John Pierpont (J.P.) Morgan
one of the most powerful financiers and businessmen in the
United States during the Gilded Age.
He consolidated railroads, helped finance and consolidate U.S. Steel, General Electric and other major corporations, and twice bailed out the U.S. economy during periods of financial crisis.
In 1901, Morgan merged Andrew Carnegie’s Steel Company with other steel companies to form the U.S. Steel Corporation, which was the first billion-dollar company in the world!
After the panic of 1903, Morgan bailed out the economy by providing the U.S. Treasury with 3.5 million ounces of gold.
During the panic of 1907, Morgan invited the nation’s top financiers to his home for a locked-door meeting and convinced them to help bail out failing financial institutions to stabilize the Markets.
The U.S Government’s concern about relying on Morgan and other wealthy businessmen for bailouts, led to the creation of the Federal Reserve System in 1913.
Attributed to JP Morgan
Supposedly, this was the response he gave to another businessman who inquired about the cost of maintaining his yacht.
Other "Good-to-Know" titbits ...
❏ Rich Uncle Pennybags, the iconic mustached character featured on the game of Monopoly, was modeled after J.P. Morgan.
❏ Morgan was an avid collector of gemstones and art. The Morganite gemstone was named for him.
❏ Morgan, extremely self conscious about rosacea on his nose, did not like to be photographed.
❏ The Titanic was owned by White Star, a company that Morgan had stakes in. Morgan attended the ship’s christening in 1911, and was booked on it’s ill-fated maiden voyage in 1912, but he canceled before it set sail.
❏ J.P. Morgan’s house at 219 Madison Avenue was the first private residence in New York to be electrically lit.
❏ Morgan’s uncle, James Pierpont wrote the popular Christmas song, “Jingle Bells”.
April 14 1913
The day of J.P. Morgan’s funeral, the New York Stock exchange closed for two hours in his honor.
