, Harjes & Company]] of Paris; and [[J.S. Morgan & Company]] (after 1910 [[Morgan, Grenfell & Company]]) of London. By 1900, it was one of the most powerful banking houses of the world, focused especially on reorganizations and consolidations. {{citation needed|date=October 2014}} Morgan had many partners over the years, such as [[George Walbridge Perkins|George W. Perkins]], but always remained firmly in charge.<ref>Garraty, (1960).</ref> His process of taking over troubled businesses to reorganize them became known as "Morganization".<ref>{{cite news|first=Heather|last=Timmons|title=J.P. Morgan: Pierpont would not approve.|publisher=[[BusinessWeek]]|date=November 18, 2002}}</ref> Morgan reorganized business structures and management in order to return them to profitability. His reputation as a banker and financier also helped bring interest from investors to the businesses that he took over.<ref>{{cite web|url=http://voteview.com/rtopic6_ucsd_4.htm|archive-url=https://web.archive.org/web/20060314192432/http://voteview.com/rtopic6_ucsd_4.htm|dead-url=yes|archive-date=March 14, 2006|title=Morganization: How Bankrupt Railroads were Reorganized|accessdate=January 5, 2007}}</ref> ===Treasury gold=== The Federal Treasury was nearly out of gold in 1895, at the depths of the [[Panic of 1893]]. Morgan had put forward a plan for the federal government to buy gold from his and European banks but it was declined in favor of a plan to sell bonds directly to the general public to overcome the crisis. Morgan, sure there was not enough time to implement such a plan, demanded and eventually obtained a meeting with [[Grover Cleveland]] where he claimed the government could default that day if they didn't do something. Morgan came up with a plan to use an old [[American civil war|civil war]] statute that allowed Morgan and the [[Rothschilds]] to sell gold directly to the U.S. Treasury, 3.5&nbsp;million ounces,<ref>The value of the gold would have been approximately $72&nbsp;million at the official price of $20.67 per ounce at the time. [http://www.nma.org/pdf/gold/his_gold_prices.pdf "Historical Gold Prices – 1833 to Present"]; [[National Mining Association]]; retrieved December 22, 2011.</ref> to restore the treasury surplus, in exchange for a 30-year bond issue.<ref>{{cite web|url=http://www.biography.com/people/jp-morgan-9414735|website=Biography.com|title=J.P. Morgan: Biography|publisher=A&E Television Networks, LLC|accessdate=December 8, 2015}}</ref> The episode saved the Treasury but hurt Cleveland's standing with the agrarian wing of the [[History of the United States Democratic Party|Democratic Party]], and became an issue in the [[election of 1896]] when banks came under a withering attack from [[William Jennings Bryan]]. Morgan and Wall Street bankers donated heavily to Republican [[William McKinley]], who was elected in 1896 and re-elected in 1900.<ref name="test">[[John Steele Gordon|Gordon, John Steele]] (Winter 2010). {{webarchive |url=https://web.archive.org/web/20100702060356/http://www.americanheritage.com/articles/magazine/ah/2010/4/2010_4_66.shtml |date=July 2, 2010 |title="The Golden Touch" }}, American Heritage.com; retrieved December 22, 2011; archived from [http://www.americanheritage.com/articles/magazine/ah/2010/4/2010_4_66.shtml the original] on July 10, 2010.</ref> ===Newspapers=== In 1896, [[Adolph Simon Ochs]] owned the ''[[Chattanooga Times]]'', and he secured financing from Morgan to purchase the financially struggling ''[[New York Times]]''.<ref>{{cite journal |first=Stephen J. |last=Ostrander |title=All the News That's Fit to Print: Adolph Ochs and ''The New York Times'' |journal=Timeline |year=1993 |volume=10 |issue=1 |pages=38–53 |doi= }}</ref> ===Steel=== [[File:JPMorgan-Young.png|thumb|J. P. Morgan in his earlier years]] After the death of his father in 1890, Morgan took control of J. S. Morgan & Co. (which was renamed Morgan, Grenfell & Company in 1910). Morgan began talks with [[Charles M. Schwab]], president of Carnegie Co., and businessman [[Andrew Carnegie]] in 1900. The goal was to buy out Carnegie's steel business and merge it with several other steel, coal, mining and shipping firms. After financing the creation of the Federal Steel Company, he finally merged it in 1901 with the [[Carnegie Steel Company]] and several other steel and iron businesses (including Consolidated Steel and Wire Company, owned by [[William Edenborn]]), to form the United States Steel Corporation. In 1901 U.S. Steel was the first billion-dollar company in the world, having an authorized capitalization of $1.4 billion, which was much larger than any other industrial firm and comparable in size to the largest railroads. U.S. Steel aimed to achieve greater [[economies of scale]], reduce transportation and resource costs, expand product lines, and improve distribution.<ref name="steel" /> It was also planned to allow the United States to compete globally with the [[United Kingdom of Great Britain and Ireland|United Kingdom]] and [[Germany]]. Schwab and others claimed that U.S. Steel's size would allow the company to be more aggressive and effective in pursuing distant international markets ("[[globalization]]").