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{{Short description|American financier, banker, and art collector (1837–1913)}}
{{About|the American financier|other uses|J. P. Morgan (disambiguation)}}
{{Use American English|date=February 2016}}
{{Use mdy dates|date=March 2025}}
{{Infobox person
| name               = J. P. Morgan
| caption            = 
| image              = JohnPierpontMorgan.png
| birth_name         = John Pierpont Morgan
| birth_date         = {{Birth date|1837|4|17|mf=yes}}
| birth_place        = [[Hartford, Connecticut]], U.S.
| death_date         = {{Death date and age|1913|3|31|1837|4|17|mf=yes}}
| death_place        = [[Rome]], [[Kingdom of Italy]]
| resting_place      = [[Cedar Hill Cemetery (Hartford, Connecticut)|Cedar Hill Cemetery]]<br />[[Hartford, Connecticut]], U.S.
| known_for          = Founding and leading [[J.P. Morgan & Co.]]{{Paragraph break}} Financing the creation of [[American Bridge Company|American Bridge]], [[General Electric]]; [[International Harvester]]; [[International Mercantile Marine]]; [[Southern Railway (U.S.)|Southern Railway]] and [[U.S. Steel]] {{Paragraph break}}  Organizing the Morgan "[[money trust]]" which owned [[Aetna Inc.|Aetna]], [[General Electric]], [[International Mercantile Marine Company]], [[Pullman Car Company|Pullman Palace Car Company]], [[U.S. Steel]], [[Western Union]], and 21 railroads
| boards             = [[Northern Pacific Railway]], [[New York, New Haven and Hartford Railroad|New Haven Railroad]], [[Pennsylvania Railroad]], [[Pullman Company|Pullman Palace Car Company]], [[Western Union]], [[New York Central Railroad]], [[Albany and Susquehanna Railroad|Albany & Susquehanna Railroad]], [[Aetna]], General Electric and U.S. Steel
| alma_mater         = [[University of Göttingen]]<!--No degrees/graduation dates/majors, etc.-->
| occupation         = {{hlist|Financier|Investment banker|Accountant|Art collector}}
| spouse             = {{plainlist|
* {{marriage|Amelia Sturges|1861|1862|reason=died}}
* {{marriage|Frances Louise Tracy|1865}}
}}
| father             = [[Junius Spencer Morgan]]
| family             = [[Morgan family|Morgan]]
| children           = 4; including [[J. P. Morgan Jr.|Jack]] and [[Anne Morgan (philanthropist)|Anne]]
| signature          = CAB 1918 Morgan John Pierpont signature.png
}}

'''John Pierpont Morgan Sr.''' (April 17, 1837&nbsp;– March 31, 1913)<ref name=brit>{{Cite encyclopedia |title=J.P. Morgan |encyclopedia=Encyclopædia Britannica |url=https://www.britannica.com/biography/J-P-Morgan|access-date=April 17, 2020}}</ref> was an American financier and investment banker who dominated [[corporate finance]] on [[Wall Street]] throughout the [[Gilded Age]] and [[Progressive Era]]. As the head of the banking firm that ultimately became known as [[J.P. Morgan & Co.|JPMorgan Chase & Co.]], he was a driving force behind the wave of [[Mergers and acquisitions|industrial consolidations]] in the United States at the turn of the twentieth century.

Over the course of his career on Wall Street, Morgan spearheaded the formation of several prominent [[multinational corporations]] including [[U.S. Steel]], [[International Harvester]], and [[General Electric]]. He and his partners also held controlling interests in numerous other American businesses including [[Aetna]], [[Western Union]], the [[Pullman Car Company]], and 21 railroads.<ref>{{cite book |last1=Ward |first1=Geoffrey C. |last2=Burns |first2=Ken |date=2014 |title=The Roosevelts: An Intimate History |publisher=Alfred A. Knopf |page=78 |isbn=978-0-307-70023-0}}</ref> His grandfather Joseph Morgan was one of the co-founders of Aetna. Through his holdings, Morgan exercised enormous influence over capital markets in the United States. During the [[Panic of 1907]], he organized a coalition of financiers that saved the American [[monetary system]] from collapse.

As the Progressive Era's leading banker, Morgan's dedication to efficiency and modernization helped transform the shape of the [[Economy of the United States|American economy]].<ref name=brit/> [[Adrian Wooldridge]] characterized Morgan as America's "greatest banker".<ref>{{cite news | author1= Adrian Wooldridge|author-link1= Adrian Wooldridge| title= The alphabet of success| url= https://www.economist.com/news/special-report/21707053-superstars-need-dazzling-range-qualities-alphabet-success| access-date= September 16, 2016| newspaper= [[The Economist]]|date= September 15, 2016 }}</ref> Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, [[J. P. Morgan Jr.]] Biographer [[Ron Chernow]] estimated his fortune at $80{{spaces}}million (equivalent to ${{Format price|{{Inflation|US-GDP|80,000,000|1913|r=-8}}}} in {{Inflation/year|US-GDP}}).<ref name="bioofamerica">{{Cite web |url=http://www.learner.org/series/biographyofamerica/prog17/transcript/page03.html |title=John Pierpont Morgan and the American Corporation|work=Biography of America |access-date=May 11, 2018 |archive-url=https://web.archive.org/web/20190522081232/http://www.learner.org/series/biographyofamerica/prog17/transcript/page03.html |archive-date=May 22, 2019 |url-status=dead }}</ref>

==Childhood and education==
[[File:Junius Spencer Morgan - Project Gutenberg eText 17976.jpg|thumb|His father Junius Spencer Morgan guided his son's early career and established the Morgan banking house with offices in London, New York, Philadelphia, and Paris.]]
John Pierpont Morgan was born on April 17, 1837, in [[Hartford, Connecticut]], to [[Junius Spencer Morgan]] (1813–1890), of the influential [[Morgan family]].<ref>{{Cite book |title=The World Almanac and Book of Facts |date=1906 |publisher=Newspaper Enterprise Association |location=New York |pages=150 |language=en}}</ref><ref>{{Cite book |last=Starr |first=Frank Farnsworth |title=The Miles Morgan Family of Springfield, Massachusetts: In the Line of Joseph Morgan of Hartford, Connecticut, 1780-1847 |date=1904 |location=Hartford, Connecticut |pages=53 |language=en}}</ref>, and Juliet Pierpont (1816–1884).  His father, Junius, was then a partner at Howe Mather & Co., the largest dry goods wholesaler in Hartford. His mother Juliet was the daughter of the poet [[John Pierpont]].<ref name="Huber">{{Cite book |last=Huber |first=William R. |title=George Westinghouse: Powering the World |publisher=McFarland |year=2022 |isbn=978-1-4766-8692-9 |pages=113 |language=en}}</ref> His uncle [[James Lord Pierpont]] composed the famous Christmas song [[Jingle Bells]]. Morgan preferred to be called "Pierpont", as opposed to "John".<ref>{{Cite web | title=Pierpont Morgan: Banker| url=https://www.themorgan.org/about/pierpont-morgan-banker/1| date=March 12, 2014| website=The Morgan Library & Museum| access-date=May 4, 2020}}</ref> In 1847, when Morgan was ten years old, his grandfather Joseph Morgan died and left the family a large fortune. He was educated in public and private schools in New England, where he attended West Middle School and [[Cheshire Academy]].<ref name="Huber"/><ref>{{cite web |url=https://connecticuthistory.org/j-p-morgans-connecticut-roots/ |title=J. P. Morgan’s Connecticut Roots |website=connecticuthistory.org |last=Finlay |first=Nancy |date=June 21, 2021 |access-date=January 15, 2025}}</ref> Junius soon became a senior partner at the rechristened Mather Morgan & Co.{{sfn|Carosso|1987|p=26}} In September 1851, he passed the entrance exam for [[The English High School]] of Boston, which specialized in mathematics for careers in commerce. In April 1852, he suffered from [[rheumatic fever]], an illness whose symptoms became more severe as his life progressed and ultimately left him in such pain that he could not walk.<ref name="Huber"/> Junius sent him to the [[Azores]] to recover. He convalesced there for almost a year, then returned to Boston to resume his studies.{{sfn|Carosso|1987|pp=31–32}} In 1856, his father sent him to Bellerive, a school in the Swiss village of [[La Tour-de-Peilz]], where he gained fluency in French.<ref name="Huber"/> His father then sent him to the [[Georg August University of Göttingen|University of Göttingen]] to improve his German.<ref>{{Cite book |last=Witzel |first=Morgen |title=Fifty Key Figures in Management |publisher=Psychology Press |year=2003 |isbn=0-415-36977-0 |location=New York, NY |pages=240 |language=en}}</ref> He attained passable fluency and a degree in art history within six months, completing his studies in 1857.<ref>{{cite web|url=http://www.financial-inspiration.com/JP-Morgan-biography.html |archive-url=https://web.archive.org/web/20051016105210/http://www.financial-inspiration.com/JP-Morgan-biography.html |url-status=dead |archive-date=October 16, 2005 |title=JP Morgan biography – One of the most influential bankers in history |publisher=Financial-inspiration.com |date=March 31, 1913 |access-date=April 7, 2013}}</ref>

==J.S. Morgan & Co.: 1858–1871==
[[File:231 Madison Avenue 1855.jpg|thumb|upright|left|Early view (c. 1855) of 229, 225 and 219 Madison Avenue before the street was paved]]
{{Main|J.S. Morgan & Co.}}

After completing his education, Morgan went to [[London]] in August 1857 to join his father, now a partner in the [[merchant banking]] firm [[George Peabody & Co.]]{{efn|The firm was later renamed J.S. Morgan & Co. upon [[George Peabody]]'s retirement in 1864.}}{{sfn|Carosso|1987|pp=63–67}} For the next fourteen years, he worked as his father's American representative in a series of affiliated New York City banking houses, learning the trade and lifestyle of a bank partner: [[Duncan, Sherman & Company]] (1858–1861), his own firm J. Pierpont Morgan & Co. (1861–1864), and finally Dabney Morgan (1864–1872).{{citation needed|date=March 2024}} Dabney, Morgan & Company was co-founded by Charles H. Dabney and Jim Goodwin.<ref>{{Cite book |last=Burgan |first=Michael |title=J. Pierpont Morgan: Industrialist and Financier |publisher=Capstone |year=2006 |isbn=978-0-7565-1890-5 |location=Minneapolis, Minnesota |pages=36 |language=en}}</ref>

