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J.P. Morgan

American Financier And Banker

Currently at

TIMELINE

  • J.P. Morgan - "The King"

    By the beginning of the twentieth century, Morgan was unstoppable. He controlled 70 percent of the steel industry, one-fifth of all the corporations trading on the New York Stock Exchange, the three largest insurance companies in the country, and several banks other than Morgan Co. Morgan was known as "The King."

    01-01-1900

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  • Morgan helping out the government

    At the depths of the Panic of 1893, the Federal Treasury was nearly out of gold. President Grover Cleveland accepted Morgan's offer to join with the Rothschilds and supply the U.S. Treasury with 3.5 million ounces of gold to restore the treasury surplus in exchange for a 30-year bond issue. The episode saved the Treasury.

    08-07-1895

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  • Morgan gets into steel business

    After his father's death in 1890, Morgan took control of J. S. Morgan & Co. (renamed Morgan, Grenfell & Company in 1910). He began talks with Charles M. Schwab, president of Carnegie Co., and businessman Andrew Carnegie in 1900, with the goal of buying Carnegie's steel business and merging it with several other steel, coal, mining and shipping firms.

    08-04-1890

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  • Morgan's avenue became the first electrically lit private residence in Newyork

    Morgan had underwritten the creation of an electrical energy and equipment company that was the merging of Thomas Edison’s original company and six others; it was known as Edison General Electric Co. -His house on Madison Avenue was the first electrically lit private residence in New York.

    24-07-1889

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  • Morgan's avenue became the first electrically lit private residence in Newyork

    Morgan had underwritten the creation of an electrical energy and equipment company that was the merging of Thomas Edison’s original company and six others; it was known as Edison General Electric Co. -His house on Madison Avenue was the first electrically lit private residence in New York.

    24-07-1889

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  • Morgan helped fund the military

    When Congress adjourned without having adopted a budget to pay for the army, Morgan provided the War Department with $550,000 per month, which was to be disbursed throughout twelve centers around the nation, adding up to a total of about $2.5 million contributed to the army payroll – all of which was eventually paid back.

    01-01-1877

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  • Morgan helped refinance the Civil War debt

    Two years after the opening of Drexel, Morgan, he underwrote federal bonds worth $1400 million to help refinance the Civil War debt.

    01-01-1873

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  • Drexel, Morgan and Co

    Morgan’s real breakthrough as an unstoppable financial force came in 1871, when he struck a deal with Anthony Drexel to open Drexel, Morgan and Co. (after Drexel’s death, it was shortened to Morgan and Co.). Within the year, the firm had moved to 23 Wall Street, which they had purchased for $1 million, making it the most expensive piece of real estate in the world at that time.

    14-11-1871

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  • Job at George Peabody & Company

    George Peabody & Company

    In 1860 he was appointed as the American agent and attorney for George Peabody & Company in which his father was a partner.

    01-06-1860 - 13-09-1864

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  • Banking

    Morgan & Co.

    London

    Morgan went into banking in 1857 at the London branch of merchant banking firm Peabody, Morgan & Co., a partnership between his father and George Peabody founded three years earlier.

    06-04-1857 - 09-02-1858

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  • University

    University of Göttingen

    Germany

    Morgan's father then sent him to the University of Göttingen to improve his German. He attained passable fluency within six months, and a degree in art history.

    15-09-1856

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  • School

    Bellerive

    Sweden

    After graduation, Morgan's father sent him to Bellerive, a school in the Swiss village of La Tour-de-Peilz, where he gained fluency in French.

    10-05-1854

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  • High School

    The English High School

    Boston

    Morgan passed the entrance exam for The English High School of Boston, which specialized in mathematics for careers in commerce.

    08-09-1851

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  • School

    Hartford Public School

    Hartford, Connecticut

    Morgan had varied education due in part to his father's plans. In the fall of 1848, he was transferred to the Hartford Public School.

    18-12-1848

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