<ref name="steel" /> U.S. Steel was regarded as a monopoly by critics, as the business was attempting to dominate not only steel but also the construction of bridges, ships, railroad cars and rails, wire, nails, and a host of other products. With U.S. Steel, Morgan had captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75 percent market share.<ref name="steel" /> However, after 1901 the business' market share dropped. Schwab resigned from U.S. Steel in 1903 to form [[Bethlehem Steel]], which became the second largest U.S. steel producer. Labor policy was a contentious issue. U.S. Steel was non-union, and experienced steel producers, led by Schwab, wanted to keep it that way with the use of aggressive tactics to identify and root out pro-union "troublemakers." The lawyers and bankers who had organized the merger—notably Morgan and CEO [[Elbert Gary]]—were more concerned with long-range profits, stability, good public relations, and avoiding trouble. The bankers' views generally prevailed, and the result was a "paternalistic" labor policy. (U.S. Steel was eventually unionized in the late 1930s.)<ref name="garraty">{{cite journal|last1=Garraty|first1=John A.|year=1960|title=The United States Steel Corporation Versus Labor: the Early Years|journal=Labor History|volume=1|issue=1|pages=3–38|doi=10.1080/00236566008583839}}</ref> ===Panic of 1907=== [[Image:Morgan, Sam.jpg|thumb|left|Morgan's role in the economy was denounced as overpowering in this political cartoon]] The [[Panic of 1907]] was a financial crisis that almost crippled the American economy. Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis.<ref name="Carosso, pp. 528">Carosso, ''The Morgans'' pp. 528–48</ref><ref>Robert F. Bruner and Sean D. Carr (eds.), ''The Panic of 1907: Lessons Learned from the Market's Perfect Storm'' (2007)</ref> Treasury Secretary [[George B. Cortelyou]] earmarked $35 million of federal money to deposit in New York banks.<ref>{{cite book|last1=Fridson|first1=Martin S.|title=It Was a Very Good Year: Extraordinary Moments in Stock Market History|date=1998|publisher=John Wiley & Sons|page=6|url=https://books.google.com/books?id=wQxxN7W1vowC&pg=PA6&lpg=PA6&dq=george+cortelyou+$35+million&source=bl&ots=-WAZ3RQPPS&sig=pCQ1BqQWrUMNyKcOWcx8hzmM1ZA&hl=en&sa=X&ved=0CDUQ6AEwCGoVChMIuees68SIyAIVxDU-Ch1jZgT1#v=onepage&q=george%20cortelyou%20%2435%20million&f=false|accessdate=September 21, 2015}}</ref> Morgan then met with the nation's leading financiers in his New York mansion, where he forced them to devise a plan to meet the crisis. [[James Stillman]], president of the National City Bank, also played a central role. Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations.<ref name="Carosso, pp. 528"/> A delicate political issue arose regarding the brokerage firm of Moore and Schley, which was deeply involved in a speculative pool in the stock of the [[Tennessee Coal, Iron and Railroad Company]]. Moore and Schley had pledged over $6 million of the Tennessee Coal and Iron (TCI) stock for loans among the Wall Street banks. The banks had called the loans, and the firm could not pay. If Moore and Schley should fail, a hundred more failures would follow and then all Wall Street might go to pieces. Morgan decided they had to save Moore and Schley. TCI was one of the chief competitors of U.S. Steel and it owned valuable iron and coal deposits. Morgan controlled U.S. Steel and he decided it had to buy the TCI stock from Moore and Schley. Elbert Gary, head of U.S. Steel, agreed, but was concerned there would be [[antitrust]] implications that could cause grave trouble for U.S. Steel, which was already dominant in the steel industry. Morgan sent Gary to see President [[Theodore Roosevelt]], who promised legal immunity for the deal. U.S. Steel thereupon paid $30 million for the TCI stock and Moore and Schley was saved. The announcement had an immediate effect; by November 7, 1907, the panic was over. The crisis underscored the need for a powerful oversight mechanism.<ref name="Carosso, pp. 528"/> Vowing to never let it happen again, and realizing that in a future crisis there was unlikely to be another Morgan, in 1913 banking and political leaders, led by Senator [[Nelson Aldrich]], devised a plan that resulted in the creation of the [[Federal Reserve System]] in 1913.<ref>Note: The episode politically embarrassed Roosevelt for years; Garraty; 1960; chapter 11.</ref> ===Banking's critics=== [[File:I Like a Little Competition.jpg|alt=|thumb|''"I Like a Little Competition"—J. P. Morgan'' by [[Art Young]]. Cartoon relating to the answer Morgan gave when asked whether he disliked competition at the [[Pujo Committee]].<ref>{{cite book | url=https://books.google.com/books?id=XZqVCv435J8C&pg=PA93#v=onepage&q&f=false| title=J. Pierpont Morgan: Industrialist and Financier|author=Michael Burgan| page=93| year=2007}}</ref>]] While conservatives in the [[Progressive Era]] hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing viewed him as one of the central figures in the system it rejected.<ref>Jean Strouse, ''Morgan: American Financier'' (1999).</ref> Morgan redefined conservatism in terms of financial prowess coupled with strong commitments to religion and high culture.<ref>Charles R. Morris, ''The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy'' (2006).