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Morgan |
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Morgan, American family of financiers and philanthropists.
Junius Spencer Morgan, 1813–90, b. West Springfield, Mass., prospered at investment banking. As a boy he became a dry-goods clerk in Boston; later he entered a brokerage house in New York City. He became a partner in mercantile firms in Hartford, Conn., and in Boston and then (1854) went to London to become a partner of George Peabody Peabody, George , 1795–1869, American financier and philanthropist, b. South Danvers (now Peabody), Mass. At the age of 11 he was apprenticed to a grocer, and later (1814) he became a partner in a dry-goods firm in Georgetown, D.C. (now in Washington, D.C.). His son, John Pierpont Morgan, 1837–1913, b. Hartford, Conn., built the family fortunes into a colossal financial and industrial empire. He studied abroad and in 1857 entered the New York City banking house of Duncan, Sherman & Company. Three years later he became the New York agent for his father's firm in London. On the death of his father (1890) he became sole manager of J. S. Morgan & Company—later (1910) Morgan, Grenfell & Company—of London. J. P. Morgan's ascent to power, however, was accompanied by dramatic financial battles. He wrested control (1869) of the Albany and Susquehanna RR from Jay Gould Gould, Jay, 1836–92, American speculator, b. Delaware co., N.Y. A country-store clerk and surveyor's assistant, he rose to control half the railroad mileage in the Southwest, New York City's elevated railroads, and the Western Union Telegraph Company. He was widely criticized on many occasions for backing the sale of obsolete carbines to the Union and for his gold speculations in the Civil War, for the harsh terms of his loan of gold to the federal government in the 1895 crisis, for his financial dominance in the Panic of 1907, and for bringing on the financial ills of the New York, New Haven & Hartford RR. He was largely deaf to popular criticism. In 1912 he appeared and publicly defended himself before a congressional committee headed by Arsène Pujo Pujo, Arsène Paulin , 1861–1939, U.S. congressman, b. Lake Charles, La. He practiced law in Louisiana before serving (1903–13) as a Democratic Congressman in the U.S. House of Representatives. Morgan was an ardent sportsman, and his yacht entered many international races. He was a prominent lay leader in the Episcopal Church. He personally dispensed numerous philanthropies, and he was a renowned art collector. After his death the Metropolitan Museum of Art, of which he had been president, received a valuable portion of his collection, which is housed in the Pierpont Morgan wing. John Pierpont Morgan, 1867–1943, b. Irvington, N.Y., grad. Harvard, 1889, became active head of the house of Morgan when his father died in 1913. The firm was called upon to help finance World War I, and as American agent for Allied countries, the banking house raised huge funds—one issue valued at $500 million—and systematized the purchases of military supplies. In the postwar period it floated securities of foreign governments and corporations reaching $2 billion, at the same time sponsoring over $4 billion of domestic securities. Morgan and his partners actively promoted great mergers after 1922 and controlled numerous nonbanking corporations. The younger J. P. Morgan resembled his father in his dislike for publicity and in continuing his father's philanthropic policy. In 1920 he gave his London residence to the U.S. government for use as its embassy and later endowed the Pierpont Morgan Library Pierpont Morgan Library, originally the private library of J. Pierpont Morgan, in 1924 made a public institution by his son J. P. Morgan as a memorial to his father (see Morgan, family). The library is privately supported; it is located at Madison Ave. and 36th St. Anne Morgan, 1873–1952, was devoted to numerous philanthropic and civic organizations and constantly voiced the rights of the American woman. BibliographySee biographies of J. P. Morgan (1837–1913) by H. L. Satterlee (1939, repr. 1975), F. L. Allen (1949), and J. Strouse (1999). See also V. Carosso, The Morgans (1987); R. Chernow, House of Morgan (1990). MorganBreed of light horse founded by a Vermont horse (foaled 1793, died 1821) named after his owner, Justin Morgan (1747–1797). The “Justin Morgan horse,” a blend of Thoroughbred, Arabian, and other elements, was a compact, heavily muscled, short-legged horse of great style, energy, and endurance. Because he alone founded the breed, he is the world's best example of prepotency (ability to pass one's traits to one's offspring). Modern Morgans are used mostly for riding. They are 14.1–15.2 hands (57–61 in., 145–155 cm) high, weigh 900–1,100 lbs (400–500 kg), and resemble the Arabian in conformation and endurance. Morgan1 1. Edwin (George). born 1920, Scottish poet, noted esp for his collection The Second Life (1968) and his many concrete and visual poems 2. (Hywel) Rhodri . born 1939, Welsh Labour politician; first secretary of Wales from 2000 Morgan2 1. Sir Henry. 1635--88, Welsh buccaneer, who raided Spanish colonies in the West Indies for the English 2. John Pierpont. 1837--1913, US financier, philanthropist, and art collector 3. Thomas Hunt. 1866--1945, US biologist. He formulated the chromosome theory of heredity. Nobel prize for physiology or medicine 1933 Morgan [′mȯr·gən] (genetics) The unit of genetic map distance (1 Morgan) between two loci that show one crossover per meiosis; 1 Morgan = 100 centimorgans. Want to thank TFD for its existence? 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