world history education resources
Research numerous resources on the world history topics!

J.p. Morgan Progressive Era

Main keywords of the article below: strengthening, figures, rejected, jp, civic, conservatives, central, morgan, era, responsibility, viewed, national, arts, economy, religion, system, left, devotion, progressive, hailed, wing.

J.p. Morgan Progressive Era

C O N T E N T S:

KEY TOPICS
  • While conservatives in the Progressive Era hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing viewed him as one of the central figures in the system it rejected.(More...)
  • He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business.(More...)
  • The life lessons of J.P. Morgan, the ultimate legacy builder, can guide these entrepreneurs as Africa enters a new, more enlightened era.(More...)
  • His efficiency, acumen, and investments transformed American business and fueled the Progressive Era.(More...)
  • He served as President (1901-1909) and continued his reforming zeal, helping to create a Progressive Era in contrast to the Gilded Age excesses.(More...)

POSSIBLY USEFUL
  • According to Jonathan Hughes and Louis P. Cain, authors of "American Economic History," J.S. Morgan & Company was "a leading European merchant banking house" which financed "a $50-million loan to the French in 1870 at the time of the Franco-Prussian War."(More...)
  • Three of his most successful mergers resulted in the creation of General Electric in 1891, J. P. Morgan and Company (now J. P. Morgan Chase Bank) in 1895, and the United States Steel Company in 1901, which was the world's first billion-dollar corporation.(More...)
  • Morgan (1837 - 1913) J.P.Morgan built a financial empire based on banking, and investment.(More...)



RANKED SELECTED SOURCES

KEY TOPICS
While conservatives in the Progressive Era hailed Morgan for his civic responsibility, his strengthening of the national economy, and his devotion to the arts and religion, the left wing viewed him as one of the central figures in the system it rejected. [1] Following the death of Drexel that year, Pierpont again reorganized his company into J.P. Morgan & Co. The firm soon became a major player in the steel industry by financing the formation of Federal Steel in 1898. [2] This firm was reorganized as J.P. Morgan and Company in 1895, and, largely through Morgan’s ability, it became one of the most powerful banking houses in the world. [3] J.P. Morgan invested in everything from Thomas Edison's electric company to railroads and steel companies to insurance firms. [4] He co-founded the banking firm that became J.P. Morgan & Co. in 1871, and in the 1880s he established himself as a power player in the country's railroad industry. [2] Under their guidance, the firm of J.P. Morgan and Company built a reputation that made it synonymous in many minds with Wall Street itself. [5] In 1902, J.P. Morgan & Co. financed the formation of International Mercantile Marine Company (IMMC), an Atlantic shipping company which absorbed several major American and British lines in an attempt to monopolize the shipping trade. [1] J.P. Morgan, in full John Pierpont Morgan, (born April 17, 1837, Hartford, Connecticut, U.S.--died March 31, 1913, Rome, Italy), American financier and industrial organizer, one of the world’s foremost financial figures during the two pre-World War I decades. [3] The partners of J.P. Morgan & Co. and directors of First National and National City Bank controlled aggregate resources of $22.245billion, which Louis Brandeis, later a U.S. Supreme Court Justice, compared to the value of all the property in the twenty-two states west of the Mississippi River. [1] Morgan founded the banking institution J.P. Morgan & Co. in 1871, which was acquired by Chase Manhattan Bank to become JPMorgan Chase in 2000. [6] J.P. Morgan and Company organized numerous different companies, from General Electric to the Erie Railroad. [6] From 1890 to 1913, 42 major corporations were organized or their securities were underwritten, in whole or part, by J.P. Morgan and Company. [1] As required by the 1933 Glass-Steagall Act, the "House of Morgan" became three entities: J.P. Morgan & Co., which later became Morgan Guaranty Trust ; Morgan Stanley, an investment house formed by his grandson Henry Sturgis Morgan ; and Morgan Grenfell in London, an overseas securities house. [1] From January 1, 1895, the firm became known as J.P. Morgan & Co. [5] J.P. Morgan had been making money the firm in many ways for many years. [5] The first J.P. Morgan died in Rome on one of his annual trips to Europe on March 13 in 1913, the year that the Federal Reserve was established. [5] Born into a prominent New England family in 1837, J.P. Morgan began his career in the New York financial industry in the late 1850s. [2] Born at Irvington, New York, on September 7, 1867, the next J.P. Morgan was Harvard educated, where he graduated in 1889. [5] After assuming full control of J.P. Morgan & Co., his greatest success was the financing of $1.5 billion of allied military purchases in the United States during World War I. [5] J.P. Morgan & Co. was obliged in 1935 to split off its investment banking into Morgan Stanley to separate it from the commercial banking arm. [5] J.P. Morgan became one of the wealthiest and most powerful businessmen in the world through his founding of private banks and industrial consolidation in the late 1800s. [2] J.P. Morgan was recently socked in the wallet by financial regulators, who levied a fine of nearly a billion bucks against the Wall Street baron for massive illegalities. [7] He was succeeded in the business by his son, also J.P. Morgan. [5] In 1871, J.P. Morgan covered the payroll for the entire U.S. Army when a deadlocked Congress was unable to pass the necessary legislation. [5] Men such as Andrew Carnegie, John Rockefeller, and J.P. Morgan dominated the economic landscape of the day. [8] J.P. Morgan himself studied the humanities, receiving a degree in art history from the University of Göttingen, according to " J.P. Morgan's Way " by the editors of New World City. [6]


