Industrial Leader
John Piermont ( J.P. )
Morgan
Who he was:
JP Morgan was born on April 17, 1837,
in Hartford Connecticut. JP Morgan
was born into a fortunate family. His
father had made a name for himself in
the banking industry, he was associate
with a London-based merchant banking
firm. This enabled Morgan to have a
special education. He did not go through
all the struggles of climbing a corporate
ladder. Having an executive track
position in one of New York's finest
banks, Morgan had a great mind set even
though he was handed his job. His image
was to conquer the financial world, and
so he did.
How he acquired his wealth:
• Could turn a failing company into a profitable company over
night.
• Helped the railroad industry recover itself. He merged railroad
companies and became a stockholder in every one of them.
• Formed the Federal Steel Company by merging many steel
companies which created the biggest United States Steel
Corporation.
• Morgan gave the President Grover Cleveland gold to back up
the currency in exchange for United State government bonds
that he later sold for big profits.
• Invested in Thomas Edison Electric company railroads
• Provided war materials
How he treated his workers:
J.P. Morgan treated his workers
poorly. He compensated them with low
pay. all though their salary was low they
still had enough money to semi support
their families. But the way they were
treated was bad. He treated them as he
did his land ‘property’.
How he spent his money:
J.P. Morgan would buy distressed
businesses and railroad companies. By
buying railroad companies he created the
U.S. Steel Corporation. He bought war
material during the civil war. He also
helped the U.S. Government with their
problem of inflammation in 1895.
How did he donated his money:
J.P. Morgan donated his money to others
unselfishly. expecting nothing in return. On
one occasion he donated his money to William
Mckinley in 1900 (former presidential
candidate) he also helped the government. they
were in a bad situation due to inflation. he
bought 200 million government bonds using
gold. he also used his money to buy art from
museums one of them being here in NY.
Why was he better than other
"Robber Barron's"
J.P. Morgan was better than other "Robber
Barron's" because when he told him self that
he was gonna conquer the world of of finance
in the banking industry, that's exactly what he
did. Morgan was known for taking failing
companies and making them profitable
companies. He made J.P. Morgan & Co. the
most powerful banking house in the world by
1900.
Was he a Robber Barron or a
Captain of Industry?
J.P. Morgan was a captain of industry, he had formed the
American economy with his business skills.
Examples:
• He merged Edison General Electric and Thompson-Houson
Electric Company to form General Electric, which then
became the country's main electrical-equipment manufacturing
company.
• The creation of the Federal Steel Company he joined with
Henry Frick to merge it with Carnegie Steel Company to form
the United States Steel Corporation.
• His ties with London's financial world enabled him to arrange
a capital for growing industrial corporations in the United
States with money from British bankers.