J. P.

Morgan
From Wikipedia, the free encyclopedia
This article is about the 18371913 American financier. For the modern company, see JPMorgan
Chase. For the historical banking institution, see J.P. Morgan & Co.. For other people of the
same name, see J. P. Morgan (disambiguation).
J. P. Morgan

Born
John Pierpont Morgan
April 17, 1837
Hartford, Connecticut, United States
Died
March 31, 1913 (aged 75)
Rome, Italy
Resting place Cedar Hill Cemetery
Education English High School of Boston
Alma mater University of Gttingen (B.A.)
Occupation Financier, banker, art collector
Religion Episcopal
Spouse(s)
Amelia Sturges (m. 1861; died 1862)
Frances Louise Tracy (m. 1865)
Children
Louisa Pierpont Morgan
John Pierpont Morgan, Jr.
Juliet Morgan
Anne Morgan
Parents
Junius Spencer Morgan
Juliet Pierpont
Signature

John Pierpont "J. P." Morgan (April 17, 1837 March 31, 1913) was an American financier,
banker, philanthropist and art collector who dominated corporate finance and industrial
consolidation during his time. In 1892, Morgan arranged the merger of Edison General Electric
and Thomson-Houston Electric Company to form General Electric. After financing the creation
of the Federal Steel Company, he 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.
At the height of Morgan's career during the early 1900s, 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 business.
Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and
business to his son, John Pierpont Morgan, Jr.
Contents
1 Childhood and education
2 Career
o 2.1 Early years and life
o 2.2 J.P. Morgan & Company
o 2.3 Treasury gold
o 2.4 Newspapers
o 2.5 Steel
o 2.6 Panic of 1907
o 2.7 Banking's critics
3 Unsuccessful ventures
o 3.1 Tesla and Wardenclyffe
o 3.2 London Subways
o 3.3 International Mercantile Marine
4 Morgan corporations
o 4.1 Industrials
o 4.2 Railroads
5 Later years
6 Personal life
o 6.1 Marriages and children
o 6.2 Appearance
o 6.3 Religion
o 6.4 Homes
o 6.5 Boating
o 6.6 Collector
6.6.1 Gem collector
6.6.2 Photography
7 Death
8 Legacy
9 Popular culture
10 See also
11 Notes
12 Further reading
o 12.1 Biographies
o 12.2 Specialized studies
13 External links
Childhood and education

John Pierpont Morgan
J. P. Morgan was born and raised in Hartford, Connecticut, to Junius Spencer Morgan (1813
1890) and Juliet Pierpont (18161884) of Boston, Massachusetts. Pierpont, as he preferred to be
known, had a varied education due in part to the plans of his father, Junius. 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 which was to become more common as his life progressed
struck; rheumatic fever left him in so much pain that he could not walk. Junius sent Pierpont to
the Azores to recover.
After convalescing for almost a year, Pierpont returned to the English High School in Boston to
resume his studies. After he graduated, his father sent him to Bellerive, a school near the Swiss
village of Vevey. When Morgan had attained fluency in French, his father sent him to the
University of Gttingen in order to improve his German. Attaining a passable level of German
within six months and also a degree in art history, Morgan traveled back to London via
Wiesbaden, with his education complete.
[1]

Career
Early years and life
Morgan went into banking in 1857 at the London branch of merchant banking firm, 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, Morgan purchased five thousand defective rifles from an army arsenal at $3.50 each
[2]

and then resold them to a field general for $22 each.
[2]
Morgan had avoided serving during the
war by paying a substitute $300 to take his place.
[2]
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 to 1872, 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.
J.P. Morgan & Company
Main article: J.P. Morgan & Co.
After the death of 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.
Morgan had many partners over the years, such as George W. Perkins, but always remained
firmly in charge.
[3]
Morgan's process of taking over troubled businesses to reorganize them
became known as "Morganization."
[4]
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 he took over.
[5]

Treasury gold
In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold.
President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the
U.S. Treasury with 3.5 million ounces of gold
[6]
to restore the treasury surplus in exchange for a
30-year bond issue. The episode saved the Treasury
[7]
but hurt Cleveland's standing with the
agrarian wing of the 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.
Newspapers
In 1896, Adolph Simon Ochs, who owned the Chattanooga Times, secured financing from
Morgan to purchase the financially struggling New York Times. The New York Times became
the standard for American journalism by investing in news gathering and insisting on the highest
quality of writing and reporting.
[8]

