AP US History
April 17, 1837 one of the most important men to the financial industry was born. That man was J.P Morgan. He was an American banker, financer, philanthropist, and art collector. Some of his accomplishments include merging companies and the creation of companies as well. This man truly did change industrialization in the United States during his time and even today. Morgan was born and raised in Hartford, Connecticut to parents Juniet and Juliet Morgan. Morgan attended and graduated from the English High School of Boston, a school which specialized in math and preparing young men to work in careers that involved commerce. He went to Bellerive and the University of Gottingen to finally complete his studies. In 1890 his father unfortunately passed away. His father owned J.S Morgan Co. which he left for J.P Morgan to inherit. After he received the company from his father he renamed it to J.P Morgan Co. The ownership of J.S Morgan Co. enabled J.P Morgan to run a large foreign reserve business. Post Civil War is when he really started to involve himself in business. He started to buy off companies in distress including railroad companies. Some of the railroads he owned included West Shore, Richmond Terminal, Philadelphia and Reading, the Erie, and New England railroads. His process of buying and consolidating became known as “Morganization.” He was also involved in forming the U.S Steel Corporation. U.S Steel Co. was the first billion dollar corporation. Other companies he was involved with consist of companies such as General Electric and Western Union Telegraph Company.
J.P Morgan merged many companies such as Edison General Electric and Thomson-Houston Electric Co. to make General Electric. He also merged Consolidated Steel and Wire Co., and Carnegie Steel Company, along with other iron businesses to make the U.S Steel Corporation. J.P Morgan’s companies were so powerful that even the government looked to him for help...
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