John Pierpont Morgan was born in the spring of 1837 to Junius Spencer Morgan and Juliet Pierpont. He began his business career in 1829 by entering the employ of Alfred Welles, of Boston, with whom he continued until he became of age.--In July, 1834, he joined the banking-house of Morgan, Ketchum and Co., of New York, but he returned to Hartford about eighteen months later. For the optimum Mansion Global experience, please turn off any ad blockers and refresh this page. West Springfield, Mass., prospered at investment banking. Each fall, Junius made an annual trip to the United States for three months, and Pierpont traveled to London each spring. Have you taken a DNA test? Morgan members were notable for dominating the banking industry during . By estimates, there were about 150 lavish estates built during that time, the majority of which have been turned into hotels and residential compounds. Pierpont, as he preferred to be . Junius Spencer Morgan was an incredibly successful banker and financier, as he founded the bank J.S. [7] Upon his death, his artwork collection was donated. (1892 - 1960) Photos: 745. examples of olympic values Likes. The firm did a general banking and brokerage business and had a few foreign clients. [24], The railway boom ended in 1857 and prices collapsed, leading to rumors in London that Peabody & Co. was on the verge of failure. Entering his mid-30s, Morgan was developing into the outsized figure that would dominate the financial world with his enormous frame, piercing eyes and brusque nature. In time Junius allowed friends to build on the island. Under her ownership, the main manor was used as the setting for the remake of movie "Sabrina," a romantic comedy starring Harrison Ford and Julia Ormond. "John Pierpont Morgan was an American financier, banker, philanthropist, and art collector . "John Pierpont Morgan (1837-1913) began his career in 1857 as an accountant, and worked for several New York banking firms until he became a partner in Drexel, Morgan and Company in 1871, which was reorganized as J.P. Morgan and Company in 1895. Encyclopaedia Britannica's editors oversee subject areas in which they have extensive knowledge, whether from years of experience gained by working on that content or via study for an advanced degree. Morgan's life and career took another turn after the death of his father in 1890. In 1886 he reorganized two more major railroads with the aim of stabilizing their financial base. Contents Early life Career Personal life References Early life Morgan was born on April 14, 1813 in Holyoke, Massachusetts. Through his mother, he was a first cousin to Henry Grew Crosby (1898-1929). Seeking to stabilize a series of collapsing trust banks, he called several bank presidents to his Manhattan library, and, in an echo of his Corsair meeting of 1885, locked the door until a solution could be reached. Peabody also forced unfavorable terms on Morgan's lease of the bank's 22 Old Broad Street offices. Mother Sarah Sally Spencer Morgan. After being recommended, Greene met with Morgan in 1905, and was hired . Just do what you can. We know it's short notice, so don't fret too much. Within a year, the business struggled sufficiently that Joseph Morgan had to bail his son out and dissolve the partnership. While every effort has been made to follow citation style rules, there may be some discrepancies. This connection would eventually lead to her employment with financier and banker J. P. Morgan starting in 1905 as Junius introduced Greene to his uncle. Candidates . Juliet Pierpont Morgan . He then reassured a skeptical President .css-47aoac{-webkit-text-decoration:underline;text-decoration:underline;text-decoration-thickness:0.0625rem;text-decoration-color:inherit;text-underline-offset:0.25rem;color:#A00000;-webkit-transition:all 0.3s ease-in-out;transition:all 0.3s ease-in-out;}.css-47aoac:hover{color:#595959;text-decoration-color:border-link-body-hover;}Grover Cleveland by citing an obscure 1862 statute that gave the Secretary of the Treasury the power to pull off such a transaction without congressional approval. Major children and living persons must directly contact the. Honored By Two Nations Spent Most of Time