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1) John Pierpont "J.P." 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.
2) 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.
3) 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.
4) In 1858, he moved to New York City to join the banking house of Duncan, Sherman & Company, the American representatives of George Peabody and Company.
5) During the American Civil War, Morgan purchased five thousand defective rifles from an army arsenal at $3.50 each [2] and then resold them to a field general for $22 each.
6) Morgan had avoided serving during the war ( American Civil War ) by paying a substitute $300 to take his place.
7) Treasury gold : In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold[6] to restore the treasury surplus in exchange for a 30-year bond issue.
8) J.P. Morgan & Company : By 1900, it was one of the most powerful banking houses of the world, focused especially on reorganizations and consolidations.
9) Newspapers : In 1896, Adolph Simon Ochs, who owned the Chattanooga Times, secured financing from Morgan to purchase the financially struggling New York Times.
10) After the death of his father in 1890, Morgan took control of J. S. Morgan & Co. (which was renamed Morgan, Grenfell & Company in 1910).
11) 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.
U.S. Steel was regarded as a monopoly by critics, as the business was attempting to dominate not only steel but also the construction of bridges, ships, railroad cars and rails, wire, nails, and a host of other products.
12) Panic of 1907 : The Panic of 1907 was a financial crisis that almost crippled the American economy. 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.
13) Federal Reserve System in 1913 : 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.
14) Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis and for the financial resolution of the Panic of 1907.
15) Pujo Committee : The committee ultimately concluded that a small number of financial leaders was exercising considerable control over many industries.
16) The partners of J.P. Morgan & Co. and directors of First National and National City Bank controlled aggregate resources of $22.245 billion, 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.
17) Morgan was a lifelong member of the Episcopal Church, and by 1890 was one of its most influential leaders.[36] He was a founding member of the Church Club of New York, an Episcopal private member's club in Manhattan.
1) John Pierpont "J.P." 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.
2) 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.
3) 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.
4) In 1858, he moved to New York City to join the banking house of Duncan, Sherman & Company, the American representatives of George Peabody and Company.
5) During the American Civil War, Morgan purchased five thousand defective rifles from an army arsenal at $3.50 each [2] and then resold them to a field general for $22 each.
6) Morgan had avoided serving during the war ( American Civil War ) by paying a substitute $300 to take his place.
7) Treasury gold : In 1895, at the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold[6] to restore the treasury surplus in exchange for a 30-year bond issue.
8) J.P. Morgan & Company : By 1900, it was one of the most powerful banking houses of the world, focused especially on reorganizations and consolidations.
9) Newspapers : In 1896, Adolph Simon Ochs, who owned the Chattanooga Times, secured financing from Morgan to purchase the financially struggling New York Times.
10) After the death of his father in 1890, Morgan took control of J. S. Morgan & Co. (which was renamed Morgan, Grenfell & Company in 1910).
11) 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.
U.S. Steel was regarded as a monopoly by critics, as the business was attempting to dominate not only steel but also the construction of bridges, ships, railroad cars and rails, wire, nails, and a host of other products.
12) Panic of 1907 : The Panic of 1907 was a financial crisis that almost crippled the American economy. 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.
13) Federal Reserve System in 1913 : 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.
14) Enemies of banking attacked Morgan for the terms of his loan of gold to the federal government in the 1895 crisis and for the financial resolution of the Panic of 1907.
15) Pujo Committee : The committee ultimately concluded that a small number of financial leaders was exercising considerable control over many industries.
16) The partners of J.P. Morgan & Co. and directors of First National and National City Bank controlled aggregate resources of $22.245 billion, 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.
17) Morgan was a lifelong member of the Episcopal Church, and by 1890 was one of its most influential leaders.[36] He was a founding member of the Church Club of New York, an Episcopal private member's club in Manhattan.
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