===Duncan, Sherman & Company: 1858–1861===
Morgan soon moved on to New York City to begin work at Duncan Sherman as a junior clerk.{{sfn|Carosso|1987|pp=83–91}} Through his father's reputation and his position as the obvious successor to the Peabody house, he was among the most sought-after young men on Wall Street and enjoyed the company of many of New York's leading citizens.{{sfn|Carosso|1987|pp=83–91}} Morgan held a great deal of independence in both his investment decisions and lifestyle, owing partly to his father's faith in Morgan's austere religious discipline. "Remember," J.S. Morgan wrote his son, "that there is an Eye above that is ever upon you and that for every act, word, and deed you will one day be called to give account."{{sfn|Carosso|1987|pp=83–91}} He adopted a serious, energetic approach to his work and was praised by his father's friends for his work ethic and capacity for business.{{sfn|Carosso|1987|pp=83–91}}

At the time Morgan entered the firm, Peabody & Co. was struggling in the wake of the [[Panic of 1857]], a rash of business failures which dramatically damaged investor confidence in American securities. Peabody & Co., whose business was focused on the United States, was particularly threatened when a few of its American correspondent banks were forced to suspend operations.{{sfn|Carosso|1987|pp=63–67}} The house's creditors, including [[Baring Brothers]], demanded payment; Peabody defied them, daring his rivals to put him out of business, and turned to the [[Bank of England]] for a loan in November 1857. Morgan himself expressed surprise that the famed Barings house was not more accommodating.{{sfn|Carosso|1987|pp=63–67}} The loan secured the house's survival and the London office was stabilized, but Duncan Sherman came under criticism on Wall Street, and the Mercantile Agency recommended its dissolution. J. P. Morgan urged his father to stand by Duncan Sherman in the face of "outrageous" reports "of Browns & Barings getting the credit for what they never did".{{sfn|Carosso|1987|pp=63–67}}

While at Duncan Sherman, Morgan acquired experience in the financing and reorganization of railroads, including the major Ohio & Mississippi and Illinois Central lines, for which he personally negotiated the loans. Most of his work involved collecting and transmitting interest and dividend payments, executing orders on the [[New York Stock Exchange]], and conducting credit checks on mercantile houses doing business with Peabody & Co.{{sfn|Carosso|1987|p=78}}{{sfn|Carosso|1987|pp=83–91}}

Starting in early January 1859, Morgan spent several months in the South to visit the firm's correspondents in Georgia, Alabama, and Louisiana and to improve his knowledge of the cotton trade.{{sfn|Carosso|1987|pp=87–88}} He briefly visited Cuba, where he developed a lifelong taste for [[Cuban cigars]].{{sfn|Carosso|1987|pp=83–91}} Most of his time in the South was spent in [[New Orleans]], a leading cotton export hub. He received a stern warning from Duncan Sherman when he conducted an unauthorized trade of coffee at a profit, which he considered his first totally independent transaction.{{sfn|Carosso|1987|pp=83–91}} Later that summer, he visited his father in London. They discussed the prospects of Morgan's going into business for himself, and Morgan courted Amelia Sturges, whom he later married.{{sfn|Carosso|1987|pp=83–91}}

===J. Pierpont Morgan & Co.: 1861–1864===
As the [[American Civil War]] began, business slowed, delaying Morgan's efforts to open his own office.{{sfn|Carosso|1987|pp=83–91}} He opened J. Pierpont Morgan & Company some time between April and July 1861,{{sfn|Carosso|1987|pp=83–91}} conducting operations out of a one-room office at 53 Exchange Place. As he anticipated, most of his business was for his father and consistent with the work he had managed at Duncan Sherman.{{sfn|Carosso|1987|pp=91–92}} Morgan avoided serving during the war by [[Conscription in the United States#Civil War|paying a substitute]] $300 to take his place.{{sfn|Carosso|1987|pp=95–97}}

The Civil War radically altered Morgan's focus by virtually eliminating his cotton business and drastically reducing iron imports for American railroads in favor of securities and foreign exchange operations.{{sfn|Carosso|1987|pp=95–97}} The Morgans, trading through J. P.'s New York office, made a large profit in the purchase and sale of Union bonds once the [[Battle of Antietam]] turned the war in the Union's favor.{{sfn|Carosso|1987|pp=98–100}} The Morgans also expanded their trade in European securities during a period of industrial expansion, financed by a large deposit from [[William Wilson Corcoran|W. W. Corcoran]] after he liquidated his American holdings out of sympathy for the Confederate cause.{{Sfn|Carosso|1987|p=100}}

Morgan also profited in gold after specie payments were suspended in 1862; its price was largely pegged to the possibility of a Union victory. In October 1863, he and Edward B. Ketchum transferred $1.15 million (equivalent to ${{Format price|{{Inflation|index=US-GDP|value=1,150,000|start_year=1863|r=-5}}}} in {{Inflation/year|US-GDP}}) in gold to England, forcing a price spike and allowing both men to sell their holdings at a large profit. Critics have long considered the deal a speculative effort to corner the American gold market and evidence of Morgan's insensitivity to the nation's financial situation, although the economic consequences were ultimately minor.{{sfn|Carosso|1987|pp=101–03}}

In 1862, Morgan made his cousin, James Goodwin, a partner. The firm received a serious boost when Morgan's father succeeded George Peabody as head of the London office. J.S. Morgan transferred all of the firm's remaining commercial credit and securities accounts from Duncan Sherman, and by the end of 1862, J. Pierpont Morgan & Co. was considered one of the stronger private banking houses on Wall Street.{{sfn|Carosso|1987|pp=95–97}}

====Hall Carbine Affair====
{{Main|Hall Carbine Affair}}

In August 1861, Morgan lent $20,000 (equivalent to ${{Format price|{{Inflation|index=US-GDP|value=20,000|start_year=1861|r=-4}}}} in {{Inflation/year|US-GDP}}) to Simon Stevens, a well-connected New York City attorney and former secretary to [[Thaddeus Stevens]]. Stevens used the money to purchase five thousand carbines for resale to General [[John C. Frémont]], commander of the Department of the West.{{sfn|Carosso|1987|pp=92–94}} The carbines in question were developed by John H. Hall and manufactured by Simeon North, purchased by the U.S. government, and resold to arms dealer Arthur M. Eastman for $3.50 apiece in June 1861 ({{Inflation|index=US|value=3.50|start_year=1861|r=0|fmt=eq}}). After [[First Battle of Bull Run|the Union defeat at Bull Run]] placed a premium on arms, Stevens used the Morgan loan to purchase the rifles from Eastman at $11.50 apiece and immediately resold them to Frémont, a longtime acquaintance, at $22 each.{{sfn|Carosso|1987|pp=92–94}}

During the loan's thirty-eight day duration, Morgan held title to the carbines and assumed responsibility for having their barrels replaced with rifled ones before shipment to Frémont. Stevens approached Morgan for another loan, which Morgan refused, instead asking Stevens for the $20,000 on the original loan and attempting to remove himself from the transaction. On September 14, Morgan received $55,000 from the Army for the carbines, deducted the face value of the loan plus expenses and interest, and passed the remainder to Stevens.{{sfn|Carosso|1987|pp=92–94}}

By September, when Morgan received payment, the deal was already controversial. Military officials felt Frémont had overpaid, and an 1863 House of Representatives report indicted the profiteers as "worse than traitors in arms". Though Morgan was neither criticized nor censured during contemporary investigations, his name remained connected with the [[Hall Carbine Affair]] for many years.{{citation needed|date=March 2024}}

Debate over Morgan's knowledge and involvement became a ''[[cause célèbre]]'' within his lifetime, attracting a wide range of commentary, and the debate has persisted long after his death.<ref name=Wasson>{{Cite book|title=The Hall Carbine Affair: A Study in Contemporary Folklore|last=Wasson|first=R. Gordon|publisher=Pandick Press|year=1943}}</ref><ref name=":2">{{Cite web|url=http://ww2.rediscov.com/spring/VFPCGI.exe?IDCFile=/spring/DETAILS.IDC,SPECIFIC=14871,DATABASE=objects|title=U.S. Carbine Model 1843 Breechloading Percussion Hall-North .52|website=Springfield Armory Museum collection record|publisher=Springfield Armory Museum|access-date=May 20, 2016}}</ref> Interest in Morgan's role in the affair was rekindled in 1910 with the publication of [[Gustavus Myers]]' ''History of the Great American Fortunes''.<ref>{{Cite book|title=History of the Great American Fortunes, V. 3|last=Myers|first=Gustavus|publisher=Charles H. Kerr|year=1910|location=Chicago|pages=146–176}}</ref> Myers claimed the rifles were more likely to blow the rifleman's thumb off than they were to cause any damage to the enemy. An earlier version of the carbine rifle was known to be subject to this problem.<ref name=":2"/> [[R. Gordon Wasson]], later the head of public relations for J.P. Morgan & Co., argued that there was no evidence Morgan knew that he was participating in a scheme to profit.<ref name=Wasson/> Vincent Carosso, author of an academic history of the Morgan house, concurs that Stevens "used Morgan's name" to cover his greed and that "none of the evidence suggested that Morgan himself had been a party to the shabby contract or had participated in its profits," though he "failed to exercise the care and caution that he had demonstrated two years earlier in the New Orleans coffee deal".{{sfn|Carosso|1987|pp=92–94}} [[Matthew Josephson]], who popularized the term "robber baron", asserted that Morgan certainly did know of the scheme, because he had presented the government with a bill for $58,175 before he delivered the remaining rifles that were being held as [[Collateral (finance)|collateral]].<ref>{{Cite book|title=The Robber Barons|last=Josephson|first=Matthew|publisher=Harcourt, Brace & Co.|year=1995|origyear=1934|isbn=978-0-15-676790-3|edition=Mariner Books 1962|pages=[https://archive.org/details/robberbaronsg00jose/page/61 61ff]|url-access=registration|url=https://archive.org/details/robberbaronsg00jose/page/61}}</ref> Reviewing the evidence, Charles Morris also concluded that it was "implausible" that Morgan did not know about the source of his profits.{{sfn|Morris|2006|p=337}}

===Dabney, Morgan & Co.: 1864–1872===
[[File:J Pierpont Morgan, c 1870.jpg|thumb|upright=.8|left|Morgan photographed {{circa|1870}}]]
On October 1, 1864, George Peabody retired completely from the rechristened [[J. S. Morgan & Co.]] and agreed to reinvest his share of the partnership with the firm. In an effort to expand the business internationally, Junius Morgan hired Dabney on November 15 as a senior partner. Dabney, a fifty-seven-year-old partner at Duncan Sherman, was widely respected in the business community for his accounting skill and integrity. In the reconfigured firm, J. P. Morgan took on primary responsibility for recruiting new business.{{Sfn|Carosso|1987|pp=106–08}}

