—————By Chris Chen
Part One: Bio
Birth and Death date :April 17, 1837 – March 31, 1913
Describe his early life (born, family, etc.) John Pierpont Morgan was born into a distinguished
New England family on April 17, 1837, in Hartford, Connecticut. One of his maternal relatives,
James Pierpont (1659-1714), was a founder of Yale University; his paternal grandfather was a
founder of the AETNA Insurance Company; and his father, Junius Spencer Morgan (1813-90), ran a
successful Hartford dry-goods company before becoming a partner in a London-based merchant
BANKING firm. After graduating from high school in Boston in 1854, Pierpont, as he was known,
studied in Europe, where he learned French and German, then returned to New York in 1857 to
begin his FINANCE career.
Business started out in and eventual rise to top:From 1860 to 1864, as J.P Pierpont Morgan &
Company, he acted as agent in New York for his father's firm, renamed "J.S. Morgan & Co." upon
Peabody's retirement in 1864. From 1864-72, he was a member of the firm of Dabney, Morgan,
and Company. In 1871, he partnered with the Drexels of Philadelphia to form the New York firm
of Drexel, Morgan & Company. At that time, Anthony J. Drexel became Pierpont's mentor at the
request of Junius Morgan.After the death of Anthony Drexel, the firm was rechristened "J. P.
Morgan & Company" in 1895, retaining close ties with Drexel & Company of Philadelphia; Morgan,
Harjes & Company of Paris; and J.S. Morgan & Company (after 1910 Morgan, Grenfell &
Company), of London. By 1900, it was one of the most powerful banking houses of the world,
focused especially on reorganizations and consolidations.
How he organized his business/ new inventions Morgan is not satisfied with the achievements
on the railroad industry, he quickly put sights on a new target - the steel industry. To this end, he
founded the Federal Steel Company, after several hard, federal steel in business lay out...