in Europe Since Retiring From Paris Banking Firm Many Years Ago", "Oxford Dictionary of National Biography", "Mrs. Juliet Morgan Left Only $43,738; Sister of Late J.P. Morgan Made No Will, and All Goes to Son", "Morgan Estate Tax Filed; Cousin of Late Banker Had Net of $1,881,913, Appraisal Shows", "The Late Junius S. Design area: 5 1/4 x 8 7/16 inches (134 x 215 mm) Gift of Mr. John P. Morgan, II. The Morgan Memorial served as a prototype for the Pierpont Morgan wing of the Metropolitan Museum of Art. J.P. Morgan cofounded (1871) the banking company Drexel, Morgan and Company. When Sarah Spencer Morgan was born on 5 December 1839, in Hartford, Hartford, Connecticut, United States, her father, Junius Spencer Morgan Sr., was 26 and her mother, Juliet Pierpont, was 23. Junius Spencer Morgan I (April 14, 1813 - April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. Aptly-named House Island comes w/ 4 houses, 5 beaches and 12.8 acres. gnalogique Dowling avec plus d'un demi-million de parents, [18] During this period, Morgan first met Francis M. Drexel, founder of Drexel & Company, one of Philadelphia's leading banks. In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General . junius spencer morgan great grandchildren. Kindle $10.99 Rate this book The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance Ron Chernow 3.94 10,223 ratings515 reviews The winner of the National Book Award and now considered a classic, The House of Morgan is the most ambitious history ever written about an American banking dynasty. He died on Monday, March 31, 1913 in Rome, Italy while attending a yacht racing event. Just one grandparent can lead you to many The Dowling Family Tree with over half a million relatives, The assistant librarian was Junius Spencer Morgan, nephew of wealthy financier J. P. Morgan. John is 18 degrees from Jennifer Aniston, 14 degrees from Drew Barrymore, 15 degrees from Candice Bergen, 16 degrees from Alexandre Dumas, 19 degrees from Carrie Fisher, 27 degrees from Whitney Houston, 15 degrees from Hayley Mills, 16 degrees from Liza Minnelli, 19 degrees from Lisa Presley, 18 degrees from Kiefer Sutherland, 17 degrees from Bill Veeck and 18 degrees from Brian Nash on our single family tree. ALL RIGHTS RESERVED.1211 AVE OF THE AMERICAS NEW YORK, NY 10036 | info@mansionglobal.com. [37] After the fall of Paris in January and the establishment of the Paris Commune, the bonds dropped from 80 points to 55, nearly bankrupting J.S. [6], In April 1833, Alfred Welles offered Morgan a partnership in his firm; he accepted against his father's wishes. All charts include source citations for ancestors in the charts. [44] By the 1880s, Junius's health began to fade, and he stepped back from day-to-day business. Along with amassing immense wealth through the creation of such corporations as U.S. Steel, Morgan led efforts to bail out the U.S. Treasury in 1895 and 1907. At the age of 21, he became a soldier in the company of Captain Josiah Kellogg of Suffield. J. P. Morgan. On November 8, a dinner was hosted in his honor at Delmonico's, with Samuel Tilden, John Jacob Astor, and Theodore Roosevelt Sr. among the guests. ", Delivers the most important property news around the world to your inbox each weekday, COPYRIGHT 2023 MANSION GLOBAL. [38], Another windfall arrived at Morgan's doorstep that same year when Philadelphia's Anthony Drexel proposed an affiliation with J. S. Morgan & Co. Drexel was then Philadelphia's second power in government finance after Jay Cooke. Save Page Now. If so, login to add it. Peabody pledged the bank could continue to use his name and if necessary, some capital. 