J. P. Morgan Jr. - Philanthropists, Facts and Childhood
J. P. Morgan Jr.'s Personal Details
J
| Information | Detail |
|---|---|
| Birthday | September 7, 1867 |
| Died on | March 13, 1943 |
| Nationality | American |
| Famous | Philanthropists, Harvard University, Business People, Bankers |
| Childrens | Alice Morgan, Henry Sturgis Morgan, Junius Spencer Morgan III |
| Universities |
|
| Notable Alumnis |
|
| Birth Place | New York City |
| Religion | Anglicanism, Episcopal Church |
| Gender | Male |
| Father | J. P. Morgan |
| Sun Sign | Virgo |
| Born in | New York City |
| Famous as | Banker |
| Died at Age | 75 |
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J. P. Morgan Jr.'s photo
Who is J. P. Morgan Jr.?
J. P. Morgan, Jr. was an American banker and a philanthropist; he was the son of the famous banker J. P. Morgan. After the death of his father, he took over the family business interests which included the J. P. Morgan & Co. and inherited a lot of fortune. He contributed largely to the family wealth when he got awarded with an elite contract for the British government as munitions purchasing agent during the World War I. After the war, he went to Europe several times just to report on the financial conditions over there. His profiteering from the war wasn’t liked by many and he was shot twice by an intruder when he was living in his Long Island Mansion. However, he recovered soon and continued with his philanthropic activities. At the time of depression, Morgan Jr. fought largely against Franklin D. Roosevelt’s New Deal. He also became successful in securing around $100M in loans to the Italian dictator Benito Mussolini prior to World War II. J. P. Morgan was a philanthropist by heart and supported a number of organisations which included the Red Cross, New York Lying-In Hospital and the Episcopal Church.
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Childhood & Early Life
J. P. Morgan, Jr. was born in Irvington, New York on September 7, 1867 to J. P. Morgan and Frances Louisa Tracy. His full name was John Pierpont Morgan Jr.
He graduated from the St. Paul’s School and Harvard in 1889 and joined his father’s firm J.P. Morgan & Company, in 1892.
After working in his father’s firm for some time, he moved to London and joined his grandfather's company, J.S. Morgan & Company.
Career
In 1913, his father died and J. P. Morgan, Jr. inherited around $50 million and finally became the head of J. P. Morgan & Co.
During World War I, the company became the sole munitions purchaser for the French and British governments. This was one of the biggest turning points for the company.
Morgan’s company started getting orders and they totalled more than $3 billion. With every sale of the materials, the company earned a commission of 1 percent.
He organised around 2000 banks for underwriting a total of $1,500,000,000 in Allied Bonds for financing the Franco-British requisitions for the credits in United States.
Once the war ended, the company provided loans in excess of $10,000,000,000 for the European reconstruction work.
In 1929, the stock market crashed and Morgan, Jr., and some other major bankers tried hard to stem the decline in the stock prices by pooling their funds, but it was of no help.
In 1933, the Banking Act of that year same year forced his company to separate its investment banking activities from its commercial banking activities. In accordance with the Act Morgan, Stanley and Company became a new investment banking firm. After the separation, Morgan remained the head of J.P. Morgan and Company, which became strictly a commercial banking firm.
Major Works
After the World War I, his trust Morgan Guaranty managed Germany's reparation payments. By 1920s, Morgan Guaranty was a leading lender to Germany and Europe and as a result it became one of the world's most important banking institutions of the time.
Philanthropic Works
Morgan Jr. was much like his father. He hated publicity and continued firmly with his philanthropic deeds.
In 1920, Morgan donated his London home, 14 Princess Gate, to the government of the United States for using it as an embassy. Young John F. Kennedy, the son of Joseph P. Kennedy, the U.S. ambassador, also lived in Morgan’s residence for some time.
In 1924, Morgan also formed the Pierpont Morgan Library as a memorial to his dead father. He opened it as a public institution and later on, his personal librarian Belle da Costa Greene became its director.
The library has now become a museum and a scholarly research centre with several illuminated manuscripts, prints, incunabula, drawings, early printed Bibles, etc.
Personal Life & Legacy
In 1890, J. P. Morgan, Jr. got married to Jane Norton Grew and they had four children together, two daughters and two sons, namely Jane, Junius, Henry and Frances.
Henry Morgan, his son, along with Harold Stanley, co-founded the Morgan Stanley financial corporation.
