John Pierpoint Morgan, described as a rational- but cold hearted man, was arguably the foremost banker in history. More than once, he revived a suffering United States economy from depression; and administered the organization of U.S. Steel: the world’s first billion-dollar corporation in 1901.
This legendary man, was born in Hartford, Connecticut to Junius Spencer Morgan, also a famous tycoon, and Juliet Pierpoint. He studied to become an accountant abroad, primarily in Germany and after his studies was able to find work at the New York City banking house of Duncan, Sherman & Company. After 3 years in New York with the banking house he became agent for his father’s London firm.
After his father’s death, Morgan was the sole beneficiary of his father’s firm. It required a decent amount of leadership as many affairs were left unattended when his father died. Morgan proved to be a punctual leader and reorganized his fathers firm, making it one of the most prominent banking firms in the country.
Morgan, curiously, employed a full time astrology. To become a millionaire takes luck, he said. To become a billionaire takes good astrology. Morgan, through his father’s company had strong financial links with the London financial market and was able to provide capital for growing American companies with British funds. With this, many of these companies he sponsored gave him substantial shares in the company’s leadership, stock, and profits. By the early 1900’s, Morgan controlled over 5,000 miles of railroad in the United States.
In his later years, Journalists criticized how much influence J.P. Morgan had over the country as he concentrated in buying out or merging with other companies. Away from the checks and balances of banking, Morgan was an avid yachtsman, winning the America’s Cup with his ship: Colombia. With this, he was a collector of the art- many of his possessions have been donated or loaned by his family to the Metropolitan Museum of Art.
To conculde J P Morgan was a very successful entrepreneur.