He was the leading financier of the Progressive Era, and his dedication to efficiency and modernization helped transform American business. [1] Morgan’s risks of investing and loaning money played a crucial role in expanding the United States during the progressive era. [9]


The life lessons of J.P. Morgan, the ultimate legacy builder, can guide these entrepreneurs as Africa enters a new, more enlightened era. [10] In 1871, Morgan founded J.P Morgan & Co., a private banking company that is still one of the leading financial firms in America today. [10] Massive banking enterprises like J.P. Morgan Chase had to be bailed out by the United States government due to poor business and lending practices in 2008, leading to the recession we are still dealing with. [11] This merger created J.P. Morgan Chase, the largest banking entity in the United States and one of the largest banking corporations on the planet. [11] Today, J.P. Morgan is known mostly in the banking world, after its merger with J.P. Morgan Chase in 2000. [11] J.P. Morgan Chase is one of the largest banking groups in the world, and controls a massive amount of wealth larger than many countries. [11] J.P. Morgan inherited his father's $12 million estate, as well as assuming his father's role in the banking empire, which doubled Morgan's fortune overnight. [12] Morgan's father used his fortune from banking to send young J.P. Morgan to the best schools in the country. [11]

From 1890-1913, 42 major corporations were organized or their securities were underwritten, in whole or part, by J.P. Morgan and Company. [13] With this alliance, J.P. Morgan would build the company that would bear his name for more than a century. [12] J.P Morgan was one of the most famous American bankers and financiers of his time and was one of the richest men in America. [14] J.P. Morgan is one of America's first entrepreneurs, and he modeled American prosperity. [11] Together, Edison and J.P. Morgan created the world’s first power station and what eventually became General Electric. [10] J.P. Morgan created a plan for bankers to invest gold directly into the government, but President Grover Cleveland chose to authorize the sale of gold bonds instead. [10] This loophole led to the end of the panic as J.P. Morgan & Co. led a syndicate of bankers to sell bonds and buy back gold from foreign investors. [10] John Pierpont Morgan, or J.P. Morgan was born in 1837 in Hartford Connecticut. [11] Americans like J.P. Morgan couldn’t have achieved such success without the help of European investors, who financed many of the most important infrastructure developments in the budding country. [10] J.P. Morgan took advantage of his economic prowess in banking to purchase large industries, back when the world was still figuring out where the Industrial Revolution would take us. [11] Today, J.P. Morgan continues to be one of the most recognized names in business. [11] After the coffee incident, J.P. Morgan left the firm to make his own way. [10] J.P. Morgan believed that rescuing the failing bank trusts might reverse the downturn and restore the people’s faith in the banks. [10] Now, J.P. Morgan has evolved over the past two centuries into one of the largest corporations in the world. [11] J.P. Morgan once said that the first step towards getting somewhere is to decide that you are not going to stay where you are. [10] He was guided by the advice of his father, who mentored him for much of his life, but J.P. Morgan was also a visionary. [10] J.P. Morgan consolidated his steel companies to create U.S. Steel in 1901. [12]


His efficiency, acumen, and investments transformed American business and fueled the Progressive Era. [10] Africa, like America during the turn of the century, is on the cusp of its own Progressive Era, one in which corrupt government officials are rooted out, business policies are reformed, and social and scientific progress are at the forefront. [10] Throughout his illustrious career as a banker and financier, he helped revolutionize businesses and significantly contributed to the Progressive Era. [14]

He also helped reorganize Morgans United States Steel Corporation, in 1910 Perkins began to pursue Progressive Era reform causes. [15] In this blog post, Molesworth expands on his examination of J.P. Morgan, reflecting on issues that reverberate today: buying influence in a presidential race, breaking up too-powerful bank trusts, pushing Progressive Era initiatives to eliminate obscure and unfair trading practices, and the problem of " large sums of money resting in the hands of a few men." [16] Known as "trust busters" Roosevelt and Taft introduced much of the legislation of the Progressive Era, including the income tax, the Pure Food and Drug Act, and the break-up of the Northern Securities, one of Morgan's companies, and one of the two richest corporations in the world. (The other was also run by Morgan: the United States Steel which produced one quarter of all the steel in the world.) [16]

Progressive Era - The Progressive Era was a period of widespread social activism and political reform across the United States, from the 1890s to the 1920s. [15]

J.P. Morgan & Co. - J. P. Morgan & Co. is a commercial and investment banking institution based in the United States founded by John Pierpont Morgan and commonly known as the House of Morgan or simply Morgan. [15] When J.P. Morgan reached the age of 20, he became a banker in his father’s London office and later went to Duncan, Sherman & Company in New York City. [17] During the Panic of 1893, when a shortage of the gold caused a devaluation of the Dollar, the U.S. president Grover Cleveland asked J.P. Morgan to loan $65 million in gold to the U.S. Treasury. [17]