Morgan Jr. died of stroke on March 13, 1943, at the age of 75, in Boca Grande, Florida, U.S.
Trivia
In 1915, he was shot twice by an invader called Frank Holt who tried to assassinate Morgan in his Long Island mansion. Holt shot Morgan in protest against his export of weapons to Britain and France during World War I. Morgan was fortunate to survive the assassination attempt and recovered from his injuries.
In 1922, Morgan Jr. served on a committee about the German reparations in Paris and was also a delegate for the United States to a reparations conference in 1929.
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J. P. Morgan Jr. biography timelines
- // 7th Sep 1867J. P. Morgan, Jr. was born in Irvington, New York on September 7, 1867 to J. P. Morgan and Frances Louisa Tracy. His full name was John Pierpont Morgan Jr.
- // 1889 To 1892He graduated from the St. Paul’s School and Harvard in 1889 and joined his father’s firm J.P. Morgan & Company, in 1892.
- // 1890In 1890, J. P. Morgan, Jr. got married to Jane Norton Grew and they had four children together, two daughters and two sons, namely Jane, Junius, Henry and Frances.
- // 1913In 1913, his father died and J. P. Morgan, Jr. inherited around $50 million and finally became the head of J. P. Morgan & Co.
- // 1915In 1915, he was shot twice by an invader called Frank Holt who tried to assassinate Morgan in his Long Island mansion. Holt shot Morgan in protest against his export of weapons to Britain and France during World War I. Morgan was fortunate to survive the assassination attempt and recovered from his injuries.
- // 1920In 1920, Morgan donated his London home, 14 Princess Gate, to the government of the United States for using it as an embassy. Young John F. Kennedy, the son of Joseph P. Kennedy, the U.S. ambassador, also lived in Morgan’s residence for some time.
- // 1922 To 1929In 1922, Morgan Jr. served on a committee about the German reparations in Paris and was also a delegate for the United States to a reparations conference in 1929.
- // 1924In 1924, Morgan also formed the Pierpont Morgan Library as a memorial to his dead father. He opened it as a public institution and later on, his personal librarian Belle da Costa Greene became its director.
- // 1929In 1929, the stock market crashed and Morgan, Jr., and some other major bankers tried hard to stem the decline in the stock prices by pooling their funds, but it was of no help.
- // 1933In 1933, the Banking Act of that year same year forced his company to separate its investment banking activities from its commercial banking activities. In accordance with the Act Morgan, Stanley and Company became a new investment banking firm. After the separation, Morgan remained the head of J.P. Morgan and Company, which became strictly a commercial banking firm.
- // 13th Mar 1943Morgan Jr. died of stroke on March 13, 1943, at the age of 75, in Boca Grande, Florida, U.S.
- // 2000He organised around 2000 banks for underwriting a total of $1,500,000,000 in Allied Bonds for financing the Franco-British requisitions for the credits in United States.
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J. P. Morgan Jr.'s FAQ
What is J. P. Morgan Jr. birthday?
J. P. Morgan Jr. was born at 1867-09-07
When was J. P. Morgan Jr. died?
J. P. Morgan Jr. was died at 1943-03-13
Where was J. P. Morgan Jr. died?
J. P. Morgan Jr. was died in Boca Grande
Which age was J. P. Morgan Jr. died?
J. P. Morgan Jr. was died at age 75
Where is J. P. Morgan Jr.'s birth place?
J. P. Morgan Jr. was born in New York City
What is J. P. Morgan Jr. nationalities?
J. P. Morgan Jr.'s nationalities is American
Who is J. P. Morgan Jr. childrens?
J. P. Morgan Jr.'s childrens is Alice Morgan, Henry Sturgis Morgan, Junius Spencer Morgan III
What was J. P. Morgan Jr. universities?
J. P. Morgan Jr. studied at Harvard University, Harvard University
What was J. P. Morgan Jr. notable alumnis?
J. P. Morgan Jr.'s notable alumnis is Harvard University
What is J. P. Morgan Jr.'s religion?
J. P. Morgan Jr.'s religion is Anglicanism, Episcopal Church
Who is J. P. Morgan Jr.'s father?
J. P. Morgan Jr.'s father is J. P. Morgan
What is J. P. Morgan Jr.'s sun sign?
J. P. Morgan Jr. is Virgo
How famous is J. P. Morgan Jr.?
J. P. Morgan Jr. is famouse as Banker