</ref> Enemies of banking attacked Morgan for the terms of his loan of gold to the [[Federal government of the United States|federal government]] in the 1895 crisis and, together with writer [[Upton Sinclair]], they attacked him for the financial resolution of the [[Panic of 1907]]. They also attempted to attribute to him the financial ills of the [[New York, New Haven and Hartford Railroad]]. In December 1912, Morgan testified before the [[Pujo Committee]], a subcommittee of the House Banking and Currency committee. The committee ultimately concluded that a small number of financial leaders was exercising considerable control over many industries. The partners of J.P. Morgan & Co. and directors of First National and [[Citibank|National City Bank]] controlled aggregate resources of $22.245&nbsp;billion, which [[Louis Brandeis]], later a [[U.S. Supreme Court Justice]], compared to the value of all the property in the twenty-two states west of the [[Mississippi River]].<ref>Brandeis (1995[1914]), ch. 2</ref> ==Unsuccessful ventures== Morgan did not always invest well, as several failures demonstrated. ===Nikola Tesla=== In 1900, the inventor [[Nikola Tesla]] convinced Morgan he could build a trans-Atlantic wireless communication system (eventually sited at [[Wardenclyffe Tower|Wardenclyffe]]) that would outperform the short range radio wave based wireless telegraph system then being demonstrated by [[Guglielmo Marconi]]. Morgan agreed to give Tesla $150,000 ({{Inflation|US|150000|1900|fmt=eq}}) to build the system in return for a 51% control of the patents. Almost as soon as the contract was signed Tesla decided to scale up the facility to include his ideas of terrestrial [[Wireless energy transfer|wireless power transmission]] to make what he thought was a more competitive system.<ref name="teslatech.info">{{cite journal |first=Marc J. |last=Seifer |title=Nikola Tesla: The Lost Wizard |journal=ExtraOrdinary Technology |volume=4 |issue=1 |pages= |year=2006 |url=http://teslatech.info/ttmagazine/v4n1/seifer.htm }}</ref> Morgan considered Tesla's changes, and requests for the additional amounts of money to build it, a breach of contract and refused to fund the changes. With no additional investment capital available the project at Wardenclyffe was abandoned in 1906, never to become operational.<ref name="teslatech.info"/><ref>{{cite book |first=Margaret |last=Cheney |title=Tesla: Man Out of Time |location=New York |publisher=Simon & Schuster |year=2001 |isbn=0-7432-1536-2 |pages=203–208 |url=https://books.google.com/books?id=HIuK7iLO9zgC&pg=PA203 }}</ref> ===London subways=== Morgan suffered a rare business defeat in 1902 when he attempted to enter the [[London Underground]] field. Transit magnate [[Charles Tyson Yerkes]] thwarted Morgan's effort to obtain parliamentary authority to build the [[Piccadilly, City and North East London Railway]], a subway line that would have competed with "Tube" lines controlled by Yerkes. Morgan called Yerkes' coup "the greatest rascality and conspiracy I ever heard of".<ref>{{cite book |first=John |last=Franch |title=Robber Baron: The Life of Charles Tyson Yerkes |location=Urbana |publisher=University of Illinois Press |year=2006 |isbn=0-252-03099-0 |page=298 |url=https://books.google.com/books?id=FIYRJWiXiJkC&pg=PA298 }}</ref> ===International Mercantile Marine=== In 1902, J.P. Morgan & Co. financed the formation of [[International Mercantile Marine Co.|International Mercantile Marine Company]] (IMMC), an Atlantic shipping company which absorbed several major American and British lines in an attempt to monopolize the shipping trade. IMMC was a holding company that controlled subsidiary corporations that had their own operating subsidiaries. Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with the railroads, but that proved impossible because of the unscheduled nature of sea transport, American antitrust legislation, and an agreement with the British government. One of IMMC's subsidiaries was the [[White Star Line]], which owned the [[RMS Titanic|RMS ''Titanic'']]. The ship's famous sinking in 1912, the year before Morgan's death, was a financial disaster for IMMC, which was forced to apply for bankruptcy protection in 1915. Analysis of financial records shows that IMMC was over-leveraged and suffered from inadequate cash flow causing it to default on bond interest payments. Saved by [[World War I]], IMMC eventually re-emerged as the [[United States Lines]], which went bankrupt in 1986.<ref>{{cite journal|last1=Clark|first1=John J.|last2=Clark|first2=Margaret T.|year=1997|title=The International Mercantile Marine Company: A Financial Analysis|journal=American Neptune|volume=57|issue=2|pages=137–154}}</ref><ref>Steven H. Gittelman, ''J. P. Morgan and the Transportation Kings: The Titanic and Other Disasters'' (Lanham: University Press of America, 2012).<!-- ISSN/ISBN, pages needed --></ref> ==Morgan corporations== From 1890–1913, 42 major corporations were organized or their securities were underwritten, in whole or part, by J.P. Morgan and Company.<ref>Meyer Weinberg, ed. ''America's Economic Heritage'' (1983) 2: 350<!--ISBN needed -->.