Page:The Biographical Dictionary of America, vol. 07.djvu/479

 MORGAN

MORGAN

Erie and the New England railroads. He was also identified in the distribution of government bonds, and in 1877 in co-operation with August Belmont and the Rotlischilds, floated $260,000,- 000 in U.S. four per cent, bonds, thus relieving the government from serious financial embarrass- ment. After the financial panic of 1893, the gold of the country becoming very scarce and threat- ening tlie stability of the treasury, he joined with other prominent bankei-s in buying $200,000,000 worth of government bonds and paying for them in gold. Tins transaction undoubtedly preserved the credit of the United States, but Morgan and his associates were denounced by the public and in congress for the large amount of commission asked for the service. In the threatened panic of 1896 he again oflfered his services and supiwrted the administration in the funding of a popular loan. Previous to 1899 the United States had been a borrower from London, the money center of the world, but in 1899 Morgan undertook the first foreign loan negotiated in this country, consisting of the entire foreign debt of Mexico, amounting to $110,000,000, and in 1900 he supplied Great Britain with $12,000,000 in U.S. bonds. In 1900 he organized the United States Steel corporation, the largest combination in the world, with a capital of $1,300,000,000, of which $1,100,000,000 was issued in capital stock. In 1902 he organized a syndicate embracing at least seven of the lead- ing transatlantic steamship lines, capitalizing the trust at about $200,000,000 ; and in the same year he financed an underground railroad system in London involving several millions of dollars. He became a director of the National Bank of Com- merce, the New York Central and Hudson River railroad, the Lake Shore and Michigan Southern railroad, the West Shore railroad, the New York, New Haven and Hartford railroad, the Pullman Palace Car company, the Mexican Telegraph company, the Western Union Telegraph company, the Manufacturing Investment company, the Federal Steel company, the General Electric com- pany, the Madison Square Garden company, and the Metropolitan Opera House company. His gifts include $2,000,000 to the University of the South (1902) ; $1,000,000 to the Harvard Medical school ; $1,350,000 for a lying-in hospital near St. George's church, N. Y. ; $500,000 to St. John's cathedral ; $100,000 to the Young Men's Christian associa- tion ; $.500,000 to the Loomis hospital for con- sumptives ; $100,000 for a library in Holyoke, Mass. ; $125,000 for preserving the palisades along the Hudson river ; $300,000 for anew Parish house and rectory for St. George's church ; $500,000 to the New York Trades Training school, and many other large benefactions. He contributed largely to the Gnlveston Relief fund ; to the Queen Vic- toria memorial fund, and presented to the Met-

ropolitan ^luseum of Art a rare collection of Greek ornaments valued at $200,000. He was one of the chief patrons in the international yachting contests for the America's cup ; was commodore of the New York yacht club, and owner of the steam-yacht Corsair, one of the largest and finest pleasure boats afioat, which he presented to the government for use during the war with Spain. He was twice married: first, Oct. 7, 1861, to Amelia, daughter of Jonathan and Mary Pemberton (Cody) Sturges, of New York; and secondly, May 31, 1865, to Frances Louisa, daughter of Charles and Louisa (Kirkland) Stacy. In January, 1902, he purchased for $500,000 Raphaels famous " Ma- donna of St. Anthony of Padua " from the heirs of King Ferdinand II. of Naples ; and in the same year he was made an officer of the Legion of Honor of France.

MORGAN, JohD Tyler, senator, was born in Athens, Tenn., June 20, 1824 ; son of George and Frances Irby Morgan and grandson of Gideon Morgan, a merchant. His mother was a relative of Chancellor Tyler of Virginia. His parents re- moved to Alabama in 1833, settling in Cal- houn county, where he studied law in the office of William P. Chilton in Talladega, and was admitted to the bar in 1845. He was married Feb. 11, 1846, to Cornelia, daughter of Joshua Willis, a merchant of Madison county, Ala. He practised in Tal- ladega, 1845-55, and then removed to Dal- las county, practising first in Selma and afterward in Cahaba. He was presidential elector on the Breckinridge ticket in 1860, and a delegate from Dallas county to the state convention which passed the or- dinance of secession in 1861. He joined the Confederate army as a private in the Cahaba Rifles, was commissioned major of the 5th Ala- bama regiment in April, 1861, promoted lieu- tenant-colonel, and served in Virginia for a year. He was promoted colonel in April, 1862, and re- turning to Alabama raised the 51st Alabama cavalry, which he liberally aided in equipping. In the fall of 1862 he re-entered the service with this regiment, first in Forrest's and then in Wheeler's division. Army of the Tennessee, and took part in the battle of Stone's River. He was soon after assigned to the head of a conscription bureau in Alabama and Lieutenant-Colonel Webb succeeded to the command of his regiment. He was com-

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