Both Dabney Morgan and J.S. Morgan & Co. remained focused on [[merchant bank]]ing and [[Commodity market|commodities]] into the 1870s. Between 1863 and 1873, the firm's profits from its [[Securities market|securities business]] only exceeded its commissions on trade in 1865.{{Sfn|Carosso|1987|p=115}} Dabney Morgan traded globally in a variety of commodities, including iron rails, American cotton, Philippine tobacco, Brazilian coffee, and Peruvian [[guano]]. Beginning on the advice of [[Levi P. Morton]] in 1865, J. P. Morgan secured an exclusive four-year contract with the Peruvian government to export guano, used in the production of fertilizer and gunpowder, at a two-and-a-half percent commission.{{citation needed|date=March 2024}}

To the extent the firm engaged in securities trading, the focus was railroad stock and government bonds. However, railroad construction had halted during the Civil War. Construction did not recover until after 1867, when the firm of [[Jay Cooke & Company]] in Philadelphia dominated in getting American government financing.{{Sfn|Carosso|1987|p=115}} In 1866, J. S. Morgan & Co. did make a "considerable sum" selling shares of the [[Atlantic Telegraph Company]] after the trans-Atlantic telegraph wire was laid. Despite this success, the firm's creditor, [[Brown Shipley]], declined to expand Morgan's [[line of credit]], stating the company was no better than a [[Speculation|speculative]] trader in securities.{{citation needed|date=March 2024}}

==Drexel Morgan & Co.: 1871–1895==
In 1871, at the behest of J.S. Morgan, the Philadelphia financier [[Anthony Joseph Drexel]] became J. P.'s mentor. They formed [[J.P. Morgan & Co.|Drexel Morgan & Co.]]{{sfn|Rottenberg|2006|p=98}} This new merchant banking partnership, based in New York, served as an agent for European investment in the United States and assumed the leading role in financing America's railroads and stabilizing and revitalizing American securities markets. The firm created a national capital market for industrial companies, which had previously existed only for railroads and canals. Drexel Morgan also played an important role in government finance. To restore investor confidence, Drexel Morgan underwrote the pay of the entire U.S. Army in 1877 and bailed out the U.S. government during the Panic of 1895.{{sfnp|Rottenberg|2006|p={{page needed|date=January 2023}}}}

===Railroad investments and management===
{{Main|History of rail transport in the United States#Expansion and consolidation (1878–1916)}}

[[File:New Jersey Junction RR 1886 reverse.JPG|upright|thumb|Bond of the New Jersey Junction Railroad Company, issued 30. June 1886, reverse side with signatures of John Pierpont Morgan and Harris C. Fahnestock as trustees]]
In his ascent to power, Morgan focused on America's largest business enterprises: railroads.{{sfn|Strouse|1999|pp=223–62}} He led the syndicate that broke the government-financing privileges of [[Jay Cooke]]{{when|date=January 2023}} and developed and financed a national railroad empire by reorganization and consolidation. He raised large sums in Europe, and especially through the [[American rails]] section of the [[London Stock Exchange]].<ref>{{Cite book|author1=Lance E. Davis|author2=Robert E. Gallman| title=Evolving Financial Markets and International Capital Flows: Britain, the Americas, and Australia, 1865–1914 |publisher=Cambridge University Press|date=2001|pages=181–182}}</ref> Rather than participating solely as a financier, he actively managed and reorganized the railroad corporations, increasing efficiency<ref>{{cite web |url=https://www.freightwaves.com/news/freightwaves-classicsleaders-jp-morgan-greatly-influenced-us-railroads-in-the-late-19th-century |title=FreightWaves Classics/Leaders: J.P. Morgan controlled US railroads and industry policies |last=Mall |first=Scott |date=October 21, 2021 |website= |publisher=FreightWaves |access-date=January 26, 2023 |quote=Morgan’s first target was the U.S. railroad industry, which will be the focus of this FreightWaves Classics article. He began by taking over small underfinanced companies, streamlined their management and operational efficiency, and then combined the companies into a dominant player. |archive-date=January 26, 2023 |archive-url=https://web.archive.org/web/20230126151506/https://www.freightwaves.com/news/freightwaves-classicsleaders-jp-morgan-greatly-influenced-us-railroads-in-the-late-19th-century |url-status=dead }}</ref> and acting as an [[Early history of private equity|early pioneer in the practice of private equity investing]], a process that became known as "Morganization".<ref>{{cite magazine | first=Heather| last=Timmons| title=J.P. Morgan: Pierpont would not approve| magazine=[[BusinessWeek]]| date=November 18, 2002}}</ref>

In 1883, Morgan successfully marketed a large part of [[William H. Vanderbilt]]'s [[New York Central]] holdings. In 1885, he reorganized the New York, West Shore & Buffalo Railroad and leased it to the New York Central.<ref>Albro Martin, Albro. "Crisis of Rugged Individualism: The West Shore-South Pennsylvania Railroad Affair, 1880-1885." ''Pennsylvania Magazine of History and Biography'' 93.2 (1969): 218-243. [https://journals.psu.edu/index.php/pmhb/article/download/42502/42223 online] {{Webarchive|url=https://web.archive.org/web/20221114003801/https://journals.psu.edu/index.php/pmhb/article/download/42502/42223 |date=November 14, 2022 }}</ref> In 1887, Congress passed the [[Interstate Commerce Act]]. Morgan set up industry conferences in 1889 and 1890 which paved the way for a wave of consolidations in the early 20th century. In an unprecedented move, he brought together railroad presidents to follow the new laws and write agreements for the maintenance of "public, reasonable, uniform and stable rates". The first of their kind, the conferences created a community of interest among competing lines, paving the way for the great consolidations of the early 20th century.{{sfn|Carosso|1987|pp=219–69}}{{sfn|Carosso|1987|pp=352–96}}

==J.P. Morgan & Company: 1895–1913==
{{Main|J.P. Morgan & Co.}}

After the death of [[Anthony Joseph Drexel I|Anthony Drexel]], the firm was renamed J. P. Morgan & Company in 1895, retaining close ties with [[Drexel & Company]] of Philadelphia; [[Morgan, Harjes & Company]] of Paris; and [[J.S. Morgan & Company]] (after 1910 [[Morgan, Grenfell & Company]]) of London. By 1900, it was one of the world's most powerful banking houses, focused primarily on reorganizations and consolidations.{{citation needed|date=October 2014}}

Morgan had many partners over the years, such as [[George Walbridge Perkins]], but always remained firmly in charge.{{sfn|Garraty|1960|p={{page needed|date=January 2023}}}} His international reputation as a financier began to draw investors to the businesses that he took over.<ref>{{cite web|url=http://voteview.com/rtopic6_ucsd_4.htm|archive-url=https://web.archive.org/web/20060314192432/http://voteview.com/rtopic6_ucsd_4.htm|url-status=dead|archive-date=March 14, 2006|title=Morganization: How Bankrupt Railroads were Reorganized|access-date=January 5, 2007}}</ref>

===Panic of 1893 and election of 1896===
At the depths of the [[Panic of 1893]], around 1895, the [[United States Department of the Treasury|U.S. Treasury]] nearly depleted its gold reserves. Morgan put forward a plan for the federal government to buy gold from his and European banks, but it was declined in favor of a plan to sell government bonds directly to the general public. Morgan demanded a meeting with President [[Grover Cleveland]], where he claimed the United States government could default that day if action was not taken.{{citation needed|date=March 2024}}

Morgan came up with a plan to use an old [[American Civil War|Civil War]] statute{{which|date=January 2023}} that allowed Morgan and the [[Rothschild & Co|Rothschilds]] to sell 3.5&nbsp;million ounces<ref>The value of the gold would have been approximately $72&nbsp;million at the official price of $20.67 per ounce (equal to ${{Inflation|US|20.67|1895|fmt=c}} today) at the time. [http://www.nma.org/pdf/gold/his_gold_prices.pdf "Historical Gold Prices – 1833 to Present"]; [[National Mining Association]]; retrieved December 22, 2011.</ref> of gold directly to the U.S. Treasury in exchange for a 30-year bond issue.<ref>{{cite web|url=http://www.biography.com/people/jp-morgan-9414735|website=Biography.com|title=J.P. Morgan: Biography|publisher=A&E Television Networks, LLC|access-date=December 8, 2015}}</ref> The episode saved the Treasury but hurt Cleveland's standing with the populist agrarian wing of the [[History of the United States Democratic Party|Democratic Party]], ensuring his political career was over. In the [[1896 United States presidential election]], bankers came under a withering attack from [[William Jennings Bryan]], and Morgan was among many who donated heavily to Republican [[William McKinley]].<ref name="test">[[John Steele Gordon|Gordon, John Steele]] (Winter 2010). {{webarchive |url=https://web.archive.org/web/20100702060356/http://www.americanheritage.com/articles/magazine/ah/2010/4/2010_4_66.shtml |date=July 2, 2010 |title="The Golden Touch" }}, American Heritage.com; retrieved December 22, 2011; archived from [http://www.americanheritage.com/articles/magazine/ah/2010/4/2010_4_66.shtml the original] on July 10, 2010.</ref>

===Nikola Tesla's Wardenclyffe station: 1900===
In 1900, the inventor [[Nikola Tesla]] convinced Morgan he could build a trans-Atlantic wireless communication system based on his theories of Earth and atmospheric electrical conduction (eventually sited at [[Wardenclyffe Tower|Wardenclyffe]]) that would outperform the short-range radio wave-based wireless telegraph system then being demonstrated by [[Guglielmo Marconi]]. In what may have been a philanthropic investment,<ref>Carlson, W. Bernard (2013).  ''Tesla, Inventor of the Electrical Age''.  Princeton University Press, page 317</ref> Morgan gave Tesla $150,000 (equivalent to ${{Format price|{{Inflation|US-GDP|150000|1900|r=-5}}}} in {{Inflation/year|US-GDP}}) to build the system and Tesla offered him a 51% control of the patents. Almost as soon as the letter of agreement was signed, Tesla decided to scale up the facility to include his ideas of terrestrial [[Wireless energy transfer|wireless power transmission]] to make what he thought was a more competitive system.<ref name="teslatech.info">{{cite journal |first=Marc J. |last=Seifer |title=Nikola Tesla: The Lost Wizard |journal=ExtraOrdinary Technology |volume=4 |issue=1 |year=2006 |url=http://teslatech.info/ttmagazine/v4n1/seifer.htm }}</ref> Morgan refused to give Tesla any further money towards the project and, with Tesla unable to secure further investment capital, Wardenclyffe's development stalled and the site was abandoned by 1906.<ref name="teslatech.info"/><ref>{{cite book |first=Margaret |last=Cheney|author-link=Margaret Cheney (author) |title=Tesla: Man Out of Time |location=New York |publisher=Simon & Schuster |year=2001 |isbn=0-7432-1536-2 |pages=203–208 |url=https://books.google.com/books?id=HIuK7iLO9zgC&pg=PA203 }}</ref>

