John Pierpont Morgan “Go as far as you can see; when you get there, you’ll be able to see farther,” a quote by someone quite eligible to say such wise words, J. P. Morgan. Morgan was born on April 17th, 1837 and was raised in Hartford, Connecticut to Junius Spencer Morgan and Juliet Pierpont, of Boston, Massachusetts. Morgan had an extensive and varied education; in 1848, Pierpont transferred to the Hartford Public School and then to the Episcopal Academy in Cheshire, Connecticut. In 1851, Morgan was accepted into the English High School of Boston, a school that specialized in math to prepare young men for careers in commerce. In 1852, rheumatic fever left him in so much pain that he could not walk, so Morgan’s father sent him to the Azores to recover, and after convalescing for about a year, he returned to the English High School in Boston to resume his studies. After he graduated, his father sent him to Bellerive, a school in Switzerland. Once Morgan gained his fluency in French, his father sent him to the University of Göttingen in order to improve his German as well. With a passable level of German within six months and also a degree in art history, Morgan traveled back to London, with his, extensive, education finished.
In 1861, Morgan married Amelia Sturges, who liked to be called Mimi. She died the following year, so he married Frances Louisa Tracy, known as Fanny, on May 31, 1865. Morgan and Fanny had four children; Louisa Pierpont Morgan, J. P. Morgan Jr., Juliet Pierpont Morgan, and Anne Tracy Morgan. Each of his children married except for Anne, who became a philanthropist instead.
John Pierpont Morgan, “J.P. Morgan”, was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation while he was alive. Morgan began his banking career in 1857 at the London branch of merchant banking firm, Peabody, Morgan & Co., a partnership between his father and George Peabody. In 1858, he moved to New York City to join Sherman & Company, the American representatives of George Peabody and Company. During the American Civil War, Morgan purchased five thousand defective rifles from an army arsenal at $3.50 and then resold them to a field general for $22, showing how smart he was with his money. His process of taking over troubled businesses to reorganize them became known as "Morganization," where he reorganized business structures and management in order to return them to profitability. His reputation as a banker and financier also helped bring interest from investors to the businesses he took over.
After his father, Juilius, died in 1890, Morgan took control of J. S. Morgan & Co.. He began talks with Charles M. Schwab, president of Carnegie Co., and Andrew Carnegie in 1900. The goal of Morgan’s was to buy out Carnegie's steel business and merge it with several other steel, coal, mining and shipping firms to create the United States Steel Corporation. In 1901 U.S. Steel was the first billion-dollar company in the world, having an authorized capitalization of $1.4 billion, which was much larger than any other industrial firm and comparable in size to the largest railroads at the time.
Morgan was also a collector of books,
John Pierpont Morgan is considered one of the founding fathers of the modern United States economy. He was an industrial genius that is accredited with the founding of many companies including General Electric and AT&T. However, Pierpont is looked upon as a saint and demon the same. He received a honorary degree from Harvard university that read: "Public citizen, patron of literature and art, prince among merchants, who by his skill, wisdom and courage, has twice in times of stress repelled…
House of Morgan The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance is a non-fiction book by Ron Chernow, published in 1990. is the most ambitious history ever written about American finance. It is a rich, panoramic story of four generations of Morgans and the powerful, secretive firms they spawned, ones that would transform the modern financial world. Tracing the trajectory of J. P. Morgan’s empire from its obscure beginnings in Victorian London to the financial crisis…
the People. Rather it rested in the pocketbook of John Pierpont Morgan. In order to understand how America rose to superpower status in back to the legacies of our industrial founding fathers, primarily J.P. Morgan. J.P. Morgan’s legacy left a strong impact upon American economics, which has lasted for the past century. J.P. Morgan’s legacy left a strong impact upon America economics, which has lasted for the past century. John Pierpont Morgan was born intended to be a powerful leader. His father…
the banking world, it is J. P. Morgan. His companies are still around today, just over 100 years later. His business had preceded his death. That’s very successful also it is still booming today. J. P. Morgan was so successful he eventually started buying out other successful business men. He bought out the one and only Andrew Carnegie’s steel company. This is what put him on top of other business men in the U.S. J. P. Morgan, otherwise known as John Pierpont Morgan, was born in 1837 on April 17…
me taken into account regarding the composition of the commission. But there also is the evidence that the employee pass to the U.S. customs house in New York, might be Roosevelt’s. J.P Morgan John Pierpont (J.P.) Morgan was born in Hartford, Connecticut on April 17, 1837. His father, Junius Spencer Morgan, was a prosperous financier, with holdings in America and Europe, who taught his son form an early age how to manage the family assets that he would someday inherit. He was educated at Boston’s…
John Pierpont Morgan and the American Corporation By 1900, tough-minded journalists like Lincoln Steffens and Ida Tarbell were waking up to the fact that politicians no longer ran America; big business did. Tammany's power was nothing compared to that of Morgan's. Morgan was physically imposing: a massive man, with a ferocious glare and a purple, hideously disfigured nose, the result of a childhood skin disease. He smoked Havana cigars so big they were called Hercules' Clubs. And he had a tremendous…
chapter 24 summary Aided by government subsidies and loans, the first transcontinental rail line was completed in 1869, soon followed by others. This rail network opened vast new markets and prompted industrial growth. The power and corruption of the railroads led to public demands for regulation, which was only minimally begun. New technology and forms of business organization led to the growth of huge corporate trusts. Andrew Carnegie and John D. Rockefeller led the way in the steel and oil…
domination on the whole industry chain successfully suppressed other similar enterprises, which reduced the diversity and vitality of capitalism simultaneously. In financial industry, J. Pierpont Morgan was known as the leader of the financial sector of the late 19th century. As the great economic depression expanded, “Morgan would arrange a private loan and personally guarantee the solvency of the US treasury” (594). A single person could affect the pecuniary condition of a country, so to speak, which…
organization of Standard Oil a. Standard Oil Trust B. Andrew Carnegie 1. Background and early ventures 2. Carnegie and steel 3. Carnegie’s approach 4. “The Gospel of Wealth“ 5. Philanthropy C. J. Pierpont Morgan 1. Family background 2. Morgan and investment banking 3. Morgan and railroads 4. Morgan and U.S. Steel D. Sears and Roebuck 1. Problem of distribution solved by mail order 2. Opens truly national markets V. The Working Class A. Social trends 1. Growing disparities in the distribution…
Correct Answer(s): C 4. The Pennsylvania oil rush: A) illustrated to many Americans that a dependence on oil might prove problematic in the future B) outweighed, in economic importance, the California gold rush of a decade before C) gave J. Pierpont Morgan his start in business Points Earned: 1.0/1.0 Correct Answer(s): B 5. What industry was “the first big business, the first magnet for the great financial markets, and the first industry to develop a large-scale management bureaucracy”? A) telephone…