JP Morgan

JP Morgan Throughout the Gilded Age, Wall Street was dominated by American financier and investment banker John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913). In the United States, he was the impetus behind the wave of industrial consolidation that occurred in the late 19th and early 20th centuries. J. After finishing his studies overseas, Pierpont Morgan came back to the country to work for his father's bank. Before starting his own business, J.S., he spent 14 years working as a junior clerk at numerous affiliate banks.
Michael & Co. In 1857, when Peabody & Co. was struggling in the wake of the Panic of 1857, J.S. Morgan joined his father's business. He spent the most of his time collecting interest and dividends, processing orders on the New York Stock Exchange, and checking credit. In 1859, J. In order to gain more insight into the cotton industry, Pierpont Morgan traveled to the South.
His stay in the South was mostly spent in New Orleans, a significant center for the export of cotton. He paid a substitute $300 to take his position so he wouldn't have to fight in the Civil War. He moved $1.15 million worth of gold to England with his business partner, driving up the price and enabling them to sell their assets for a large profit. The agreement has long been criticized as a speculative attempt to control the U.S. gold market. J.P.
For years, Morgan's name was associated with the Hall carbine incident, and there were doubts about his knowledge and involvement. The issue became well-known and drew much criticism for many years. The publication of Gustavus Myers' History of the Great American Fortunes in 1910 reignited interest.
In 1871, J.P. Drexel Morgan & Co., created by Morgan, later evolved into J.S. 1881 saw Morgan. A nationwide capital market for industrial businesses was established by the company, which had previously only existed for railways and canals. The syndicate that overthrew Jay Cooke's rights to government funding was organized by John Pierpont Morgan.
In 1889 and 1890, J.P. Morgan organized industry conferences, which opened the door for a wave of mergers in the early 20th century. It was one of the most influential financial institutions in the world by 1900, specializing mostly in mergers and reorganizations. In 1900, J. P. Morgan granted Nikola Tesla $150,000 to create a wireless communication network that would span the Atlantic. By 1906, Wardenclyffe's construction had stopped and the location had been abandoned.
Three of the most significant railroads in the Midwest were amalgamated in 1901 by James J. Hill, E. H. Harriman, and Morgan. U.S. Steel, which had a $1.4 billion permitted capitalization, was the first billion-dollar business in history. In addition to steel, it aimed to control the production of numerous other items, including wire, nails, train cars, ships, and bridges. J.P.
International Mercantile Marine Co. was founded with funding provided by Morgan & Co. (IMMC). In an effort to control all aspects of the maritime industry, IMMC acquired numerous significant American and British lines. Due to insufficient financial flow, IMMC was unable to make bond interest payments. In 1907, J.P. Morgan suggested unifying the United States and the Tennessee Coal, Iron and Railroad Company.
Steel. The deal's legal protection was promised by President Theodore Roosevelt. Morgan was seen by opponents of banking and consolidation as one of the key players in the system they despised.
J.P. In 1861, Morgan wed Amelia "Memi" Sturges (1835–1862). He had a huge build, piercing eyes, broad shoulders, and a purple nose. His rhinophyma, a condition that can occur from rosacea, was the cause of his malformed nose. He was a founding member of the group of laypeople that revised the Book of Common Prayer in 1892. The first privately owned home in New York to have electricity was his at 219 Madison Avenue.
He was the Metropolitan Museum of Art's president and a key figure in its founding. When questioned about maintaining a boat, he is quoted as responding, "If you have to inquire the price, you can't afford it." Under the guidance of Tiffany & Co.'s Chief Gemologist, George Frederick Kunz, he put together his first collection. The collection was displayed in the 1889 Paris World's Fair. Morgan supported the work of Edward S. Curtis, giving him $75,000 to produce a series of images of American Indians.
On March 31, 1913, J.P. Morgan passed away while traveling overseas. When his body travelled through New York City, flags on Wall Street flew at half-staff. In today's money, his estate was valued at $68.3 million ($25.2 billion depending on GDP share).
Morgan is thought to have served as the inspiration for George Coulouris' portrayal of Walter Parks Thatcher in the Citizen Kane movie. J. is the inspiration for the Rich Uncle Pennybags character in the Monopoly board game. According to Phil Orbanes, P. Morgan.