Rise to Fame
"[J.P.] Morgan descended from five generations of distinguished citizens of New England—Pierpont's grandfather, Joseph, cofounded the Aetna Insurance Company and left an estate worth about $1 million in 1847" (The Morgan Library Museum, para. 5). |
Morgan established J.P. Morgan and Co. in 1895. He was worth $41.5 billion (in 2014 dollars) and controlled many large companies; his riches effectively influenced Congressional decisions. Morgan lived through the financial panics of 1873 and 1893, which greatly affected America and Europe. Since he had economic and political power, Morgan sought to ameliorate the banking system.
|
|
"Born on April 17, 1837, in Hartford, Connecticut, J.P. Morgan would later become one of the most famous financiers in business history. In 1871, Morgan began his own private banking company, which later became known as J.P. Morgan & Co., one of the leading financial firms in the country. Morgan died on March 31, 1913, in Rome, Italy. He was hailed as a master of finance at the time of his death, and continues to be considered one of the country's leading businessmen" (J.P. Morgan Biography, para. 1). |
"J.P. Morgan striking a photographer with a cane." (Courtesy of the Library of Congress).
|
"During the late 19th century, a period when the U.S. railroad industry experienced rapid over-expansion and heated competition (the nation’s first transcontinental rail line was completed in 1869), Morgan was heavily involved in reorganizing and consolidating a number of financially troubled railroads. In the process, he gained control of significant portions of these railroads’ stock and eventually controlled an estimated one-sixth of America’s rail lines" (J.P. Morgan, para 3). |