John P. Morgan

John Pierpont Morgan I (John Pierpont Morgan I) – U.S. financier and organizer of industry, one of the most prominent financial figures of the two decades before the First World War. They were organized several major railroads and consolidated the company “United Steyts Steel”, “Interneyshnl Harvester and General Electric. The son of a famous financier, Junius Spencer Morgan (1813-90), John Pierpont was born April 17, 1837 Hartford, Connecticut, USA was educated in Boston and the University of Goettingen. He began his career in 1857 as an accountant of the New York banking firm Duncan, Sherman & Co., which was the American representative of the London firm George Peabody and Co “. In 1861, Morgan became the agent of the banking company of his father in New York. During the 1864-71 period he was a member of the firm “Dabni, Morgan and Co. and in 1871 he became a partner in the New York firm Drexel, Morgan & Co., which soon became the dominant source of funding for the U.S. government. This company was reorganized as the “J. JP Morgan and Co. in 1895, and, largely thanks to his ability Morgan, she became one of the most powerful banking houses in the world.

Through his connections with the firm Peabody, Morgan had a close and very useful contacts the London financial world, and in 1870 he was among those who contributed to the rapid growth of U.S. industrial corporations with capital raising of British bankers. He began to reorganize the railways in 1885, when he established an agreement between the two largest railroads in the country, the New York Central railroad and the Pennsylvania Railroad, which minimized the potentially destructive rate war and the competition between these two lines.

In 1886, he reorganized the two most important railways in order to stabilize their financial condition. In the process of corporate restructuring, Morgan became a member of the board of directors of these and other railroads, so they began to exert great influence. Between 1885 and 1888 he expanded his influence on the line, located in Pennsylvania and Ohio, and after the financial panic of 1893, he was invited for the rehabilitation of a large number of major rail lines in the country, including Southern Railroad, the Erie Reylroad and Nortsern Pacifique . He helped the railways to stabilize prices and to stop the chaotic competition in the East. Through gaining control over the majority shares of railroads, which he reorganized, he became one of the most powerful railroad magnates, controlling about 5 thousand miles (8 thousand kilometers) of American Railroads in 1902.

During the depression which followed the panic of 1893, Morgan formed a syndicate, which replenished the depleted gold reserve of the U.S. government by making 62 billion dollars in gold in order to overcome the crisis the Ministry of Finance. Three years later, he began funding a series of large industrial unions, which have been reconfigured in the corporate structure of the American manufacturing sector. Its first joint venture in 1891 was associated with the union, General Electric Edison Company and Thomson-Houston Electric to form General Electric, which became the dominant company for the production of electrical equipment in the United States. Funder in 1898, the Federal steel company, Morgan in 1901, participated in its merger with the huge Carnegie Steel Company and other steel companies in the corporation “United steyts Steel, which was the first corporation in the world worth billions of dollars. In 1902, Morgan joined the few companies that are leaders in the manufacture of agricultural equipment in the company “International Harvester.” In the same year he organized, with less successful results, “International Merchant Marine”, the combination of several major transatlantic steamship lines.

Morgan was one of the biggest collectors of books and works of art of his time, and he donated many works of art of the Metropolitan Museum of Art in New York. He donated funds for the museums, cathedrals, churches and hospitals. His collection of books and a building in New York, where it was stored ( “Pierpont Morgan Library”), began in 1924, a public library.

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