1. No problem can be solved until it is reduced to some simple form. The changing of a vague difficulty into a specific, concrete form is a very essential element in thinking. -John Pierpont Morgan JOHN PIERPONT MORGAN (1837-1913) Stephen Good

2.  Born in Hartford Connecticut in 1837  Born into a well to do family- His father was a wealthy banker  For this reason, JP did not ever experience poverty, (Bowen)  Attended several academies in New England  Throughout Morgan’s childhood, his father taught him how to act and talk like a proper banker, a skill he exhibited from an early age  Into adulthood, JP maintained a close relationship with his father because they worked in the same field of business, (Bowen) CHILDHOOD AND EARLY LIFE

3.  JP Morgan had an imposing figure and a very serious personality  He was also quite reserved and was not socially graceful, (Steichen)  As the quote on the title suggests, Pierpont was a man grounded in reality  JP considered himself to be Episcopalian and was generally politically conservative  He married twice and had four children in his second marriage  His second marriage was not successful although it did not end in divorce THE LIFE OF MR. MORGAN

4.  Educated at the University of Gottingen in France  The university focused on practical sciences and was a prestigious university in 19 th century Europe  Pierpont did not graduate in order to begin a career in business, (Telegraph)  Pierpont moved to New York and became a stock broker at Duncan, Sherman and Company  During his time with Duncan, Sherman and Company he traveled to Florida for business  While there, he decided to buy a shipment of coffee beans in hopes of making a profit  JP was successful in the venture but his managers felt he had overstepped his boundaries, (Telegraph)  The coffee bean incident explains JP Morgan very well and is one of the defining moments in the young man’s career  He was autonomous in every aspect of his life  He was able to know very easily if the business venture would be profitable  He also claimed the ability detect dishonesty based on ones appearance EARLY BUSINESS

5.  From 1864-1871, Morgan partnered with his father at Dabany Morgan and Co. (Bowen)  Made early profits by selling equipment to the US military for the civil war  His time at D.M. & Co. earned him his first significant profits  Pierpont founded an investment firm in 1871 that later became JP Morgan & Co.  Anthony Drexel was a partner until his death in 1893, (Bowen)  Within a year after opening, the firm moved to Wall Street  23, Wall St. was the most expensive piece of real estate in New York  As the end of the century neared, Morgan began to use his wealth to consolidate businesses into corporations  He consolidated almost every railroad company into six corporations, Morgan owned one of these corporations  In 1889 and 1992, JP merged electrical companies which allowed him to monopolize the industry  In 1901, the steel industry was consolidated when United States Steel was founded  The consolidation of businesses made it essentially impossible for a small company to prosper without Morgan’s assistance BIG BUSINESS

6.  Corruption in terms of breaking the law did not occur often with JP Morgan but some consider the tactics he used to be corrupt.  Consolidation of businesses forced them to depend on Morgan’s financial resources, (Bowen)  The bankers began to control the appointment of managers, marketing and even the value of the corporation's stock  The Philanthropy is associated with his name but he is typically remembered for assisting the government financially  In the financial Crisis of 1907, Morgan was able to give $25,000,000 to keep the stock market from closing, (Bowen)  If the stock market would have closed, Morgan's corporations would have suffered  Grants have been given to schools, churches and Hospitals, (Steichen)  JP Morgan donated a lot of his art and other culturally significant items to the city of New York BIG BUSINESS CONT.

7.  The boat represents the economy of America  As apposed to the government (uncle Sam), guiding the economy, JP Morgan is doing most of the work  This is a reference to when the government asked Morgan to resolve the financial crisis of 1907  Because the oar is a lever and JP Morgan is further from the fulcrum than Uncle Sam, Morgan is able to exert more leverage/ power on the boat  During the panic of 1907, Pierpont gave a large sum of money in order to stabilize the national banking system  This also showed how he was able to control the finances of America which also gave him considerable control over the government  It can also be noted that the sail on the boat is not being used and is lying in the hull of the boat. This is showing how laissez-faire was not followed strictly in this time period. POLITICAL CARTOON

8.  Bowen, Liz. “J.P. Morgan: A biography by Liz Bowen”. fordam.edu. Web. 3 February 2012.  “J. P. Morgan Quotes”. Brainyquote.com. Web. 3 February 2012.  “Morgan, J.P.”. Jrank.org. Web. 3 February 2012.  Puck Magazine, The Helping Hand. 1911. Library of Congress, Washington. Wikipedia.org. Web. 2 February 2012.  Steichen, Edward. “J. P. Morgan as Cutthroat Capitalist”. smithsonianmag.com. Web.3 February 2012.  “The original Fat Cat and robber baron of his time”. telegraph.co.uk. Web. 2 February 2012. WORKS CITED