Q:

How did J.P. Morgan make his money?

A:

John Pierpont Morgan was born into a wealthy family and received his education at the University of Göttingen, but he made money through several endeavors, namely the railroads, steel and the selling of government bonds. He saved the government from economic disaster on a couple of occasions.

J. P. Morgan began his career in a New York City bank. Unwilling to sit back and enjoy his family's wealth, he became proactive in becoming a financial success in his own right. He formed companies in a number of areas, and he invested in railroads, a decision that proved advantageous for him and the railroad companies he helped finance. He merged his steel company, the Federal Steel Company, with others and established the United States Steel Corporation. He made a tremendous amount of money in this industry. Despite his willingness to bail out the government on two occasions and the successful implementation of both efforts, the government seemed to turn on Morgan in later years. He was investigated for the creation of monopolies in 1912, and his steel company had to give up its monopoly. The government also declared his railroad company in violation of antitrust law. Morgan left America to live in Europe afterward.


Is this answer helpful?

Similar Questions

  • Q:

    How did J.P. Morgan spend his money?

    A:

    J.P. Morgan bought and collected art that was equal in value to about two-thirds of his estate or 900 million dollars today. Much of the art he purchased was obtained during the last two decades of his life. After his death, his son, J.P. Morgan Jr., donated a large portion of his father's collection to the Metropolitan Museum of Art.

      Full Answer >
    Filed Under:
  • Q:

    Is there a biography of J.P. Morgan?

    A:

    There are several biographies of J.P. Morgan. As of 2014, recently published biographies include "Morgan: American Financier" by Jean Strouse and "The House of Morgan: An American Banking Dynasty and the Rise of Modern Finance" by Ron Chernow.

    Full Answer >
    Filed Under:
  • Q:

    Was J. P. Morgan a robber baron?

    A:

    J.P. Morgan was a wealthy American capitalist and businessman who has often been referred to as a "robber baron." The term was traditionally used in 19th-century America to describe aggressive, successful and powerful men or women who attained their wealth by unethical or questionable means. Other so-called robber barons of his time period include Andrew Carnegie, John D. Rockefeller, Charles M. Schwab and Cornelius Vanderbilt.

    Full Answer >
    Filed Under:
  • Q:

    How did Jay Gould spend his money?

    A:

    Jay Gould was an American railroad executive and capitalist who bought stock in and developed railroads. He and three other "robber barons" also bought large amounts of loose gold in 1869, triggering a financial collapse and ruining many investors.

    Full Answer >
    Filed Under:

Explore