The New International Encyclopædia/Morgan, John Pierpont

MORGAN, John Pierpont (1837—). An American banker and financier, the son of J. S. Morgan (q.v.), a well-known banker. He was born at Hartford, Conn., and was educated at the English High School, Boston, and at the University of Göttingen, Germany. In 1857 he returned to America, and entered the banking house of Duncan, Sherman & Co., in New York City. In 1860 he became an American agent for George Peabody & Co., of London, and in 1864 became a partner in the firm of Dabney, Morgan & Co., dealers in investment securities. In 1871 he entered as a partner the banking firm of Drexel, Morgan & Co., which later was changed to the firm of J. P. Morgan & Co. Shortly after the organization of the Peabody Educational Fund he was chosen treasurer and financial adviser of the trustees. As a financier he signalized himself particularly in the line of reorganization and combination. The United States Steel Corporation, the Northern Securities Company, and the Atlantic shipping combination are examples of his genius in that direction. In 1895 he organized the syndicate that took up the United States bonds issued to increase the gold reserve. He made munificent gifts to hospitals and other institutions in New York City, and to the Harvard Medical School.