J.P. Morgan Essay -- essays research papers

J.P. Morgan   Ã‚  Ã‚  Ã‚  Ã‚     Ã‚  Ã‚  Ã‚  Ã‚  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 & Co. At the age of twenty four, J. Pierpont Morgan inherited his father’s business, renamed the business to J.P. Morgan & Co., and made a point to consolidate the firm’s American and European interests. Under Pierpont’s authority, J.P. Morgan & Co. had a great impact on enterprises such as railroads, steel, mining, and other utilities that helped establish the United States as an industrial power. The personality of J. Peirpont Morgan is best described in a statement he made to the U.S. Congressional banking committee in 1912. à ¢â‚¬Å"The first thing is character†¦before money or anything else. Money cannot buy it†¦because a man I do not trust could not get money from me on all the bonds in Christendom.†   Ã‚  Ã‚  Ã‚  Ã‚  It should also be noted that in 1868, the Paris banking firm Drexel, Harjes & Co. was formed. Pierpont became a partner in 1871 and the firm was later renamed Morgan, Harjes & Co.   Ã‚  Ã‚  Ã‚  Ã‚  Five years after his father’s death, ...