===Northern Securities: 1901–1904===
{{Main|Northern Securities Company}}

[[File:Fedor Encke - Portrait of John Pierpont Morgan 1903.jpg|alt= |thumb|upright|Portrait of J. P. Morgan; ''Cutthroat Capitalist'' –[[Oil on canvas]] by [[Fedor Encke]], 1903 ]]
The [[Northern Pacific Railway]] went bankrupt in the [[Panic of 1893]]. The bankruptcy wiped out the railroad's bondholders, leaving it free of debt, and a complex financial battle for its control ensued. In 1901, a compromise was reached between Morgan, New York financier [[E. H. Harriman]] and Minnesota railroad builder [[James J. Hill]]. To reduce competition in the Midwest, they created the [[Northern Securities Company]] to merge three of the region's most important railways: the [[Northern Pacific Railway]], the [[Great Northern Railway (U.S.)|Great Northern Railway]], and the [[Chicago, Burlington and Quincy Railroad]]. The parties ran into unexpected opposition from President [[Theodore Roosevelt]], who considered the merger bad for consumers and a violation of the seldom enforced [[Sherman Antitrust Act of 1890]]. In 1902, Roosevelt ordered Attorney General [[Philander Knox]] to sue to break it up. In 1904, the Supreme Court dissolved the Northern Security company; though Morgan did not lose money, his all-powerful political reputation suffered.{{sfn|Carosso|1987|pp=478–79}}{{sfn|Carosso|1987|pp=529–30}}{{sfn|Strouse|1999|pp=418–33}}{{sfn|Strouse|1999|p=515}}

===U.S. Steel: 1901–1913===
In 1900, Morgan began talks to purchase [[Andrew Carnegie]]'s steel business and merge it with several other steel, coal, mining and shipping firms. After financing the creation of the Federal Steel Company, Morgan merged it with the [[Carnegie Steel Company]] and several other steel and iron businesses (including William Edenbirn's Consolidated Steel and Wire Company) in 1901, forming the [[U.S. Steel|United States Steel Corporation]]. U.S. Steel was the world's first billion-dollar company, with an authorized capitalization of $1.4 billion, much larger than any other industrial firm and comparable in size to the largest railroads.{{citation needed|date=March 2024}}

U.S. Steel's goals were to achieve greater [[economies of scale]], reduce transportation and resource costs, expand product lines, and improve distribution to allow the United States to compete globally with the [[United Kingdom of Great Britain and Ireland|United Kingdom]] and [[Germany]].<ref name="steel">{{cite news | first=Peter |last= Krass |title=He Did It! (creation of U.S. Steel by J.P. Morgan) |publisher=Across the Board (Professional Collection) |date=May 2001}}</ref> U.S. Steel president [[Charles M. Schwab]] and others claimed the company's size would enable it to be more aggressive and effective in pursuing distant international markets.<ref name="steel"/> Critics regarded U.S. Steel as a monopoly, as it sought to dominate not only steel, but also the construction of bridges, ships, railroad cars, rails, wire, nails, and many other products. With U.S. Steel, Morgan captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75% market share.<ref name="steel"/>

U.S. Steel also faced criticism for its labor policies. U.S. Steel was non-union and used aggressive tactics to identify and root out pro-union "troublemakers". The lawyers and bankers who had organized the merger, including Morgan, were more concerned with long-range profits, stability, good public relations, and avoiding trouble. His views generally prevailed, and the result was a "paternalistic" labor policy.{{sfn|Garraty|1960|p={{page needed|date=January 2023}}}}

===Failed London Underground line: 1902===
Morgan suffered a rare business defeat in 1902 when he attempted to build and operate a line on the [[London Underground]]. Transit magnate [[Charles Tyson Yerkes]] thwarted Morgan's effort to obtain parliamentary authority to build the [[Piccadilly, City and North East London Railway]], a subway line that would have competed with "tube" lines controlled by Yerkes.<ref>{{cite book |last=Badsey-Ellis |first=Antony |title=London's Lost Tube Schemes |publisher=Capital Transport |isbn=1-85414-293-3 |year=2005|pages=157–158}}</ref> Morgan called Yerkes' coup "the greatest rascality and conspiracy I ever heard of".<ref>{{cite book |first=John |last=Franch |title=Robber Baron: The Life of Charles Tyson Yerkes |location=Urbana |publisher=University of Illinois Press |year=2006 |isbn=0-252-03099-0 |page=298 |url=https://books.google.com/books?id=FIYRJWiXiJkC&pg=PA298 }}</ref>

===International Mercantile Marine and RMS ''Titanic'': 1902–1913===
In 1902, J.P. Morgan & Co. financed the formation of [[International Mercantile Marine Co.]] (IMMC), an Atlantic shipping company which absorbed several major American and British lines, in an attempt to monopolize the shipping trade. Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with the railroads, but that proved impossible because of the unscheduled nature of sea transport, American antitrust legislation, and an agreement with the British government.{{citation needed|date=March 2024}}

Morgan had booked a luxury suite with a private promenade deck on the {{RMS|Titanic}} and scheduled to sail on the ill-fated maiden voyage of the ship, which was owned by an IMMC subsidiary, [[White Star Line]], but those plans were later changed.{{sfn|Chernow|2001|loc=p. 146}}<ref>Steven H. Gittelman, J.P. Morgan and the Transportation Kings: The Titanic and Other Disasters, University Press of America, 2012, pages 286-287</ref> The ship's famous sinking was a financial disaster for IMMC. Analysis of financial records shows that IMMC was over-leveraged and suffered from inadequate cash flow causing it to default on bond interest payments.{{efn|After Morgan's death, the IMMC was forced to apply for bankruptcy protection in 1915. Its fortunes were saved by [[World War I]], and it eventually re-emerged as the [[United States Lines]], which went bankrupt in 1986.}}{{sfn|Clark|Clark|1997}}<ref>Steven H. Gittelman, ''J. P. Morgan and the Transportation Kings: The Titanic and Other Disasters'' (Lanham: University Press of America, 2012).<!-- ISSN/ISBN, pages needed --></ref>

In response to the sinking, Morgan purportedly said:

{{blockquote|Monetary losses amount to nothing in life. It is the loss of life that counts. It is that frightful death.<ref>{{cite news|last=Daugherty|first=Greg|title=Seven Famous People who missed the Titanic| url=https://www.smithsonianmag.com/history/seven-famous-people-who-missed-the-titanic-101902418/|access-date=February 26, 2023|newspaper=Smithsonian Magazine|date=March 2012}}</ref>}}

===Panic of 1907===
[[File:Morgan, Sam.jpg|thumb|left|upright=.8|Morgan's overpowering role in the American economy was demonstrated in this political cartoon.]]
The [[Panic of 1907]] was a financial crisis that almost crippled the American economy. Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis.{{sfn|Carosso|1987|pp=528–48}}{{sfn|Bruner|Carr|2007|p={{page needed|date=January 2023}}}} To ease the crisis, Secretary of the Treasury [[George B. Cortelyou]] earmarked $35 million of federal money to deposit in New York banks.<ref>{{cite book|last1=Fridson|first1=Martin S.|title=It Was a Very Good Year: Extraordinary Moments in Stock Market History|date=1998|publisher=John Wiley & Sons|page=6|isbn=9780471174004|url=https://books.google.com/books?id=wQxxN7W1vowC&q=george+cortelyou+%2435+million&pg=PA6|access-date=September 21, 2015}}</ref> Morgan then met with the nation's leading financiers in his New York mansion, where he forced them to devise a plan to meet the crisis. [[James Stillman]], president of the National City Bank, also played a central role. Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations.{{sfn|Carosso|1987|pp=528–48}}

A delicate issue arose regarding the brokerage firm of Moore and Schley, which was deeply invested in the [[Tennessee Coal, Iron and Railroad Company]] (TCI). Moore and Schley had used over $6 million of TCI stock as collateral for loans to Wall Street banks, which the firm now could not pay. If Moore and Schley failed, it could precipitate a larger crisis. Thus, Morgan proposed merging the TCI with U.S. Steel, one of its chief competitors.{{citation needed|date=March 2024}}

U.S. Steel president [[Elbert Gary]] agreed, but was concerned that [[antitrust]] implications could obstruct the merger. Morgan sent Gary to see President [[Theodore Roosevelt]], who promised legal immunity for the deal. U.S. Steel thereupon paid $30 million for the TCI stock and Moore and Schley was saved. The announcement had an immediate effect; by November 7, 1907, the panic was over.{{sfn|Carosso|1987|pp=528–48}}

===Criticisms and investigations===
[[File:I Like a Little Competition.jpg|alt=|thumb|upright|''"I Like a Little Competition"—J. P. Morgan'', [[pen and ink]] by [[Art Young]], relating to the answer Morgan gave to the [[Pujo Committee]] in 1912, when asked whether he disliked competition{{sfn|Burgan|2007|p=93}}]]
While conservatives hailed Morgan for civic responsibility, strengthening the national economy, and devotion to the arts and religion, critics of banking and consolidation viewed him as one of the leading figures in the system they rejected.{{sfn|Strouse|1999|p={{page needed|date=January 2023}}}}{{sfn|Morris|2006|p={{page needed|date=January 2023}}}} They attacked Morgan for the terms of his 1895 loan of gold to the U.S. Treasury. Many,{{who|date=January 2023}} including writer [[Upton Sinclair]], attacked him for his handling of the [[Panic of 1907]].{{how|date=January 2023}}

In December 1912, Morgan testified before the [[Pujo Committee]], a subcommittee of the [[United States House Committee on Banking and Currency|House Banking and Currency committee]]. The committee ultimately concluded that a small number of financial leaders was exercising considerable control over many industries. The partners of J.P. Morgan & Co. and directors of First National and [[Citibank|National City Bank]] controlled aggregate resources of $22.245&nbsp;billion, which [[Louis Brandeis]] compared to the value of all the property in the twenty-two states west of the [[Mississippi River]].{{sfn|Brandeis|1914|loc=ch. 2}}