Steel

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 to
create 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.
[9]
It was also planned to allow the United States
to compete globally with the 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").
[9]
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.
[9]
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 "Judge" Garywere 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.)
[10]

Panic of 1907

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.
[11][12]
Treasury Secretary George B. Cortelyou
earmarked $35 million of federal money to quell the storm but had no easy way to use it. Morgan
now took personal charge. Meeting with the nation's leading financiers in his New York
mansion, 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.
[citation needed]

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. Judge
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 over-sight mechanism, and Morgan supported the
move to create the Federal Reserve System.
Vowing to never let it happen again, and realizing that in a future crisis it was unlikely to be
another Morgan, in 1913 banking and political leaders, led by Senator Nelson Aldrich, devised a
plan that gave substance to the Federal Reserve System.
[13]

Banking's critics

"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.
[14]

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.
[15]
Morgan redefined
conservatism in terms of financial prowess coupled with strong commitments to religion and
high culture.
[16]

Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government
in the 1895 crisis and 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 National City Bank controlled aggregate
resources of $22.245 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.
[17]

Unsuccessful ventures
Morgan did not always invest well, as several failures demonstrated.
Tesla and Wardenclyffe
In 1900, Morgan invested $150,000 in inventor Nikola Tesla's Wardenclyffe Tower, a high
power transatlantic wireless communication project. By 1903, Tesla had spent the initial
investment without completing the project, and with Guglielmo Marconi already making regular
transatlantic radio transmissions with far less expensive equipment, Morgan declined to fund
Tesla any further. Tesla tried to generate more interest in Wardenclyffe by revealing its ability to
transmit wireless electricity, but the loss of Morgan as a backer, and the 1903 "rich man's panic"
on Wall Street, dried up any further investments.
[18][19][20]

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 an underground road that would have competed with "Tube"
lines controlled by Yerkes. Morgan called Yerkes' coup "the greatest rascality and conspiracy I
ever heard of". [sic]
[21]

International Mercantile Marine
In 1902, J.P. Morgan & Co. financed the formation of International Mercantile Marine Company
(IMMC), an Atlantic shipping combine which absorbed several major American and British
lines. 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. 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.
[22][23]

Morgan corporations
In 18901913, 42 major corporations were organized or their securities were underwritten, in
whole or part, by J.P. Morgan and Company.
[24]

Industrials
American Bridge Company
American Telephone & Telegraph
Associated Merchants
Atlas Portland Cement
Boomer Coal & Coke
Federal Steel Company
General Electric
Hartford Carpet Corporation
Inspiration Consolidated Copper
International Harvester
International Mercantile Marine
J. I. Case Threshing Machine
National Tube
United Dry Goods
Railroads
Atchison, Topeka and Santa Fe Railway
Atlantic Coast Line
Central of Georgia Railroad
Chesapeake & Ohio Railroad
Chicago & Western Indiana Railroad
Chicago, Burlington & Quincy
Chicago Great Western Railway
Chicago, Indianapolis & Louisville Railroad
Elgin, Joliet & 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 & Hartford Railroad
New York, Ontario and Western Railway
Northern Pacific Railway
Pennsylvania Railroad
Pere Marquette Railroad
Reading Railroad
St. Louis & San Francisco Railroad
Southern Railway
Terminal Railroad Association of St. Louis
Later years

J. P. Morgan, photographed by Edward Steichen in 1903
After the death of his father in 1890, Morgan gained control of J. S. Morgan & Co (renamed
Morgan, Grenfell & Company in 1910). Morgan began conversations with Charles M. Schwab,
president of 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.
[9]
Carnegie agreed to sell the business to Morgan for
$487 million.
[9]
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 capitalization
of $1.4 billion.
[25]

Morgan was a member of the Union Club in New York City. When his friend, Erie Railroad
president John King, was black-balled, Morgan resigned and organized the Metropolitan Club of
New York.
[26]
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]
He invited King in as a charter member and served as club president from 1891 to 1900.
Personal life
Marriages and children
In 1861, Morgan married Amelia Sturges, a.k.a. Mimi (18351862). She died the following year.
He married Frances Louisa Tracy, known as Fanny (18421924), on May 31, 1865. They had
four children:
Louisa Pierpont Morgan (18661946) who married Herbert L. Satterlee; (18631947)
[27]

J. P. Morgan, Jr. (18671943) who married Jane Norton Grew;
Juliet Pierpont Morgan (18701952) who married William Pierson Hamilton (1869
1950);
Anne Tracy Morgan (18731952), philanthropist.
Appearance

