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J.P. Morgan
Transcript
J.P. MORGAN
“God made the world in 4004 B.C. and it was reorganized in 1901 by J.P. Morgan.”
-Wall Street Journal
Personal Life
JP Morgan and Company
- Founded in 1871 as Drexel, Morgan and Co.
- Founded by JP Morgan and Anthony Drexel
- After the death of Drexel, it was renamed JP Morgan and Co.
- Helped the U.S. out during the Panic of 1893
- Fun Fact: In 1920, the wall street bombing which killed 39 and wounded 400 took place at the headquarters of JP Morgan and Co.
- Full name: John Pierpont Morgan
- Born April 17, 1832 in Hartford Connecticut
- Died March 31, 1913 in Rome, Italy
- Liked to collect art, books and gemstones
- Lifelong member of the Episcopal Church
- Married Amelia Sturges and Frances Louisa Tracy
- Had 4 children
- Enjoyed sailing and competing in America's Cup yacht races
- After his death, left company to his son
Career
Panic of 1893
- Started working for the family banking business in 1857
- Joined the Drexel, Morgan and Company in 1871
- Drexel, Morgan and Company reorganized as J.P. Morgan and Co. in 1895
- In 1891, helped to merge Edison General Electric and Thompson-Houston Electric Company to form General Electric
- General Electric became the main electrical-equipment manufacturing company in the country
- Joined with Henry Frick to merge Federal Steel Company and Carnegie Steel company to form United States Steel Corporation in 1901
- US Steel was one of the first billion dollar companies
- Stemmed from post-war railroad boom
- Triggered bank failures and run on gold
- More 600 banks closed
- More than 15,000 businesses failed
- Morgan helped the government by supplying gold
- in 1895, Morgan led a bond offering that helped rescue the U.S.
- Offered bonds at $112.25 each
- New York issue sold out in 22 minutes
- In total, they sold the U.S. about $62 million worth
Career Part 2
- Was able to arrange capital from British bankers for growing American industrial corporations
- Because of the help he gave, he was able to become a member of the board of directors in those companies
- Was on the board of directors for most of the major railroad companies
- Controlled over 5,000 miles of railroad by 1902
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