The Northern Securities Company was a Trust set up by banker J.P. Morgan and railroad magnate James J. Hill. [18] In 1901, James J. Hill, E.H. Harriman, and J.P. Morgan had made a secret deal to combine their railroad stocks in a "holding company," another type of trust. [19] James J. Hill, the owner of the Northern Pacific Railroads, joined forces with banker J.P. Morgan who together, also wanted to buy the railroad. [18] Northern Securities History for kids: J.P. Morgan, James J. Hill and E.H. Harriman The ruthless Robber Barons of American industries fought to increase their empires, profits and power. [18] Sure, J.P. Morgan exploited a pre-regulation American economy, but he was also an avid art collector and played a major role in establishing the preeminence of the Metropolitan Museum of Art in New York City. [16] "Captains of industry" like John D. Rockefeller and J.P. Morgan formed huge corporations owned by stockholders. [19] He splashed onto the national scene by raising and funding a private army that was instrumental in winning the Spanish-American War, and he loudly and publicly championed the cause of the people vs. large industrialists men like John D. Rockefeller, J.P. Morgan, Cornelius Vanderbilt, and Andrew Carnegie. [20] The defendants included J.P. Morgan, John D. Rockefeller, and Andrew Carnegie. [19] Northern Securities: J.P. Morgan meets with Roosevelt In early 1902, President Roosevelt ordered the Department of Justice and his attorney general to file a lawsuit against Northern Securities. [18] J.P. Morgan was astounded and went to meeting at the White House with the President. [18] J.P. Morgan went to the White House to meet with Roosevelt. [19] J.P. Morgan treated the President like 'one of the boys' saying: "If we have done anything wrong send your man to my man and they can fix it up." [18]


He served as President (1901-1909) and continued his reforming zeal, helping to create a Progressive Era in contrast to the Gilded Age excesses. [21] People of the Progressive Era (1890-1920) A period of increased federal intervention to tackle the abuse of the Gilded Age. [21]

POSSIBLY USEFUL
According to Jonathan Hughes and Louis P. Cain, authors of "American Economic History," J.S. Morgan & Company was "a leading European merchant banking house" which financed "a $50-million loan to the French in 1870 at the time of the Franco-Prussian War." [9] After the death of Anthony Drexel, the firm was rechristened "J. P. Morgan & Company" in 1895, retaining close ties with Drexel & Company of Philadelphia; Morgan, Harjes & Company of Paris; and J.S. Morgan & Company (after 1910 Morgan, Grenfell & Company ) of London. [1] In 1864, at the urging of his father, he paired with senior partner Charles Dabney to form Dabney, Morgan & Co. With Junius Morgan now heading the London banking firm, the Morgans continued to expand their wealth and influence by funneling overseas investments into American businesses. [2] Morgan went into banking in 1857 at the London branch of merchant banking firm Peabody, Morgan & Co., a partnership between his father and George Peabody founded three years earlier. [1] In 1854, Junius Morgan moved the family to London to begin his new career as a partner in the banking firm of George Peabody & Co. Pierpont was sent to the Institute Sillig in Switzerland, where he became fluent in French and displayed an aptitude for mathematics, and then to Göttingen University in Germany. [2] As the boy was growing up, J.S. Morgan entered the world of finance and joined the banking firm of George Peabody & Co. in London, the British arm of the American George Peabody's banking interests. [5] Because of his links with the Peabody firm, Morgan had intimate and highly useful connections with the London financial world, and during the 1870s he was thereby able to provide the rapidly growing industrial corporations of the United States with much-needed capital from British bankers. [3] Having financed the creation of the Federal Steel Company in 1898, Morgan in 1901 joined in merging it with the giant Carnegie Steel Company and other steel companies to form United States Steel Corporation, which was the world’s first billion-dollar corporation. [3] Three years later, after purchasing Andrew Carnegie ’s steel company for nearly $500 million, Morgan merged the entities into U.S. Steel, creating the first billion-dollar corporation. [2]

In 1861 Morgan became the agent for his father’s banking company in New York City. [3] His son, John Pierpont "Jack" Morgan Jr., inherited the banking business. [1] They married in May 1865 and had four children, with son John Pierpont "Jack" Morgan Jr. going on to take over his father's business many years later. [2]

Over the course of his career, Morgan helped form or support many companies that still exist today, including General Electric, the U.S. Steel, and AT&T. When he died in 1913 at the age of 75, it was revealed that he was worth around $80 million -- according to legend, John D. Rockefeller remarked, "And to think he wasn't even a rich man!" upon reading the figure, according to Jean Strouse's article for the New York Times. [6] When his friend, Erie Railroad president John King, was black-balled, Morgan resigned and organized the Metropolitan Club of New York. [1] In 1879, Morgan established his reputation for financial dealings when he unloaded stock in the New York Central Railroad for $25 million on behalf of William H. Vanderbilt. [5] After World War I, the world's financial center of gravity shifted to New York, and the Morgan advantage became less important. [5] A contemporary literary biography of Morgan is used as an allegory for the financial environment in America after World War I in the second volume, Nineteen Nineteen, of John Dos Passos ' U.S. trilogy. [1]

Morgan successfully led the American financial community’s attempt to avert a general financial collapse following the stock market panic of 1907. [3] During the American Civil War, in an incident known as the Hall Carbine Affair, Morgan financed the purchase of five thousand rifles from an army arsenal at $3.50 each, which were then resold to a field general for $22 each. [1] After finishing his education in 1857, Morgan moved to New York to work as a clerk at Duncan, Sherman & Co., the American branch of his father's firm. [2] Upon Peabody's retirement in 1864, J.S. Morgan reorganized the London operation as J.S. Morgan & Co., and teamed up with his son and Charles H. Dabney as Dabney, Morgan & Co. in New York to handle the American end. [5] Morgan was a benefactor of the American Museum of Natural History, the Metropolitan Museum of Art, Groton School, Harvard University (especially its medical school ), Trinity College, the Lying-in Hospital of the City of New York, and the New York trade schools. [1]

