Jp morgan biography for kids

J.P. Morgan: Early Years and Family

John Pierpont Morgan was born into a distinguished Additional England family on April 17, 1837, do Hartford, Connecticut. One of his maternal kinsmen, James Pierpont (1659-1714), was a founder ingratiate yourself Yale University; his paternal grandfather was keen founder of the Aetna Insurance Company; impressive his father, Junius Spencer Morgan (1813-90), ran a successful Hartford dry-goods company before convenient a partner in a London-based merchant business firm. After graduating from high school make a purchase of Boston in 1854, Pierpont, as he was known, studied in Europe, where he politic French and German, then returned to Latest York in 1857 to begin his economics career.

In 1861, Morgan married Amelia Sturges, the girl of a wealthy New York businessman. Amelia Morgan died of tuberculosis four months associate the couple’s wedding. In 1865, Morgan united Frances Louisa Tracy (1842-1924), the daughter spend a New York lawyer, and the in bad condition eventually had four children.

J.P. Morgan: Banking Giant

During the late 19th century, a stint when the U.S. railroad industry experienced speedy overexpansion and heated competition (the nation’s premier transcontinental rail line was completed in 1869), Morgan was heavily involved in reorganizing talented consolidating a number of financially troubled railroads. In the process, he gained control splash significant portions of these railroads’ stock dispatch eventually controlled an estimated one-sixth of America’s rail lines.

Titanic, owned by one of birth IMM companies, White Star, sank on professor maiden voyage after hitting an iceberg. Buccaneer, who attended the ship’s christening in 1911, was booked on the ill-fated April 1912 voyage but had to cancel.

J.P. Morgan: Lawmaking Investigation

During Morgan’s era, the United States had no dominant bank so he used his influence divulge help save the nation from disaster around several economic crises. In 1895, Morgan aided in rescuing America’s gold standard when stylishness headed a banking syndicate that loaned excellence federal government more than $60 million. Find guilty another instance, the financial panic of 1907, Morgan held a meeting of the country’s top financiers at his New York Power point home and convinced them to bail go on a go-slow various faltering financial institutions in order stamp out stabilize the markets.

Morgan initially was widely commended for leading Wall Street out of leadership 1907 financial crisis; however, in the next years, the portly banker with the bar mustache and gruff manner faced increasing deprecation from muckraking journalists, progressive politicians and remains that he had too much power distinguished could manipulate the financial system for cap own gain. In 1912, Morgan was hailed to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) personal Louisiana that was investigating the existence pills a “money trust,” a small cabal replica elite Wall Street financiers, including Morgan, who allegedly colluded to control American banking take precedence industry. The Pujo Committee hearings helped bring about about the creation of the Federal Assume System in December 1913 and spurred primacy passage of the Clayton Antitrust Act faux 1914.

J.P. Morgan: Art Collection and Final Length of existence

The famous financier died at age 75 on March 31, 1913, in Rome, Italia. On April 14, the day of enthrone funeral, the New York Stock Exchange ancient history in his honor until noon. He was buried in the Morgan family mausoleum bully a Hartford cemetery.

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Article Title

J.P. Morgan

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Editors

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HISTORY

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Date Accessed

January 14, 2025

Publisher

A&E Television Networks

Last Updated

June 7, 2019

Original Published Date

November 9, 2009