JP Morgan Presentation
Transcript: Citations Heimler, Steve. The Rise of INDUSTRIAL CAPITALISM. 11 January 2021. YouTube, YouTube, https://www.youtube.com/watch?v=nv4MQgTtm5o&t=6s. Video. “J.P. Morgan - Life, Family & Philanthropy.” Biography (Bio.), 3 April 2014, https://www.biography.com/business-leaders/jp-morgan. J.P. Morgan ‑ Biography, Financier & Wealth | HISTORY, 9 November 2009, https://www.history.com/topics/19th-century/john-pierpont-morgan. Dabney, Charles H., et al. “J. P. Morgan - Wikipedia.” Wikipedia, the free encyclopedia, https://en.wikipedia.org/wiki/J._P._Morgan. Death and Legacy JP Morgan passed away on March 31st, 1913 just shy of his 76th birthday. He died in his sleep at the Grand Hotel in Rome, Italy while traveling abroad. Flags on Wall Street flew at half-staff and the stock market closed for two hours when his body passed through His remains were interred in the Cedar Hill Cemetery in Hartford, Connecticut. His son, J. P. Morgan Jr., inherited his banking business. JPMorgan Chase & Co is still the largest bank company in the world with a market cap of $604.48 billion. JP Morgan in 1910, age 73 Involvment with the Government J.P. Morgan was a significant figure and helped the government in numerous ways through the power of finance. - J.P. Morgan was an important figure in ensuring government stability as he refinanced the Civil War debt in 1873 with the help of the money he made two years after establishing Drexel. - In 1877, J.P. Morgan helped fund the military when Congress adjourned without having an approved budget to pay the army. Each month, Morgan supplied the War Department with $550,000, which added up and resulted in a total of $2.5 million to the army payroll. The money that Morgan provided to the military was eventually paid back. - In 1895, at the depths of the banking panic in 1893, President Grover Cleveland contracted J.P. Morgan as the Federal Treasury was almost out of gold. Morgan saved the treasury by arranging for Wall Street to contribute $65 million in gold to the U.S. Treasury. Morgan's Business Morgans business was characterized through its domanance in investment banking, corporate finance, and industrial consollidation. Goverment Bonds Morgan's business was involved in a lot of goverment bonds. Where, he would sell union bonds to help the economic status of the country and finaince war efforts. He not only influenced America but countries around the world such as France. Morganization (Remaking Railroads) One of Morgan's biggest contributions to the American Business was the consolidation and rebuilding of failing railroads. He provided the financial stability and strict discipline enabling the U.S. economy to thrive. By the 1900s, Morgan controlled about one-sixth of the U.S. railroads, making him one of the most powerful figures in the world at the time. Turning Point Morgan's Legacy Though J.P. Morgan did not directly establish Chase, his legacy was sustained there. In 2000, J.P. Morgan merged its banking institute with Chase National Bank. The bank reflects Morgan's value through his exceptional work in investment banking and corporate finance and Chase's successful strategy in retail and commercial banking. The partnership between J.P. Morgan and Anthony Drexel In 1871, Drexel and Morgan combined forces to form the banking firm Drexel, Morgan & Co. based in New York City. This partnership marks the beginning of Morgan's rise to prominenence in the American Fincicial world further paving the way for Morgan's personal banking institution. Eventually the success of this partnership propelled Morgan to eventually have full overnship of the firm, renaming it to J.P. Morgan & Co due to the death of Drexel. In 1895, Morgan's dominance sparked the world of financee. Personal Life In his life JP Morgan had 2 wives: Amelia Sturges, who he was married to from 1861–1862, and Frances Tracy Morgan, who he was married to from 1865–1913. Morgan also had 4 children: J. P. Morgan Jr., Anne Morgan, Louisa Pierpont Morgan, Juliet Pierpont Morgan Morgan was an avid collector of arts, rare manuscripts, books, and fine bindings. JP Morgan's Personal Library Experience JP Morgan Morgan was sent to the University of Göttingen in Germany, obtaining a degree in art history in only six months. He first worked as his father's bank, Peabody, Morgan & Company. He later secured a job at several firms, including Duncan, Sherman & Company and Dabney, Morgan, & Company to earn more experience in the industry. J.P. Morgan attended the University of Göttingen in Germany was what is known as a "robber baron" in the context of the Gilded Age. The rise of industrialism enabled prominent businessmen like him to accumulate a shocking level of wealth, in his case through investment banking. Early Life John Pierpont (JP) Morgan was born on April 17, 1837 in Hartford, Conneticuit to parents, Junius Spencer Morgan and Juliet Pierpont. Morgan was an heir to two of New England's most distinguished families. His education consted