Morgan hoped to dominate transatlantic shipping through interlocking directorates and contractual arrangements with the railroads, but that proved impossible because of the unscheduled nature of sea transport, American antitrust legislation, and an agreement with the British government. [1] After the death of his father in 1890, Morgan took control of J. S. Morgan & Co. (which was renamed Morgan, Grenfell & Company in 1910). [1] His father grew in power to direct J.S. Morgan & Company (formerly Peabody & Company), which had international offices in London and Paris. [9]

In 1901, Morgan teamed with James J. Hill to form the Northern Securities Company. [2] From 1864-72, he was a member of the firm of Dabney, Morgan, and Company. [1] In 1892 Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. [1]

Through a system of interlocking memberships on the boards of companies he had reorganized or influenced, Morgan and his banking house achieved a top-heavy concentration of control over some of the nation’s leading corporations and financial institutions. [3] Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis and, together with writer Upton Sinclair, they attacked him for the financial resolution of the Panic of 1907. [1] In an interview with UVA professor Robert F. Bruner for the Smithsonian, Abigail Tucker finds that Morgan soothed the panic by calling upon his "deep and extensive relations throughout the financial and business communities." [6] Morgan began conversations with Charles M. Schwab, president of Carnegie Co., and businessman Andrew Carnegie in 1900 with the intention of buying Carnegie's business and several other steel and iron businesses to consolidate them to create the United States Steel Corporation. [1] According to Phil Orbanes, former Vice President of Parker Brothers, the Rich Uncle Pennybags of the American version of the board game Monopoly is modeled after J. P. Morgan. [1] His son, J. P. Morgan Jr., took over the business at his father's death, but was never as influential. [1] A similarly unconfirmed legend attributes the quote to his son, J. P. Morgan Jr., in connection with the launching of the son's yacht Corsair IV at Bath Iron Works in 1930. [1]

J.P. Morgan's grandfather Joseph acquired some profitable business ventures, and his son Junius Spencer Morgan was already a thriving dry-goods wholesaler at the time of Pierpoint's birth. [5]

At that time, Anthony J. Drexel became Pierpont's mentor at the request of Junius Morgan. [1] It became the general practice to have Morgan representatives on the boards of the company's thus created, giving Morgan an influence over corporations with value out of all proportion to his equity interest. [5] Morgan was active in creating some of the largest American corporations. [5] During the period of his father's dominance, British capital was essential for the expansion of American commerce and industry, and the excellent connections that the House of Morgan enjoyed in London worked strongly to its advantage. [5] The winner of the National Book Award and now considered a classic, The House of Morgan is the most ambitious history ever written about an American b. [5] Morgan was painted by many artists including the Peruvian Carlos Baca-Flor and the Swiss-born American Adolfo Müller-Ury, who also painted a double portrait of Morgan with his favorite grandchild, Mabel Satterlee, that for some years stood on an easel in the Satterlee mansion but has now disappeared. [1] By the turn of the century, Morgan had become one of America's most important collectors of gems and had assembled the most important gem collection in the U.S. as well as of American gemstones (over 1,000 pieces). [1] In 1907, Morgan again was called to aid the U.S. government in the grips of an economic panic. [2] Today, Morgan is remembered for bailing out the U.S. government during the Panic of 1907. [6] During the depression that followed the panic of 1893, Morgan formed a syndicate that resupplied the U.S. government’s depleted gold reserve with $62 million in gold in order to relieve a Treasury crisis. [3]

When the House of Morgan stopped the Panic of 1907, it was criticized for being dominant and interested in itself over the public wellbeing, but although not evenly distributed, the country was enjoying general growth and prosperity. [5] When the Panic of 1873 rocked the nation's economy, Morgan protected himself wisely and emerged in the aftermath as the king of American finance. [4] The younger Morgan was a power in American finance, but the tide was running against him. [5] Rockefeller, Morgan, Vanderbilt, Carnegie, Harriman, Gould, Frick. this is the story of the giant american capitalists who seized economic power afte. [5] During the Gilded Age, Morgan cornered the U.S. financial markets, gained monopoly ownership of railroads, amassed a vast supply of the nation's gold, and used his investment power to create U.S. Steel and take control of that market. [7] With U.S. Steel, Morgan had captured two-thirds of the steel market, and Schwab was confident that the company would soon hold a 75 percent market share. [1] The White Star Line, which operated Titanic, was part of Morgan's International Mercantile Marine Company, and Morgan was to have his own private suite and promenade deck on the ship. [1] In 1902 Morgan brought together several of the leading agricultural-equipment manufacturers to form the International Harvester Company. [3] Major New York banks were on the verge of bankruptcy and there was no mechanism to rescue them, until Morgan stepped in to help resolve the crisis. [1] Underscoring his influence in the industry, Morgan in 1885 arranged a meeting with the feuding directors of the New York Central and Pennsylvania Railroad aboard his yacht, the Corsair. [2] In 1896, Adolph Simon Ochs owned the Chattanooga Times, and he secured financing from Morgan to purchase the financially struggling New York Times. [1] Morgan also owned East Island in Glen Cove, New York, where he had a large summer house. [1] Morgan was a notable collector of books, pictures, paintings, clocks and other art objects, many loaned or given to the Metropolitan Museum of Art (of which he was president and was a major force in its establishment), and many housed in his London house and in his private library on 36th Street, near Madison Avenue in New York City. [1] In December 1912, Morgan testified before the Pujo Committee, a subcommittee of the House Banking and Currency committee. [1] Vowing to never let it happen again, and realizing that in a future crisis there was unlikely to be another Morgan, in 1913 banking and political leaders, led by Senator Nelson Aldrich, devised a plan that resulted in the creation of the Federal Reserve System in 1913. [1]