In the early 2000s, an investigation by historian James Lide discovered that through parts of its business, [[JPMorgan Chase]] accepted thousands of slaves as collateral on loans made to plantation owners in the early 19th century, and that it ended up owning several hundred slaves.<ref>{{Cite news |last=JOURNAL |first=Robin SidelStaff Reporter of THE WALL STREET |title=A Historian's Quest Links J.P. Morgan To Slave Ownership |url=https://www.wsj.com/articles/SB111568595843228824 |access-date=May 1, 2023 |newspaper=Wall Street Journal |date=May 10, 2005 |language=en-US}}</ref> The banks in question, Citizens' Bank and Canal Bank, both now part of JPMorgan, served plantations from the 1830s until the [[American Civil War]], and sometimes took ownership of slaves when the plantation owners defaulted on loans. JPMorgan estimated that between 1831 and 1865, the two banks accepted approximately 13,000 slaves as collateral and ended up owning about 1,250 slaves. An apology was made in compliance with a rule requiring companies to detail past dealings with the slave trade when doing business with the city of Chicago.<ref>{{Cite web |last=Moore |first=Jamillah |date=June 30, 2022 |title=JP Morgan Bank Slavery Disclosure |url=https://www.phila.gov/media/20230206134453/JP-Morgan-Bank-Slavery-Disclosure.pdf |access-date=May 2, 2023 |website=City of Philadelphia}}</ref><ref>{{Cite journal |last=Janssen |first=Claudia I. |date=January 2012 |title=Addressing Corporate Ties to Slavery: Corporate Apologia in a Discourse of Reconciliation |url=http://www.tandfonline.com/doi/abs/10.1080/10510974.2011.627974 |journal=Communication Studies |language=en |volume=63 |issue=1 |pages=18–35 |doi=10.1080/10510974.2011.627974 |s2cid=30404803 |issn=1051-0974|url-access=subscription }}</ref>

==List of Morgan corporations==
From 1890 to 1913, 42 major corporations were organized or their securities were [[Underwriting|underwritten]], in whole or part, by J.P. Morgan and Company.<ref>Meyer Weinberg, ed. ''America's Economic Heritage'' (1983) 2: 350.{{ISBN needed|date=March 2018}}</ref>

===Manufacturing and construction industry===
{{colbegin|colwidth=22em}}
* [[Aetna|Aetna Inc.]]
* [[American Bridge Company]]
* [[American Can Company]]
* [[American Telephone & Telegraph]]
* [[Atlas Portland Cement Company]]
* ''Boomer Coal & Coke''
* [[Consolidated Edison]]
* [[DuPont]]
* [[Federal Steel Company]]
* [[General Electric]]
* [[General Motors]]
* ''Hartford Carpet Corporation''
* ''Inspiration Consolidated Copper Company''
* [[International Harvester]]
* [[International Mercantile Marine]]
* [[International Telephone & Telegraph]]
* [[J. I. Case Threshing Machine]]
* [[Kennecott Utah Copper|Kennecott Copper]]
* [[Chester Pipe and Tube Company|National Tube]]
* [[Montgomery Ward]]
* [[Pullman Car Company]]
* [[United Dry Goods]]
* [[United States Steel Corporation]]
* [[Western Union]]
{{colend}}

===Railroads===
{{colbegin|colwidth=22em}}
* [[Atchison, Topeka and Santa Fe Railway]]
* [[Atlantic Coast Line Railroad|Atlantic Coast Line]]
* [[Baltimore and Ohio Railroad]]
* [[Central of Georgia Railway]]
* [[Chesapeake and Ohio Railway]]
* [[Chicago and Western Indiana Railroad]]
* [[Chicago, Burlington and Quincy]]
* [[Chicago Great Western Railway]]
* [[Chicago, Indianapolis & Louisville Railroad]]
* [[Elgin, Joliet and Eastern Railway]]
* [[Erie Railroad]]
* [[Florida East Coast Railway]]
* [[Great Northern Railway (U.S.)|Great Northern Railway]]
* [[Hocking Valley Railway]]
* [[Jersey Central Railroad]]
* [[Lehigh Valley Railroad]]
* [[Louisville and Nashville Railroad]]
* [[New York Central System]]
* [[New York, New Haven and Hartford Railroad]]
* [[New York, Ontario and Western Railway]]
* [[New York, Susquehanna and Western Railway]]
* [[Nickel Plate Road]]
* [[Northern Pacific Railway]]
* [[Pennsylvania Railroad]]
* [[Pere Marquette Railroad]]
* [[Reading Company|Reading Railroad]]
* [[St. Louis–San Francisco Railway]]
* [[Southern Railway (U.S.)|Southern Railway]]
* [[Terminal Railroad Association of St. Louis]]
{{colend}}

==Personal life==
===Marriages and children===
[[File:J.P. Morgan and J.P. Morgan Jr.png|thumb|upright|J. P. Morgan walking alongside his son in the last known photograph of the two together (c. 1913)]]
In October 1861, Morgan married Amelia "Memi" Sturges (1835–1862) at her home on 5 East Fourteenth Street. He had courted her for two years, and when they married, Memi was already seriously ill with [[tuberculosis]]. Morgan had to carry her to the drawing room for a small private ceremony and afterwards to the carriage which took them to the pier. They traveled to Algiers, where he hoped the warm climate would restore their health, but it did not, and she died in Nice in February 1862, four months and ten days after their marriage.{{sfn|Carosso|1987|p=94}}

On May 31, 1865, Morgan married Frances Louisa "Fanny" Tracy (1842–1924), whom he met at [[St. George's Episcopal Church (Manhattan)|St. George's Church]]. They had four children:
* Louisa Pierpont Morgan (1866–1946), who married [[Herbert L. Satterlee]] (1863–1947){{sfn|Satterlee|1939|p={{page needed|date=January 2023}}}}
* [[J. P. Morgan Jr.]] (1867–1943), who succeeded his father and married [[Jane Norton Grew]]
* Juliet Pierpont Morgan (1870–1952), who married William Pierson Hamilton (1869–1950), a grandson of [[John Church Hamilton]]
* [[Anne Morgan (philanthropist)|Anne Tracy Morgan]] (1873–1952), philanthropist

===Appearance===
[[File:J. P. Morgan beating a photographer with his stick.jpg|thumb|upright=.8|left|Morgan was self-conscious about his [[rosacea]] and hated being photographed without permission.]]
Morgan often had a tremendous physical effect on people; one man said that a visit from Morgan left him feeling "as if a gale had blown through the house".<ref name="bioofamerica"/> He was physically large with massive shoulders, piercing eyes, and a purple nose.{{sfn|Gross|2009|p=69}} He was known to dislike publicity and hated being photographed without his permission; as a result of his self-consciousness of his rosacea, all of his professional portraits were retouched.{{sfn|Brands|2010|p=70}} His deformed nose was due to a disease called [[rhinophyma]], which can result from rosacea. As the deformity worsens, pits, nodules, fissures, lobulations, and pedunculation contort the nose. This condition inspired the crude taunt "Johnny Morgan's nasal organ has a purple hue."<ref>Kennedy, David M., and Lizabeth Cohen; ''The American Pageant''; Houghton Mifflin Company: Boston, 2006. p. 541.</ref> Surgeons could have shaved away the rhinophymous growth of sebaceous tissue during Morgan's lifetime, but as a child he suffered from infantile seizures, and Morgan's son-in-law, Herbert L. Satterlee, has speculated that he did not seek surgery for his nose because he feared the seizures would return.{{sfn|Strouse|1999|p=265}}

His social and professional self-confidence were too well established to be undermined by this affliction. It appeared as if he dared people to meet him squarely and not shrink from the sight, asserting the force of his character over the ugliness of his face.{{sfn|Strouse|1999|pp=265–66}}

Morgan smoked dozens of cigars per day and favored large Havana cigars dubbed ''Hercules' Clubs'' by observers.{{sfn|Chernow|2001|p={{page needed|date=January 2023}}}}

===Religion===
Morgan was a lifelong member of the [[Episcopal Church in the United States of America|Episcopal Church]], and by 1890 was one of its most influential leaders.{{sfn|Hein|Shattuck|2005|p={{page needed|date=January 2023}}}} He was a founding member of the [[Church Club of New York]], an Episcopal private member's club in Manhattan.<ref>{{cite web|url=http://churchclubny.org/the-club/history/|title=History|website=The Church Club of New York|access-date=November 17, 2014|archive-date=November 29, 2014|archive-url=https://web.archive.org/web/20141129051959/http://churchclubny.org/the-club/history/|url-status=dead}}</ref> Morgan was appointed as one of the first laymen on the committee that created the 1892 revision of the ''[[Book of Common Prayer]]'', where he petitioned for the creation of a special limited collectible printing that he later financed.<ref>{{cite journal|title=The Evolution of the Standard Prayer Book of 1892|journal=The Independent|date=1893|url= http://justus.anglican.org/resources/bcp/1892Standard/independent_article.htm|access-date=December 3, 2022}}</ref> In 1910, the [[General Convention of the Episcopal Church in the United States of America|General Convention]] of the Episcopal Church established a commission, proposed by Bishop [[Charles Brent]], to implement a world conference of churches to address their differences in their "[[Faith in Christianity|faith]] and [[Holy orders|order]]". Morgan was so impressed by the proposal for such a conference that he contributed $100,000 (equivalent to ${{Format price|{{Inflation|index=US-GDP|value=100,000|start_year=1910|r=-5}}}} in {{Inflation/year|US-GDP}}) to finance the commission's work.<ref>Heather A. Warren, ''Religion in America: Theologians of a New World Order: Rheinhold Niebuhr and the Christian Realists, 1920-1948'' (Oxford University Press, 1997), pg. 16.</ref>

===Residences===
[[File:JPMorganLibrary.jpg|thumb|left|[[The Morgan Library & Museum]] ]]
His house at 219 Madison Avenue was originally built in 1853 by [[John Jay Phelps]] and purchased by Morgan in 1882.<ref>{{cite web|title=J. P. Morgan Home, 219 Madison Avenue|url=http://dcmny.org/islandora/object/murrayhill%3A200|website=Digital Culture of Metropolitan New York|publisher=Digital Culture of Metropolitan New York is a service of the Metropolitan New York Library Council|access-date=March 15, 2015}}</ref> On June 6, 1882, it became the first electrically lit private residence in America. A coal-fueled steam engine provided power for two generators that produced the required electricity.<ref>[https://www.ecmag.com/magazine/articles/article-detail/a-bold-new-dimension-to-business-introducing-electrical-service-and-maintenance-version-2.0 A Bold New Dimension to Business: Introducing electrical service and maintenance version 2.0]</ref><ref>[https://books.google.com/books?id=2_58p3Z69bIC&dq=June+8+1882+Edison+Electric+Company+Morgan&pg=PT15 Empires of Light: Edison, Tesla, Westinghouse, and the Race to Electrify the World]</ref> His interest in the new technology was a result of his financing [[Thomas Alva Edison]]'s [[Edison Illuminating Company|Edison Electric Illuminating Company]] in 1878.{{sfn|Chernow|2001|loc=ch. 4}} It was there that a reception of 1,000 people was held for the marriage of Juliet Morgan and William Pierson Hamilton on April 12, 1894, where they were given a favorite clock of Morgan's. Morgan also owned the "Cragston" estate, located in [[Highland Falls, New York]]. His son, of the same name, was the owner of [[East Island (Long Island Sound)|East Island]] in [[Glen Cove, New York]].{{citation needed|date=July 2022}}

