J. P. Morgan Jr. - Philanthropists, Facts and Childhood

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J. P. Morgan Jr.'s Personal Details

J

InformationDetail
BirthdaySeptember 7, 1867
Died onMarch 13, 1943
NationalityAmerican
FamousPhilanthropists, Harvard University, Business People, Bankers
Childrens Alice Morgan, Henry Sturgis Morgan, Junius Spencer Morgan III
Universities
  • Harvard University
  • Harvard University
Notable Alumnis
  • Harvard University
Birth PlaceNew York City
ReligionAnglicanism, Episcopal Church
GenderMale
FatherJ. P. Morgan
Sun SignVirgo
Born inNew York City
Famous asBanker
Died at Age75

// Famous Bankers

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.

// Famous Business People

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.

// Famous Philanthropists

J. P. Morgan Jr. biography timelines

  • // 7th Sep 1867
    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.
  • // 1889 To 1892
    He graduated from the St. Paul’s School and Harvard in 1889 and joined his father’s firm J.P. Morgan & Company, in 1892.
  • // 1890
    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.
  • // 1913
    In 1913, his father died and J. P. Morgan, Jr. inherited around $50 million and finally became the head of J. P. Morgan & Co.
  • // 1915
    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.
  • // 1920
    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.
  • // 1922 To 1929
    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.
  • // 1924
    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.
  • // 1929
    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.
  • // 1933
    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.
  • // 13th Mar 1943
    Morgan Jr. died of stroke on March 13, 1943, at the age of 75, in Boca Grande, Florida, U.S.
  • // 2000
    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.

// Famous Alumni of Harvard University

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