J.P. Morgan Paper

This essay has a total of 637 words and 3 pages.

J.P. Morgan

J.P. Morgan

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. "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."

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 &

Five years after his father's death, his son, J.P. (Jack) Morgan Jr., became senior
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