Morgan

Morgan, U.S. banking family famous for its immense financial power and its philanthropic activities. The banking house of J.S. Morgan & Co. was founded by Junius Spencer Morgan (1813–90) and developed into a vast financial and industrial empire (J.P. Morgan & Co.) under his son, John Pierpont Morgan (1837–1913). Many of J.P.Morgan's commercial activities aroused controversy, and in 1904 his Northern Securities Company was dissolved as a violation of the Sherman Antitrust Act. Notable philanthropic legacies include part of his art collection to the Metropolitan Museum of Art, as well as the Pierpont Morgan Library, which was endowed by his son. John Pierpont Morgan, Jr. (1867–1943) was U.S. agent for the Allies during World War I, when he raised huge funds and organized contracts for military supplies. Most of the large postwar international loans were floated by the house of Morgan.