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JP Morgan John Pierpont Morgan is considered one of the founding fathers of the modern United States economy Morgan was a banker railroad czar industrialist financier philanthropist yachtsman and ladies man The wealth of the Morgan family did not begin with Pierpont but with his grandfather Joseph Morgan Josephs first son was Junius Spencer Morgan also destined for the life of a businessman In 1864 Junius took over the Peabody Company and changed the name to JS Morgan Co John Pierpont Morgan was born on April 17 1837 in Hartford Connecticut The family prospered in Hartford until Junius moved the family to Boston where Morgan began Boston English High In 1857 Junius Morgan decided to broaden his sons experience by sending him to New York The firm of Duncan Sherman Co was the American representation of the George Peabody Company In less than three years Morgan went from clerk to cashier in the company In 1860 Morgan left Duncan Sherman and founded J P Morgan and Company to act as an agent for his fathers business In 1864 Morgan joined up with another former businessman of Duncan Sherman Company Charles Dabney Charles Dabney and Morgan started their own company named Dabney Morgan Co Morgans business continued to grow as he intensively involves his company in more trade and commerce transactions In 1871 Dabney retired and Anthony J Drexel became Morgans new senior partner Drexel was already the head of the Philadelphia investment bank Drexel and Company The new company Drexel Morgan Co became one of the largest and most successful companies on Wall Street When Junius Morgan died in 1890 JP became head of the London house Anthony Drexel also died in 1893 and Morgan reorganized the Morgan and Drexel firms two years later The New York based Drexel Morgan became J P Morgan Co Morgan was an imposing figure on Wall Street and in the financing
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