Biography: J. P. Morgan a.k.a. John Peirpont, inherited a love for banking through his admiration of his father. He started banking in his father’s firm in 1856. He worked in many different branches in many different cities. Some banks included Duncan, Sherman and Company of New York City and Drexel, Morgan and Company of New York. Although he was involved with many different banks he still acted as an agent in his fathers New York firm.
Morgan achieved great efficiency when he was involved in railroad financing. He reorganized many railroads such as the New York, West Shore and Buffalo. Philadelphia and Reading as well as Chesapeake and Ohio were also included. In 1887 congress passed an act called the Interstate Commerce Act. Morgan than gathered railroad Presidents together to write agreements for maintenance. It was the first of their kind, therefore creating a community of interest which made great consolidations for competing lines.
Company Built: One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations. The Connecticut native followed his wealthy father into the banking business in the late 1850s, and in 1871 formed a partnership with Philadelphia banker Anthony Drexel. In 1895, their firm was reorganized as J.P. Morgan & Company, a predecessor of the modern-day financial giant JPMorgan Chase. Morgan used his influence to help stabilize American financial markets during several economic crises, including the panic of 1907. However, he faced criticism that he had too much power and was accused of manipulating the nation’s financial system for his own gain. The Gilded Age titan spent a significant portion of his wealth amassing a vast art collection
Quote: "Go as far as you can see; when you get there, youll be able to see farther."
Sources: http://www.history.com/
http://www.brainyquote.com/quotes/authors/j/j_p_morgan.html
Morgan achieved great efficiency when he was involved in railroad financing. He reorganized many railroads such as the New York, West Shore and Buffalo. Philadelphia and Reading as well as Chesapeake and Ohio were also included. In 1887 congress passed an act called the Interstate Commerce Act. Morgan than gathered railroad Presidents together to write agreements for maintenance. It was the first of their kind, therefore creating a community of interest which made great consolidations for competing lines.
Company Built: One of the most powerful bankers of his era, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric and other major corporations. The Connecticut native followed his wealthy father into the banking business in the late 1850s, and in 1871 formed a partnership with Philadelphia banker Anthony Drexel. In 1895, their firm was reorganized as J.P. Morgan & Company, a predecessor of the modern-day financial giant JPMorgan Chase. Morgan used his influence to help stabilize American financial markets during several economic crises, including the panic of 1907. However, he faced criticism that he had too much power and was accused of manipulating the nation’s financial system for his own gain. The Gilded Age titan spent a significant portion of his wealth amassing a vast art collection
Quote: "Go as far as you can see; when you get there, youll be able to see farther."
Sources: http://www.history.com/
http://www.brainyquote.com/quotes/authors/j/j_p_morgan.html