How J.P Morgan affected the Industrial Revolution. By: Lily, Makena, and Malik

J.P Morgan John Pierpont Morgan was born on April 17 th, 1837 in Hartford, Connecticut.John Pierpont Morgan was born on April 17 th, 1837 in Hartford, Connecticut.

How he affected the Industrial Revolution He started the first big bank with his father, Theodore. It was called J.S Morgan and co.He started the first big bank with his father, Theodore. It was called J.S Morgan and co.

Taking over the bank When his father died in 1890, his father left him the bank, giving him important European connections and enabling him to run a large foreign reserve business.When his father died in 1890, his father left him the bank, giving him important European connections and enabling him to run a large foreign reserve business. After the civil war he started buying distressed businesses especially rail road companies. Like the West Shore, Philadelphia, Reading, Richmond terminal, Erie, and the New England railroads.After the civil war he started buying distressed businesses especially rail road companies. Like the West Shore, Philadelphia, Reading, Richmond terminal, Erie, and the New England railroads. His process of buying & consolidation of railroads came to be known as Morganization.His process of buying & consolidation of railroads came to be known as Morganization.

Helping the Government In different occasions J.P Morgan also helped the government with their finances.In different occasions J.P Morgan also helped the government with their finances. In 1877 together with August Belmont & Rathschilds, They gave $260 million in U.S government bonds.In 1877 together with August Belmont & Rathschilds, They gave $260 million in U.S government bonds. After the government ran into problems with the gold rush he bought $200 million dollars worth of government bonds with gold. Their by keeping the credit of the U.S.After the government ran into problems with the gold rush he bought $200 million dollars worth of government bonds with gold. Their by keeping the credit of the U.S.

Troubles with the law He had a congressional hearing in 1912 because some of his detractors criticized him for the harsh terms of the loan but he was not convicted for anything.He had a congressional hearing in 1912 because some of his detractors criticized him for the harsh terms of the loan but he was not convicted for anything.

Deals One of the biggest deals he ever made was the forming of the U.S steal corporation, The first Billion dollar corporation.One of the biggest deals he ever made was the forming of the U.S steal corporation, The first Billion dollar corporation.

Death Once he died on March 31 st, 1913 he had an estate worth$ 80 million dollars. Today that estate is worth $1.2 billion dollars.Once he died on March 31 st, 1913 he had an estate worth$ 80 million dollars. Today that estate is worth $1.2 billion dollars. But Rockefeller said, “ And to think he wasn’t even a rich man.”But Rockefeller said, “ And to think he wasn’t even a rich man.” Yet J.P Morgan’s power did not lie in the millions he had. It lay in the billions he controlled.Yet J.P Morgan’s power did not lie in the millions he had. It lay in the billions he controlled.