John Pierpont Morgan is a financier,
philanthropist and art collector. He established his own banking company after
he worked for his father in 1971. His bank is what is now the world esteems,
the J. P. Morgan & Co. His bank was so powerful that it was instrumental in
helping the US government in the 1895 depression. His bank also played a
significant role in changing the tide of the financial crisis of 1907.
Morgan was born in Hartford, Connecticut on
April 17, 1837. His father was a banker and perhaps made the greatest influence
to Morgan.
Wealth power and influence marked the
career of Morgan. He was criticized for monopolizing several industries. Among
the industries he dominated were railroads and steel. He helped in the
consolidation of the industry of railroad in the East and the establishment of
the United States Steel Company. The US Steel Company contributed greatly to
the nation’s growth. It was the largest steel company in the world.
The US Steel Company and Morgan were
investigated by the US Congress in 1912 for suspicion of monopolizing the steel
industry. The congressional investigation was handled by the Pujo Committee.
Aside from banking, Morgan is also
passionate about sailing. He participated in several yacht races. He also
collected artworks. His collection was donated later to the Metropolitan
Museum of Art. His published works were also kept in the Morgan Library.
Both the Metropolitan Museum of Art and Morgan Library are located in New York
City.
Morgan’ marriage with his first wife,
Amelia Sturges was so short. Sturges died just a few months after their wedding
in 1860. He married again after five years. His second wife is Frances Tracy,
with whom he had four children, John Jr., Louisa, Juliet and Anne.
Morgan passed away on March 31, 1913.
During his death, he was known as one of the greatest businessmen and was called
the Master of Finance.
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