J. P. Morgan inherited a love for banking through his admiration of his father. He started banking in his father’s firm in 1856. He worked in many different branches in many different cities. Some banks included Duncan, Sherman and Company of New York City and Drexel, Morgan and Company of New York. Although he was involved with many different banks he still acted as an agent in his fathers New York firm.
Morgan achieved great efficiencies when he was involved in railroad financing. He reorganized many railroads such as the New York, West Shore and Buffalo. Philadelphia and Reading as well as Chesapeake and Ohio were also included. In 1887 congress passed an act called the Interstate Commerce Act. Morgan than gathered railroad Presidents together to write agreements for maintenance. It was the first of their kind, therefore creating a community of interest which made great consolidations for competing lines.
Morgan was very attentive to his church, Protestant Episcopal Church. He was a born leader and a very influential one at that. He was married then remarried a year after his first wife died. He had four children as a result of two marriages. Upon his death he returned to Rome in the city of his birth.
At his father’s death his son, J. P. Morgan Jr. although not as influential, took over the business. Three entities came out of the House of Morgan which was required by the Glass-Steagull Act.
Morgan’s interests were many. He had a large library of most influential reading and also collected pictures and many other artifacts. Metropolitan Museum of Art pieces have been loaned or given as gifts as Morgan was the President of the museum. There are also many timeless pieces hung in his homes. In his respected memory J. P. Morgan Jr. dedicated a library called Pierpont Morgan Library and kept his private librarian Belle da Costa Greene as its director. Morgan was a benefactor of many things such as Harvard University especially its medical school.
He financed a couple different things. Like Nikola Tesla for his radio experiment and as he failed Morgan pulled out. He also was photographer patron to Edward S. Curtis. He offered Curtis a great sum of money for a Native American series which helped Curtis a great deal to go on to publish a 20-volume work. It was something the man never forgot.
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