</ref> ===Industrials=== [[Image:John Pierpont J. P. Morgan.jpeg|thumb|John Pierpont Morgan]] <div style="-moz-column-count:2; column-count:2;"> * [[American Bridge Company]] * [[American Telephone & Telegraph]] * Associated Merchants * Atlas Portland Cement Company * Boomer Coal & Coke * [[Federal Steel Company]] * [[General Electric]] * Hartford Carpet Corporation * Inspiration Consolidated Copper Company * [[International Harvester]] * [[International Mercantile Marine]] * [[J. I. Case Threshing Machine]] * [[Chester Pipe and Tube Company|National Tube]] * [[United Dry Goods]] * [[United States Steel Corporation]] </div> ===Railroads=== <div style="-moz-column-count:2; column-count:2;"> * [[Atchison, Topeka and Santa Fe Railway]] * [[Atlantic Coast Line Railroad|Atlantic Coast Line]] * [[Central of Georgia Railway]] * [[Chesapeake and Ohio Railway]] * [[Chicago and Western Indiana Railroad]] * [[Chicago, Burlington and Quincy]] * [[Chicago Great Western Railway]] * [[Chicago, Indianapolis & Louisville Railroad]] * [[Elgin, Joliet and Eastern Railway]] * [[Erie Railroad]] * [[Florida East Coast Railway]] * [[Hocking Valley Railway]] * [[Lehigh Valley Railroad]] * [[Louisville and Nashville Railroad]] * [[New York Central System]] * [[New York, New Haven and Hartford Railroad]] * [[New York, Ontario and Western Railway]] * [[Northern Pacific Railway]] * [[Pennsylvania Railroad]] * [[Pere Marquette Railroad]] * [[Reading Railroad]] * [[St. Louis–San Francisco Railway]] * [[Southern Railway (U.S.)|Southern Railway]] * [[Terminal Railroad Association of St. Louis]] </div> ==Later years== [[Image:JP Morgan.jpg|right|thumb|J. P. Morgan, photographed by [[Edward Steichen]] in 1903]] After the death of his father in 1890, Morgan gained control of [[Morgan, Grenfell & Co.|J. S. Morgan & Co]] (renamed Morgan, Grenfell & Company in 1910). Morgan began conversations with [[Charles M. Schwab]], president of [[Carnegie Corporation of New York|Carnegie Co.]], and businessman [[Andrew Carnegie]] in 1900 with the intention of buying Carnegie's business and several other steel and iron businesses to consolidate them to create the [[United States Steel Corporation]].<ref name="steel">{{cite news | first=Peter |last= Krass |title=He Did It! (creation of U.S. Steel by J.P. Morgan) |url= |work= |publisher=Across the Board (Professional Collection) |date=May 2001}}</ref> Carnegie agreed to sell the business to Morgan for $480&nbsp;million.<ref name="steel"/><ref name="ACLegacy">[https://web.archive.org/web/20100302035251/http://carnegie.org/about-us/foundation-history/about-andrew-carnegie/carnegie-for-kids/andrew-carnegie-legacy/ Andrew Carnegie’s Legacy]. carnegie.org. Retrieved August 20, 2014.</ref> The deal was closed without lawyers and without a written contract. News of the industrial consolidation arrived to newspapers in mid-January 1901. U.S. Steel was founded later that year and was the first billion-dollar company in the world with an authorized [[market capitalization|capitalization]] of $1.4&nbsp;billion.<ref>[https://www.webcitation.org/5kwrgiWB6?url=http://encarta.msn.com/encyclopedia_761569415/J_P_Morgan.html ''J. P. Morgan'']; October 31, 2009; [[Microsoft Encarta]] Online Encyclopedia; 2006; .</ref> Morgan was a member of the [[Union Club of the City of New York|Union Club]] in New York City. When his friend, [[Erie Railroad]] president John King, was [[Blackballing|black-balled]], Morgan resigned and organized the [[Metropolitan Club]] of New York.<ref>{{cite web |url=http://www.today.com/id/3131202/site/todayshow/ns/today-books/t/epic-rockefeller-center/#.UTOz2zebX4U |title=The Epic of Rockefeller Center’ - books |publisher=TODAY.com |date=September 30, 2003 |accessdate=April 7, 2013 |deadurl=yes |archiveurl=https://web.archive.org/web/20130528141114/http://www.today.com/id/3131202/site/todayshow/ns/today-books/t/epic-rockefeller-center/#.UTOz2zebX4U |archivedate=May 28, 2013 |df=mdy-all }}</ref> He donated the land on 5th Avenue and 60th Street at a cost of $125,000, and commanded [[Stanford White]] to "...build me a club fit for gentlemen, forget the expense..."{{Citation needed|date=May 2014}} He invited King in as a charter member and served as club president from 1891 to 1900.<ref>The Philanthropy Hall of Fame, [http://www.philanthropyroundtable.org/almanac/hall_of_fame/john_pierpont_morgan J.P. Morgan]</ref> ==Personal life== ===Marriages and children=== In 1861, Morgan married Amelia Sturges, called Mimi (1835–1862). She died the following year. He married Frances Louisa Tracy, known as Fanny (1842–1924), on May 31, 1865. They had four children: * Louisa Pierpont Morgan (1866–1946) who married [[Herbert L. Satterlee]]; (1863–1947)<ref>''J. Pierpont Morgan'', Satterlee, Herbert L., New York: The Macmillan Company, 1939.</ref> * [[J. P. Morgan Jr.]] (1867–1943) who married Jane Norton Grew; * Juliet Pierpont Morgan (1870–1952) who married [[William Pierson Hamilton]] (1869–1950); * [[Anne Morgan (philanthropist)|Anne Tracy Morgan]] (1873–1952), philanthropist. ===Appearance=== [[Image:J. P. Morgan beating a photographer with his stick.jpg|thumb|left|Self-conscious about his [[rosacea]], Morgan hated being photographed]] Morgan often had a tremendous physical effect on people; one man said that a visit from Morgan left him feeling "as if a gale had blown through the house."<ref name="bioofamerica">[http://claver.gprep.org/fac/sjochs//jpmorgan-1.htm John Pierpont Morgan and the American Corporation], Biography of America.</ref> Morgan was physically large with massive shoulders, piercing eyes, and a purple nose (because of a chronic skin disease, [[rosacea]]).