J.P. MORGAN
Business
Born: April 17, 1837
Hartford, Conn.
Died: March 31, 1913

"Remember my son, that any man who is a bear on the future of this country will go broke." (J.P. Morgan quoting his father Junius Spencer Morgan)

American financier J.P. Morgan created a vast financial and industrial empire unparalleled in its day. By the beginning of this century, Morgan's name had become synonymous with Wall Street brokering, yielding enormous power and influence over the nation's economic life.

Described as a coldly rational man, Morgan began reorganizing railroads in 1885, becoming a board member and gaining control of large amounts of stock of many of the rail companies he helped restructure. In 1896, Morgan embarked on consolidations in the electric, steel (creating U.S. Steel, the world's first billion-dollar corporation, in 1901), and agricultural equipment manufacturing industries.

Morgan was the main force behind the Trusts, controlling virtually all the basic American industries. He then looked to the financial and insurance industries, in which his banking firm also achieved a concentration of control.

Morgan's system was to raise money for a company from his investors and then place his own men on the board of those companies to protect the investment. Thus the Morgan influence spread from the financial community to big business itself. Morgan was an aristocrat and benefactor, giving generously to hospitals, schools and the church. He was a great collector of art and The Morgan Library is full of art treasures, manuscripts and books.