The New Student's Reference Work/Morgan, John Pierpont

PIERPONT MORGAN

Morgan, John Pierpont, an American financier, was born at Hartford, Conn., April 17, 1837. He was educated at the high school in Boston and the University of Göttingen, Germany. He began his career as a banker in 1857 in New York City; and in 1860 was appointed the American agent of the London firm of George Peabody and Company. In 1864 he became one of the firm of Dabney, Morgan and Company; and in 1871 he became a partner of the Drexels. He took a lively interest in railroad management, being director in a number of roads and active in the reorganization and development of lines that had failed in other hands. In 1895 he successfully conducted a syndicate formed for the purchase of United States four per cent. bonds, Mr. Morgan became director in no less than 23 railroad companies by 1900, and it was through his efforts that the great steel-manufacturing interests of the country were combined into a company having a capital of $1,100,000,000. In 1901 he purchased three lines of ocean-steamers, and with his associates engaged in the largest financial transactions which have ever been entered into by private individuals. He was an art connoisseur and collector and made many important contributions to the Metropolitan Art Museum of New York. He died in Rome, March 31, 1913.