<ref>{{cite web|url=http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=733|title=findagrave.com|publisher=}}</ref> He was known to dislike publicity and hated being photographed; as a result of his self-consciousness of his rosacea, all of his professional portraits were retouched.{{Citation needed|date=May 2014}} His deformed nose was due to a disease called [[rhinophyma]], which can result from rosacea. As the deformity worsens, pits, nodules, fissures, lobulations, and pedunculation contort the nose. This condition inspired the crude taunt "Johnny Morgan's nasal organ has a purple hue."<ref>Kennedy, David M., and Lizabeth Cohen; ''The American Pageant''; Houghton Mifflin Company: Boston, 2006. p. 541.</ref> Surgeons could have shaved away the rhinophymous growth of sebaceous tissue during Morgan's lifetime, but as a child Morgan suffered from infantile seizures, and Morgan's son-in-law, Herbert L. Satterlee, has speculated that he did not seek surgery for his nose because he feared the seizures would return.<ref>{{cite book | last=Strouse| first=Jean| title=Morgan, American Financier| year=2000| publisher=Perennial| isbn=978-0-06-095589-2| page=265}}</ref> His social and professional self-confidence were too well established to be undermined by this affliction. It appeared as if he dared people to meet him squarely and not shrink from the sight, asserting the force of his character over the ugliness of his face.<ref>Strouse, ''Morgan: American Financier'' pp. 265–66.</ref> Morgan smoked dozens of cigars per day and favored large Havana cigars dubbed ''Hercules' Clubs'' by observers.<ref>Chernow (2001).</ref> ===Religion=== Morgan was a lifelong member of the [[Episcopal Church in the United States of America|Episcopal Church]], and by 1890 was one of its most influential leaders.<ref>''The Episcopalians'', Hein, David and Gardiner H. Shattuck Jr., Westport: [[Praeger Publishers|Praeger]], 2005.</ref> He was a founding member of the [[Church Club of New York]], an Episcopal private member's club in Manhattan.<ref>{{cite web|url=http://churchclubny.org/the-club/history/|title=History|website=The Church Club of New York}}</ref> In 1910, the [[General Convention of the Episcopal Church in the United States of America|General Convention]] of the Episcopal Church established a commission, proposed by Bishop [[Charles Brent]], to implement a world conference of churches to address their differences in their “[[Faith in Christianity|faith]] and [[Holy orders|order]].” Morgan was so impressed by the proposal for such a conference that he contributed $100,000 to finance the commission’s work.<ref>Heather A. Warren, ''Religion in America: Theologians of a New World Order: Rheinhold Niebuhr and the Christian Realists, 1920-1948'' (Oxford University Press, 1997), 16.</ref> ===Homes=== [[File:231 Madison Avenue 1855.jpg|thumb|Early view (c1855) of 229, 225 and 219 Madison Avenue before the street was paved]] His house at 219 Madison Avenue was originally built in 1853 by [[John Jay Phelps]] and purchased by Morgan in 1882.<ref>{{cite web|title=J. P. Morgan Home, 219 Madison Avenue|url=http://dcmny.org/islandora/object/murrayhill%3A200|website=Digital Culture of Metropolitan New York|publisher=Digital Culture of Metropolitan New York is a service of the Metropolitan New York Library Council|accessdate=March 15, 2015}}</ref> It became the first electrically lit private residence in New York. His interest in the new technology was a result of his financing [[Thomas Alva Edison]]'s [[Edison Illuminating Company|Edison Electric Illuminating Company]] in 1878.<ref>Chernow (2001) Chapter 4.</ref> It was there that a reception of 1,000 people was held for the marriage of Juliet Morgan and William Pierson Hamilton on April 12, 1894, where they were given a favorite clock of Morgan's. Morgan also owned East Island in [[Glen Cove, New York]], where he had a large summer house. ===Yachting=== [[Image:Jsj-504a-corsair.jpg|thumb|right|J. P. Morgan's yacht ''Corsair'', later bought by the U.S. Government and renamed the {{USS|Gloucester|1891|6}} to serve in the [[Spanish–American War]]. Photograph by [[John S. Johnston|J. S. Johnston]].]] An avid yachtsman, Morgan owned several large yachts. The well-known quote, "If you have to ask the price, you can't afford it" is commonly attributed to Morgan in response to a question about the cost of maintaining a yacht, although the story is unconfirmed.<ref>{{cite book |title=Business Education World, Vol. 42| year=1961| publisher=Gregg Publishing Company|page=32| url=https://books.google.com/books?id=5hYVAAAAIAAJ&dq=%22if+you+have+to+ask+how+much+it+costs+to+run%22&q=%22if+you+have+to+ask+how+much+it+costs+to+run%22&pgis=1}}</ref> A similarly unconfirmed legend attributes the quote to his son, [[J. P. Morgan Jr.]], in connection with the launching of the son's yacht ''Corsair IV'' at [[Bath Iron Works]] in 1930. Morgan was scheduled to travel on the ill-fated maiden voyage of the {{RMS|Titanic}}, but canceled at the last minute, choosing to remain at a resort in [[Aix-les-Bains]], France.<ref>Chernow (2001) Chapter 8.</ref> The [[White Star Line]], which operated ''Titanic'', was part of Morgan's International Mercantile Marine Company, and Morgan was to have his own private suite and promenade deck on the ship. In response to the sinking of ''Titanic'', Morgan purportedly said, "Monetary losses amount to nothing in life. It is the loss of life that counts. It is that frightful death."