J. P. Morgan, Jr.

J. P. Morgan, Jr.

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J. P. Morgan, Jr.

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Description:
John Pierpont "Jack" Morgan, Jr. (September 7, 1867 — March 13, 1943) was an American banker and philanthropist.

Biography

He was born on September 7, 1867 in Irvington, New York to John Pierpont Morgan, Sr. He graduated from Harvard in 1886, where he was a member of the Delphic Club, formerly known as the Delta Phi, and Delta Kappa Epsilon. In 1890 Jack married Jane Norton Grew, daughter of Boston banker and mill owner Henry Sturgis Grew. She was the aunt of Henry Grew Crosby. The couple had four children: Junius Spencer Morgan III; Henry Sturgis Morgan, a founding partner of Morgan Stanley; Jane Norton Morgan Nichols and Frances Tracy Pennoyer. When his father died in 1913, Jack inherited most of his great fortune. Morgan had a daughter named Alice.

Career

He resembled his father in his dislike for publicity and continued his father's philanthropic policy. In 1905, his father acquired the bank Guaranty Trust as part of his efforts to consolidate New York City banking. After his father died in 1913 the bank became Jack's base.

World War I

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 $50,000,000 was made to France. The firm's involvement with British and French interests...
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