Jp Morgan In The Gilded Age

The Gilded Age was a time of American economic prowess thanks in large part to the influence of a few tycoons. However, some believe these tycoons were not the so-called “Titans of Industry,” but rather “Robber Barons.” J.P. Morgan, for example, is erroneously considered to be the latter due to his expansive sphere of influence. Nevertheless, J.P. Morgan is truly a “Titan of Industry.” On April 17, 1837, J.P. Morgan was born in Hartford, Connecticut, to parents Junius Spencer Morgan and Juliet Pierpont (Wepman 1). After graduating high school in 1854, he traveled to Europe in order to attend the University of Göttingen (Britannica 1). After college, he began his career in finance with Duncan, Sherman & Company in New York and established

Morgan had a considerable impact on the United States. Although he did not have the excessive wealth of John D. Rockefeller or Andrew Carnegie, his influence on America was certainly much greater (Wepman 6). As mentioned, he was responsible for the merging of several companies, such as General Electric and United States steel. Not only did he form and finance these extremely successful corporations, but he also used his wealth in an altruistic manner. For example, in 1895, he loaned the federal government $60 million to save the gold standard (Kohn 5). In addition, in 1907, he convinced financiers “to bail out failing financial institutions in order to stabilize the markets” and thus navigated Wall Street out of a crisis (Kohn 5). When one considers his actions, J.P. Morgan is similar to another business magnate today: Donald Trump. Both are remarkably successful in their fields, but they do not do what they do solely for monetary gain. They believe in “America First” and helping the country’s economic needs through the means of business. J.P. Morgan, through his broad influence, helped catapult the United States into what it is today: an economic

Morgan has left behind a lasting and commemorated legacy. After his unfortunate death in 1913, the New York Stock Exchange remained closed until noon on the day of his funeral (Byman). Rarely does the Stock Exchange close during a normal schedule, so the closing in commemoration of Morgan is quite memorable. After he saved the U.S. Treasury from crises twice, many feared further crises would ensue, so the Federal Reserve System was spurred into creation (Byman). His company, J.P. Morgan & Company, lives on in the 21st century as J.P. Morgan Chase & Company (Byman). With his accumulated wealth, he acquired an extensive art collection similar to one of a king (Byman). In the 1920s, the Morgan Library and Museum opened to showcase his personal art collection and other works (Byman). J.P. Morgan will forever remain ingrained in the walls of American