<ref>{{cite news|last=Daugherty|first=Greg|title=Seven Famous People who missed the Titanic| url=http://www.smithsonianmag.com/history-archaeology/Seven-Famous-People-Who-Missed-the-Titanic.html?c=y&page=4&navigation=next#IMAGES|accessdate=November 15, 2012|newspaper=Smithsonian Magazine|date=March 2012}}</ref> ===Collector=== Morgan was a notable collector of books, pictures, paintings, clocks and other art objects, many loaned or given to the [[Metropolitan Museum of Art]] (of which he was president and was a major force in its establishment), and many housed in his London house and in his private library on 36th Street, near [[Madison Avenue]] in New York City. His son, J. P. Morgan Jr., made the [[Morgan Library & Museum|Pierpont Morgan Library]] a public institution in 1924 as a memorial to his father, and kept [[Belle da Costa Greene]], his father's private librarian, as its first director.<ref>Auchincloss (1990).</ref> Morgan was painted by many artists including the Peruvian [[Carlos Baca-Flor]] and the Swiss-born American [[Adolfo Müller-Ury]], who also painted a double portrait of Morgan with his favorite grandchild, Mabel Satterlee, that for some years stood on an easel in the Satterlee mansion but has now disappeared.{{Citation needed|date=May 2014}} ====Benefactor==== Morgan was a benefactor of the [[American Museum of Natural History]], the [[Metropolitan Museum of Art]], [[Groton School]], [[Harvard University]] (especially its [[Harvard Medical School|medical school]]), [[Trinity College (Connecticut)|Trinity College]], the [[Lying-in Hospital]] of the City of New York, and the New York trade schools. ====Gem collector==== [[Image:Morgan collection US gems.jpg|thumb|upright|U.S. [[gemstone]]s from the Morgan collection]] By the turn of the century, Morgan had become one of America's most important collectors of gems and had assembled the most important gem collection in the U.S. as well as of American gemstones (over 1,000 pieces). [[Tiffany & Co.]] assembled his first collection under their Chief Gemologist, [[George Frederick Kunz]]. The collection was exhibited at the World's Fair in Paris in 1889. The exhibit won two golden awards and drew the attention of important scholars, lapidaries, and the general public.<ref>[http://www.farlang.com/gemstones/kunz_gems_and_precious_stones/page_351 ''Morgan and His Gem Collection'']; George Frederick Kunz: Gems and Precious Stones of North America, New York, 1890, accessed online February 20, 2007.</ref> George Frederick Kunz continued to build a second, even finer, collection which was exhibited in Paris in 1900. These collections have been donated to the [[American Museum of Natural History]] in New York where they were known as the Morgan-Tiffany and the Morgan-Bement collections.<ref>[http://www.farlang.com/gemstones/kunz-history-north-carolina-gems/page_012 ''Morgan and His Gem Collections'']; donations to AMNH; in George Frederick Kunz: History of Gems Found in North Carolina, Raleigh, 1907, accessed online February 20, 2007.</ref> In 1911 Kunz named a newly found gem after his best customer, [[morganite]]. ====Photography==== Morgan was a patron to photographer [[Edward S. Curtis]], offering Curtis $75,000 in 1906, to create a series on the [[Native Americans in the United States|American Indians]].<ref>{{cite web | title=Biography|url=http://www.fluryco.com/curtis/index.htm| work=Edward S. Curtis| publisher=Flury & Company| location=Seattle| page=4| accessdate=August 7, 2012}}</ref> Curtis eventually published a 20-volume work entitled ''The North American Indian''.<ref>{{cite web|url=http://curtis.library.northwestern.edu|title=''The North American Indian''|publisher=}}</ref> Curtis also produced a motion picture, ''[[In the Land of the Head Hunters]]'' (1914), which was restored in 1974 and re-released as ''In the Land of the War Canoes''. Curtis was also famous for a 1911 [[magic lantern]] slide show ''[[The Indian Picture Opera]]'' which used his photos and original musical compositions by composer [[Henry F. Gilbert]].<ref>{{cite web|url=http://www.customflix.com/Store/ShowEStore.jsp?id=218654 |archive-url=https://web.archive.org/web/20070311140326/http://www.customflix.com/Store/ShowEStore.jsp?id=218654 |dead-url=yes |archive-date=March 11, 2007 |title=The Indian Picture Opera—A Vanishing Race |publisher= |df= }}</ref> ==Death== [[Image:JPMorganLibrary.jpg|thumb|left|The J.P. Morgan Library and Art Museum]] Morgan died while traveling abroad on March 31, 1913, just shy of his 76th birthday. He died in his sleep at the Grand Hotel in Rome, Italy. Flags on Wall Street flew at [[half-staff]], and in an honor usually reserved for heads of state, the stock market closed for two hours when his body passed through New York City.<ref>[[Modern Marvels]] episode "The Stock Exchange" originally aired on October 12, 1997.</ref> His body was brought to lie in his home and adjacent library the first night of arrival in New York City. His remains were interred in the [[Cedar Hill Cemetery (Hartford, Connecticut)|Cedar Hill Cemetery]] in his birthplace of [[Hartford, Connecticut]]. His son, [[J. P. Morgan Jr.|John Pierpont "Jack" Morgan Jr.]], inherited the banking business.