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 John Pierpont “Jack” Morgan, Jr

John Pierpont “Jack” Morgan, Jr

Birth
Irvington, Westchester County, New York, USA
Death 13 Mar 1943 (aged 75)
Boca Grande, Lee County, Florida, USA
Burial Hartford, Hartford County, Connecticut, USA
Memorial ID 30621275 · View Source
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Financier, Philanthropist. He became the heir of his father's estate worth more than $50,000,000 in 1913, and although having different personalities, he, like his father, was the most important American financier of his day. He was born into a dynasty of generations of wealthy, successful men. After graduating from Harvard University in 1889, he became a member of his father's banking firm, J.P. Morgan and Company, relocating to the firm's London branch for eight years. Receiving on-the-job training from his grandfather and father, he, at the age of 45, became the President of J.P. Morgan and Company upon his father's death, remaining for the next thirty years. With his British connections, he became the only purchasing agent for the first three years of World War I for the British and French governments, purchasing $3,000,000,000 worth of military and other supplies from American firms on behalf of those countries. He also made loans to Russia. For his part in this adventure, he earned 1% of the total amount spent by the British and French. He rallied more than 2,000 banks to underwrite a total of more than $1,500,000,000 in Allied bonds. At the time, this was the largest foreign loan in the history of Wall Street. Furnishing weapons for the war nearly cost Morgan his life when a German-American terrorist broke into his Long Island mansion on July 3, 1915 shooting Morgan in the groin and thigh, but within six weeks he was back in the office. The United States was a neutral country at the time. After the end of World War I, his firm floated loans totaling more than $10,000,000,000 for European reconstruction. In 1922, he served on the committee in Paris, France concerning German reparations, and was a delegate for the United States reparations conference in 1929. During the American Stock Market Crash of October 1929, Morgan with other bankers pooled their funds in an attempt to halt the decline in stock prices, yet unlike his father who had saved the American economy at least twice, he was not successful in this attempt. As a Republican, he fought against President Franklin D. Roosevelt’s New Deal but failed. Due to new federal banking regulations, his power was not the same as his father's, thus impeding him in making financial deals: He simply could not do what his father did years before to save the nation's economy. The Banking Act of 1933 forced his firm to separate its investment banking from its commercial banking deposit activities. The investment part became Morgan, Stanley and Company, which was co-managed by his son Henry with Harold Stanley, and the commercial banking became J.P. Morgan and Company, which was managed by Morgan. In 1939, before the United States entered World War II, the British and French governments chose J.P. Morgan and Company to sell $1.5 billion of securities in the New York public markets. He was a director of numerous companies including United States Steel Corporation, Northern Pacific Railway, Pullman Company and the Aetna Insurance Company. In regretful hindsight, he secured $100 million in loans before the Great Depression to the Italian Fascist Dictator Benito Mussolini, who became an ally of Hitler and an enemy of the United States in World War II. He donated to many organizations including the Red Cross, the Episcopal Church, the American Legion, and the New York Lying-In Hospital. The building that housed his father's book collection became a reference library in 1924 with his financial support, and today, it is the Morgan Library and Museum. Like his father, he donated many pieces to the Metropolitan Museum of Art in New York City and was a yachtsman with membership at the New York Yacht Club and the Jekyll Island Club on the Georgia coastline. His London home was donated to the United States and is used as the American Embassy. He married and had two sons and three daughters; the daughter Alice died about 1918 as a child. He was listed by “Forbes Magazine” with a three-way tie at #13 for the richest man in the United States in 1918 with $70 million. His Long Island Mansion was sold several times before being leveled to the ground in 1980. He died from a stroke while at a resort in Florida ending 80 years and three generations of a financial dynasty.

Bio by: Linda Davis



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  • Maintained by: Find A Grave
  • Originally Created by: Garver Graver
  • Added: 16 Oct 2008
  • Find A Grave Memorial 30621275
  • Find A Grave, database and images (https://www.findagrave.com : accessed ), memorial page for John Pierpont “Jack” Morgan, Jr (7 Sep 1867–13 Mar 1943), Find A Grave Memorial no. 30621275, citing Cedar Hill Cemetery, Hartford, Hartford County, Connecticut, USA ; Maintained by Find A Grave .