Morgan consolidated numerous companies and even regulated entire industries, like steel and railroads, as Morgen Witzel writes in " Fifty Key Figures in Management." [6] In the course of these corporate restructurings, Morgan became a member of the board of directors of these and other railroads, thereby amassing great influence on them. [3]

Morgan had put forward a plan for the federal government to buy gold from his and European banks but it was declined in favor of a plan to sell bonds directly to the general public to overcome the crisis. [1] Morgan gained his greatest fame in the Panic of 1907, when in concert with other Wall Street financiers, he stopped the run on the banks by determining which were sound and allowing those who were to reopen with his backing. [5] Morgan organized a team of bank and trust executives which redirected money between banks, secured further international lines of credit, and bought up the plummeting stocks of healthy corporations. [1] Along with amassing immense wealth through the creation of such corporations as U.S. Steel, Morgan led efforts to bail out the U.S. Treasury in 1895 and 1907. [2] Morgan came up with a plan to use an old civil war statute that allowed Morgan and the Rothschilds to sell gold directly to the U.S. Treasury, 3.5million ounces, to restore the treasury surplus, in exchange for a 30-year bond issue. [1] After the Civil War, the House of Morgan performed this role in emergency situations. [5] His house at 219 Madison Avenue was originally built in 1853 by John Jay Phelps and purchased by Morgan in 1882. [1] Two individuals named John Pierpoint Morgan, father and son, were leaders in the world of finance and industry in the late 19th and early 20th centuries. [5]

Morgan suffered a rare business defeat in 1902 when he attempted to enter the London Underground field. [1] In one early example of his ingenuity, Morgan was in New Orleans for business when he encountered a ship captain with a boatload of coffee and no buyer. [2] Morgan reorganized business structures and management in order to return them to profitability. [1] Passed in 1890 to very little reaction, the Sherman Antitrust Act was aimed at business practitioners like Morgan who abused mergers and monopolies. [22] Carnegie agreed to sell the business to Morgan for $480million. [1]

This earned Morgan the occasional distrust of the federal government and the enmity of reformers and muckrakers throughout the country, but he remained the dominant figure in American capitalism until his death in 1913. [3] Morgan was a patron to photographer Edward S. Curtis, offering Curtis $75,000 in 1906, to create a series on the American Indians. [1]

The first decade of the twentieth century brought challenges to Morgan from the government. [4] Morgan, sure there was not enough time to implement such a plan, demanded and eventually obtained a meeting with Grover Cleveland where he claimed the government could default that day if they didn't do something. [1] All these actions should be judged by the standards of the times, and the practices of the House of Morgan stand head and shoulders above those of the true "robber barons" such as Jay Gould and Daniel Drew^. [5] His ornate library was built to house most of his works, which, thanks to the efforts of Jack Morgan, was unveiled to the public in the 1920s with the opening of the Morgan Library & Museum. [2] Assessed by current practices, the House of Morgan gained its position through activities that are now viewed as unethical. [5]

Through his New York social circle, Morgan grew close to Amelia "Memie" Sturges, the daughter of a successful merchant. [2] Morgan pulled off the massive transaction without driving down the share price, and in return he secured a seat on the New York Central board of directors. [2] Morgan then met with the nation's leading financiers in his New York mansion, where he forced them to devise a plan to meet the crisis. [1] He bequeathed his mansion and large book collections to the Morgan Library & Museum in New York. [1]

Morgan and Wall Street bankers donated heavily to Republican William McKinley, who was elected in 1896 and re-elected in 1900. [1] The lawyers and bankers who had organized the merger--notably Morgan and CEO Elbert Gary --were more concerned with long-range profits, stability, good public relations, and avoiding trouble. [1] Adrian Wooldridge characterized Morgan as America's "greatest banker". [1]

It was there that a reception of 1,000 people was held for the marriage of Juliet Morgan and William Pierson Hamilton on April 12, 1894, where they were given a favorite clock of Morgan's. [1] Morgan bought defective rifles for $3.50 each and sold them to a Union general for $22 each. [7] With U.S. gold reserves seriously depleted, Morgan formed a syndicate of international investors willing to supply gold in exchange for a favorable rate on 30-year bonds. [2] Entering his mid-30s, Morgan was developing into the outsized figure that would dominate the financial world with his enormous frame, piercing eyes and brusque nature. [2] Morgan redefined conservatism in terms of financial prowess coupled with strong commitments to religion and high culture. [1]

Regardless, Morgan continued to exert his authority in both industry and in government. [2] The rifles blew off soldiers' thumbs, but Morgan pleaded ignorance, and government investigators graciously absolved the young, wealthy, well-connected financier of any fault. [7]

