Sight Seen : Darjeeling With Kalimpong Tour - Morgan House

Kalimpong - Morgan House

The bank which would form the nucleus of the House of Morgan was founded in London in 1837, by a Massachusetts entrepreneur named George Peabody. The United States in the nineteenth century was a creditor nation, heavily dependent on foreign investment for its industrial development. London served as an international market for American bonds. Hence, any American firm hoping to play a major role in this lucrative business had to base itself in the British capital. Over the years, Peabody built a thriving and respected bank. In 1854, growing older and wanting time to devote to philanthropy, Peabody took Junius Morgan as a partner.
Junius Morgan had been born in Connecticut into a family of prosperous Yankee traders. He was a partner in a Boston merchant house when summoned by Peabody.