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."
[28]
Morgan was physically large with
massive shoulders, piercing eyes, and a purple nose (because of a chronic skin disease,
rosacea).
[29]
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]
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."
[30]
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.
[31]
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.
[32]
Morgan
smoked dozens of cigars per day and favored large Havana cigars dubbed Hercules' Clubs by
observers.
[33]

Religion
Morgan was a lifelong member of the Episcopal Church, and by 1890 was one of its most
influential leaders.
[34]

Homes
His house at 219 Madison Avenue was 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
Electric Illuminating Company in 1878.
[35]
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.
Boating

J. P. Morgan's yacht Corsair, later bought by the U.S. Government and renamed the
USS Gloucester to serve in the Spanish-American War. Photograph by 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 accuracy of the story is unconfirmed.
[36]

Morgan was scheduled to travel on the maiden voyage of the RMS Titanic, but canceled at the
last minute, choosing to remain at a resort in Aix-les-Bains, France.
[37]
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."
[38]

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
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.
[39]
Morgan was painted by
many artists including the Peruvian Carlos Baca-Flor and the Swiss-born American Adolfo
Mller-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]

Morgan was a benefactor of the American Museum of Natural History, the Metropolitan
Museum of Art, Groton School, Harvard University (especially its medical school), Trinity
College, the Lying-in Hospital of the City of New York, and the New York trade schools.
Gem collector

U.S. gemstones 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 1000 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.
[40]

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.
[41]
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 American Indians.
[42]
Curtis eventually published a 20-volume work
entitled The North American Indian.
[43]
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.
[44]

Death

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 the stock
market closed for two hours when his body passed through New York.
[45]
His remains were
interred in the Cedar Hill Cemetery in his birthplace of Hartford, Connecticut. His son, John
Pierpont "Jack" Morgan, Jr., inherited the banking business.
[46]
He bequeathed his mansion and
large book collections to the Morgan Library & Museum in New York.
At the time of his death, he held only 19% of his own net worth, an estate worth $68.3 million
($1.39 billion in today's dollars based on CPI, or $25.2 billion based on 'relative share of GDP'),
of which about $30 million represented his share in the New York and Philadelphia banks. The
value of his art collection was estimated at $50 million.
[47]

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 GlassSteagall Act, the "House of Morgan" became three
entities: J.P. Morgan & Co., which later became Morgan Guaranty Trust; Morgan Stanley, an
investment house; and Morgan Grenfell in London, an overseas securities house.
The gemstone, morganite, was named in his honor.
[48]

The Cragston Dependencies, associated with his estate, Cragston (at Highlands, New York), was
listed on the National Register of Historic Places in 1982.
[49]

Popular culture
A contemporary literary biography of Morgan is used as an allegory for the financial
environment in America after WWI 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,
[50]
and in Steven S.
Drachman's novel, The Ghosts of Watt O'Hugh.
[51]

Morgan appears in E. L. Doctorow's novel Ragtime, and in the Broadway musical of the
same name.
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 relationshipKane blaming Thatcher for destroying his
childhood.
[52][53]

In his satirical history of the United States, It All Started with Columbus, Richard Armour
commented that, "Morgan, who was a direct sort of person, made his money in money...
He became immensely wealthy because of his financial interests, most of which were
around eight or ten percent... This Morgan is usually spoken of as 'J.P.' to distinguish him
from Henry Morgan, the pirate."
According to Phil Orbanes, former Vice President of Parker Brothers, Rich Uncle
Pennybags of the American version of the board game Monopoly is modeled after J. P.
Morgan.
[54]

Morgan's career is highlighted in episodes three and four of the History Channel's The
Men Who Built America.
[55]

