J.P. Morgan

John Pierpont Morgan
Madison Norment
 

  John Morgan was the most powerful and influential financier. One of the things he was known for was building a financial empire everyone called the “House of Morgan”. John began his career working with his father in New York City at his father's bank. There he learned how to develope his reputation of having a shrewd business sense.
Morgan helped many companies issue or make stock with a discount. And he bought railways only if they met his conditions:
    1. The railroad companies had to become more efficient.
    2. They had to make smaller railway lines to create a larger network.
    3. And they also had to have a representative from his firm future choices.

   During the depression of the 1890’s, Morgan used his fortune to make a bond to rescue the federal governments failed gold reserve. Then in 1901 he made history while organizing the first billion dollar corporation, U.S. Steel. John merged Andrew Carnegie’s Steel with other big companies and made the United States Steel Company that was worth 1.4 million dollars. By 1904 there were 318 holding companies and 5,300 factories that were all worth more than 7 billion dollars.