MORGAN, John) Pierpont, American financier, son of John Pierpont Morgan (1837— 1913) : b. Irvington, N. Y., Sept. 1867. In 1889 he was graduated at Harvard University and soon afterward entered the London branch of J. P. Morgan & Co., bankers, remaining until 1901. He became a member of the firm and upon his father's death in 1913 became its head. He inherited the greater portion of his father's vast wealth including his almost priceless art collections. He also succeeded to the director ate of several corporations in which his firm held large financial interests, including that of the New York, New Haven and Hartford Railroad. He resigned from the latter in 1914 when criticism of the financial management of that road became general. Mr. Morgan is a director of the United States Steel Corpora tion, of the International Mercantile Marine Company, of the Pullman Company, the North ern Pacific Railway, the First Security Com pany of the City of New York, the .Etna In surance Company and the New York and Har lem Railroad Company. When the United States negotiated the purchase of existing canal rights in the Panama Zone Mr. Morgan ar
ranged for the payment of $40,000,000 in sold to the French Panama Canal Company. After the outbreak of the European War he made a first loan of $12,000,000 to Russia. In Janu ary 1915 the Morgan firm was appointed the - .
commercial agent of the British goverrinent in the United States and thereafter conducted the purchase of all munitions and supplies for the Entente in the United States. In the same year the control of the Equitable Life Assurance Society was sold by Mr. Morgan to T. Cole man Du Pont. On 1 July 1915 at Glen Cove, L. I., Mr. Morgan was shot by a fanatic, but escaped with minor injuries. A loan of $50, 000,000 was made to the French government by the Morgan firm in April and a few months. later the firm organized a syndicate of About 2,200 banks in the United States and floated a loan of $500,000,000 to the Entente Allies. Mr. Morgan is a member of the advisory council of the Federal Reserve Board, member of the New York Exchange, trustee and treasurer of the Church Pension Fund and governor of. the Peabody Donation Fund.