<ref>{{cite web|url=http://www.cedarhillcemetery.org/Morgan.htm|archiveurl=https://archive.is/20060827093959/http://www.cedarhillcemetery.org/Morgan.htm|deadurl=yes|title=Cedar Hill Cemetery|date=August 27, 2006|archivedate=August 27, 2006|publisher=}}</ref> He bequeathed his mansion and large book collections to the [[Morgan Library & Museum]] in New York. His estate was worth $68.3&nbsp;million ($1.39&nbsp;billion in today's dollars based on [[Consumer price index|CPI]], or $25.2&nbsp;billion based on share of GDP), of which about $30&nbsp;million represented his share in the New York and Philadelphia banks. The value of his art collection was estimated at $50&nbsp;million.<ref>Chernow (2001) ch 8.</ref> {{Clear}} ==Legacy== His son, [[J. P. Morgan Jr.]], took over the business at his father's death, but was never as influential. As required by the 1933 [[Glass–Steagall Act]], the "House of Morgan" became three entities: [[J.P. Morgan & Co.]], which later became [[Morgan Guaranty Trust]]; [[Morgan Stanley]], an investment house formed by his grandson [[Henry Sturgis Morgan]]; and [[Morgan Grenfell]] in London, an overseas securities house. The gemstone [[morganite]] was named in his honor.<ref>[https://web.archive.org/web/20031206013638/http://www.gemstone.org/gem-by-gem/english/morganite.html Morganite], International Colored Gemstone Association, accessed online January 22, 2007.</ref> The [[Cragston Dependencies]], associated with his estate, Cragston (at [[Highlands, New York]]), was listed on the [[National Register of Historic Places]] in 1982.<ref name="nris">{{NRISref|2009a}}</ref> ==Popular culture== * A contemporary literary biography of Morgan is used as an allegory for the financial environment in America after World War I in the second volume, ''Nineteen Nineteen'', of [[John Dos Passos]]' [[U.S.A. trilogy]]. * Morgan appears as a character in Caleb Carr's novel ''[[The Alienist]]'',<ref>{{cite book | last=Carr| first=Caleb| title=The Alienist| year=1994| publisher=Random House}}</ref> in E.L. Doctorow's novel ''[[Ragtime (novel)|Ragtime]]'',<ref>{{cite book | last=Doctorow| first=E.L.| title=Ragtime| year=1975| publisher=Random House}}</ref> in Steven S. Drachman's novel, ''[[The Ghosts of Watt O'Hugh]]'', <ref>{{cite book | last=Drachman| first=Steven S.| title=The Ghosts of Watt O'Hugh|year=2011| isbn=9780578085906| pages=2, 17–28, 33–34, 70–81, 151–159, 195}}</ref> and in Graham Moore's novel ''The Last Days of Night''.<ref>{{cite book | last=Moore| first=Graham| title=The Last Days of Night| year=2016| publisher=Random House}}</ref> * Morgan is believed to have been the model for Walter Parks Thatcher (played by [[George Coulouris]]), guardian of the young ''[[Citizen Kane]]'' (film directed by [[Orson Welles]]) with whom he has a tense relationship—Kane blaming Thatcher for destroying his childhood.<ref>{{cite web | url=http://www.filmsite.org/citi.html |title=Citizen Kane (1941) |publisher=Filmsite.org |date=May 1, 1941 |accessdate=April 7, 2013}}</ref> * According to Phil Orbanes, former Vice President of Parker Brothers, [[Rich Uncle Pennybags]] of the American version of the board game [[Monopoly (game)|Monopoly]] is modeled after J. P. Morgan.<ref>{{cite web|last=Turpin |first=Zachary |title=Interview: Phil Orbanes, Monopoly Expert (Part Two) |url=http://www.bookofodds.com/Daily-Life-Activities/Hobbies-Recreation/Articles/A0725-Interview-Phil-Orbanes-Monopoly-Expert-Part-Two |archive-url=https://web.archive.org/web/20100502234420/http://bookofodds.com/Daily-Life-Activities/Hobbies-Recreation/Articles/A0725-Interview-Phil-Orbanes-Monopoly-Expert-Part-Two |dead-url=yes |archive-date=May 2, 2010 |publisher=Book of Odds |accessdate=February 20, 2012 |df= }}</ref> * Morgan's career is highlighted in episodes three and four of the History Channel's ''[[The Men Who Built America]]''.<ref>{{cite web|url=http://www.thehistorychannelclub.com/articles/articletype/articleview/articleid/1631/the-men-who-built-america|title=The Men Who Built America > The History Channel Club|date=September 30, 2012|publisher=|deadurl=yes|archiveurl=https://web.archive.org/web/20120930003432/http://www.thehistorychannelclub.com/articles/articletype/articleview/articleid/1631/the-men-who-built-america|archivedate=September 30, 2012|df=mdy-all}}</ref> * ''My Name Is Morgan (But It Ain't J.P.)'' - 1906 popular song released as an [[Edison cylinder]] recording, words by Will A. Mahoney, music by [[Halsey K. Mohr]], sung by [[Bob Roberts (singer)|Bob Roberts]]. Original released as a "[[coon song]]" but revised over the years, a poor man named Morgan tells his girlfriend not to mistake him for a rich man.<ref>Cass Canfield, The incredible Pierpont Morgan: financier and art collector, Harper & Row - 1974, page 125</ref><ref>David A. Jasen, A Century of American Popular Music, Routledge, October 15, 2013, page 142</ref><ref>{{cite web|url=http://contentdm.baylor.edu/cdm/ref/collection/fa-spnc/id/13590|title=My name is Morgan but it ain't J.P. : coon song|publisher=Baylor University }}</ref> ==See also== * [[Ventfort Hall Mansion and Gilded Age Museum]] * [[SS J. Pierpont Morgan]], a [[Lake freighter]] that was named after J.P. Morgan. ==Notes== {{Reflist|colwidth=30em}} ==Further reading== {{Refbegin|30em}} ===Biographies=== * [[Louis Auchincloss|Auchincloss, Louis]]. ''J.P. Morgan : The Financier as Collector'' Harry N. Abrams, Inc. (1990) {{ISBN|0-8109-3610-0}} * {{Cite magazine |last=Baker |first=Ray Stannard |authorlink=Ray Stannard Baker|date=October 1901 |title=J. Pierpont Morgan |magazine=[[McClure's|McClure's Magazine]] |volume=17|issue=6 |pages=507–518|url= https://books.google.com/books?id=lr-bCiU2VTgC&pg=PA507|accessdate=July 10, 2009}} * [[H. W. Brands|Brands, H.W.]] ''Masters of Enterprise: Giants of American Business from John Jacob Astor and J. P. Morgan to Bill Gates and Oprah Winfrey'' (1999), pp.