J. P. Morgan spent three months of every year in [[London]] and owned two houses there. His 'town' house, [[14 Prince's Gate, London|13 Prince's Gate]], was inherited from his father and was later expanded by the acquisition of the neighboring Number 14 to house his growing art collection. After his death the merged houses were offered to the US government for use as the residence of the [[List of ambassadors of the United States to the United Kingdom|US Ambassador]], from 1929 to 1955. His other property was Dover House, [[Putney]], which was later demolished and developed into the [[Dover House Estate]].{{citation needed|date=July 2022}}

===Social organizations and philanthropy===
Morgan was a member of the [[Union Club of the City of New York|Union Club]] in New York City. When a friend, [[Erie Railroad]] president John King, was [[Blackballing|blackballed]], Morgan resigned and organized the [[Metropolitan Club (New York City)|Metropolitan Club]] of New York.<ref>{{cite web |url=http://www.today.com/id/3131202/site/todayshow/ns/today-books/t/epic-rockefeller-center/#.UTOz2zebX4U |title=The Epic of Rockefeller Center |publisher=TODAY.com |date=September 30, 2003 |access-date=April 7, 2013 |url-status=dead |archive-url=https://web.archive.org/web/20130528141114/http://www.today.com/id/3131202/site/todayshow/ns/today-books/t/epic-rockefeller-center/#.UTOz2zebX4U |archive-date=May 28, 2013 }}</ref> He donated the land on 5th Avenue and 60th Street at a cost of $125,000, and commanded [[Stanford White]] to "...build me a club fit for gentlemen, forget the expense..."{{sfn|Strouse|1999|p={{page needed|date=January 2023}}}} He invited King in as a charter member and served as club president from 1891 to 1900.<ref>{{Cite web |title=J. P. Morgan |url=https://www.philanthropyroundtable.org/hall-of-fame/j-p-morgan/ |access-date=October 21, 2014 |website=[[Philanthropy Roundtable]]}}</ref>

Morgan was a benefactor of the Morgan Library and Museum, the [[American Museum of Natural History]], the [[Metropolitan Museum of Art]], the [[British Museum]], [[Groton School]], [[Harvard University]] (especially its [[Harvard Medical School|medical school]]), [[Trinity College (Connecticut)|Trinity College]], the [[Lying-in Hospital]] of the City of New York, and the New York trade schools.{{citation needed|date=March 2024}}

{{Clear|left}}

===Yachting===
[[File:Jsj-504a-corsair.jpg|thumb|upright|J. P. Morgan's yacht ''Corsair II'', later bought by the U.S. Government and renamed the {{USS|Gloucester|1891|6}} to serve in the [[Spanish–American War]]. Photograph by [[John S. Johnston|J. S. Johnston]] ]]
Morgan was the [[Yacht club#Organization|Commodore]] of the [[New York Yacht Club]] (NYYC) and was present at a board meeting on October 27, 1898, to discuss the construction of a new clubhouse.   Morgan offered to acquire a {{convert|75|by|100|ft|adj=on|m}} plot on 44th Street in midtown Manhattan <ref name="p574511646">{{cite news |date=October 28, 1898 |title=Yachting: Commodore Morgan Gives the New-york Club a Site for a House to Race for the Canadian Cup Yacht Associations Meet |page=4 |work=New-York Tribune |id={{ProQuest|574511646}}}}</ref><ref name="nyt-1898-10-28">{{Cite news |date=October 28, 1898 |title=Commodore Morgan's Gift; Presents Three Lots to the N.Y. Yacht Club for a New Home |language=en-US |work=The New York Times |url=https://www.nytimes.com/1898/10/28/archives/commodore-morgans-gift-presents-three-lots-to-the-ny-yacht-club-for.html |access-date=October 26, 2022 |issn=0362-4331 |archive-date=October 26, 2022 |archive-url=https://web.archive.org/web/20221026160734/https://www.nytimes.com/1898/10/28/archives/commodore-morgans-gift-presents-three-lots-to-the-ny-yacht-club-for.html |url-status=live }}</ref> if the NYYC raised its annual membership dues from $25 to $50 and the new clubhouse occupied the entire site.<ref name="nyt-1898-10-28"/> The NYYC's board accepted his offer, and Morgan bought the lots the next day for $148,000 and donated to the club.<ref name="nyt-1898-10-29">{{Cite news |date=October 29, 1898 |title=New Yacht Club House; Commodore Morgan Buys a 75-Foot Frontage in Forty-fourth Street for a Site. |language=en-US |work=The New York Times |url=https://www.nytimes.com/1898/10/29/archives/new-yacht-club-house-commodore-morgan-buys-a-75foot-frontage-in-for.html |access-date=October 26, 2022 |issn=0362-4331 |archive-date=October 26, 2022 |archive-url=https://web.archive.org/web/20221026160735/https://www.nytimes.com/1898/10/29/archives/new-yacht-club-house-commodore-morgan-buys-a-75foot-frontage-in-for.html |url-status=live }}</ref><ref name="p498954045">{{Cite news |date=October 29, 1898 |title=Com Morgan Pays $148,000.: Loses No Time in Making Good His Offer to Provide Site for New Clubhouse for New York Yacht Club |page=5 |work=Boston Daily Globe |id={{proQuest|498954045}}}}</ref>

NYYC members hosted an informal housewarming party on January 29, 1901, giving Morgan a trophy in gratitude of his purchase of the site.<ref name="p1013633831">{{cite news |date=January 30, 1901 |title=N.Y.Y.C. Honors J.P. Morgan: Silver Loving Cup Presented to the Club's Ex-commodore |page=7 |work=The New York Times |issn=0362-4331 |id={{ProQuest|1013633831}}}}</ref><ref name="p173095798">{{cite news |date=January 30, 1901 |title=Harriman Gets Chicago Lines.: Terminal Transfer Company's Stock Reported in Control of Eastern Man. Details of the Deal. Charity Ball for Benefit of Nursery and Childs' Hospital a Success. General New York News. |page=5 |work=Chicago Tribune |id={{ProQuest|173095798}}}}</ref>

An avid yachtsman, Morgan owned several large yachts, the first being the ''Corsair'', built by [[William Cramp & Sons]] for Charles J. Osborn (1837–1885) and launched on May 26, 1880. Osborn was [[Jay Gould]]'s private banker. Morgan bought the yacht in 1882.<ref name="Spirit of the Times 29 May 1880">{{cite news |title=Yacht Corsair |url=http://www.philadelphiaspeaks.com/threads/iron-steam-yacht-corsair-i-cramp-sons-shipyard-1880-1898-renamed-kanapha.43870/ |access-date=July 18, 2018 |publisher=Spirit of the Times |date=May 29, 1880 |archive-url=https://web.archive.org/web/20180718234557/http://www.philadelphiaspeaks.com/threads/iron-steam-yacht-corsair-i-cramp-sons-shipyard-1880-1898-renamed-kanapha.43870/ |archive-date=July 18, 2018 |url-status=dead }}</ref> The well-known quote, "If you have to ask the price, you can't afford it" is commonly attributed to Morgan in response to a question about the cost of maintaining a yacht, although the story is unconfirmed.<ref>{{cite book |title=Business Education World, Vol. 42| year=1961| publisher=Gregg Publishing Company|page=32| url=https://books.google.com/books?id=5hYVAAAAIAAJ&q=%22if+you+have+to+ask+how+much+it+costs+to+run%22}}</ref>

===Collections===
Morgan was a wide-ranging collector of books, manuscripts, decorative arts, bronze statuettes, ivories, clocks, etc., with less of an interest in paintings than most artists. He became a major collector after his father's death in 1891. Referred to as a "collector of collections", he assembled one of the largest and most notable private collections in the world. He was a founding member of the [[Metropolitan Museum of Art]], and a trustee from 1888 to 1913. He became vice-president, then president of the museum in 1904, and directed its emphasis to the pursuit of important, original works. He also donated works to the museum during his lifetime, including a large collection of French decorative arts.<ref>Tomkins, Calvin. ''Merchants and Masterpieces: The Story of the Metropolitan Museum of Art.'' New York: Henry Holt & Co., rev. ed.,1989, pp. 97-99; 100. </ref><ref name="Huber"/>

After the passage of a favorable tariff bill, Morgan's collection was shipped from London (mostly from his house at 14 Princes Gate) to the US. His paintings were exhibited at the Metropolitan in 1913, and the entire collection filled the second floor of a new wing at the Metropolitan in 1914. Many of the most valuable works were sold by his son and heir, J. P. Morgan, Jr., (known as Jack). In 1917, Jack donated a substantial portion of his father's collection, which consisted of thousands of objects, estimated at 40% of the total, to the Metropolitan.<ref>Tomkins, Calvin. ''Merchants and Masterpieces: The Story of the Metropolitan Museum of Art.'' New York: Henry Holt & Co., rev. ed.,1989, pp. 179-182.</ref> He also donated the London house at 14 Princes Gate to the U.S. Government to serve as its embassy.<ref name="Tomkins">Tomkins, Calvin (1989). ''Merchants and Masterpieces'' (Revised and updated ed.). New York: Henry Holt & C. {{ISBN|0-8050-1034-3}}.</ref>

For a number of years, the British artist and art critic Roger Fry served as a curator, and subsequently as a purchasing agent. He came into conflict with Morgan, and his employment at the museum came to an end.<ref>Tomkins, Calvin. ''Merchants and Masterpieces: The Story of the Metropolitan Museum of Art.'' New York: Henry Holt & Co., rev. ed.,1989, pp. 103-110. </ref><ref>Virginia Woolf, ''[[Roger Fry: A Biography]]'', London, the Hogarth Press, 1940</ref><ref name="Tomkins" />

Some paintings and art objects, as well as most of his rare books and manuscripts are in the [[Morgan Library & Museum]] on 36th Street, near [[Madison Avenue]] in New York City.<ref>{{Cite web |title=Home |url=https://www.themorgan.org/content/home |access-date=2025-07-04 |website=The Morgan Library & Museum |language=en}}</ref> His son, J. P. Morgan Jr., made the [[Morgan Library & Museum|Pierpont Morgan Library]] a public institution in 1924, as a memorial to his father. He appointed [[Belle da Costa Greene]], his father's private librarian, as its first director.{{sfn|Auchincloss|1990|p={{page needed|date=January 2023}}}}

====Gems====
By the turn of the century, Morgan had become one of America's most important collectors of gems and had assembled the most important gem collection in the U.S.  [[Tiffany & Co.]] assembled his first collection, which comprised over 1,000 American gemstones, under Tiffany's chief gemologist, [[George Frederick Kunz]]. The collection was exhibited at the World's Fair in Paris in 1889. The exhibit won two golden awards and drew the attention of important scholars, lapidaries, and the general public.<ref>[http://www.farlang.com/gemstones/kunz_gems_and_precious_stones/page_351 ''Morgan and His Gem Collection'']; George Frederick Kunz: Gems and Precious Stones of North America, New York, 1890, accessed online February 20, 2007.</ref>

