J.P Morgan

Topics: J. P. Morgan, Federal Reserve System, Panic of 1907 Pages: 1 (328 words) Published: May 17, 2013
J.P. (John Pierpont) Morgan (1837-1913)
born on April 17, 1837, in Hartford, Connecticut.
fall of 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut After graduating from high school in Boston in 1854, he then studied in Europe, where he learned French and German and returned to New York in 1857 to begin his finance career. 1861, Morgan married Amelia Sturges,

1864, Morgan became a partner in the firm of Dabney
1865, Morgan married Frances Louisa Tracy (1842-1924), they had had four children 1869 the nation’s first transcontinental rail line was completed, Morgan was heavily involved and gained control of significant portions of these railroads’ stock (estimated one-sixth of America’s rail lines) In 1871, partnered with Philadelphia banker Anthony Drexel (1826-93) to form Drexel, Morgan & Company 181895, Morgan assisted in rescuing America’s gold standard when he headed a banking syndicate that loaned the federal government more than $60 million95, two years after Anthony Drexel’s death, the business was renamed J.P. Morgan & Company 1901, he bought the Carnegie Steel Company from Andrew Carnegie (1835-1919) for some $480 million 1902, he was instrumental in the formation of International Mercantile Marine (IMM), a conglomeration of transatlantic shipping companies 1907,( 1907 financial crisis) Morgan held a meeting of the country’s top financiers at his New York City home and convinced them to bail out various faltering financial institutions in order to stabilize the markets 1912, Morgan was called to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861-1939) of Louisiana that was investigating the existence of a “money trust,” The Pujo Committee hearings helped bring about the creation of the Federal Reserve System in December 1913 and spurred passage of the Clayton Antitrust Act of 1914. 1913, the famous financier died at age 75 on March 31 in...
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