2008 - 2023 INTERESTING.COM, INC. His father, Junius Spencer Morgan, was a businessman of note who had high expectations for his son Pierpoint and started training him at a very early age. He then acquired control of many leading financial and insurance companies. Members of the family amassed an immense fortune over the generations, primarily through the noted work of John Pierpont (J. P.) Morgan (1837-1913). In October 1858, Field's cable broke, delaying the project's completion another eight years until 1866. The iron business had drawn the firm into greater involvement in financing American railway construction, including as the initial offeror of bonds for the Ohio and Mississippi Rail Road Company in 1853. In semi-retirement by the time the crisis was resolved, Morgan devoted much of his energy to his art collection and philanthropy. Morgan's grandson later recalled this as "at that time, the bitterest disappointment of his life". In 1854, Junius Morgan moved the family to London to begin his new career as a partner in the banking firm of George Peabody & Co. Pierpont was sent to the Institute Sillig in Switzerland, where he became fluent in French and displayed an aptitude for mathematics, and then to Gttingen University in Germany. The immense scope of Morgan's power came to light in the wake of the Panic of 1893. Following a decade of railroad consolidation, he broke new ground by arranging the merger of Edison General Electric and Thomson-Houston Company to form General Electric in 1892. Born on December 3, 1702, Joseph began to learn to weave at a young age. Junius Spencer Morgan. In 1902, the Justice Department charged Northern Securities with violating the Sherman Antitrust Act of 1890. [17], Morgan's initial task was to strengthen and develop the firm's principal American accounts, using his first-hand knowledge of and connections to American business which Peabody, who had moved to London in 1836, lacked. [31], Morgan became the active head of the firm in February 1859, with Peabody remaining the nominal senior partner. contains thousands of pictures and GeneaStars. He spent winters at the Villa Henriette in Monte Carlo. Hearst Magazine Media, Inc. Site contains certain content that is owned A&E Television Networks, LLC. junius spencer morgan junius spencer morgan. He became a partner in mercantile firms in Hartford, Conn., and in Boston and then (1854) went to London to become a partner of George Peabody. It was not really a question of price. Harriet Nickerson , William Lord, Alice Anna GAYLORD , Richard TREAT, Blanche de BRIENNE , Guillaume de FIENNES, Elizabeth x , Nathan Lynde. Geneastars | Facebook. The largest online newspaper archive; 22,800+ newspapers from the 1700s-2000s; Millions of additional pages added every month Northern Securities held the majority of shares in the Northern Pacific, the Great Northern and the CB&Q railroads, giving Morgan control of approximately one-third of the country's railways. Between now and Wednesday is a good time to take a look at the sources and biography to see if there are updates and improvements that need made, especially those that will bring it up to WikiTree Style Guide standards. Between 1885 and 1888 he extended his influence to lines based in Pennsylvania and Ohio, and after the financial panic of 1893 he was called upon to rehabilitate a large number of the leading rail lines in the country, including the Southern Railroad, the Erie Railroad, and the Northern Pacific. He entered business in Connecticut, operating a tavern, coffee house, and stagecoach line,[4] and was a founding partner in the Aetna Fire Insurance Company in 1819. The firm gave Morgan access to global markets, exporting and financing cotton and other goods shipped from Boston harbor. Gatsby-esque Mansion on Long Island Gets $15M Chopped Off its $100M Asking Price, New York Remains the Worlds Top Super-Luxury Property Market, New York Developer Pockets $11.6 Million After SellingHisBillionaires Row Condo for 52% Gain, A One-Bedroom Inside a Mid-Century Modern Manhattan Landmark. He also financed industrial consolidations that formed General Electric, U.S. Steel, and International Harvester. Junius Spencer Morgan I (April 14, 1813 - April 8, 1890) was an American banker and financier, as well as the father of John Pierpont "J.P." Morgan and patriarch to the Morgan banking house. Death 8 Apr 1890 - Hartford, Hartford, Connecticut, USA. All Rights Reserved. He helped to achieve railroad rate stability and discouraged overly chaotic competition in the East. Ancestors. The firm soon became a major player in the steel industry by financing the formation of Federal Steel in 1898. [68][69] At the Connecticut State Capitol, flags were flown at half-mast in mourning. Morgan successfully