How To Write A Jp Morgan Essay
Austin Holley
Mr. Dilley
9/16/15
J.P. Morgan
If I asked the class who J.P. Morgan was, the room would go silent? However, if I were to ask them if they knew what the company Chase or Chase Bank did, they would be able to tell me and say they’ve heard of it. J.P. Morgan Chase is the parent company of Chase Bank. J.P. Morgan inspired one of the biggest banks and created one of the largest insurance holding firms in the country and it has been that way for about 120 years.
John Pierpont Morgan was born on April 17, 1837, in Hartford, Connecticut. He was a financier, art collector and philanthropist but easily most famous for being a financier. He began his career out of college in 1857 as an accountant with the New York banking firm of Duncan, Sherman and Company, the American representative of the London firm George Peabody and Company. He financed railroads and helped organize U.S. Steel, General Electric and other massive corporations. He joined the family business of banking in the 1850s to follow in his wealthy father’s footsteps. Later in 1871 he joined with a Philadelphia banker named Anthony Drexel. Not too long after its conception, their company became one of the leading financial firms in the country. It was later reorganized in 1895 as J.P. Morgan and Company. Even our government looked to J.P. Morgan to …show more content…
help with the depression of 1895 and the financial crisis in 1907. As a young person, J.P. Morgan wanted to be synonymous with an industry. He wanted to be just like John Rockefeller was with oil, or Andrew Carnegie was with steel. He craved money since he had been so used to it growing up. But almost identical to Rockefeller, he faced a lot of accusations and criticism from the public that he had too much power and was accused of manipulating the United States’ financial system for his own gain, possibly unethical, but not illegal. Creating monopolies was also something he was accused of; this was because he made it incredibly difficult for any company to compete against his. He helped consolidate the railroad industry in the East and formed the U.S. Steel Corporation in 1901. This was by far the biggest steel corporation in the world all thanks to J.P. Morgan. It was a crucial material in the extreme growth of the United States at this point. Another similarity between Morgan and Rockefeller comes when the United States government sued J.P. Morgan and Company for monopolizing the steel industry in 1911. President Roosevelt won the case and J.P. Morgan’s rail monopoly was broken.
Even with his rail monopoly broken, until his death in 1913, J.P.
Morgan remained the dominant figure in American capitalism. He accumulated so much money in his way to one of the top entrepreneurs in American History that he didn’t know what to do with, so he invested in art and books. He absolutely loved all forms of art and literature that by the time he died, he had one of the best collections in the world during his era. He donated many of the books to help create a public reference library, which was made in New York City in 1924. And for his art collection, many of what he had can still be seen at the Metropolitan Museum of Art in New York
City.
He was one of the most successful and greedy figures in American history, but most of all he was a winner. Other than his monopoly being split up (which you could still argue was a successful endeavor), J.P. Morgan succeeded at everything he tried. The bank that bears his name is the largest in the United States and the financial holding company is enormous as well. Even if you don’t know his name, J.P. Morgan will always be remembered through the business he did 120 years ago.
Mr. Dilley
9/16/15
J.P. Morgan
If I asked the class who J.P. Morgan was, the room would go silent? However, if I were to ask them if they knew what the company Chase or Chase Bank did, they would be able to tell me and say they’ve heard of it. J.P. Morgan Chase is the parent company of Chase Bank. J.P. Morgan inspired one of the biggest banks and created one of the largest insurance holding firms in the country and it has been that way for about 120 years.
John Pierpont Morgan was born on April 17, 1837, in Hartford, Connecticut. He was a financier, art collector and philanthropist but easily most famous for being a financier. He began his career out of college in 1857 as an accountant with the New York banking firm of Duncan, Sherman and Company, the American representative of the London firm George Peabody and Company. He financed railroads and helped organize U.S. Steel, General Electric and other massive corporations. He joined the family business of banking in the 1850s to follow in his wealthy father’s footsteps. Later in 1871 he joined with a Philadelphia banker named Anthony Drexel. Not too long after its conception, their company became one of the leading financial firms in the country. It was later reorganized in 1895 as J.P. Morgan and Company. Even our government looked to J.P. Morgan to …show more content…
help with the depression of 1895 and the financial crisis in 1907. As a young person, J.P. Morgan wanted to be synonymous with an industry. He wanted to be just like John Rockefeller was with oil, or Andrew Carnegie was with steel. He craved money since he had been so used to it growing up. But almost identical to Rockefeller, he faced a lot of accusations and criticism from the public that he had too much power and was accused of manipulating the United States’ financial system for his own gain, possibly unethical, but not illegal. Creating monopolies was also something he was accused of; this was because he made it incredibly difficult for any company to compete against his. He helped consolidate the railroad industry in the East and formed the U.S. Steel Corporation in 1901. This was by far the biggest steel corporation in the world all thanks to J.P. Morgan. It was a crucial material in the extreme growth of the United States at this point. Another similarity between Morgan and Rockefeller comes when the United States government sued J.P. Morgan and Company for monopolizing the steel industry in 1911. President Roosevelt won the case and J.P. Morgan’s rail monopoly was broken.
Even with his rail monopoly broken, until his death in 1913, J.P.
Morgan remained the dominant figure in American capitalism. He accumulated so much money in his way to one of the top entrepreneurs in American History that he didn’t know what to do with, so he invested in art and books. He absolutely loved all forms of art and literature that by the time he died, he had one of the best collections in the world during his era. He donated many of the books to help create a public reference library, which was made in New York City in 1924. And for his art collection, many of what he had can still be seen at the Metropolitan Museum of Art in New York
City.
He was one of the most successful and greedy figures in American history, but most of all he was a winner. Other than his monopoly being split up (which you could still argue was a successful endeavor), J.P. Morgan succeeded at everything he tried. The bank that bears his name is the largest in the United States and the financial holding company is enormous as well. Even if you don’t know his name, J.P. Morgan will always be remembered through the business he did 120 years ago.