J.p. morgan family today
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225 years of history
The Manhattan Company is founded
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Rachel: You might be surprised to find out that JPMorgan Chase began by supplying water to Lower Manhattan. By the end of the 18th century, there were close to 60,000 people living in New York City. Most New Yorkers had no easy access to clean water. Unsanitary conditions prompted concern about the spread of disease. But it wasn't until an outbreak of yellow fever reached its peak in 1798, that a group of people decided to take action. And the two men who led the charge were none other than Alexander Hamilton and Aaron Burr. In 1799, Hamilton and Burr presented a charter for the governor's signature that would provide clean water to New York City residents through a private company, the Manhattan Company. But there was a catch. Burr had added a clause into the charter that would allow the directors of the Manhattan Company to start a bank with excess capital not needed by the water company. The charter, with its unusual clause, was successfully passed. In order to transport water through the
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Who Was J.P. Morgan?
When John Pierpont Morgan arrived on Wall Street, it was a disorganized jumble of competing interests and one of the many financial centers in a country.
When he left Wall Street, it was a tightly knit group of big businesses leading one of the fastest-growing economies in the world. Much of the progress Wall Street experienced at the close of the 19th century and the beginning of the 20th was due to the influence of J.P. Morgan and the skill with which he wielded it.
Key Takeaways
- J.P. Morgan was among the most powerful industrialists and bankers of all time.
- Morgan was born on April 17, 1837, in Hartford, Conn., to a banking family.
- At the cusp of the 20th century, Morgan used his personal power and reputation to encourage the formation of trusts and mergers within industries where he saw competition.
- Morgan's bailout-like reaction to and leadership during the Panic of 1907 built on his lofty reputation and also helped lead to the creation of the Federal Reserve System.
- J.P. Morgan died in a hotel room in Rome on March 31, 1913, at the age
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J.P. Morgan: Early Years and Family
John Pierpont Morgan was born into a distinguished New England family on April 17, 1837, in Hartford, Connecticut. One of his maternal relatives, James Pierpont (1659-1714), was a founder of Yale University; his paternal grandfather was a founder of the Aetna Insurance Company; and his father, Junius Spencer Morgan (1813-90), ran a successful Hartford dry-goods company before becoming a partner in a London-based merchant banking firm. After graduating from high school in Boston in 1854, Pierpont, as he was known, studied in Europe, where he learned French and German, then returned to New York in 1857 to begin his finance career.
Did you know? "Jingle Bells" was written by James L. Pierpont, the uncle of famed financier J.P. Morgan. The song, originally titled "The One Horse Open Sleigh," was actually written about Thanksgiving, and was considered a failure when first published in 1857.
In 1861, Morgan married Amelia Sturges, the daughter of a wealthy New York businessman. Amelia Morgan died of tuberculosis four months after the couple’s
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