JP Morgan

891 Words2 Pages

America’s Industrial Expansion period of the 1800’s left a legacy for the modern world today. This legacy not only included new types of industry and business techniques, but also included a list of notable and impactful individuals who contributed to America’s industrial empire.
Among this list of individuals is John Pierpont Morgan. Born in Hartford, Connecticut on April 17, 1837, J.P Morgan was introduced to the banking industry at an early age. His father, Junius Morgan ran a widely, successful banking business in which J.P Morgan would eventually inherit. To prepare his son for this responsibility, Junius Morgan ensured J.P.’s education by sending him to the English High School of Boston, a strong institution specializing in business mathematics. Later, J.P. Morgan would attend Germany’s prodigious University of Göttingen.
After working at Peabody, Morgan and Company (his father’s London banking branch) and gaining experience as an accountant, J.P. Morgan relocated to J.S. Morgan & Co’s American branch in New York City. Here, he became an representative for his father’s firm. In 1864, J.P. Morgan’s assiduous determination paid off, as he became an member of great influence at Dabney, Morgan and Co. Soon, in 1871, he struck a partnership with the distinguished Philadelphian Drexels to form the new firm of Drexel, Morgan & Co. This firm was later renamed J.P. Morgan & Co. and recognized as the most prestigious and influential institutions of finance in the world that executed numerous consolidations and reorganization. As America’s Industrial Expansion period hit it’s peak, J.P. Morgan established himself as a top banker and financier.
J.P. Morgan took advantage of an eclectic range of business strategies to rise in power...

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...the most diverse and valuable in America. He later donated it to the American Museum of Natural History.
Yes, J.P. Morgan used questionable business practices. Yes, he did create industrial monopolies. But he paid back America through millions of dollars towards schools, museums, and hospitals. Not to mention he saved America’s economy from the panic of 1907. Today, America’s business are stronger both organizationally and structurally because of Morgan’s tactics. Without a doubt, J.P. Morgan deserves to be a Captain of Industry.

Works Cited
History.com Staff. "J.P. Morgan." History.com. A&E Television Networks, 2009. Web. 19 Mar. 2014.
"John Pierpont Morgan - People of Connecticut." John Pierpont (J.P.) Morgan - People of Connecticut. N.p., 27 June 2013. Web. 19 Mar. 2014.
"J.P. Morgan Biography." Bio.com. A&E Networks Television, 2014. Web. 19 Mar. 2014.

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