led the American financial communitys attempt to avert a general financial collapse following the stock market panic of 1907. In 1864, he established J. S. Morgan & Co. in London as the successor to George Peabody & Co., of which he was junior partner. Morgan's entire island of 45 acres, 12-bedroom manor house, five additional residences, an eight-stall stable, paddocks and a groomsman's cottage have recently been put on the market. discoveries. They were the . Junius Spencer Morgan III was born on March 15, 1892, to Jane Norton Grew and Jack Morgan (1867-1943), who was a banker and the son of J. Pierpont Morgan (1837-1913), the renowned financier. He married Emma Louise Converse on 16 June 1915, in Saint Pauls Episcopal Church, Millis, Norfolk, Massachusetts, United States. Dowling If not, see our friends at Ancestry DNA. He founded J. S. Morgan & Co. We are featuring this profile in the Connection Finder this week. Three years later he began financing a series of giant industrial consolidations that were to reshape the corporate structure of the American manufacturing sector. In 1902 Morgan brought together several of the leading agricultural-equipment manufacturers to form the International Harvester Company. Capture a web page as it appears now for use as a trusted citation in the future. Spencer was on the show to talk about his new Disney+ documentary, Finding Michael, released on Friday. Samuel Spencer (1670 - 1756), my sixth great grandfather, and Morgan's third great grandfather. [35] Morgan succeeded Peabody as head of the firm and reluctantly changed its name to J. S. Morgan & Co.[36] Despite his disappointment, J. S. Morgan was the largest American bank in London and had earned 444,000 in the prior ten years, leaving Morgan a powerful platform for future investments. [14], On May 15,[16] 1853, at the recommendation of James Beebe, Morgan visited the American banker George Peabody in London. The Morgan name is traced to Carmarthen , Wales, and the first known Morgan family ancestral is Hyfaidd ap Bleddri, third son of Bledri of Wales. Junius Origin and Meaning The name Junius is boy's name of Latin origin meaning "born in June". Morgan Genealogy: A History of James Morgan, of New London, Conn. Find Junius Spencer Morgan stock photos and editorial news pictures from Getty Images. As a boy he became a dry-goods clerk in Boston; later he entered a brokerage house in New York City. Son of Junius Spencer Morgan I and Juliet (Pierpont) Morgan Brother of Sarah Spencer Morgan, Mary Lyman (Morgan) Burns, Junius Spencer Morgan II and Juliet Pierpont Morgan Husband of Amelia (Sturges) Morgan married 7 Oct 1861 in New York, USA Husband of Frances Louise (Tracy) Morgan married 31 May 1865 [location unknown] Descendants Morgan pulled off the massive transaction without driving down the share price, and in return he secured a seat on the New York Central board of directors. To commemorate his passing, the New York Stock Exchange remained closed until noon on the day of his funeral. He passed away on 19 Oct 1960 in Simcoe, Norfolk, Ontario. In 1836, he married John Pierpont Morgan's mother, Juliet. By gaining control of much of the stock of the railroads that he reorganized, he became one of the worlds most powerful railroad magnates, controlling about 5,000 miles (8,000 km) of American railroads by 1902. Together they had three children: Sarah Spencer Morgan, Alexander Perry Morgan and Lucrutia Morgan who died at birth. This page was last edited on 25 February 2023, at 17:50. Connect to the World Family Tree to find out, 1813 - Holyoke, Comt De Hampden, Massachusetts, tats-Unis, Junius MORGAN, Juliet MORGAN, Mary MORGAN, John Pierpont MORGAN, Apr 14 1813 - West Springfield, Massachusetts, Usa, Joseph Morgan, Sarah "sally" Morgan (born Spencer), Apr 14 1813 - West Springfield, Hampshire, Massachusetts, Joseph Morgan III, Sarah Morgan (born Spencer), n Pierpont Morgan Sr., Sarah Spencer Morgan, Junius Spencer Morgan II, Mary Lyman Burns (born Morgan), Juliet Morgan, Juliet Pierpont Morgan, Lucy Goodwin (born Morgan), Mary Smith (born Morgan), Cedar Hill Cemetery, Hartford, Hartford, CT, United States, Cedar Hill Cemetery of Hartford, Connecticut.