George Frederick Kunz continued to build a second, even finer, collection which was exhibited in Paris in 1900. These collections have been donated to the [[American Museum of Natural History]] in New York, where they were known as the Morgan-Tiffany and the Morgan-Bement collections.<ref>[http://www.farlang.com/gemstones/kunz-history-north-carolina-gems/page_012 ''Morgan and His Gem Collections'']; donations to AMNH; in George Frederick Kunz: History of Gems Found in North Carolina, Raleigh, 1907, accessed online February 20, 2007.</ref>

====Photography====
[[File:Morgan collection US gems.jpg|thumb|upright=0.8|U.S. [[gemstone]]s from the Morgan collection]]
Morgan was a patron to photographer [[Edward S. Curtis]], offering Curtis $75,000 in 1906 (equivalent to ${{Format price|{{Inflation|index=US-GDP|value=75,000|start_year=1906|r=-4}}}} in {{Inflation/year|US-GDP}}) to create a series on the [[Native Americans in the United States|American Indians]].<ref>{{cite web| title=Biography| url=http://www.fluryco.com/curtis/index.htm| work=Edward S. Curtis| publisher=Flury & Company| location=Seattle| page=4| access-date=August 7, 2012| archive-url=https://web.archive.org/web/20120807071011/http://www.fluryco.com/curtis/index.htm| archive-date=August 7, 2012| url-status=dead| df=mdy-all}}</ref> Curtis eventually published a 20-volume work entitled ''The North American Indian''.<ref>{{Cite web|url=https://dc.library.northwestern.edu/collections/55ff2504-dd53-4943-b2cb-aeea46e77bc3|title=Digital Collections - Libraries - Northwestern University|website=dc.library.northwestern.edu}}</ref> Curtis also produced a motion picture, ''[[In the Land of the Head Hunters]]'' (1914), which was restored in 1974 and re-released as ''In the Land of the War Canoes''. Curtis was also famous for a 1911 [[magic lantern]] slide show ''[[The Indian Picture Opera]]'' which used his photos and original musical compositions by composer [[Henry F. Gilbert]].<ref>{{cite web|url=http://www.customflix.com/Store/ShowEStore.jsp?id=218654 |archive-url=https://web.archive.org/web/20070311140326/http://www.customflix.com/Store/ShowEStore.jsp?id=218654 |url-status=dead |archive-date=March 11, 2007 |title=The Indian Picture Opera—A Vanishing Race }}</ref>

==Death==
It is said in the newspaper on March 31, 1913, that Morgan fell ill to "a long sinking spell" which included symptoms of extreme weakness, nervousness after his realization of the inability to take in food due to a paralysis of the muscles in his throat; no other organic trouble was present. When he tried to speak, contraction of his throat followed. As his condition worsened, he was in and out of consciousness, while they gave him food through "injection".<ref>{{Cite web |title=Atlanta Georgian (Atlanta, Ga.), March 31, 1913, (HOME) |url=https://www.loc.gov/item/sn89053729/1913-03-31/ed-1/ |access-date=January 22, 2024 |website=Library of Congress, Washington, D.C. 20540 USA}}</ref> Morgan had been traveling abroad and died on March 31, 1913, in his sleep at the Grand Hotel Plaza in Rome, Italy. His body was brought back to America aboard the {{SS|France|1910|6}}, a French Line passenger ship.<ref>''The Only Way to Cross'' by [[John Maxtone-Graham]]</ref> Flags on Wall Street flew at [[half-staff]], and in an honor usually reserved for heads of state, the stock market closed for two hours when his body passed through New York City.<ref>[[Modern Marvels]] episode "The Stock Exchange" originally aired on October 12, 1997.</ref> His body was brought to lie in his home and adjacent library the first night of arrival in New York City. His remains were interred in the [[Cedar Hill Cemetery (Hartford, Connecticut)|Cedar Hill Cemetery]] in his birthplace of [[Hartford, Connecticut]]. His son, [[J. P. Morgan Jr.|John Pierpont "Jack" Morgan Jr.]], inherited the banking business.<ref>{{cite web | url=http://www.cedarhillcemetery.org/Morgan.htm| archive-url=https://archive.today/20060827093959/http://www.cedarhillcemetery.org/Morgan.htm| url-status=dead| title=Cedar Hill Cemetery|date=August 27, 2006|archive-date=August 27, 2006}}</ref> 
His estate was worth $68.3&nbsp;million (${{Format price|{{Inflation|index=US-GDP|value=68,300,000|start_year=1913|r=-7}}}} in {{Inflation/year|US-GDP}} dollars), of which about $30&nbsp;million represented his share in the New York and Philadelphia banks. The value of his art collection was estimated at $50&nbsp;million.{{sfn|Chernow|2001|loc=ch. 8}}

===Legacy===
His son, [[J. P. Morgan Jr.]], took over the business at his father's death, but he was never as influential. The 1933 [[Glass–Steagall Act]] forced the dissolution of the House of Morgan into three entities: 
* [[J.P. Morgan & Co.]], which later became [[Morgan Guaranty Trust]] and ended up merging with Chase Bank
* [[Morgan Stanley]], an investment house formed by his grandson [[Henry Sturgis Morgan]]
* [[Morgan Grenfell]] in London, an overseas securities house{{citation needed|date=March 2024}}

The gemstone [[morganite]] was named in his honor.<ref>[https://web.archive.org/web/20031206013638/http://www.gemstone.org/gem-by-gem/english/morganite.html Morganite], International Colored Gemstone Association, accessed online January 22, 2007.</ref>

The [[Cragston Dependencies]], associated with his estate, Cragston (at [[Highlands, New York]]), was listed on the [[National Register of Historic Places]] in 1982.<ref name="nris">{{NRISref|2009a}}</ref>

==Popular culture==
[[File:John Pierpont Morgan memorial.jpg|thumb|upright=.8|John Pierpont Morgan memorial in [[Cedar Hill Cemetery (Hartford, Connecticut)|Cedar Hill Cemetery]] ]]
* A contemporary literary biography of Morgan is used as an allegory for the financial environment in America after World War I in the second volume, ''Nineteen Nineteen'', of [[John Dos Passos]]' [[U.S.A. trilogy|''U.S.A.'' trilogy]].
* Morgan appears as a character in Caleb Carr's novel ''[[The Alienist]]'',<ref>{{cite book | last=Carr| first=Caleb| title=The Alienist| url=https://archive.org/details/alienist000carr| url-access=registration| year=1994| publisher=Random House| isbn=9780679417798}}</ref> in E. L. Doctorow's novel ''[[Ragtime (novel)|Ragtime]]'',<ref>{{cite book | last=Doctorow| first=E. L.| title=Ragtime| url=https://archive.org/details/ragtimedocto00doct| url-access=registration| year=1975| publisher=Random House| isbn=9780394469010}}</ref> in Steven S. Drachman's novel ''[[The Ghosts of Watt O'Hugh]]'',<ref>{{cite book | last=Drachman| first=Steven S.| title=The Ghosts of Watt O'Hugh|year=2011| isbn=9780578085906| pages=2, 17–28, 33–34, 70–81, 151–159, 195| publisher=Chickadee Prince Books}}</ref>  in Graham Moore's novel ''The Last Days of Night,''<ref>{{cite book | last=Moore| first=Graham| title=The Last Days of Night| year=2016| publisher=Random House}}</ref> and in [[Heather Terrell|Marie Benedict]] and [[Victoria Christopher Murray]]'s novel ''The Personal Librarian''.<ref>{{Cite book|last=Benedict|first=Marie|title=The Personal Librarian|publisher=Berkley|year=2021|isbn=978-0593101537}}</ref>
* Morgan is believed to have been the model for Walter Parks Thatcher (played by [[George Coulouris]]), guardian of the young ''[[Citizen Kane]]'' (film directed by [[Orson Welles]]) with whom he has a tense relationship—Kane blaming Thatcher for destroying his childhood.<ref>{{cite web | url=http://www.filmsite.org/citi.html |title=Citizen Kane (1941) |publisher=Filmsite.org |date=May 1, 1941 |access-date=April 7, 2013}}</ref>
* According to Phil Orbanes, former vice president of Parker Brothers, the [[Rich Uncle Pennybags]] of the American version of the board game ''[[Monopoly (game)|Monopoly]]'' is modeled after J. P. Morgan.<ref>Association of Game and Puzzle Collectors Quarterly www.AGPC.ORG summer 2013 Vol.15 No. 2. Page 18. Meet Daniel Gidahlia Fox - The Artist Who Created "Mr. Monopoly" by Emily F.Clements.</ref> The family of the illustrator Daniel Fox, who in 1936 created the mascot for the game, have credited J. P. Morgan as being the inspiration for the character.<ref>{{cite web|last=Turpin |first=Zachary |title=Interview: Phil Orbanes, Monopoly Expert (Part Two) |url=http://www.bookofodds.com/Daily-Life-Activities/Hobbies-Recreation/Articles/A0725-Interview-Phil-Orbanes-Monopoly-Expert-Part-Two |archive-url=https://web.archive.org/web/20100502234420/http://bookofodds.com/Daily-Life-Activities/Hobbies-Recreation/Articles/A0725-Interview-Phil-Orbanes-Monopoly-Expert-Part-Two |url-status=dead |archive-date=May 2, 2010 |publisher=Book of Odds |access-date=February 20, 2012 }}</ref>
* Morgan's career is highlighted in episodes three and four of the History Channel's ''[[The Men Who Built America]]''.<ref>{{cite web|url=http://www.thehistorychannelclub.com/articles/articletype/articleview/articleid/1631/the-men-who-built-america|title=The Men Who Built America > The History Channel Club|date=September 30, 2012|url-status=dead|archive-url=https://web.archive.org/web/20120930003432/http://www.thehistorychannelclub.com/articles/articletype/articleview/articleid/1631/the-men-who-built-america|archive-date=September 30, 2012}}</ref>
* "My Name Is Morgan (But It Ain't J.P.)" – 1906 popular song released as an [[Edison cylinder]] recording, with words by Will A. Mahoney, music by [[Halsey K. Mohr]], and sung by [[Bob Roberts (singer)|Bob Roberts]]. Originally released as a "[[coon song]]" but revised over the years, a poor man named Morgan tells his girlfriend not to mistake him for a rich man.<ref>Cass Canfield, The Incredible Pierpont Morgan: financier and art collector; Harper & Row (1974), p. 125</ref><ref>David A. Jasen, A Century of American Popular Music, Routledge, October 15, 2013, page 142</ref>
* 1950s popular singer, later game show panelist [[Jaye P. Morgan]], born Mary Margaret Morgan, acquired the nickname reflecting J.P. Morgan while serving as her high school class treasurer.
* The villain of [[Street Fighter 6]] is an elderly upper-class banker that uses a variety of aliases, all of which have the initials "JP". He claims to have lived for over one hundred years, empowered by his business association with [[M. Bison]]
* In the 2012 TV series called ''[[Titanic: Blood and Steel]]'', J. P. Morgan was portrayed by [[Chris Noth]] (6 episodes/Episodes 1, 7-9 & 11-12).
* [[Donald Trump]] called for J. P. Morgan's investigation in connection with [[Jeffrey Epstein]] even though Morgan died decades before Epstein was even born. <ref> https://x.com/AGPamBondi/status/1989411168067440722 </ref>