See also
H. B. Hollins
Dwight Morrow
Ventfort Hall
Notes
1. "JP Morgan biography - One of the most influential bankers in history". Financial-
inspiration.com. 1913-03-31. Retrieved 2013-04-07.
2. Zinn, Howard. A People's History of the United States. ISBN 978-0060838652.
3. Garraty, (1960).
4. Timmons, Heather (November 18, 2002). "J.P. Morgan: Pierpont would not approve.".
BusinessWeek.
5. "Morganization: How Bankrupt Railroads were Reorganized". Retrieved 2007-01-05.
6. The value of the gold would have been approximately $72 million at the official price of
$20.67 per ounce at the time. "Historical Gold Prices 1833 to Present"; National Mining
Association; retrieved December 22, 2011.
7. Gordon, John Steele (Winter 2010). "The Golden Touch" at the Wayback Machine
(archived July 2, 2010). American Heritage. Retrieved December 22, 2011. Archived
from the original on July 10, 2010.
8. Stephen J. Ostrander, All the News That's Fit to Print: Adolph Ochs and The 'New York
Times;Timeline 1993 10(1): 3853.
9. Krass, Peter (May 2001). "He Did It! (creation of U.S. Steel by J.P. Morgan)". Across the
Board (Professional Collection).
10. Garraty, John A. (1960). "The United States Steel Corporation Versus Labor: the Early
Years". Labor History 1 (1): 338.
11. Carosso, The Morgans pp. 52848
12. Robert F. Bruner and Sean D. Carr, eds. The Panic of 1907: Lessons Learned from the
Market's Perfect Storm (2007)
13. Note: The episode politically embarrassed Roosevelt for years; Garraty; 1960; chapter 11.
14. Michael Burgan (2007). J. Pierpont Morgan: Industrialist and Financier. p. 93.
15. Jean Strouse, Morgan: American Financier (1999).
16. Charles R. Morris, The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould,
and J. P. Morgan Invented the American Supereconomy (2006).
17. Brandeis (1995[1914]), ch. 2
18. Margaret Cheney; Tesla: Man Out of Time; 2011; pp. 203208
19. Nikola Tesla, David Hatcher Childress; The Fantastic Inventions of Nikola Tesla; 1993;
p. 254
20. Michael Burgan; Nikola Tesla: Physicist, Inventor, Electrical Engineer; 2009; p. 75
21. John Franch, Robber Baron: The Life of Charles Tyson Yerkes; 2006; p. 298
22. Clark, John J.; Clark, Margaret T. (1997). "The International Mercantile Marine
Company: A Financial Analysis". American Neptune 57 (2): 137154.
23. Steven H. Gittelman, J. P. Morgan and the Transportation Kings: The Titanic and Other
Disasters (Lanham: University Press of America, 2012)
24. Meyer Weinberg, ed. America's Economic Heritage (1983) 2: 350.
25. J. P. Morgan; 2009-10-31; Microsoft Encarta Online Encyclopedia; 2006; Archived site;.
26. "The Epic of Rockefeller Center - books". TODAY.com. 2003-09-30. Retrieved 2013-
04-07.
27. J. Pierpont Morgan, Satterlee, Herbert L., New York: The Macmillan Company, 1939.
28. John Pierpont Morgan and the American Corporation, Biography of America.
29. findagrave.com
30. Kennedy, David M., and Lizabeth Cohen; The American Pageant; Houghton Mifflin
Company: Boston, 2006. p. 541.
31. Strouse, Jean (2000). Morgan, American Financier. Perennial. p. 265. ISBN 978-0-06-
095589-2.
32. Strouse, Morgan: American Financier pp. 26566.
33. Chernow (2001).
34. The Episcopalians, Hein, David and Gardiner H. Shattuck Jr., Westport: Praeger, 2005.
35. Chernow (2001) Chapter 4.
36. Business Education World, Vol. 42. Gregg Publishing Company. 1961. p. 32.
37. Chernow (2001) Chapter 8.
38. Daugherty, Greg (March 2012). "Seven Famous People who missed the Titianic".
Smithsonian Magazine. Retrieved November 15, 2012.
39. Auchincloss (1990).
40. Morgan and His Gem Collection; George Frederick Kunz: Gems and Precious Stones of
North America, New York, 1890, accessed online February 20, 2007.
41. 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.
42. "Biography". Edward S. Curtis. Seattle: Flury & Company. p. 4. Retrieved August 7,
2012.
43. The North American Indian
44. The Indian Picture OperaA Vanishing Race
45. Modern Marvels episode "The Stock Exchange" originally aired on October 12, 1997.
46. Cedar Hill Cemetery, John Pierpont Morgan
47. Chernow (2001) ch 8.
48. Morganite, International Colored Gemstone Association, accessed online January 22,
2007.
49. "National Register Information System". National Register of Historic Places. National
Park Service. 2009-03-13.
50. Carr, Caleb (1994). The Alienist. Random House.
51. Drachman, Steven S. (2011). The Ghosts of Watt O'Hugh. pp. 2, 1728, 3334, 7081,
151159, 195. ISBN 9780578085906.
52. "Citizen Kane (1941)". Filmsite.org. 1941-05-01. Retrieved 2013-04-07.
53. http://history.sandiego.edu/gen/filmnotes/kane1.html
54. Turpin, Zachary. "Interview: Phil Orbanes, Monopoly Expert (Part Two)". Book of Odds.
Retrieved 2012-02-20.
55. The Men Who Built America; series; History.com; accessed December 5, 2012]
Further reading
Biographies
Auchincloss, Louis. J.P. Morgan : The Financier as Collector Harry N. Abrams, Inc.
(1990) ISBN 0-8109-3610-0
Baker, Ray Stannard (October 1901). "J. Pierpont Morgan". McClure's Magazine 17 (6):
507518. Retrieved 2009-07-10.
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. 6479
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, 18541913. Harvard
U. Press, 1987. 888 pp. ISBN 978-0-674-58729-8
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
Strouse, Jean. Morgan: American Financier. (1999). 796 pp. 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
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. 20536; 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., 18671943 (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 19001910
Garraty, John A. "The United States Steel Corporation Versus Labor: The Early Years,"
Labor History 1960 1(1): 338
Geisst; Charles R. 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: 111126
Hannah, Leslie. "J. P. Morgan in London and New York before 1914," Business History
Review 85 (Spring 2011) 11350
Keys, C.M. (January 1908). "The Builders I: The House of Morgan". The World's Work
15 (2): 97799704. Retrieved 2009-07-10.
Moody, John. The Masters of Capital: A Chronicle of Wall Street (1921)
Rottenberg, Dan. The Man Who Made Wall Street. University Of Pennsylvania Press.
External links

