J.P. Morgan and His Influence on America
1. Biography & Overview John Pierpoint Morgan, also known as J.P. Morgan, was born April 17, 1837, in Hartford, Connecticut to Junius Spencer Morgan and Juliet Pierpont. J.P. would go on to be "hailed as a master of finance at the time of his death, and continues to be considered one of the [America's] leading businessman" (John Pierpont Morgan). He founded the still existing J.P. Morgan & Co., one of the United States' leading financial firms. His father was a successful financier and had much of the same plans for his son. Morgan attended the English High School of Boston, which was a school that specialized in mathematics and prepared many men for careers in finance. Not long after, Morgan suffered from rheumatic fever and was sent away to get well. Eventually, after finishing high school, Morgan attended Germany's University of Göttingen, one of the most famous universities in Europe (John Pierpont Morgan, Encyclopedia…show more content… American Influence and Success In 1893, an economic depression ensued due to the U.S. government's depleted gold reserves. Morgan formed an international syndicate to buy gold, thereby protecting the Treasury from further withdrawals. Because of the massive amount of investments in the U.S., Morgan thought that averting default and restoring confidence in the dollar would protect his interests (Morgan helps end the Panic of 1893). In total, he resupplied the Treasury with $62 million in gold (Britanica.com). Three years later, Morgan would "reshape the corporate structure of the American manufacturing sector" (Britanica.com), by arranging the merger of Edison General Electric and Thomas Houston Electric Company to form the still-standing General Electric. After forming the Federal Steel company in 1898, he arranged a merger of M and the Carnegie Steel Copmany, among others. This formed the United States Steel Corporation, the world's first billion-dollar corporation