Original released as a " coon song " but revised over the years, a poor man named Morgan tells his girlfriend not to mistake him for a rich man. [1] Morgan had many partners over the years, such as George W. Perkins, but always remained firmly in charge. [1]

Having ceased to undertake large industrial reorganizations, Morgan thereafter concentrated on amassing control of various banks and insurance companies. [3] Morgan had avoided serving during the war by paying a substitute $300 to take his place. [1] Northern Securities held the majority of shares in the Northern Pacific, the Great Northern and the CB&Q railroads, giving Morgan control of approximately one-third of the country's railways. [2] In semi-retirement by the time the crisis was resolved, Morgan devoted much of his energy to his art collection and philanthropy. [2] Over time, many of the companies would recover and become profitable, keeping capital flowing into other Morgan deals." [6]

Morgan lost some big projects such as the World’s Fair in Chicago and the Niagara Falls Power Plant to Westinghouse Co., which infuriated him. [9] Morgan began talks with Charles M. Schwab, president of Carnegie Co., and businessman Andrew Carnegie in 1900. [1] After all-night negotiations went nowhere, Morgan ended the stalemate by drawing up a bailout contract and ordering the exhausted presidents to sign. [2]

By the mid-1930's the reputation of Morgan, along with all of Wall Street, was dismal. [5] Morgan controlled U.S. Steel and he decided it had to buy the TCI stock from Moore and Schley. [1] Morgan was one of the greatest art and book collectors of his day, and he donated many works of art to the Metropolitan Museum of Art in New York City. [3] During 1864-71 he was a member of the firm of Dabney, Morgan and Company, and in 1871 he became a partner in the New York City firm of Drexel, Morgan and Company, which soon became the predominant source of U.S. government financing. [3] In 1871, he partnered with the Drexels of Philadelphia to form the New York firm of Drexel, Morgan & Company. [1] From 1860 to 1864, as J. Pierpont Morgan & Company, he acted as agent in New York for his father's firm, renamed "J.S. Morgan & Co." upon Peabody's retirement in 1864. [1] His success emboldened him to strike out on his own, and he continued to work with his father after founding J. Pierpont Morgan & Co. in the early 1860s. [2] His son, J. P. Morgan Jr., made the Pierpont Morgan Library a public institution in 1924 as a memorial to his father, and kept Belle da Costa Greene, his father's private librarian, as its first director. [1] J. P. Morgan's yacht Corsair, later bought by the U.S. Government and renamed the USS Gloucester to serve in the Spanish-American War. [1] J.P. Morgan's first office job was in his father's London office as as clerk. [5]

After his inauguration in 1901, President Theodore Roosevelt sought to purify business and protect the rights of smaller companies from harmful trusts, like Morgan's trusts in steel and electricity. [22] At the height of Morgan's career during the early twentieth century, he and his partners had financial investments in many large corporations and had significant influence over the nation's high finance and United States Congress members. [1] The ship's famous sinking in 1912, the year before Morgan's death, was a financial disaster for IMMC, which was forced to apply for bankruptcy protection in 1915. [1] This page, from an impressive website about the Titanic created by three young enthusiasts, tells the story of Morgan's purchase of White Star Line which launched the ill-fated Titanic just three years later. [4]

Morgan's actions marked a shift in thinking among American industrialists. [4] Today, John Pierpont Morgan is remembered as one of the greatest bankers in American history. [6] …syndicate of bankers headed by John Pierpont Morgan to sell government bonds abroad for gold. [3] Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Biographer Ron Chernow estimated his fortune at "only" $80 million (approximately $1.5 billion in 2015 inflation-adjusted dollars, or about $25.2 billion adjusted for share of United States 2015 Gross domestic product ), prompting John D. Rockefeller to say: "and to think, he wasn't even a rich man." [1] The son of a successful financier, Junius Spencer Morgan (1813-90), John Pierpont Morgan was educated in Boston and at the University of Göttingen. [3] John Pierpont Morgan was born into a prominent New England family on April 17, 1837, in Hartford, Connecticut. [2] John Pierpont Morgan, unlike Vanderbilt and Rockefeller, was born into a financially well-off family. [9]

…her to the attention of J. Pierpont Morgan, whose large and haphazard collection of early books and manuscripts was about to be placed in its own building in New York City. [3] Pierpont Morgan, founder of the library bearing his name in New York City. [3]

Dabney retired in 1871, at which point the Morgans and Anthony Drexel of the Philadelphia banking family formed Drexel, Morgan & Co. The elder Morgan died in 1890 and Drexel in 1893. [5] With the retirement of Dabney in 1871, Morgan joined forces with Philadelphia banker Anthony Drexel to found Drexel, Morgan & Co., which took up residence in a towering new building in lower Manhattan. [2]

Young entrepreneurs shifted their goals to banking in the hopes of mirroring Morgan's success. [4] With Morgan's family resources, he enjoyed the finest business education money could buy. [4] These findings would accelerate further anti-trust reform and would ruin Morgan's business reputation. [22]

Transit magnate Charles Tyson Yerkes thwarted Morgan's effort to obtain parliamentary authority to build the Piccadilly, City and North East London Railway, a subway line that would have competed with "Tube" lines controlled by Yerkes. [1]