Wikiquote has quotations related to: J . P. Morgan

Wikimedia Commons has media related to J . P. Morgan (banker).
The Morgan Library and Museum, 225 Madison Ave, New York, NY 10016
The American ExperienceJ.P. Morgan
Texts on Wikisource:
o "Morgan, John Pierpont". The Cyclopdia of American Biography. 1918.
o "Morgan, John Pierpont". Encyclopdia Britannica (11th ed.). 1911.
o "Morgan, John Pierpont". New International Encyclopedia. 1905.
[hide]
v
t
e
JPMorgan Chase & Co.
Divisions
J.P. Morgan & Co.
Chase
Chase Card Services Canada
EMC Mortgage Company
Highbridge Capital Management
J.P. Morgan Cazenove
One Equity Partners

Notable
current
executives
Jamie Dimon (CEO)
James B. Lee, Jr.
Steven Black
Jing Ulrich
Jes Staley
Blythe Masters

Notable
former
executives
John Pierpont Morgan
John Pierpont "Jack" Morgan, Jr.
Junius Spencer Morgan
George Peabody
Henry Sturgis Morgan
David Rockefeller
William B. Harrison, Jr.
John B. McCoy
Walter V. Shipley
Douglas A. Warner III
Temple Bowdoin

Board of
directors
Crandall C. Bowles
Stephen B. Burke
David M. Cote
James S. Crown
Jamie Dimon
Ellen V. Futter
William H. Gray, III
Laban P. Jackson, Jr.
David C. Novak
Lee R. Raymond
William C. Weldon

Historical
components
Banca Commerciale Italiana Trust Co.
Bank One Corporation
The Manhattan Company
Bank United of Texas
Bear Stearns
Chase Manhattan Bank
Chemical Bank
Corn Exchange Bank
Dime Savings Bank of New York
First Chicago Bank
First USA Bank
Great Western Bank
Hambrecht & Quist
H. F. Ahmanson & Co.
Jardine Fleming
J.P. Morgan & Co.
Manufacturers Hanover
National Bank of Detroit
New York Trust Company
Providian
Robert Fleming & Co.
Sears Canada Bank
State Bank of Chicago
Texas Commerce Bank
Valley National Bank of Arizona
Washington Mutual

Buildings
125 London Wall
245 Park Avenue
25 Bank Street
270 Park Avenue
277 Park Avenue
383 Madison Avenue
Chase Field
Chase Tower (Amarillo)
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Chase Tower (Milwaukee)
Chase Tower (Oklahoma City)
Chase Tower (Phoenix)
Chase Tower (Rochester)
Chater House
JPMorgan Chase Building (San Francisco)
JPMorgan Chase Tower (Houston)
McCoy Building
One Chase Manhattan Plaza