Jp Morgan Biography

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J.P. Morgan John Pierpont Morgan was born in Hartford, Connecticut on April 17, 1837. His father, Junius Spencer Morgan was a very wealthy and well off financier, it was his father who had taught J.P. about the family’s finances and business, which he was going to inherit as he became older. J.P. was a very talented young individual and was willing student who was educated at Boston’s English High School and then had enrolled in the University of Gottingen, in Germany. When he was in high school J.P. had already traveled and explored much of Europe and had sparked his love of art, which would stay with him throughout his life. After he had graduated from Gottingen at the age of 20, he had traveled back to New York to pursue a career in finance.…show more content…
Morgan had come to New York he had started work at Duncan, Sherman & Co. where he was an accountant for the company. This first job had created a solid foundation for J.P. and his future, because he knew such important people and also because his company was connected with George Peabody & Co. in which at this time the Civil war had broken out in America. With this J.P. Morgan had took the strategy his father had taken and worked both from New York and in London, while doing this he greatly increased his financial wealth through all his firms. In 1864 J.P. was a very important figure in the firm, Dabney, Morgan & Co. After this partnership had ended Morgan went on and held a firm with Tony Drexler called Drexler, Morgan & Co. This firm was the one that would set J.P. Morgan out from the rest, because it is here that Morgan had accumulated most of his wealth and business assets. When Tony Drexler had died in 1893, the firm was renamed J.P. Morgan & Co. the company still held its strong bonds with all its other roots in Philadelphia, Paris, and London. With this acquisition, Morgan’s company had been recognized as “one of the most powerful financial institution in the world”. He had also supported Edison’s Electric Company throughout the 1870’s and the 1880’s, which would later be renamed General Electric, which would be where most Americans would get their energy power from. Even after the Civil War had ended Morgan saw many of the future railroad opportunities, and…show more content…
Morgan knew that with such an expansive railroad project, it needed to have steel to be built for the rails. With this knowledge, Morgan had founded and acquired an expansive steel making operation; with this Morgan had guaranteed that he owned all the steel that was being used to make the rails he owned. In 1901 this company started a merging between his company and Carnegie Steel Works and many other steel companies, which had formed U.S. Steel Company which was all controlled by Morgan. Morgan had double crossed Carnegie to make him sell the companies to him; he did this by getting all of Carnegie’s clients on his side, which had forced Carnegie to sell it to Morgan. With doing so, Morgan had created the first billion dollar company in the world, in which the company had held a $1.4 Billion capitalization. The U.S. Steel Company’s main goal was to get greater economies of scale, reduce costs of construction, have greater distribution, and expand its products. The company was also used to compete in a global scale with Germany and England, which would allow for more competition for products and goods. Many critics were stating that U.S. Steel was trying to monopolize the market by trying to take control of everything steel from the railroads to common nails used in construction and also tried to take over the building of ships, bridges, and general construction in the cities. When 1901 came around the business of U.S. Steel had dropped and with this Schwab, who was a
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