John Pierpont 1837-1913 Morgan

MORGAN, JOHN PIERPONT (1837-1913), American financier and banker, was born in Hartford, Conn., on April 17, 1837, a son of Junius Spencer Morgan (1813-9o), who was a partner of George Peabody and the founder of the house of J. S. Morgan and Co. in London. He was educated at the English High school in Boston and at the University of Gottingen. In he worked in the New York banking house of Duncan, Sherman and Co. ; from 186o to 1864 was agent and attorney in New York for George Peabody and Co. of London, and of terwards for its successor, J. S. Morgan and Co., of which he became head; in 1864-71 was a member of the firm of Dabney, Morgan and Co., and in 1871 he entered the firm of Drexel, Morgan and Co., which, in 1895, became the firm of J. P. Morgan and Company.

This firm, which was closely

associated with Drexel and Co. of Philadelphia, Morgan, Harjes and Co. (successors to Drexel, Harjes and Co.) of Paris, and Morgan, Grenfell and Co. (before 1910 J. S. Morgan and Co.) of London, became, largely through Morgan's ability, one of the most powerful banking houses in the world. It carried through the formation of the United States Steel Corporation, harmonized the coal and railway interests of Pennsylvania, and purchased the Leyland line of Atlantic steam ships and other British lines in 1902, thus effecting an Atlantic shipping "combine" (see STEAMSHIP LINES) ; and it, or the banking houses which it succeeded, reorganized numerous rail ways including the Chesapeake and Ohio; the Erie and the Reading; the Northern Pacific ; and the Baltimore and Ohio. In 1895 the banking house of J. P. Morgan and Company supplied the United States Government with $62,000,000 in gold to restore the Treasury gold reserve to $100,000,000. Morgan was an en thusiastic yachtsman, whose "Columbia" defeated the "Sham rock" in 1899 and 1901 for the "America's" cup; a notable col lector of books, pictures and other art objects, many of which he gave to the Metropolitan Museum of Art (of which he was president) ; and a generous benefactor of the American Museum of Natural History, the Metropolitan Museum of Art, Harvard university (especially its medical school), the Lying-in hospital of the city of New York and the New York trade schools. He

died in Rome March 31, 1913.

His will provided that after the distribution of enumerated bequests amounting to about $17,000,000, chiefly to his family, the residue of his estate should pass to his son, John Pierpont Morgan. In 1916 the estate was finally appraised at $69,449,732. He left only some $700,000 to charities; but while living he had been a generous giver, and in his will suggested that his son con tinue certain accustomed annual contributions. His works of art and books were left to his son without restrictions, although in his will he said : "It has been my desire and intention to make some suitable disposition of them or of such portion of them as I might determine, which would render them permanently available for the instruction and pleasure of the American people." In the summer of 1913 most of the art collection was placed as a loan exhibit in the Metropolitan Museum of Art, New York city. Later, some items, mostly replaceable, were sold. The remainder, consisting of over 3,00o pieces, was presented to the museum by the son in Dec. 1917, and a new wing was added to the building to house them permanently. This was opened in June 1918. This collection covered all periods and included matchless bronzes, enamels, porcelains and tapestries. The library (dedicated by the son by public charter in 1923 as an institution of research for scholars and provided with liberal endowment, in memory of his father) was appraised at $7,500,000, and consisted of about 25,000 vol. of illuminated manuscripts, early printed books, ex amples from famous presses and association copies.