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Why Is Jp Morgan Important

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J.P. Morgan: A Master Banker
Banking is a key part of today’s society and economy. The Second Industrial Revolution was an era of innovation and profit in the United States. Several men rose to power and led powerful corporations. John Rockefeller owned almost of the businesses in his field (Deverell and White 623). Carnegie used vertical integration to maximize his profits and cut costs (Deverell and White 622). Henry Ford utilized the assembly line to make his cars more affordable (Deverell and White 755). But one man stood out. Out of many powerful businessmen, J.P. Morgan was the most influential person during the Second Industrial Revolution.
J.P. Morgan major player many industries over the course of his career. John Pierpont Morgan was …show more content…

However, many railroads were losing money fast. Too much competition flooded the market. Morgan was responsible for financially aiding several railroads (History.com Staff). By 1893, J.P. Morgan was the primary financier for U.S. railroads (“Key Moments In J.P. Morgan History”). Since railroads were publicly traded corporations, and were already in need of financial assistance, Morgan knew that other industries were soon to follow. H.W. Brands, an American history educator and author, said that Morgan understood that he could have more influence over the economy than Rockefeller, than Carnegie, than just about anyone else, without himself being particularly rich (“J.P …show more content…

Besides General Electric and AT&T, J.P. Morgan was also heavily involved in the creation of U.S. Steel (“Key Moments In J.P. Morgan History”). Andrew Carnegie had created Carnegie steel in Pittsburgh. Elbert H. Gary founded Federal Steel Company, a rival to Carnegie Steel, in Chicago. Along with companies like National Steel, National Tube, American Steel and Wire, American Steel Hoop, American Sheet Steel, American Tinplate, and many more, Morgan helped create a steel supergiant (“United States Steel Corporation”). Thirty-three companies were merged under U.S. Steel to create the first billion dollar company in American history. After the merge U.S. Steel was valued at 1.4 billion dollars. Two more companies later merged in. Several more were to join U.S. Steel. This action prompted other mergers in the steel industry (“United States Steel

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P Morgan was born on April 17, 1837 and JP Morgan died on 1913. He escapes service in the Civil War by $300. When he was in service he brought rifles and the rifles each cost $3.50. His father was Junius and Junius was a millionaire that help found morden investment banking. JP Morgan is John Pierpont Morgan.

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John Rockefeller, Andrew Carnegie, and Henry Ford are all men of this time. Two of them being Captains of industry, and the other, a Robber Baron. John D. Rockefeller was a very important reason why the 2nd Industrial Revolution was a success. Rockefeller was a captain of Industry because he started the company of Standard Oil. Standard Oil started out as a small company, but then Rockefeller made a big deal with Cornelius Vanderbilt, which put his oil on Vanderbilt’s railroads.

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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.

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