&nbsp;64–79 * Bryman, Jeremy. ''J. P. Morgan: Banker to a Growing Nation'' : Morgan Reynolds Publishing (2001) {{ISBN|1-883846-60-9}}, for middle schools * Carosso, Vincent P. ''The Morgans: Private International Bankers, 1854–1913.'' Harvard U. Press, 1987. 888 pp.&nbsp;{{ISBN|978-0-674-58729-8}} * [[Ron Chernow|Chernow, Ron]]. ''The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance'', (2001) {{ISBN|0-8021-3829-2}} * Morris, Charles R. ''The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy'' (2005) {{ISBN|978-0-8050-8134-3}} * [[Jean Strouse|Strouse, Jean]]. ''Morgan: American Financier.'' (1999). 796 pp. [https://www.amazon.com/dp/0060955899 excerpt and text search] * Wheeler, George, ''Pierpont Morgan and Friends: the Anatomy of a Myth'', Englewood Cliffs, N.J., Prentice-Hall, 1973. {{ISBN|0136761488}} ===Specialized studies=== * [[Louis Brandeis|Brandeis, Louis D.]] ''[[Other People's Money and How the Bankers Use It]]''. Ed. Melvin I. Urofsky. (1995). {{ISBN|0-312-10314-X}} * Carosso, Vincent P. ''Investment Banking in America: A History'' Harvard University Press (1970) * De Long, Bradford. "Did JP Morgan's Men Add Value?: An Economist's Perspective on Financial Capitalism," in Peter Temin, ed., ''Inside the Business Enterprise: Historical Perspectives on the Use of Information'' (1991) pp.&nbsp;205–36; shows firms with a Morgan partner on their board had higher stock prices (relative to book value) than their competitors * Forbes, John Douglas. ''J. P. Morgan Jr. 1867–1943'' (1981). 262 pp. biography of his son * Fraser, Steve. ''Every Man a Speculator: A History of Wall Street in American Life'' HarperCollins (2005) * Garraty, John A. ''Right-Hand Man: The Life of George W. Perkins''. (1960) {{ISBN|978-0-313-20186-8}}; Perkins was a top aide 1900–1910 * Garraty, John A. "The United States Steel Corporation Versus Labor: The Early Years," ''Labor History'' 1960 '''1'''(1): 3–38 * Geisst; Charles R. [https://www.questia.com/PM.qst?a=o&d=104746636 ''Wall Street: A History from Its Beginnings to the Fall of Enron'']. Oxford University Press. 2004. * Giedeman, Daniel C. "J. P. Morgan, the Clayton Antitrust Act, and Industrial Finance-Constraints in the Early Twentieth Century", ''Essays in Economic and Business History'', 2004 22: 111–126 * Hannah, Leslie. "J. P. Morgan in London and New York before 1914," ''Business History Review'' 85 (Spring 2011) 113–50 * {{Cite magazine |last=Keys |first=C.M.|date=January 1908|title=The Builders I: The House of Morgan |magazine=[[The World's Work]]|volume=15|issue=2|pages=9779–9704|url= https://books.google.com/books?id=hKPvxXgBN1oC&pg=PA9779|accessdate=July 10, 2009}} * Moody, John. [https://archive.org/details/mastersofcapitaljohn00moodiala ''The Masters of Capital: A Chronicle of Wall Street''] (1921) * Rottenberg, Dan. ''The Man Who Made Wall Street''. University of Pennsylvania Press. {{Refend}} ==External links== {{Wikiquote}} {{Commons category|J. P. Morgan (banker)}} * [http://www.themorgan.org/ The Morgan Library and Museum], 225 Madison Ave, New York, NY 10016 * [https://www.pbs.org/wgbh/amex/1900/peopleevents/pande10.html ''The American Experience—J.P. Morgan''] * {{Wikisource-inline|list= ** {{Cite CAB|wstitle=Morgan, John Pierpont|short=x |noicon=x}} ** {{Cite EB1911|wstitle=Morgan, John Pierpont|short=x |noicon=x}} ** {{Cite NIE|wstitle=Morgan, John Pierpont|year=1905|short=x |noicon=x}} }} {{General Electric}} {{JPMorgan Chase}} {{S-start}} {{S-culture}} {{Succession box |title = [[File:Metropolitam Museum of Art by Simon Fieldhouse.jpg|44px]]<br />[[List of Presidents of the Metropolitan Museum of Art|President of the Metropolitan Museum of Art]] |years = 1904-1913 |before = Frederick W. Rhinelander |after = Robert W. De Forest }} {{S-end}} {{Authority control}} {{DEFAULTSORT:Morgan, J. P.}} [[Category:American bankers]] [[Category:American financiers]] [[Category:House of Morgan|J. P.]] [[Category:1837 births]] [[Category:1913 deaths]] [[Category:American art collectors]] [[Category:American book and manuscript collectors]] [[Category:American financial company founders]] [[Category:American philanthropists]] [[Category:American railway entrepreneurs]] [[Category:Burials at Cedar Hill Cemetery (Hartford, Connecticut)]] [[Category:Businesspeople from Connecticut]] [[Category:Businesspeople from New York City]] [[Category:General Electric people]] [[Category:JPMorgan Chase employees]] [[Category:U.S. Steel]] [[Category:Knights of the Order of Saints Maurice and Lazarus]] [[Category:Members of the New York Yacht Club]] [[Category:Morgan family|.J. P.]] [[Category:English High School of Boston alumni]] [[Category:People from Hartford, Connecticut]] [[Category:University of Göttingen alumni]] [[Category:19th-century American Episcopalians]] [[Category:20th-century American Episcopalians]] [[Category:19th-century American businesspeople]] [[Category:20th-century American businesspeople]]'