J.P. Morgan Essay - 3052 Words

John Pierpont Morgan is considered one of the founding fathers of the modern United States economy. He was an industrial genius that is accredited with the founding of many companies including General Electric and ATamp;T. However, Pierpont is looked upon as a saint and demon the same. He received a honorary degree from Harvard university that read: Public citizen, patron of literature and art, prince among merchants, who by his skill, wisdom and courage, has twice in times of stress repelled a national danger of financial panic. But Robert LaFollette, the Wisconsin progressive, saw him as a beefy, red-faced thick-necked financial bully, drunk with wealth and power. Despite conflicting opinion on his persona, his influence and†¦show more content†¦When Junius Morgan died in 1890, J.P. became head of the London house. Pierpont now was able to control all the dealing between the New York based firm and their oversees partner. Anthony Drexel also died in 1893, and Morgan reo rganized the Morgan and Drexel firms two years later. The New York based Drexel Morgan became J. P Morgan amp; Co. Drexel, Harjes amp; Company was Drexels prominent Paris-based invest banking business. Morgans new French connection was renamed Morgan, Harjes amp; Co. Pierpont was now at the head of houses in New York, Philadelphia, London and Paris. He was the commanding figure in international finance. Pierpont Morgan was an imposing figure on Wall Street and in the financing world but was virtually unknown to many until 1869. That year a war over railroads began including Jay Gould and Jim Fisk, both famous financiers. Gould already had dominant control over the Erie railroad and began to buy up stock in the Albany amp; Susquehanna Railroad. The board of the railroad was prevented from issuing new stock to protect itself and the president of the company, Joseph Ramsey, was suspended. A judge appointed Jim Fisk as temporary controller of the company until the ownership argument was settled. Ramsey and the board of the company fought Gould buy acquiring more shares of the company. Both sides had judges that placed injunctions on the opposing sides of the war. Mr. Ramsey soon found himself with not enough money to keep upShow MoreRelated J.P. Morgan Essay584 Words   |  3 Pages J.P. Morgan nbsp;nbsp;nbsp;nbsp;nbsp; nbsp;nbsp;nbsp;nbsp;nbsp;When people talk about J.P. Morgan, they often refer to one man. The J.P. Morgan dynasty was in fact a combined effort of three generations of Morgans. In 1838, American businessman George Peabody opened the London merchant banking firm that would establish the roots of the House of Morgan. In 1854, Junius S. Morgan became the partner of George Peabody and eventually took over the firm in 1864, renaming it J.S. Morgan amp;Read More J.P. 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