The goals of the Progressive movement were 1) to protect the social welfare of the nation 2) promote moral improvement for the country and its people 3) creating economic reform and limiting the power of Big Business and 4) to foster a more efficient and responsive government. [8] The torch of the Progressive movement was next picked up by President Woodrow Wilson. [8] Roosevelt was not the only President to use the office to advance the agenda of the Progressive movement. [8]

The late 19th century was an era of unprecedented economic growth for the United States. [8] The political gains of the era would be slow and deliberate due to the power and infludence of those that had the most to lose: Industrialists, Financiers, and the powerful political machines of the day - such as Tammany Hall in New York City. [8]


Three of his most successful mergers resulted in the creation of General Electric in 1891, J. P. Morgan and Company (now J. P. Morgan Chase Bank) in 1895, and the United States Steel Company in 1901, which was the world's first billion-dollar corporation. [23] J. S. Morgan and Company in London became J. P. Morgan and Company, as did the firm in New York. [24] The loss to J. P. Morgan and Company was about twelve million dollars, and 1905 was the only year, before the Great Depression of the 1930s, when the firm showed a loss. [24] In his will he left his wife and daughters very comfortably fixed and gave a year’s salary to every employee of J. P. Morgan and Company. [24] From his earliest days J. P. Morgan was exposed to two elements that were to dominate and characterize his life: international banking at its highest levels and the idea held by Peabody and his own father that personal integrity was indispensable to success in that field. [24] He left his banking business to his son, JP Morgan Jr, whilst leaving his mansion to the Morgan Library and Museum. [14] His father, Junius Morgan, was a successful merchant banker in London, and the connection to British money would be the defining factor in J.P. Morgan's career. [12] Death of his father In the 1880s, J.P. Morgan's name was still below Drexel's (Drexel, Morgan and Co.), and he was still subject to the will of his father. [12]

After the death of Anthony Drexel, the firm was rechristened "J. P. Morgan & Company" in 1895, retaining close ties with Drexel & Company of Philadelphia; Morgan, Harjes & Company of Paris; and J.S. Morgan & Company (after 1910 Morgan, Grenfell & Company ), of London. [13] When Peabody retired in the early 1860s, Morgan’s father took over the firm, which he renamed J. S. Morgan and Company. [24] Morgan’s father, Junius Spencer Morgan, was a partner in a dry-goods firm in Hartford for several years, before moving to Boston and becoming a partner of James M. Beebe & Company, which was heavily involved in conducting and financing the burgeoning Atlantic cotton trade. [24] Morgan went into banking in 1857 at the London branch of merchant banking firm, Peabody, Morgan & Co., a partnership between his father and George Peabody founded three years earlier. [13] With his great banking house, his imposing presence, and his swelling, almost imperial art collection, Morgan became the very symbol of Wall Street and its rising power, as it reached equality with London as a money center in the last years of the century. [24] In The House of Morgan: An American Banking Dynasty and the Rise to Modern Finance, it explains that Morgan once told New York governor Grover Cleveland, "If I have been able to succeed in the station of life I attribute it more than anything to the endorsement of my father's friends." [12] More important, when the great New York publishing house of Harper & Brothers was threatened with bankruptcy in the 1890s, it was Morgan who rescued it with loans of more than a million dollars, not because it made business sense but simply because he thought Harper’s too important to American culture to lose. [24] The house of Morgan: An American banking dynasty and the rise of modern finance. [10]

Morgan wielded an outsized influence on the U.S. banking, business, and even government sectors. [23] In 1895, when the U.S. Treasury was close to bankruptcy owing to the Panic of 1893, Morgan arranged to sell a portion of his companies' own gold reserves to the government in exchange for a massive 30-year bond saving the federal treasury but alarming many critics and politicians in the process. [23] At certain points in history, Morgan even lent money to the U.S. government to help economic recovery. [11]

With the new firm’s many connections with Philadelphia and with J. S. Morgan and Company in London, it was immediately profitable. [24] Morgan played a role in creating some of the most recognizable corporations in United States history, often by buying out competing businesses and reorganizing them into one larger and more efficient company. [23] When his children were young, he would dress up as Santa Claus at Christmas, and his son remembered all his life a trip he took with his father to visit Thomas Edison at Menlo Park. (Morgan had invested three hundred thousand dollars in the Edison Electric Light Company even before Edison had perfected his great invention. [24] After meeting Thomas Edison, Morgan invested everything he had to form the Edison Electricity Company, although his father believed electricity was "just a fad." [10]

In 1892, Morgan arranged the merger of Edison General Electric and Thomson-Houston Electric Company to form General Electric. [25] Perhaps sensing this, Morgan, in 1864, took on a senior partner, Charles H. Dabney, and the firm’s name was changed to Dabney, Morgan and Company. [24]

During the American Civil War, Morgan purchased five thousand defective rifles from an army arsenal at $3.50 each and then resold them to a field general for $22 each. [13] Morgan (April 17, 1837 - March 31, 1913) was an American financier, banker, philanthropist and art collector who dominated corporate finance and industrial consolidation during his time. [25] Morgan was even able to travel to Europe to gain an international education -- something which was well out of reach for most Americans at the time. [11] The offices of the Morgan bank have been there ever since, at the symbolic and actual center of American capitalism. [24] A central bank, in other words, is supposed to prevent precisely the sort of liquidity crisis that Morgan and the other New York bankers were trying to deal with in late October of 1907. [24] In exchange for his work on this deal, Morgan received a seat on the New York Central board and established his role as a financial intermediary between the railroad companies and English investors. [10] In 1857 Morgan left the University of Göttingen and moved to New York, where he joined the distinguished Wall Street firm of Duncan, Sherman & Co. as a junior accountant. [24] When Morgan had first come to Wall Street, not a single industrial concern was listed on the New York Stock Exchange. [24]

