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How J.P Morgan affected the Industrial Revolution.

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. How he affected the Industrial Revolution.

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How J.P Morgan affected the Industrial Revolution.

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

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

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

  4. 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. • 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.

  5. Helping the Government • 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. • 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.

  6. 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.

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

  8. Death • Once he died on March 31st , 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.” • Yet J.P Morgan’s power did not lie in the millions he had. It lay in the billions he controlled.

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