How was J.P. Morgan’s upbringing different from Rockefeller and Carnegie?
Answers
Explanation:
John Pierpont Morgan Sr. (April 17, 1837 – March 31, 1913)[1] was an American financier and banker who dominated corporate finance on Wall Street throughout the Gilded Age. As the head of the banking firm that ultimately became known as J.P. Morgan and Co., he was a driving force behind the wave of industrial consolidation in the United States spanning the late 19th and early 20th centuries.
J. P. Morgan
JohnPierpontMorgan.png
Born
John Pierpont Morgan
April 17, 1837
Hartford, Connecticut, U.S.
Died
March 31, 1913 (aged 75)
Rome, Kingdom of Italy
Resting place
Cedar Hill Cemetery
Hartford, Connecticut, U.S.
Alma mater
University of Göttingen
Occupation
Financierbankerart collector
Known for
Founding J.P. Morgan & Co.
Organizing the Morgan "money trust" which owned controlling interests in U.S. Steel, General Electric, International Mercantile Marine, International Harvester, AT&T, Aetna Life Insurance and 21 railroads
Board member of
Northern Pacific Railroad, New Haven Railroad, Pennsylvania Railroad, Pullman Palace Car Company, Western Union, New York Central Railroad, Albany & Susquehanna Railroad, Aetna, General Electric and U.S. Steel
Spouse(s)
Amelia Sturges
(m. 1861; died 1862)
Frances Louise Tracy (m. 1865)
Children
Louisa Pierpont Morgan
John Pierpont Morgan Jr.
Juliet Morgan
Anne Morgan
Parent(s)
Junius Spencer Morgan
Juliet Pierpont
Signature
CAB 1918 Morgan John Pierpont signature.png
Over the course of his career on Wall Street, J.P. Morgan spearheaded the formation of several prominent multinational corporations including U.S. Steel, International Harvester and General Electric. He and his partners also held controlling interests in numerous other American businesses including AT&T, Western Union and 24 railroads. Due to his financial dominance, Morgan came to wield enormous influence over the nation's lawmakers and finances. During the Panic of 1907, he organized a coalition of financiers that saved the American economy from collapse.
As the Progressive Era's leading financier, J.P. Morgan's dedication to efficiency and modernization helped transform the shape of the American economy.[1][2] Adrian Wooldridge characterized Morgan as America's "greatest banker".[3] Morgan died in Rome, Italy, in his sleep in 1913 at the age of 75, leaving his fortune and business to his son, John Pierpont Morgan Jr. Biographer Ron Chernow estimated his fortune at only $118 million (of which approximately $50 million was attributed to his vast art collection), a net worth which allegedly prompted John D. Rockefeller to say: "and to think, he wasn't even a rich man."[4]
Answer:
Unlike Carnegie and Rockefeller, J. P. Morgan was no rags-to-riches hero. He was born to wealth and became much wealthier as an investment banker, making wise financial decisions in support of the hard-working entrepreneurs building their fortunes.
Explanation:
Morgan’s father was a London banker, and Morgan the son moved to New York in 1857 to look after the family’s business interests there. Once in America, he separated from the London bank and created the J. Pierpont Morgan and Company financial firm. The firm bought and sold stock in growing companies, investing the family’s wealth in those that showed great promise, turning an enormous profit as a result. Investments from firms such as his were the key to the success stories of up-and-coming businessmen like Carnegie and Rockefeller.