Considering how very large Morgan loomed on the financial landscape in the first years of the twentieth century, many people were astonished at the relatively modest size of Morgan’s estate. [24] Morgan’s house on Thirty-sixth Street was the first one in the world to be completely wired for electricity, and the Morgan family endured numerous sudden blackouts at the hands of the new and often erratic technology.) [24] The first paragraph of Morgan’s will, written by Morgan personally, was a thundering affirmation of his belief in Christianity and its power to redeem his soul. [24] One of Morgan’s partners, George W. Perkins, said, "If there ever was a general in charge of any fight for any people that did more intelligent, courageous work than Mr. Morgan did then, I do not know of it in history." [24] Although many Wall Street bankers, such as George F. Baker and James Stillman, had contributed substantially, it was acknowledged that only Morgan could have held them together and forced them to act in the general good, often at the peril of their own solvency. [24] Not only railroads but industrial concerns as well were being created and restructured by Morgan and others on Wall Street at the turn of the century, as the country entered the modern economic era characterized by corporations of national scope. [24] Although he was a banker, not a railroader, Morgan was the most influential man in the railroad business in the last two decades of the century, doing much to rationalize corporate structures and routes. [24] When Morgan returned to start his business career, the United States was on the cusp of the Civil War. [11] After the war, Morgan took advantage of an economy recovering from war to build his business empire. [11] In two instances during the war Morgan became involved in dubious schemes with men of good family but, it turned out, bad character. [24] As the yacht sailed up and down the river, Morgan got the two railroad directors to thrash out an agreement ending the war between them. [24] Morgan bought out industry giants, such as railroads, steel, and electricity, to build up an industrial empire. [11]

Even though Morgan had helped stave off financial disaster twice, Progressive-era politicians and reformers saw his intervention as a clear sign that increased federal oversight of America's sprawling banking industry was needed a concern that led to the creation of the Federal Reserve in 1913. [23] Morgan started out in his father's footsteps, working in the banking and investment industries. [11]

In 1896, Adolph Simon Ochs, who owned the Chattanooga Times, secured financing from Morgan to purchase the financially struggling New York Times. [13] In the last years of his life Morgan spent less and less time on Wall Street and more at his library or abroad on his endless collecting trips. [24]



RANKED SELECTED SOURCES(31 source documents arranged by frequency of occurrence in the above report)

1. (81) J. P. Morgan - WikiVividly

2. (62) J. P. Morgan - Wikipedia

3. (59) The Magnitude of J. P. Morgan | AMERICAN HERITAGE

4. (29) J.P. Morgan

5. (26) J.P. Morgan: Biography & Facts | Study.com

6. (26) J.P. Morgan - Art Collector, Philanthropist, Business Leader - Biography

7. (24) 10 Lessons Africa’s Entrepreneurs Can Learn From J.P. Morgan - Bold

8. (18) How J.P. Morgan Built His Net Worth -- The Motley Fool

9. (18) J.P. Morgan | Biography & Facts | Britannica.com

10. (16) University of Texas Press: J.P. Morgan, The Pujo Committee, and the "Money Trust"

11. (9) April 17: Businessman and Financier J. P. Morgan Born in Hartford Today in Connecticut History

12. (9) The Financial Panic of 1907: Running from History | History | Smithsonian

13. (9) What you can learn from J.P. Morgan - Business Insider

14. (8) J.P. Morgan - Entrepreneur Hall of Fame

15. (7) J. P. Morgan for Kids - Kiddle

16. (7) The New Tycoons: J. Pierpont Morgan [ushistory.org]

17. (6) Northern Securities Case: US History for Kids ***

18. (6) The Progressive Era

19. (5) J.P Morgan Net Worth: 5 Interesting Facts You May Not Know | N4BB

20. (5) BRIA 23 1 b Progressives and the Era of Trustbusting - Constitutional Rights Foundation

21. (5) Values & Capitalism The Men Who Built America: J.P. Morgan - Values & Capitalism

22. (4) Roosevelt: "The Square Deal" and the Rise of the Progressives | TEL Library

23. (4) Famous people of the Gilded Age | Biography Online

24. (4) American History USA

25. (4) JP Morgan John Pierpont Morgan American financier and banker who dominated

26. (4) The Morgan Library and Museum: A Review (Blog) | The Columbia Review

27. (4) J.P. Morgan: The Man and the Bank - Progressive.org

28. (3) Impact on Progressive Era - J.P. Morgan: The Revolutionary

29. (3) Economy in Progressive Era Politics

30. (1) SparkNotes: The Gilded Age & the Progressive Era (1877-1917): The Rise and Fall of Populism: 1892-1896

31. (1) J.P. Morgan Research - J.P. Morgan Research


Privacy Policy  | Terms & Conditions  | Note: Footnotes & Links provided to all original resources.

© Copyright 2017, Power Text Solutions, All Rights Reserved.