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J. P. Morgan Jr.
John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker and finance executive. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. P. Morgan died in 1913.
After graduating from St. Paul's School and Harvard College, Morgan trained as a finance executive working for his father and grandfather. He became a banking financier, a lending leader, and a director of several companies. He supported New York's Society for the Lying-In Hospital, the Red Cross, the Episcopal Church, and endowed the creation of a rare book and manuscript collection at the Morgan Library.
Morgan brokered a deal that positioned his company as the sole munitions and supplies purchaser during World War I for the British and French governments, bringing his company a 1% commission on $3 billion ($30 million). He was also a banking broker for financing to foreign governments both during and after the war.
John Pierpont Morgan Jr, nicknamed Jack, was born on September 7, 1867, in Irvington, New York, to J. P. Morgan and Frances Louisa Tracy. He graduated from St. Paul's School, and later in 1886 from Harvard College, where he was a member of the Delphic Club, formerly known as the Harvard chapter of the Delta Phi.
His siblings included Louisa Pierpont Morgan (1866–1946), who married Herbert L. Satterlee (1863–1947), Juliet Pierpont Morgan (1870–1952) who married William Pierson Hamilton (1869–1950), and Anne Tracy Morgan (1873–1952), a philanthropist. His paternal grandparents were Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884), the daughter of John Pierpont.
The younger Morgan emulated his father in his dislike for publicity, and he continued his father's philanthropic policy. In 1905, Morgan's father acquired the Guaranty Trust bank as part of his efforts to consolidate banking in New York City. After his father died in 1913, the bank became Morgan's base.
Morgan played a prominent part in financing World War I. Following its outbreak, he made the first loan of $12,000,000 to Russia. In 1915, a loan of $500,000,000 was made to France and Britain following negotiations by the Anglo-French Financial Commission. The firm's involvement with British and French interests fueled charges the bank was conspiring to maneuver the United States into supporting the Allies in order to rescue its loans. By 1915, when it became apparent the war was not going to end quickly, the company decided to forge formal relationships with France. Those dealings became strained over the course of the war as a result of poor personal relations with French emissaries, relationships that were heightened in importance by the unexpected duration of the conflict, its costs, and the complications flowing from American neutrality. Contributing to the tensions was the favoritism displayed by Morgan officials to British interests. His personal friendship with Cecil Spring Rice ensured that from 1915 until sometime after the United States entered the war, his firm was the official purchasing agent for the British government, buying cotton, steel, chemicals and food, receiving a 1% commission on all purchases. Morgan organized a syndicate of about 2200 banks and floated a loan of $500,000,000 to the Allies. The British sold off their holdings of American securities and by late 1916 were dependent on unsecured loans for further purchases.
At the beginning of World War I, US Treasury Secretary William McAdoo and others in the Wilson administration were very suspicious of J. P. Morgan & Co.'s enthusiastic role as British agent for purchasing and banking. When the United States entered the war, this gave way to close collaboration, in the course of which Morgan received financial concessions. From 1914 to 1919, he was a member of the advisory council for the Federal Reserve Bank of New York.
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J. P. Morgan Jr.
John Pierpont Morgan Jr. (September 7, 1867 – March 13, 1943) was an American banker and finance executive. He inherited the family fortune and took over the business interests including J.P. Morgan & Co. after his father J. P. Morgan died in 1913.
After graduating from St. Paul's School and Harvard College, Morgan trained as a finance executive working for his father and grandfather. He became a banking financier, a lending leader, and a director of several companies. He supported New York's Society for the Lying-In Hospital, the Red Cross, the Episcopal Church, and endowed the creation of a rare book and manuscript collection at the Morgan Library.
Morgan brokered a deal that positioned his company as the sole munitions and supplies purchaser during World War I for the British and French governments, bringing his company a 1% commission on $3 billion ($30 million). He was also a banking broker for financing to foreign governments both during and after the war.
John Pierpont Morgan Jr, nicknamed Jack, was born on September 7, 1867, in Irvington, New York, to J. P. Morgan and Frances Louisa Tracy. He graduated from St. Paul's School, and later in 1886 from Harvard College, where he was a member of the Delphic Club, formerly known as the Harvard chapter of the Delta Phi.
His siblings included Louisa Pierpont Morgan (1866–1946), who married Herbert L. Satterlee (1863–1947), Juliet Pierpont Morgan (1870–1952) who married William Pierson Hamilton (1869–1950), and Anne Tracy Morgan (1873–1952), a philanthropist. His paternal grandparents were Junius Spencer Morgan (1813–1890) and Juliet Pierpont (1816–1884), the daughter of John Pierpont.
The younger Morgan emulated his father in his dislike for publicity, and he continued his father's philanthropic policy. In 1905, Morgan's father acquired the Guaranty Trust bank as part of his efforts to consolidate banking in New York City. After his father died in 1913, the bank became Morgan's base.
Morgan played a prominent part in financing World War I. Following its outbreak, he made the first loan of $12,000,000 to Russia. In 1915, a loan of $500,000,000 was made to France and Britain following negotiations by the Anglo-French Financial Commission. The firm's involvement with British and French interests fueled charges the bank was conspiring to maneuver the United States into supporting the Allies in order to rescue its loans. By 1915, when it became apparent the war was not going to end quickly, the company decided to forge formal relationships with France. Those dealings became strained over the course of the war as a result of poor personal relations with French emissaries, relationships that were heightened in importance by the unexpected duration of the conflict, its costs, and the complications flowing from American neutrality. Contributing to the tensions was the favoritism displayed by Morgan officials to British interests. His personal friendship with Cecil Spring Rice ensured that from 1915 until sometime after the United States entered the war, his firm was the official purchasing agent for the British government, buying cotton, steel, chemicals and food, receiving a 1% commission on all purchases. Morgan organized a syndicate of about 2200 banks and floated a loan of $500,000,000 to the Allies. The British sold off their holdings of American securities and by late 1916 were dependent on unsecured loans for further purchases.
At the beginning of World War I, US Treasury Secretary William McAdoo and others in the Wilson administration were very suspicious of J. P. Morgan & Co.'s enthusiastic role as British agent for purchasing and banking. When the United States entered the war, this gave way to close collaboration, in the course of which Morgan received financial concessions. From 1914 to 1919, he was a member of the advisory council for the Federal Reserve Bank of New York.