Jp Morgan Biography

J.P. Morgan, John Pierpont Morgan, (Born April 17, 1837,Hartford, Connecticut, U.S.—Died March 31, 1913, Rome, Italy)J.P. Morgan became one of the wealthiest and most powerful businessmen in the world through his founding of private banks and industrial consolidation in the late 1800s.

J.P. Morgan began his career in the New York financial industry in the late 1850s. He co-founded the banking firm that became J.P. Morgan & Co. in 1871, and in the 1880s he established himself as a power player in the country's railroad industry. Along with amassing immense wealth through the creation of such corporations as U.S. Steel, Morgan led efforts to bail out the U.S. Treasury in 1895 and 1907. He died leaving behind a world-renowned art collection

He headed a group of bankers who took in large government deposits and decided how the money was to be used for purposes of financial relief, thereby preserving the solvency of many major banks and corporations. Having ceased to undertake large industrial reorganizations, Morgan thereafter concentrated on amassing control of various banks and insurance companies. Through a system of interlocking memberships on the boards of companies he had reorganized or influenced, Morgan and his banking house achieved a top-heavy concentration of control over some of the nation’s leading corporations and financial institutions. This earned Morgan the occasional distrust of the federal government and the enmity of reformers and muckrakers throughout the country, but he remained the dominant figure in American capitalism until his death in

Morgan, was one of the most famous and renowned bankers in the late 1800’s and early 1900’s. By financing some of the most important companies at the time such as railroads and creating the U.S. Steel.

Following in his father’s footsteps, Morgan opened his own private banking company in 1871, later to be known as J.P. Morgan & Co. This company became one of the leading financial companies in the United States to the point that the United States Government even turned to them when in moment of crisis during the depression of 1895. Later on, it would again offer assistance during the 1907 financial crisis.

J.P. Morgan as a newfound banking titan began becoming more and more involved in reorganizing some financially unstable railroad companies. He also acquired stocks and even had at one point one-eight of the nation’s rail lines. He also had an important role in the financing for the creation of the Federal Steel Company, which would later on be merged with Carnegie Steel Company and other steel and iron businesses to become the United States Steel Corporation.

John Pierpont Morgan was a man of business, successful as a financial entrepreneur and in his last years became an avid art collector.