J.P. Morgan was a captain of industry who was very effective with his ways of getting to wealth. For example, one of his methods was creating monopolies. This was effective because, as the text states, “he had transformed an economy of competing, independent manufacturers into an elite set of unconquerable monopolies”. That means that he had taken a bunch of competing businesses and turned them into monopolies, or when a cowpony controls all or nearly all of the business in an industry. He was a leader of business because he controlled so many companies that he controlled Andrew Carnegie’s steel company, Edison’s electric company, and his own banking company, the House of Morgan(A.K.A Chase bank).
He built Carnegie Steel Company which he sold in 1901 for almost $500 million dollars and further created the U.S Steel Corporation. -Gilded Age • John Rockefeller was a highly influential American industrialist as well as a well-known philanthropist. Rockefeller co-founded the Standard Oil Company in 1870 which prevailed in the oil industry, was the largest corporation in the world, as well as became the first U.S corporate trust. John transformed another industry
J.P Morgan believed the electricity can be something to own. Since he wants to leave a mark and the electricity might be his mark. Morgan wanted to have an investment with Thomas Edison and his new electric light bulb he invented. His home became like his laboratory. He installs many wires in his home with 400 light bulbs.
All this industry produced a lot of wealth for several businessmen like Cornelius Vanderbilt, John D. Rockefeller, Andrew Carnegie, and J.P. Morgan. These men were well-known as the “Captains of Industry”. Cornelius Vanderbilt also known as “The Commodore” built on of the largest shipping empires in the world. In his early years he was a steamboat manager and entrepreneur. He decided to sell all his ships and invest his money into railroads.
Generous donations are always appreciated, especially for a cause such as a love for art or literature. JP Morgan himself was an art lover, and helped fund, in fact spearheaded the project, the Metropolitan Museum of Art. He donated his entire art collection, which he started when he was just 19, and even was a trustee of the museum for 44 years. Contributions to the museum, notes Strouse, were “collections of minerals, gems, meteorites, amber, books, prehistoric South American relics, American Indian costumes, fossil vertebrates, skeletons, and the mummy of a pre-Columbian miner preserved in copper salts.” (J. P. Morgan - The Philanthropy Roundtable)In addition, he gave $500,000 towards the Cathedral of ST.
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).
This was because of what business they were involved in, how they competed against their rival businesses, and the treatment of their workers. Men such as J. P. Morgan and John D. Rockefeller were considered “robber barons” in their time. These men were very wealthy and had companies that took over any company that was like it. They almost had complete control over any business that competed with theirs.
Rockefeller was the founder of Standard Oil, and helped revolutionize the gas and oil industry while Henry Ford revolutionized the factory setting and the assembly line. While JP Morgan was primarily a businessman, he revolutionized the basic business, and became a huge supporting cast for the railroad industry. Finally, Andrew Carnegie innovated the steel production industry, and made steel production and transportation thrive throughout the country. The individuals mentioned above are only a fraction of the many different people that thrived and helped develop America during the Gilded Age”. These famous, or infamous industrialization tycoons thrived during the late 19th century, and created many of the businesses and operations that we know
He is one of only two men who signed three of the most important documents is the creation of America: the Declaration of Independence, the Constitution, and the Bill of Rights. Being a chairman of the Continental Congress’s Finance Committee, he was trusted with traded with foreign countries, and handling the country’s finances. His knowledge of money management helped him save the country from financial crisis a few times. This title, however, also earned him many enemies because other jealous individuals felt he was only doing it go gain money and not from his loyalty to his nation. He loved his country and always remained extremely loyal to it.
Morgan is famous for his inventions. The most notable ones are the early gas mask and better stoplight. Also, the contributions he made were the starting point of more modern inventions. One of the most important events he was a part of was the Cleveland Waterworks Explosion (July 25, 1916).
He had no time or interest in dealing with middlemen and others. John D. Rockerfeller used Horizontal Integration and by forming trusts monopolized the oil industry. J. P. Morgan was in the same mold and during the depression of the 1890s capitalized by consolidating businesses and placing his agents on all of their boards of directors. All powerful men, whose names live on today as corporations that shape our
He dominated Wall Street. The relationship J.P. Morgan had with Andrew Carnegie was really a
247. Print.) during the late nineteenth and early twentieth centuries. Instead of going down into history as a robber baron, J.P. Morgan is known as a captain of industry for using his character as a financial genius for the greater good. In the wake of the Panic of 1893, U.S. gold reserves majorly depleted, resulting in a temporary stock market crash.
During J. P. Morgan’s time, Morgan himself was in a position to loan the Federal government huge sums of money. In essence he indirectly controlled the federal government and influenced their policies to serve his interests. He considered it a form of nationalism by doing so, even though he was rewarded handsomely in the form of interest paid back on the loan. The amount of wealth amassed by the top 1% of the population began to unnerve the American public and politicians alike. The rich got richer while the rest remained stagnant or became poorer.
J.D. Rockefeller was another very wealthy Gilded Age businessman. He