==See also==
* [[Ventfort Hall Mansion and Gilded Age Museum]]
* {{SS|J. Pierpont Morgan}}, a [[lake freighter]] named after Morgan

==Notes==
{{Notelist}}

==References==
{{Reflist|colwidth=30em}}

==Sources==

* {{cite book|last=Auchincloss|first=Louis|author-link=Louis Auchincloss|title=J.P. Morgan: The Financier as Collector|year=1990|publisher=Harry N. Abrams, Inc.|isbn=0-8109-3610-0}}
* {{cite book|last1=Bruner|first1=Robert F.|last2=Carr|first2=Sean D.|title=The Panic of 1907: Lessons Learned from the Market's Perfect Storm|year=2007}}
* {{cite book|last=Brandeis|first=Louis|author-link=Louis Brandeis|title=Other People's Money and How the Bankers Use It|url=https://archive.org/details/otherpeoplesmone00bran/page/n5/mode/2up?view=theater|year=1914|publisher=Frederic A. Stokes Company|location=New York}}
* {{cite book |last1=Brands |first1=H.W. |author-link=H. W. Brands |title=American Colossus: The Triumph of Capitalism, 1865–1900 |title-link=American Colossus: The Triumph of Capitalism, 1865–1900 |date=2010 |publisher=[[Doubleday (publisher)|Doubleday]] |location=New York}}
* {{cite book | last=Burgan|first=Michael| url-access=registration| title=J. Pierpont Morgan: Industrialist and Financier| publisher=Capstone | url=https://archive.org/details/jpierpontmorgan00mich/|year=2007}}
* {{cite book|last=Carosso|first=Vincent P.|title=The Morgans: Private International Bankers, 1854–1913|publisher=Harvard Univ. Press|year=1987|pages=888|isbn=978-0-674-58729-8}}
* {{cite book|last=Chernow|first=Ron|author-link=Ron Chernow|title=The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance|year=2001|publisher=Springer |isbn=0-8021-3829-2}}
* {{cite journal|last1=Clark|first1=John J.|last2=Clark|first2=Margaret T.|year=1997|title=The International Mercantile Marine Company: A Financial Analysis|journal=American Neptune|volume=57|issue=2|pages=137–154}}
* {{cite journal|last=Garraty|first=John A.|year=1960|title=The United States Steel Corporation Versus Labor: the Early Years|journal=Labor History|volume=1|issue=1|pages=3–38|doi=10.1080/00236566008583839}}
* {{Cite book|last=Gross|first=Michael|title=Rogues' Gallery: The Secret History of the Moguls and the Money That Made the Metropolitan Museum|date=2009|publisher=Broadway Books|isbn=978-0-7679-2488-7|location=New York|pages=69|oclc=244417339}}
* {{cite book|title=The Episcopalians|last1=Hein|first1=David|last2=Shattuck|first2=Gardiner H. Jr.|location=Westport|publisher=[[Praeger Publishers|Praeger]]|year=2005}}
* {{Cite book|title=The Tycoons: How Andrew Carnegie, John D. Rockefeller, Jay Gould, and J. P. Morgan Invented the American Supereconomy|last=Morris|first=Charles|publisher=Holt Paperbacks|year=2006|isbn=978-0-8050-8134-3|location=New York}}
* {{cite book|last1=Rottenberg|first1=Dan|title=The Man Who Made Wall Street: Anthony J. Drexel and the Rise of Modern Finance|date=2006|publisher=University of Pennsylvania Press|page=98|isbn=9780812219661|url=https://books.google.com/books?id=ZL-BpElFOVwC&q=anthony+drexel+pierpont+mentor&pg=PA98|access-date=September 21, 2015}}
* {{cite book|last=Satterlee|first=Herbert L.|author-link=Herbert L. Satterlee|title=J. Pierpont Morgan|location=New York|publisher=The Macmillan Company|year=1939}}, written by Morgan's son-in-law
* {{cite book | last=Strouse| first=Jean| title=Morgan, American Financier| url=https://archive.org/details/morganamericanfi00stro| url-access=limited| year=1999 | publisher=Perennial| isbn=978-0-06-095589-2}}

==Further reading==
{{Library resources box|by=yes}}

===Biographies===

* Bryman, Jeremy. ''J. P. Morgan: Banker to a Growing Nation''. Morgan Reynolds Publishing (2001) {{ISBN|1-883846-60-9}}, for middle schools
* Wheeler, George, ''Pierpont Morgan and Friends: the Anatomy of a Myth'', Englewood Cliffs, N.J., Prentice-Hall, 1973. {{ISBN|0136761488}}

===Specialized studies===

* Carosso, Vincent P. ''Investment Banking in America: A History'' Harvard University Press (1970)
* De Long, Bradford. "Did JP Morgan's Men Add Value?: An Economist's Perspective on Financial Capitalism", in Peter Temin, ed., ''Inside the Business Enterprise: Historical Perspectives on the Use of Information'' (1991) pp.&nbsp;205–36; shows firms with a Morgan partner on their board had higher stock prices (relative to book value) than their competitors
* Forbes, John Douglas. ''J. P. Morgan Jr. 1867–1943'' (1981). 262 pp. biography of his son
* Fraser, Steve. ''Every Man a Speculator: A History of Wall Street in American Life'' HarperCollins (2005)
* Garraty, John A. ''Right-Hand Man: The Life of George W. Perkins''. (1960) {{ISBN|978-0-313-20186-8}}; Perkins was a top aide 1900–1910
* Geisst;  Charles R. [https://www.questia.com/PM.qst?a=o&d=104746636 ''Wall Street: A History from Its Beginnings to the Fall of Enron''] {{Webarchive|url=https://web.archive.org/web/20120701235439/http://www.questia.com/PM.qst?a=o&d=104746636 |date=July 1, 2012 }}. Oxford University Press. 2004.
*  Giedeman, Daniel C. "J. P. Morgan, the Clayton Antitrust Act, and Industrial Finance-Constraints in the Early Twentieth Century", ''Essays in Economic and Business History'', 2004 22: 111–126
* Hannah, Leslie. "J. P. Morgan in London and New York before 1914", ''Business History Review'' 85 (Spring 2011) 113–50
* {{Cite magazine |last=Keys |first=C.M.|date=January 1908|title=The Builders I: The House of Morgan |magazine=[[The World's Work]]|volume=15|issue=2|pages=9779–9704|url= https://books.google.com/books?id=hKPvxXgBN1oC&pg=PA9779|access-date=July 10, 2009}}
* Moody, John. [https://archive.org/details/mastersofcapitaljohn00moodiala ''The Masters of Capital: A Chronicle of Wall Street''] (1921)

===Other===
* {{Cite magazine |last=Baker |first=Ray Stannard |author-link=Ray Stannard Baker|date=October 1901 |title=J. Pierpont Morgan |magazine=[[McClure's|McClure's Magazine]] |volume=17|issue=6 |pages=507–518|url= https://books.google.com/books?id=lr-bCiU2VTgC&pg=PA507|access-date=July 10, 2009}}, a biographical magazine article
* {{cite book|last=Brands|first=H.W.|author-link=H. W. Brands|title=Masters of Enterprise: Giants of American Business from John Jacob Astor and J. P. Morgan to Bill Gates and Oprah Winfrey|year=1999}}, including a short biography of Morgan

==External links==
{{Wikiquote}}
{{Commons category|J. P. Morgan (banker)}}
* [http://www.themorgan.org/ The Morgan Library and Museum], 225 Madison Ave, New York, NY 10016
* [https://www.pbs.org/wgbh/americanexperience/features/1900-business-industrialists/ ''The American Experience—J.P. Morgan'']
* {{Wikisource-inline|list=
** {{Cite CAB|wstitle=Morgan, John Pierpont|pages=12-14|short=x |noicon=x}}
** {{Cite EB1911|wstitle=Morgan, John Pierpont|short=x |noicon=x}}
** {{Cite NIE|wstitle=Morgan, John Pierpont|year=1905|short=x |noicon=x}}
}}

{{S-start}}
{{S-culture}}
{{Succession box
  |title  = [[File:Metropolitan Museum of Art by Simon Fieldhouse.jpg|44px]]<br />[[List of Presidents of the Metropolitan Museum of Art|President of the Metropolitan Museum of Art]]
  |years  = 1904–1913
  |before = [[Frederic W. Rhinelander]]
  |after  = [[Robert W. DeForest]]
}}
{{S-end}}
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{{JPMorgan Chase}}
{{Portal bar|Biography|Business and economics|Connecticut|London transport|Trains}}
{{Authority control}}

{{DEFAULTSORT:Morgan, J. P.}}
[[Category:1837 births]]
[[Category:1913 deaths]]
[[Category:19th-century American businesspeople]]
[[Category:19th-century American Episcopalians]]
[[Category:20th-century American businesspeople]]
[[Category:20th-century American Episcopalians]]
[[Category:American art collectors]]
[[Category:American bankers]]
[[Category:American book and manuscript collectors]]
[[Category:American financial company founders]]
[[Category:American financiers]]
[[Category:American railway entrepreneurs]]
[[Category:Burials at Cedar Hill Cemetery (Hartford, Connecticut)]]
[[Category:Businesspeople from Hartford, Connecticut]]
[[Category:Businesspeople from New York City]]
[[Category:Cheshire Academy alumni]]
[[Category:English High School of Boston alumni]]
[[Category:General Electric people]]
[[Category:Gilded Age]]
[[Category:House of Morgan|J. P.]]
[[Category:JPMorgan Chase employees]]
[[Category:Knights of the Order of Saints Maurice and Lazarus]]
[[Category:Members of the New York Yacht Club]]
[[Category:Morgan family|J. P.]]
[[Category:Philanthropists from New York (state)]]
[[Category:Presidents of the Metropolitan Museum of Art]]
[[Category:U.S. Steel people]]
[[Category:University of Göttingen alumni]]