How Did J.p. Morgan Treat His Workers

How Did J.p. Morgan Treat His Workers – One of the most powerful bankers of his day, J.P. (John Pierpont) Morgan (1837-1913) financed railroads and helped organize U.S. Steel, General Electric, and other large corporations. A native of Connecticut, he followed his wealthy father into the banking business in the late 1850s and in 1871 formed a partnership with Philadelphia banker Anthony Drexel. In 1895, his company was reorganized as J.P. Morgan & Company, the forerunner of the modern financial giant JPMorgan Chase. Morgan used his influence to help stabilize America’s financial markets during several economic crises, including the Panic of 1907. The Gilded Age titan spent much of his fortune amassing an extensive art collection.

John Pierpont Morgan was born on April 17, 1837, in Hartford, Connecticut, into a prominent New England family. One of his maternal relatives, James Pierpont (1659-1714), was the founder of Yale University. His grandfather was the founder of the Aetna insurance company. and his father, Junius Spencer Morgan (1813–1890), ran a Hartford dry goods company before becoming partners in a London merchant banking firm. After graduating from Boston High School in 1854, Pierpont, as he was known, studied in Europe, learning French and German, before returning to New York in 1857 to begin his financial career.

How Did J.p. Morgan Treat His Workers

You know? “Jungle Bells” was written by James L. Pierpont, uncle of the famous financier JP Morgan. The song, originally titled “The One Horse Open Sleigh”, was originally written on Thanksgiving Day and was considered a failure when it was first published in 1857.

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In 1861, Morgan married Amelia Sturgess, the daughter of a wealthy New York merchant. Amelia Morgan died of tuberculosis four months after the couple married. In 1865, Morgan married Frances Louisa Tracy (1842–1924), the daughter of a New York lawyer, and the couple eventually had four children.

During the late 19th century, a period when the American railroad industry faced rapid expansion and fierce competition (the nation’s first transcontinental railroad was completed in 1869), Morgan was heavily involved in the reorganization and consolidation of financially distressed railroads. In the process, he gained control of significant portions of these railroads, eventually controlling an estimated one-sixth of America’s railroad tracks.

The Titanic, owned by IMM, White Star, sank after hitting an iceberg on its maiden voyage. Morgan, who attended the ship’s naming ceremony in 1911, was booked on the ill-fated trip in April 1912 but had to cancel.

During Morgan’s tenure, the United States did not have a central bank, so he used his influence to help save the nation from disaster during several economic crises. In 1895, Morgan helped save the American gold standard when he led a banking syndicate that loaned the federal government more than $60 million. In another instance, during the financial panic of 1907, Morgan held a meeting of the nation’s top financiers at his home in New York and convinced them to bail out various weak financial institutions to stabilize the markets.

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Morgan was initially widely credited with leading Wall Street out of the financial crisis of 1907. But in the years that followed, the stocky banker with a handlebar mustache and gruff demeanor faced growing criticism from cynical journalists, progressive politicians and others that he had too much power and could manipulate the financial system to his advantage. In 1912, Morgan was called to testify before a congressional committee chaired by U.S. Representative Arsene Pujo (1861–1939) of Louisiana, which investigated the existence of the “money trust,” a small cabal of elite Wall Street financiers, including Morgan, who allegedly controlled and controlled American banks. The Pujo Committee hearings helped create the Federal Reserve System in December 1913 and supported the passage of the Clayton Antitrust Act of 1914.

The famous financier died at the age of 75 on March 31, 1913 in Rome, Italy. On April 14, the day of his funeral, the New York Stock Exchange was closed until noon in his honor. He was buried in the Morgan family mausoleum in Hartford Cemetery. Bruno Axel, the former trader known as the “London Wheel,” is unlikely to face charges related to bets that cost J.P. Morgan Chase & Co. more than $6 billion, according to people close to the matter. David Benoit explains. Photo: Getty Images.

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